Triangles, Wedges, Pennants etc

Hello,
I wonder why more people don't trade these kind of formations as they seem to be reasonably reliable approach. Of course no system is completely infallible but this does seem to be a reasonable approach to trading.

Tim

Take long time to spot the patterns, validate. Also learning curve is higher, before being able to spot patternz in live market very high amount of screen time is needed.

But some trading platform provide as auto deduction for example in PI,
Patter recognition is available

My observation, Patter alone is not sufficient to make confident entry
additional technical analysis required, we are witness many W,M pattern
failure, All painting of old data proves pattern is working fine but entry,
stop loss is problem in real time.

I had took considerable trade with SL-L entry and stop loss near the breakout
considering patterns , but 90% my stop loss taken away.

Additional confirmation may taken as confluence and we can use it like
M,W at VP's HAV, LAV

Is below current market is wedging out?... I hope for down breakout for
following confluence
1. it is at LAV Lower Area Value as per Volume profile
2. next visible support around xx70
3. Current support at xx85 is dilute by lot of trade in that area..

I am not speaking about entry and exit or stoploss,
because I am lagging in that

Let see how wedge works??

Continuing post...
Wedge worked perfectly, As I mentioned Price gain momentary
up movement due to demand / support at xx70 level...
we should exit half position before XX70 and move remaining
to breakeven... but still possible down movement since XX85
support is not valid any more may it will become resistance...



Any how it is 12 point trade!!!
Happy Trading :thumb: