So I’m still starting out as a trader and I was researching how to do technical analysis and charts
I came across this article:
How accurate are these kinds of patterns usually (from personal experience) ? Thanks
Personally I don’t find them highly accurate in flagging up the point in time when a move is about to start, or in forecasting the distance price is probably going to travel after. They usually get the direction right though.
Most chart patterns are reversal patterns, and I find making profits from following trends much easier and more reliable. Therefore, whereas most recommend these patterns as entry signals, I look for patterns which might tell me to stay out of a particular trend. For me chart patterns are more useful as “stay-outs” signals rather than buys or sells. But if its a great trend I still ignore the pattern.
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These are price action patterns … not trading signals.
They are only used to describe market behaviour, not to predict the market’s future.
In my opinion, In order to trade, you need to specialize in one asset at a time, and try to understand it’s global behaviour (technical and fundamental). You need to build strategies for that specific asset. Once you master one and be profitable, you can research new ones …
Not all currencies have the same behavior, not all strategies will work in all pairs.
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I would agree, i think their main use is to get you into spotting movements on charts and showing that mass psychology can be viewed on a chart but completely agree with tommor trend following is the key and not to try and pick the top and bottom. 
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Price patterns are the most common form of technical analysis, but they are pretty subjective, and some traders don’t find them useful.
As per my personal experience, initially I used to follow these patterns a lot, especially the bull pattern. It was very interesting (also looked fancy), and I thought it was reliable as well.
After suffering losses on the majority of my trades for 2 months, I found out I was wrong. They are not so reliable. I’ll share my analysis here -
- An online course is not sufficient - I got an offer to learn about how to read technical analysis of the forex market, and based on that I began following the charts primarily for trading. After suffering losses, I realised there’s much more to learn. These online courses won’t teach you everything. You have to have money management skills, more knowledge on how to read graphs, analytical future predictions of charts, and most importantly the dedication to invest time in it.
- Technical analysis is not important or obligatory in any way to follow to be a successful trader.
I’ve been studying chart patterns for a very long time now.
And I’ll tell you now. Most people don’t understand them.
Chart patterns are a means to gain understanding of market conditions and trend structure.
The only patterns I’ll look at are Classic chart patterns and
Candle Patterns.
Large Classic patterns like head and shoulders, double tops/bottoms tend to indicate higher time frame reversals.
If I see price nearing a resistance zone on a 4H chart
The 5 minute charts may validate that level with a classic chart pattern.
The shorter classic patterns like flags and pennants usually indicate continuations. If price breaks out of consolidation on a 4H usually that break out has a wide range bar. If you scale down to a 15 min you usually find your flag forming after that 4H break out. Falling wedges and rising wedges tend to form at mid points of measured moves.
Chart patterns tend to give more information to what’s happening in the overall market structure. I do find them reliable. If you are to study them I suggest
Learning from Thomas N Bulkowski.
To go back to earlier times I consider Robert D Edward’s and John Magee the grandfather of patterns.
Their book technical analysis of stock trends is amazing.
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Chart patterns can definitely help in deciding market trend or structure but need to have a proper entry and exit strategy that has been tested with risk management attached
I’ve read two of Bulkowski’s. His way of analysis is scientific and accurate. Unless one is using math only, with the price and time data, then developing some sort of structure to suggest what market stance to take is a good way to trade per my experience. I have done both and keeping track of the probable current structure is easier (less programing and collation) and seems to work for longer periods of time and more types of markets.
Moving averages, Fibonacci, S/R, etc. are all ways to determine the progress of price movement.
After all, we all know that the auction of assets never stays at the same price (who’d make money?) but has a history that graphically paints a picture.
Like what Edwards and Magee said about “the same old patterns.” 
It took me long time to come to this conclusion. 
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It doesn’t suit any authors, Youtubers, trainers, mentors, systems sellers, EA creators, signals providers, indicator inventors etc. to put out this simple message. Many traders also either disbelieve the principle or they push out their messages concerning far more elaborate strategies: it makes them look very clever - but I am sure many of them use trend-following as well.
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its because they want quick results and adhere to be day traders especially with the leverage on offer
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One of the most popular forms of technical analysis is chart patterns. If a trader recognizes a chart pattern in the price chart, he will most likely place a trade in the direction of the pattern. Price patterns are the most common form of technical analysis, but they are pretty subjective, and some traders don’t find them useful.
A chart pattern is a pattern within a chart when prices are graphed. In trading these chart patterns play a large role during technical analysis. When data is plotted there is usually a pattern which naturally occurs and repeats over a period. These chart patterns are used as either reversal or continuation signals.
There are three main types of chart patterns:
- Traditional chart pattern
- Harmonic Patterns
- Candlestick pattern