Hi @rick64 in response to your question to me on patterns :
Have you read the book 'Chart Patterns :After the buy by Thomas Bulkowski?' Tom is a well regarded as a leading expert on Charting patterns, and in this book he covers the popular continuation patterns we all have come familiar to. Can find the free PDF online from a few Online websites
For those that haven't read this, it's a decent book..a step up from the basic googling and youtubing, one to have in your library. Therefore suitable to intermediate traders as it goes into some detail on where to buy, place your stops, target projection, interpreting and trading the real and false breaks etc.
Tom also tested the validity and probabilities of each pattern and provides percentages of sucess and failures across his patterns. But I wouldn't look too much into the numbers as I feel it's too generic to apply to an individual trade but it's still very interesting to have in mind . I think one I remember him quoting has about a whopping 85% breakout (including false breaks) on bull flags /pennants across his 2000 pattern sample! Ascending triangles were around 65% I think.
