yes, you are correct in definitions. However, remember, there is no edge to watching patterns or candlesticks form on a chart and hoping the pattern will repeat next time--this is how 98% of retail trades-- sure they can make money if the market cooperates, and the have good risk management.
Rhetorical question: why care what 98% of traders do when it's not helpful in our own searches? I recognize why u care + why it's helpful to you perhaps better than u do yourself but I must avoid that and try to keep this short. Btw I appreciate how strongly you've vocalized your position on this matter because it's been a constant factor (among many other unrelated factors) which have and continue to drive me ...to see things in my charts.
I'm not interested in looking up the definition of sentiment or polluting my mind with what it means to other traders, mainly out of fear it will prevent me from defining new concepts that don't fit the traditional definitions. Tho sometimes I do the opposite, look up the definitions + obsess on precisely the opposite approach... finding out as much as I can about the commonly known wisdoms.
The term 'difference' was mentioned a few posts back. Thank you to the nick who mentioned it. Say things like that again and I will make a point of remembering your name.
Hamp...these patterns u describe aren't necessarily capturing sentiment or the ever changing dynamic direction that persists and is timeless without needing to maintain a precise pattern from 25 your old charts. Tho I assure u correctly formulated directional measures that work today also worked 25 years ago. Changing markets can't violate physical properties that exist but are beyond my ability + desire to describe but I will try anyway, with weak words instead of strong illustrations...and then I will have the closure I've needed on this topic for quite some time. Charts rule the markets in my world but I'm fine with u believing anything u want and promoting those views.
What follows is a lame attempt at closing this door as to whether chart patterns exist and are viable. It works for me, so if u don't get any benefit from the concept I describe that's ok. I prefer no one understand this.
Sentiment forms repeating patterns because it's a quality that has physically measurable properties. Tho maybe it's not a quality and it would be more grammatically correct with a better word that represents a noun, verb adjective or adverb but I will continue to view it my way because it works.
Where u see rigid patterns I see fluid ebbing... Sentiment.
I have what I consider my most truest form of sentiment and I have a surrogate. My surrogate is currently giving me a 'different' reading than it's parent. Both are technically only estimates of sentiment. The surrogate sucks at times but other times it leads so the issue I and many others (even yourself should u ever choose this path for yourself) have to resolve is how to determine when it's safe to ignore a fluid but yet repeating dynamic pattern because it has known flaws.
fwiw, in my experience, there's so many of these differences, it would be impossible not to find them if you will only try hard enough and persist until you do. It's always been that way. Each of us must find our own truth. Someone will always be here denouncing charts saying they're worthless so carry on because long after you move on there will be others who are motivated to discourage those who want to try.
