is this correct?

I thought that i should practice identifying and drawing out patterns and trends because thats what i want to trade on. I came across this chart and kinda of saw two patterns a broadening pattern and a symmetrical triangle. Im not sure though if im right and would like to seek your professional advice. also is my resistance line correct?[/IMG]

 

thanks for any feedback!

 

Pros do not use these patterns.

 

so what do they use when trading intraday?

 

Algos

 

It depends, if the main trend on the longer term time frames is down, it could well break down

 

U have to be in sync with the hourly and daily at least

 

I use patterns successfully, but only in agreement with the daily and hourly

 

Some professional traders do in fact use patterns. I've visited several institutional firms and have a few close personal friends and a relative that are institutional traders...they do use patterns but its not the only thing they use nor is it the primary thing they use.

Yet, the fact is that they do use patterns but not with emphasis on such as the way typical retail trader uses them.

One of my best friends from college works for BNP Paribas in London...he has 8 monitors at his desk and one of those monitors is just for charts (bonds and stuff)...he uses patterns but its not the only thing he uses and many other things he uses is more important than chart patterns.

I find it funny here at ET that the stuff the Professional traders use (I'm not talking about patterns) is typically ignored by the retail trader or debated by the typical retail trader as of having no value or little value.

 

Some watch patterns to fade retail, if that's what you meant.