Annotations on chart:
There was a Plutus Long (23.5/7.2)patterns but I did not take it because it was too close to the Supply Line and it did not break it.
I took this Plutus Reversal Short (15.5/3.0) and this was the mistake.
Why? Because we are ranging and the pattern is within the range. It is not a pattern exitting the range or after the exit.
Well it is definitely not springs or upthrusts in their classical Wyckoff terms since these are more abrupt. I have been thinking whether the first wave resembles the Wyckoff creek within the trading range, and the last wave represents the last point of supply or demand (LPS), but yes, I will give it some more attention and thought :)
Yes
I haven't paid attention to whether the pattern, being Plutus or Plutus Reversal, are happing inside/outside the trading range, and how the succesrate is affected hereof. So you're saying that a pattern inside a trading range is not that important, but a pattern which is on the border of a potential exit or after the exit has more leverage?
(everything else - supply/demand, fib etc. being equal)