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Patterns within Patterns 4/01/2017 8.45am

Patterns within Patterns (May 2017)

Successful pattern trading requires the knowledge of pattern formation, its arrangement, and its market manipulation. Pattern manipulation is achieved when pattern recognition becomes a reflex action for the traders. When a trader is knowledgeable about patterns, it is difficult not to see patterns within other patterns (embedded patterns). The recognition of patterns within patterns and its body of knowledge of how to react and what to expect helps a trader’s success. Traders benefit by using smaller patterns support and resistance levels as entry and stop levels to trade larger patterns. Examples of embedded patterns include a series of bullish and bearish triangles in a symmetric triangle or bear flag setups in rectangle channels. When a pattern dimension is large and the risk implied by its trading range may also be large. Traders should then look for smaller congestion patterns inside the large pattern near key support and resistance levels to reduce the risk and provide an early entry opportunity into a position. Multiple patterns inside a large pattern cause to change its trading behavior, price targets, and time-frames.

Please continue to read at Modern Trader Magazine (May. 2017)

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