I have been reading lots of books and watching videos and doing paper and live trading using chart patterns however still not able to time or seen the patterns in the statistics that suppose to be for double bottoms, head and shoulders, triangles etc. Can some some one recommend a good coach I am willing to pay if necesary. I wan to use chart patterns and purchase long options. Thanks EG
Hi Erick, My honest and best recommendation is to Literally look at thousands of charts , and in doing so ...... look for Double, triple, quadruple tops and bottoms wedges , flags, etc. Here is one of my favorite websites for scanning through charts, and I highly recommend you use for going through charts ........... Finviz.com Go to this website and follow the steps that I mapped out via the 2 attached screenshots , and definitely use the various timeframes that are available via the ' TimeFrame " feature .... highlighted with a box drawn around it in the 5th step You can look at a slew of charts ( All on the same page ) via hourly, daily , weekly and monthly charts Fantastic charts and website
If you want to use patterns you need code to recognize them. If your trading platform is able to do this then you're better off writing code than spending time the way you are. You might find double bottoms aren't profitable in the way you're looking at them now but the process of identifying them mechanically can lead to discoveries of things such as how to use adaptive fuzzy logic. This type of knowledge will be extremely useful later when you figure out the precise context where you're certain double bottoms have a higher risk:reward ratio than normal. I'm sorry if that's not what you want to hear but imo based on the mistakes I observe others making and my own experience that's the path to pursue.
Looking at the pics in md2324's reply reminds me of something. You will find specializing in symbols which begin with the letter A will produce different results than if you apply your pattern search to the entire universe of symbols. Not necessarily better or worse but rather just another anomaly to take into consideration. Many people won't scroll thru the entire list of results. This definitely affects symbols which begin with the letter A, but how it affects them relative to the pattern you're focused on is something you have to determine yourself. But this is definitely a more fruitful path to be on. Searching for your own patterns rather than seeking the advice of someone else.
Yeah, I just opened it up without any filters , and it by defaults starts with almost every Stock available , starting with the A's lol But you can use the screener on the site, and narrow it down to stocks that meet very specific criteria .... by Price, average volume, etc. You can also ONLY have the charts displayed for the Futures markets and JUST for the " Main " Forex Market ( pairs ) .... see attached Screenshot
I looked up the definition of adaptive fuzzy logic. As is often the case it's something quite different than how I define it in the ways I've found it solves a common problem I've encountered. it's not AFL that I'm recommending but rather that you start where you are and proceed in the correct direction and find solutions for the problems you encounter as you go. I'm not in a position to recommend any programming languages. Tho I have in the past I can't in good faith do more than suggest imo you're going to need to learn to program to make it in this business. I use TradeStation's easy language and prefer it over others I've used but it takes a tremendous amount of time to learn to program trading ideas ...in any language.