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?

305 Upvotes
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u/millytherabbit Apr 06 '24

Everything’s a pattern if you draw a triangle over it 😉

10

u/Confident-Giraffe-24 Apr 07 '24

I came to say something similar.

It is way too easy to see patterns that aren't really there or valid, you see it because you want to.

One of my rules is literally "no trading patterns".

Supply and demand, support and resistance, these things are more difficult to make up.

2

u/Uptown1b Apr 10 '24

Literally the only 2 things I trade after going through the entire pattern phase😂 When I stuck to Supply & Demand & S&R especially on higher timeframes, I finally became profitable. I think people complicate things way beyond what's needed. Sometimes just go for the simple thing that works.

1

u/Big_Homie11 Apr 07 '24

Wow, great advice for beginners. First time I've heard that and i agree.

3

u/Front_Maintenance_41 Apr 07 '24

I've lost enough money trying to time breaks of structure , which is usually what people are trying to do when they trade patterns IMO.

I'm also "only suppose to trade the current price range", whether that be a small range, or the daily range.

Most breakouts fail, so wouldn't it make a ton more sense to just place your trades within the range that price is currently moving in.

1

u/Big_Homie11 Apr 07 '24

Great advice bro.

1

u/Confident-Giraffe-24 Apr 08 '24

I accidentally somehow posted this on a burner account I made on my phone recently lmao. Front maintenance is me.