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Las Vegas, Nevada
Posts: 14 since Jan 2023
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Thanks Received: 4
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I use something different as I have the xabcdtrading suite. Big difference here (which I quite like and would help you with failed patterns) as it uses time and price together which might be important to your failed patterns.
So a failed pattern happens if price goes beyond the reversal with the way your currently seeing things. The way they do things is they have these 3 areas after a pattern forms. The first two areas your allowed to enter, but if to much time passes and your in the red area, then you lose probability where the pattern doesn't even matter. At this point it is more like a 50/50. So a failed pattern for them is if it fails in the green or yellow zones. If it fails in the red it's nor here or there as to much time has happened since the pattern was discovered to have any odds.
Over the years I've found that way very helpful and I think maybe instead of looking for an indicator for confirmation, you can use time like they have done both with the formation and after it triggers?
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