Real Reasons Behind Market Patterns

[Vindago]

What was hurting my trading is reading fundamental news in the morning thinking it provides me the correct direction and then immediately going market long or short based on news bias instead of trusting my TA patterns. Other issue is that when I am right in trade direction not holding my winning trades a little longer. I did better today did not read news, but still killed trade 2 ticks earlier than I should have even though I made a profit. I just wanted a win today after my stupid loss yesterday where I went short based on news against 2 TA patterns. For intraday trading, best to just rely on patterns based on the chart not on reading the news. Obviously, if you know a Fed report is coming out right before you are going to place a trade, you can wait till after that otherwise the information is contained in the chart for you to analyze and make a decision from with some patience to get into the trade. Also, I don't mind the market moving a little in my direction if I am not sure before placing the trade.

Hi OW, the news are not important only when they are released as they may have an impact on price so we need to be prepared to notice anything out of the ordinary at those particular times...

 

[joe9mail]

Another view to id patterns? Combination of emotions and sophisticated algorithms. Or is this anything well known?
View attachment 144726

Hello,

Could you please provide more details on the chart name or book where you got this excerpt from?

I like how the trade size is displayed along with the candlestick.

Thanks and Sorry for the bother,

 

[TheTrue1]

And this where the skill of trading comes in


When wrong:

Weak of opinion
Accepting of small losers
Fleet of foot and able to flip a position – "when" appropriate (and when not.., simply get out and not allow the loss to gnaw at Ya)


When right:

Stick to yer guns till the move shows signs of ending


When nothing showing:

Sit on the ole hands and observe till it does


All the while:

Maintaining a clear.., dispassionate.., level..., and simple - mental state
Following a process..., and to hell with the results

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And try as one might..., one will never get around this

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Easy as pie - it is

RN

Very well stated..absolutely true.