Patterns can be very powerful additions to your trading arsenal - especially in the Forex. But... You must learn to see them and also draw them correctly. Your brain needs to develop "RETICULAR COGNITION" or the ability to instantly recognize a pattern and it's statistical probability.
How to get it right?
And this is 300 of EACH pattern - so 300 bull flags then 300 bear flags (done one pattern at a time). There are at least 15 specific patterns in the Forex to learn so that is 4,500 patterns to draw ..and that is just the beginning! You actually need thousands of each pattern but you have to get to 300 as the minimum. But what happens if you draw your first 300 WRONG! Not good, since you have now created a corrupted database in your brain.
We developed this trainer to get you started in the right direction. The trainer is a very small widget that resides on your desktop. When you are ready to practice you simply click and start.
On the 10 minute chart -Which ones first?
On the 240 minute chart* -
* Note : these patterns are found on the 240 minute chart in real live trading - but you will not be able to identify 300 of them on this time compression. So identify them on 10-30 min charts just to get your numbers done. Look for them Live on the 240 minute in real trading.
Choose a pattern and this screen shows up
Your cursor is now a drawing tool and you manually draw the pattern and then push "Identify Pattern" and you will see the actual pattern on the screen to compare yours with the correct pattern. Once you know howto identify it correctly you go in the charts and start drawing them CORRECTLY and you do 300 at one time and then take 24 hours off - this allows your brain to build a retrieval system to access your database. This is what your brain does when you sleep. DO NOT TRY AND DO MORE THAN ONE PATTERN AT A TIME or you will end up with "MUD" in your brain.
OH YEA - make a note of the direction the market moved AFTER the pattern broke. That is your key to understanding the statistical validity of the pattern in the charts. Want to learn more about patterns? Click here
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