My Take on Chart Patterns and Horizontal Levels
In chart analysis, patterns like wedges or symmetrical triangles often capture attention, but in my experience, they tend to be unreliable. The one exception is a proper head and shoulders pattern, though it appears relatively rarely. I find more consistency with horizontal levels, boxes, and ranges—perhaps it’s my mild OCD for clean lines, but they just give clearer signals. 😂 Actually I don’t use inclined trend lines neither. 😲🙊😯
Take $ETH, for example. Some might point out a symmetrical triangle or wedges on the daily chart, but I’m focused on the horizontal resistance near the previous high at ~2800. I’m considering a short-term long to see how it handles that level.
I think horizontal levels give a much clearer picture of the market’s reaction.
However, I do believe that more often than not, execution is what fails not patterns or particular strategy. So it is wise to stick to a method which works for you, even if it is not a textbook one.
