As wrb pointed out on the obvious head and shoulders..5 turns. each tradable for scalper who knows his turns.
There is software called Price Action Lab to find all sorts of patterns from historical data. It takes a few hours for daily and maybe a couple of days for intraday. I have collected 62 high probability patterns, 24 for daily and 38 for intraday timeframes.
There are also software programs for finding these patterns that don't require programming. If you don't know how to program, let me know and I'll send you a link.
Could u give an example of good price patterns that never go away and show up each day. Even one would give me something to build on. Thanks
ID Bill, I read one of ur comments about 6 yrs to 10 depending on IQ. I agree, the smarter u r the longer it takes. Destroy the ego that goes along with high IQ and one begins to see the simplicity of the markets as the price action creates patterns that are never ceasing and quite accurate. The higher the chart time frame the higher the accuracy since the patterns do not increase into "too much information" as the 5 min charts present, but simply give the fewer and the higher accuracy. 5 min charts are the biggest reason few can consistently do well trading the eminis. Few and far between are they who succeed. My greatest contribution to this board is this. Use the 15 min charts. Find ur lines if u must, but more importantly learn the patterns and cull the weakest ones. This will take a few years, but I just saved the novice a few years by "15 minute chart on all eminis". Just my humble opinion.
Most sensible question that I have read in years and deserving of a well reasoned response. Try buying one or two ticks in front of a good solid long breakout and try selling one or two ticks in front of a good solid short breakout. Please read this tip carefully a couple of times, as most ETers do it the other way around and sell into a rising market etc. Anyway, it is a pleasure to help.
Every day is not possible but some patterns work for years, although not too frequently. This guy (actually he developed Price Action Lab and before that APS) published a few patterns in his book, fully disclosed code in 1999, and then came out recently to evaluate their performance. The results should make those that say patterns don't work to rethink their thesis: http://www.priceactionlab.com/Blog/2011/03/performance-of-three-sp-500-patterns-from-my-1999-book/