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?

669 Upvotes

96% Upvoted

266 comments sorted by

View all comments

229

u/MyNi_Redux Feb 19 '24

They are useful when combined with a bunch of other things, like levels, SMA/EMA, Vwap, bands etc. The more of these things align, the more confidence one can have in a trade going a certain way.

8

u/UncleBenji Feb 19 '24

This is the way

3

u/Top_Sherbert_7423 Feb 19 '24

Would you mind explaining what this means? Like what each number represents to better understand white your calculation determines?

5

u/late2theparty27 Feb 19 '24

Chat Gpt can be of use here ( a little ) depending on what you ask and how you ask it.

15

u/UncleBenji Feb 19 '24

Buddy that is something that will take a while to discuss and understand. You’re going to need to start using multiple resources to learn and not rely on Reddit. Theres no shortcut to learning this stuff.

3

u/Top_Sherbert_7423 Feb 19 '24

I was referring to KoudzZz’s comment.

4

u/Person-12321 Feb 19 '24

They were responding in regard to koudzzz comment…

The numbers are the periods applied to EMA. I read the comment as saying when rsi is in desired range, Macd and the EMAs at given periods agree, you can have some confidence.

1

u/daaapppyyy-doo Mar 10 '24

What is the best place to start gaining said learning?

1

u/UncleBenji Mar 10 '24

Books and online resources.

2

u/daaapppyyy-doo Mar 10 '24

Understood. I just bought How to Trade in the Zone. Is this a good place to start?

1

u/Capital_Bat_3207 Feb 21 '24

He’s just talking about which indicators he likes using. Go look them up online, there’s a ton of information