Rising wedge in SPX?

Quote from humble1:

Who says patterns have to work the way you want them to in order to become profitable?
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NOT me. Yes, you don't need price patterns to become profitable!!!

I believe the entire purpose of price patterns is that you can "expect" (not want) a likely out come because of previous price pattern formation. If a triangle..then... it shoulda, woulda, coulda... do this and that!!!!
 
Quote from atozcom:

NOT me. Yes, you don't need price patterns to become profitable!!!

I believe the entire purpose of price patterns is that you can "expect" (not want) a likely out come because of previous price pattern formation. If a triangle..then... it shoulda, woulda, coulda... do this and that!!!!
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Why do you believe this? Is it possible your beliefs are misguided and therefore cause you to use incorrect tactics? Is it not also possible that the technician did a poor job in the analysis of the pattern and therefore leads to a situation that is unexpected? If so, then it is also possible the whole use of patterns is misunderstood by most, isn't it?
 
Quote from onlytronalso:

Humble,

Price patterns and momentum create the market!
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Perceptions drive trading activity that create the patterns and momentum. With all the different types of traders and time frames, market action is driven by more than just patterns and momentum. Momentum is created as a result of mass perception from and endless source of physical sensations, therefore it is a lagging indicator. The different patterns are created by temporary changes in the mass perception.

When someone declares pattern trading is no good, they are really saying, " I can't deal with this stuff and take responsibility for my short comings" There is no doubt when a pattern forms, just as there is no doubt when a price bar finishes. Once the pattern has formed, triggered, confirmed, then it has only two things left it can do. It either moves on to it's target measurment, or it fails. The pattern never goes away or changes. No matter which of these happens, the pattern has done it's job, if you use it only to define risk. Indicators can not define risk, and niether can any other system that constantly changes and morphs from one thing to another as the trade progresses.
 
"Perceptions drive trading activity that create the patterns and momentum. With all the different types of traders and time frames, market action is driven by more than just patterns and momentum."

Yes agree with you there. Perceptions create the patterns.
Some perceptions are very short term, some are long term.

I concentrate on the long term perceptions, by identifying the long term patterns which display them. After that, I observe the shorter term patterns to confirm a continuation of the longer term trend.
 
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