Pattern Recognition = Consistent Profits
- Thread starter MACD
- Start date
There are patterns, but to do this kind of analysis is a waste of time and energy. The patterns that are based on psychological behavior work the best (extremes for example), and then it is just a matter of skewed risk/reward, the right position size, and tada, you have the perfect trading system.
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WELL his 10 dots in a triangle; how did he ''know '' ??
I have used a '' 10dma'' along with 50,200dma + others..........
NOT likley IBD got the dots moving average idea from him, too much differnce.
Thanks for video, i like PSAR dots + IBD style moving average dots much more.
In fairness PSAR + ma line dots dont look like his dots @ all
And my charts are not square@ all
WELL his 10 dots in a triangle; how did he ''know '' ??
I have used a '' 10dma'' along with 50,200dma + others..........
NOT likley IBD got the dots moving average idea from him, too much differnce.
Thanks for video, i like PSAR dots + IBD style moving average dots much more.
In fairness PSAR + ma line dots dont look like his dots @ all
And my charts are not square@ all
I didn't watch the video, but I know Pesavento doesn't do just any TA. He's more into astral cycles and fibs. I guess you can call them patterns. But not so sure about consistent profit.
This video was like torture. No wonder noob traders shun TA if they think it's all like this.
It isn't.
Price TA is all about (1) recognizing when the market is "buying" and when it is "selling", and (2) getting your money on the right side of that. The "most simple of simple" to understand. (BTW.. Fibonacci is part of Price TA... but you don't have to analyze or calculate it.. .just see it on the chart with your "Fib Tool".)
Buy Support
Sell Resistance
Chase breakouts
Trade with stops
Trade with your eyes, not your heart/gut.
Scatty
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Can you start a journal and show your live trade executions on the chart based on the analysis you use?
Twenty-nine minutes and thirty-nine seconds that I will never get back. Gone forever. Poof!
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WHEN i was about 7 years old, i found a green rock[pattern recognize] same as in my rock collection; sold it to a dealer later.
Most traders or investors have some childhood patterns better than LP, with all due respect.
I did not get much out of his chapter in ''SuperTraders meet Kryptonite''
LBR chapter helped, Mark Cook chapter in that book helped , so good camparisons.
WHEN i was about 7 years old, i found a green rock[pattern recognize] same as in my rock collection; sold it to a dealer later.
Most traders or investors have some childhood patterns better than LP, with all due respect.
I did not get much out of his chapter in ''SuperTraders meet Kryptonite''
LBR chapter helped, Mark Cook chapter in that book helped , so good camparisons.
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He warned about that early in the video.
2:49 "I've only got you for half an hour and it takes at least one hour to become a professional trader so you'll have to do that other half hour by yourself."
Yeah I caught that. I hope he was being facetious.He warned about that early in the video.
2:49 "I've only got you for half an hour and it takes at least one hour to become a professional trader so you'll have to do that other half hour by yourself."