Price patterns have zero predictive value, they just can be used to measure risk/reward. When it comes to patterns, correlated market is where it's at. When RSX tanks everytime Oil does, that's a pattern you can trade off of.
Markets haven't changed how price action moves at a baseline level in forever, someone will always lose and capitulate providing opportunity. If what you're doing only works for a week or even only for a year than you're just using a temporary niche or getting lucky that context just happens to match what you're doing. If you understand how the markets work at a deep level than you can trade virtually any market environment. Most strategies are just entry vehicles, it's context that matters. So of course if you're doing a strategy and market changes it can stop working.
It's all inclusive. Experience would be the most beneficial and covering the most ground but you can get context by other means too. What you're asking me to answer is pretty vast. I can list some things in not necessarily any particular order: #1 Macro directional bias (multiple different ways and theories to see this) but essentially is the market macro bullish or macro bearish. #2 Stability of the markets. Are lower time frames active? Meaning after a smaller pull back are buyers showing up in a consistent manner or do we have to pull back on a medium or larger time frame before active and consistent buying is taking place. Is the market just unstable and getting 5-10 points NQ swings in less than a second up and down? Well if you're running a tight stop strategy than probably need to not use that. #3 What did overnight and europe action do? Are we breaking relative highs and going higher? are we stopping before relative highs and having decent pullbacks? are we going above relative highs just a little bit and than candle closing back below the structure and dumping? #4 Is US opening happening more near the overnight lows or overnight highs? and how is it responding most days? Are we opening up and taking out the overnight low first or the overnight high and how do we respond after that. #5 Does it look like larger players are buying to sell or selling to buy? meaning in the micro price action does it look they are just getting people off sides moving market up to take it down or is actually accumulation for an extended move up that has intention for higher. I have no clue how to quantify this it's just a certain look the market gives when trading. Again I can't sit here and list every single thing, but that's just some examples. Context is all inclusive. It's just asking the basic questions: #1 What is the market doing? #2 Do you clearly see and understand what is going on? #3 What entry vehicle do you have to give yourself the best risk/reward to be able to capture that movement.
Totally related and agreed with you, experience is king in the markets. But there's always something new to learn, right? For me, it boils down to three things: Big picture, then specifics, Learning the market's language, Building a solid strategy: I define my risk tolerance and create clear entry and exit criteria based on my analysis. Even the best analysis can't guarantee success, so managing risk is crucial. It's a continuous learning process, and the ability to adapt your approach based on market conditions is key.