Chart patterns question
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:
https://pennystocks.today/chart-patterns-every-trader-should-know/ 9
How accurate are these kinds of patterns usually (from personal experience) ? Thanks
You're probably going to get clowned by others who reply but I'll answer with sincerity.
There are times they occur and work. And there are times they occur and they do not.
Go look on the gold chart in march 2021 on the daily time frame. At the end of march, there was a massive double bottom and the price subsequently rallied. At the end of April, you could also argue a double top occured. The market did not fall, it continued to rally. The point is the patterns don't work in isolation.
Identifying patterns is easy and potential setups, but what kills you in trading is risk management.
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