I have been studying typical price patterns that exist in Edward and magee's book.
Im so skeptic when it comes to such patterns like triangles,pennants and so on...
I believe their success rate is no more than 50% and maybe lower in a high leveraged market such as the spot FX.
has anyone done a statistical study regarding these patterns and their success rate?
I don't believe people can make money consistently relying on these patterns or even relying on lagging technical indicators.
Jake Bernstein , Larry williams and many successful traders have always stressed this out.
as they grow with their experience they always mention that the hardest part was unlearning what they learned before about such patterns and the mumbo jumbo stuff.
I need opinions made upon practical studies and experience.
Regards
Im so skeptic when it comes to such patterns like triangles,pennants and so on...
I believe their success rate is no more than 50% and maybe lower in a high leveraged market such as the spot FX.
has anyone done a statistical study regarding these patterns and their success rate?
I don't believe people can make money consistently relying on these patterns or even relying on lagging technical indicators.
Jake Bernstein , Larry williams and many successful traders have always stressed this out.
as they grow with their experience they always mention that the hardest part was unlearning what they learned before about such patterns and the mumbo jumbo stuff.
I need opinions made upon practical studies and experience.
Regards