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You can utilize chart patterns in two different ways.
1) Trade price between well-defined boundaries (need to find a clear chart pattern at early stages)
2) Trade breakouts through chart pattern boundaries
I favor 2.
1) Trade price between well-defined boundaries (need to find a clear chart pattern at early stages)
2) Trade breakouts through chart pattern boundaries
I favor 2.
Following examples will highlight why I favor:
1⃣Breakout strategies
2⃣Horiozontal chart pattern breakouts
3⃣Rectangle setups with several tests of chart pattern boundary
1⃣Breakout strategies
2⃣Horiozontal chart pattern breakouts
3⃣Rectangle setups with several tests of chart pattern boundary
Use the same template to open charts. I prefer
1) Clean (no indicator)
2) Weekly scale
3) 4-5 years of data loaded
4) White background
5) Candlestick charts
Shorter-term duration traders should do the same on daily scale charts with 1 year of data.
1) Clean (no indicator)
2) Weekly scale
3) 4-5 years of data loaded
4) White background
5) Candlestick charts
Shorter-term duration traders should do the same on daily scale charts with 1 year of data.
You opened your chart and you don't know where to start from and what to look for...
Pick 1-2 chart pattern of your interest. Look for that pattern.
Here is a step by step guide. My favorite is #rectangle
Pick 1-2 chart pattern of your interest. Look for that pattern.
Here is a step by step guide. My favorite is #rectangle
STEP 1
If there is no chart pattern, move to the next chart... Do not force your analysis. If there is a chart pattern it will pop up. It will be clearly visible...
If there is no chart pattern, move to the next chart... Do not force your analysis. If there is a chart pattern it will pop up. It will be clearly visible...
