Chart pattern recognition
Chart pattern recognition is the half way to a successful pattern trade, the key here is how do you look at the charts, I checked tools and software that could help you recognize patterns in the chart, but believe me nothing work like human eyes, so just try to train yourself to analyze the chart and get the pattern out of it.
To help you more to start looking at your charts with a different way, let's think about it for a second, if we look at Gartely, Bat, and butterfly pattern we'll find that it'll come after an impulsive wave, then if you have a strong wave that forms an Elliot Wave, then your role starts after the fifth wave, when you see a strong bull back starts to form, in this case, it'll be your turn to make your setup, use any trend indicators will help you to know how the markets moves.
I'm using a technique helps me a lot to recognize chart patterns, when there are a strong up or down trend, I look at pattern in the opposite way, yes against the trend, and I think it makes more sense, because the end wave goes in the same start wave direction, so if there is a down trend, then it make more sense to trade the opposite way, any way, it make sense for me, and works fine.
Viewing the charts in a higher timeframe will give you a clue about the market directions, try to draw support and resistance lines in the higher time frame, that'll guide you to see patterns more clearly.
The above tips will guide you to look at your charts with a different way, keep monitoring your charts moves, use Fibonacci levels to study the potential support and resistance levels, and by the time you'll learn more about charts pattern.
To help you more to start looking at your charts with a different way, let's think about it for a second, if we look at Gartely, Bat, and butterfly pattern we'll find that it'll come after an impulsive wave, then if you have a strong wave that forms an Elliot Wave, then your role starts after the fifth wave, when you see a strong bull back starts to form, in this case, it'll be your turn to make your setup, use any trend indicators will help you to know how the markets moves.
I'm using a technique helps me a lot to recognize chart patterns, when there are a strong up or down trend, I look at pattern in the opposite way, yes against the trend, and I think it makes more sense, because the end wave goes in the same start wave direction, so if there is a down trend, then it make more sense to trade the opposite way, any way, it make sense for me, and works fine.
Viewing the charts in a higher timeframe will give you a clue about the market directions, try to draw support and resistance lines in the higher time frame, that'll guide you to see patterns more clearly.
The above tips will guide you to look at your charts with a different way, keep monitoring your charts moves, use Fibonacci levels to study the potential support and resistance levels, and by the time you'll learn more about charts pattern.
posted by Abu Ali at
1:34 PM
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