Id say that's more of a double bottom but you'll need to clear the highs to confirm. Head didnt clear left shoulder low.
And that illustrates in a nutshell the perils and subjective nature of chart patterns. You'll have have the same chart, but multiple interpretations of it depending on who you ask. Hell, even the same person may 'see' something one day he doesn't see the next day.
It's just good to be aware of them. They definitely aren't holy grails by any means. Typically I'm more interested in finding profitable repeat patterns that aren't copy and pasted all over every educational retail source. They are what really puts the bread on the table.
Isn’t all subjective? Everything? There no such thing as mathematical perfection in the markets. Nothing and no system can be 100% objective. Nothing. Even Simmons doesn’t have that much of a high win rate. They are only right about 51% of the time. Computers are “human too”. LOL And TO THINK, he hires, or did hire, the brightest and the best. His computers screw up reading patterns and calculations almost as much as they are successful. NOTHING IS SO SO SO OBJECTIVE about the markets and to think we are, or IT is, then we are deceiving ourselves.
Yes and no. Some chartists are dogmatic about using indicators which imo are 95% waste of time. But then, take copper as an example, we know more EV's are coming, copper would be a reasonable safe bet atm.
Managing risk while important will only make you lose money at a slower rate. The most important thing is to make a profit. Consistently. I'll give you two sample systems that are 100 % objective: 1) 10/20 EMA. Buy/sell on a cross. 2) Opening range breakout: Go long/short on a breakout of the opening range. We can define the OR as the 30-minute maximum/minimum. While these systems won't consistently deliver good results there is no interpretation or subjectiveness. You have clearly defined rules which tells you (or better; an algorithm) what to do and it will be the same action always. Both in real time and back-testing and for different users. Note: I didn't say that chart patterns don't work. I'll leave that for others who use them to decide. I just said that the two posts above the one I posted highlighted the perils and subjective nature of a chart based approach. That's all. And how you want to interpret that is up to you. LOL.