Beware! Patterns That Deceive Traders: How to Avoid Costly Mistakes 🧐👀

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Avoiding costly mistakes. Patterns that fool you! Very often we think we see something but we don't really step back to appreciate what could be developing. There are so many patterns out there and you have to be careful with your biases as often you need more evidence. This is particularly true for heavy trend days.

The example given is the double top formation, which often tricks traders into expecting a reversal when the market is actually continuing its trend.
Traders tend to reinforce their biases by seeking evidence that supports their initial idea, rather than objectively analyzing the market.
The video advises traders to test themselves by observing charts, noting their initial impressions, and then examining how the patterns actually resolve.
Traders should consider factors such as time of day, previous market movements, and overall price action to gain more clarity and avoid being fooled by deceptive patterns.

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