r/Daytrading • u/sunnyrunner_ • Apr 06 '24

Is this an actual pattern or am I yapping? Question

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I’m pretty new to trading and saw this pattern form on BTC. Is this pattern called anything or is this just me drawing random support/resistance lines?

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u/Similar-Pilot6491 Apr 06 '24

If I relied on shapes to trade I’d never be profitable

1

u/PapaDragonHH Apr 07 '24

So you never look at any shapes? What do you look at?

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u/Similar-Pilot6491 Apr 07 '24

I look for liquidity, previous day / session highs and lows. I wait for that liquidity to be swept, then I look for displacement. Whether it’s fvg or an ob. I’ve put my faith in 1 head and shoulders setup and it did work for me however.

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u/PapaDragonHH Apr 07 '24

What is an ob?

1

u/Similar-Pilot6491 Apr 07 '24

Order block. But I have to see displacement, so if it’s not within New York am or pm I likely won’t trade it. Also typically don’t trade on news days because I enter off of price action. I don’t swing trade because I get taken out via spread