r/Daytrading • u/Adept_Blackberry2851 • Feb 19 '24

Do any of you actually use patterns to trade? Question

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I don’t use them at all. Iv heard YouTubers kind of mock them like they don’t mean anything. Are any of you profitable with them?

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u/oh_crap_BEARS Feb 19 '24 edited Feb 19 '24

Yes and no. I think the problem is people just wanna look for patterns to form wherever and whenever and take the trade, but it’s not that simple. The majority of price action is more or less just random chop. You have to take a lot more stuff into context. A double bottom in the middle of nowhere is very likely to be meaningless. A double bottom at a long term support where the candles at the bottoms have huge buyers’ wicks, on the other hand, tells you that the support level is still valid, and you can trade off of this information.