Chart patterns vs price action
Chart patterns are strong if well applied, take a double bottom on the chart, it could have basically occurred any where, for instance around the support zone and in the middle of the range or a trend. Same goes for the other chart patterns as the descending triangle and the head shoulders.
Price action is how price reacts at a certain level, especially on the key levels (support and resistance) the most fundamental thing you will ever learn in the trading game are this levels, never take them for granted.
This are the levels at which you want to spot this patterns, not just in the middle of no where, why do you think the reason they say, trading is 90% waiting and 10% selling and buying?
Waiting for price to act as expected is as much important as knowing all those chart patterns or candle stick patterns.
Chart patterns are more powerful at the key levels this are the levels of interest. Make no mistake, you know better.
Price action is how price reacts at a certain level, especially on the key levels (support and resistance) the most fundamental thing you will ever learn in the trading game are this levels, never take them for granted.
This are the levels at which you want to spot this patterns, not just in the middle of no where, why do you think the reason they say, trading is 90% waiting and 10% selling and buying?
Waiting for price to act as expected is as much important as knowing all those chart patterns or candle stick patterns.
Chart patterns are more powerful at the key levels this are the levels of interest. Make no mistake, you know better.
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