I realize that price action and chart patterns merge to become murky definitions but my question is this: do any of you traders use Symetrical Triangles, Ascending or Descending Triangles, Head & Shoulders, etc? And by using I mean that they are more important than haramis, dojis, evening/morning stars and the other price action patterns. I sometime see a post referring to one of the patterns more familiar and used in stock trading but just wondering if someone here on the forum uses them almost exclusively. Perhaps they don’t work as well with the faster forex market, I don’t know. Comments please. d.
I am also very interrested by harmonique trading and I find a long thread in the forum about the subject. But unfortunately no one is really able to create concrete rules about it. Logicly if harmonique, geometrical, Fibonnacic trading was following exact drawing it should exist exact rules about it, and we should even be able to build automatic system to use them…
I do watch for them as part of my chart analysis. They do work in forex and can be found on all time frames.
If you’re interested in chart patterns, I’d suggest the book I’m currently reading: [I]Pring on Price Patterns[/I] by Martin Pring.
Even if we don’t use them directly, it’s nice to be able to look at a chart and “read it” by finding patterns like flags or triangles etc.