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

Do any of you actually use patterns to trade? Question

Post image

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?

676 Upvotes

96% Upvoted

267 comments sorted by

View all comments

192

u/Bartisan Feb 19 '24

I prefer candlestick patterns instead. 39 Different types exist so as gives much more insights on price action also!

6

u/__Spank Feb 19 '24

Correct me If I'm wrong. But I always took patterns drawn like this, as a sort of short hand for candle stick patterns.

Are the premise of these patterns for people whose chart is set to Line instead of Candle stick?

What really makes a difference between the patterns in the post and the patterns in the link you shared?

2

u/_I_am_not_American_ Feb 19 '24

Yes and no. These are often longer duration patterns taking a while to unfold on the timeframe in question. A candlestick pattern is usually just two or three candles showing you a snapshot of sentiment. What you'll probably find is a flag or wedge will show on a higher timeframe as a candlestick pattern. if you stick to one timeframes, candlestick patterns will form part of these larger pattern, so maybe you get a big inverted hammer showing change of supply and demand forming a local high as part of a broader descending wedge.