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Do other popular patterns have high probability in price action trading?
Example>
cup and handle/
double bottom
I don’t study other patterns. I think Mr. Brooks cover pretty much everything. There are other patterns out there but the same thing, just different naming from BPA.
For example, the common pattern you posted above is a double bottom H2 bull flag in a preceded bull trend (“Prior Uptrend”). Suggested entry is stop long order 10 cents above the double bottom neckline, looking for a bull trend resumption up.
Your second pic is also a H2 but at bottom of trading range so also a double bottom with the low from the “bear trend” area. It seems the prior bull leg in the trading range broke a major trend line, so it’s a double bottom H2 major trend reversal.
Do other popular patterns have high probability in price action trading?
Example>
cup and handle/
double bottom
They will ALWAYS have an explanation in Brooks terms. No tradable advice. Just BACKWARD explanation of what already happened as if that was the only thing that could have happened.
You can probably find that EXACT chart where IT went down and he would say see even though it was neutral it still had more chance do to the previous bear trend.
No need for other possibilities. We SHOULD have PREDICTED it if it happend!!!