Please, I need a detailed explanation on this chart patterns and price actions.
I was trading a specific currency pairs which was in a downtrend movement, then I scrolled through the 4hrs, 1Day, 1Week time frames and I noticed that in 1Day time frame a falling wedge was spotted which signifies a bullish trend will set soon, and also I checked the 1Week time frames also a double top was also spotted which signifies a downtrend (bearish) movement. so to be certain, which trend will someone follow to make a profitable trade?? Please, I need an answer
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The common decision is to identify your trade in your preferred time-frame, but to make sure the direction is the same as the next higher time-frame.
So e.g. a 4H long trade is only taken if the D1 chart is also bullish.
Maybe using the next two higher time-frames might be better but probably not much, while going for more is probably counter-productive.
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Ok thanks. So in this case if I want to carry out an intraday trade and the 1D time-frame shows falling wedge while the other time-frame (1Week) shows double top, I should follow the lead of 1D time-frame right??
I wouldnāt put too much money on chart patterns on any TF. The best course of action would be to trade what is happening right now, not what might happen.
1D - sounds like itās currently in a downtrend.
1W - has the double top been confirmed, has it broken out of its upward trend?
Most people will also say that the shorter the time-frame, the less reliable is the TA. Less than D1 is very prone to unexpected reversals which were not shown up in the TA as being likely to happen. Low time-frame contra moves can also be massive compared to D1 or above, so risk from your decisions is considerably higher.
I would always recommend a new trader start at D1, but if you must trade intra-day, donāt go lower than 4H. If you become consistently profitable, then move to the next lower time-frame (but donāt start there).
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The most profitable trade pattern for a beginner is Elliott Wave, all other indicators and patterns need combinations to be successful, sometimes up to 7-10 indicators in total all aligning, the problem with long timeframe such as weekly and monthly is trades are very infrequent and the moves just to reposition are large, most use the 1hr timeframe for intraday and intraweek trading, itās fine to watch higher timeframes but the key is āthe trend is your friendā so as long as the trade is in that direction, probability is on your side.
If you can better understand the chart pattern you can prefer price action trading.
You have to understand the chart pattern for price action trading. Usually, candlesticksā patterns indicate different directions that traders need to understand.
Candlestick patterns and size have an indication of how and where the market will head toward. So, analyze them for better price action trading.
You should have a good knack at trading chart for price action trading. Otherwise, you can make any benefit.
Price action trading depends on how much you understand the marketās chart pattern.
For price action trading, you have to consider the chart pattern. Every candlestick has a directional message that you have to uncover.
If the overall trend is down trend then ur weekly tym frame u spotted a double top that signifies a strong resistanceā¦the daily tym frame has created the falling wedge then it means the market price action is on a consolidation periodā¦u have to wait 4 breakouts or trade within 2 price level the support nd the resistance level nd it might make a rectangle continuation patternā¦I advice u to trade wisely on ur levels or wait 4 a breakout nd confirmation 
Depends on the time frame that you are finding your setup. If you are looking for setups on the 4 Hour chart, the Weekly may be too much information considering that 1 weekly candle can contain 30x 4 hour candles, so you could theoretically be in and out of a 4 hour setup before the current weekly candle closes.
Sounds like you are taking in too much information in your analysis, which may be caused by following everything you come across in your top down analysis. Depending on your trading style or time frame, following patterns on the weekly chart may not be necessary, unless the weekly pattern is about to break out.
Good advise for all.
Chart Patterns are double top (M), double bottom (W), Head & Shoulders, Inverse Head & Shoulders, Flags, Triangles etc.
Price action is how price changes, HH & HL (Uptrend) or LL & LH (Downtrend).
Candlesticksā patterns are a combination of one or many candles indicating continuation or reversals in price movements, for example a pin bar or doji.
But beware of too much analysis might lead to paralysis. KEEP IT SIMPLE. One system or strategy, learn it and practice to be perfect on whatever you fancy (like you first love) and keep at it rather than looking for a holy grail or perfect system!