Fairly new to stock stuff, have spent the last month or so digging into technical analysis. I've come to the conclusion that TA is reasonably good at predicting where a stock will go, at least good enough to narrow down which stocks are worth looking at. but it seems to be pretty bad at finding good entry points.
So I'm starting to dive into chart patterns to try to find those good entry points. I'm worried that by looking at a chart long enough, I'll find patterns that aren't really there.
Two that I'm looking at now are $CAT and $NWS. CAT looks like it's about to break out from a falling wedge. NWS might be a flag? But the period right after the pole seems unusual and the flag has dropped down a lot.
What do y'all make of these charts? And just more generally, any advice on reading chart patterns would be nice. I'm kinda scepticle about them. I'd think if they were very reliable everyone would spot them and play off of that, it seems to easy. Does anyone here trade chart patterns successfully?
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