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Commentary Topic from greenfaucet

The Power of Observation

Many moons ago while watching Pete Steidlmayer trade at his Market Profile boot camp, I was struck by Pete’s observation of price action nuances. What appeared to be the same pattern would mean different things under different contexts. And when I asked Pete about it, I’d get an answer that amounted to: “You’ll know when you see it” (!!). Nowadays, I know what he means. While the essence of technical trading is pattern recognition, it’s the context in which the patterns appear that delivers the hidden messages of the market.