Courses › BLT | Bank Level Trading
Pattern Updating Part I
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What this lesson covers
Patterns are not fixed pictures. They form, change and often become something else entirely, and this lesson shows how to move with them rather than committing to the first shape you recognise. It works through a basic head and shoulders, the setup most retail traders are taught to trade with a break and retest of the neckline. That approach does work at times, and the lesson does not dismiss it. The more useful question it asks is why a head and shoulders so often breaks down and then reverses against everybody positioned for the move. Following the pattern as it updates on the chart shows what was actually happening while the shape formed, and what to watch for before treating a completed pattern as a signal.