Intraday Price Patterns -- shortlisting probabilities -1

Ever wondered why ,despite understanding Technical Analysis pretty well, most of the people are unable to make money on Daily basis??

I (after wondering) went into details and then tried to innumerate the possible patterns that price undertakes on any single day --- and therein found the answer as well !!

1. Trending Day: When price chooses to continue in one direction the whole day. On candlestick charts(15 min t/f),such a day appears like this.
   
   It is this type of day that is used to showcase most of the "strategies" like "Opening Range Breakout" and "Supertrends" and attract newbies to seminars/webinars of technical analysis.
2. Day's wherin Price breaks out/down but then changes track:  
   
   
   
3. Days when price decides to go nowhere
   
4. Days when price opens with a huge Gap-up or Gap down:
   While huge gap-up indicates strong upward momentum and normal expectation is that price would move up, we see the price coming down and vice-versa in huge gap-down 
   
5. Worst of all days    is when price opens gap-up,comes down to fill the gap,then moves up to breach day's high, dips to break day's low and then bounces to break days high again--- literally playing with analyst's reading of price-action and hitting his SL a number of times 
   

Purpose of innumerating these probabilities is to highlight the fact that price-action on any given day can undertake any route and starting the day with a "fixed mindset" or a fixed strategy like "Opening Range Break-out" is going to harm. Drawing an analogy from Cricket,if a batsman decides to hit a six on the next ball,without knowing whether it is going to be a yorker or short-of-length ball,is bound to lose his wicket.

Moral of the Story:

1. One strategy cannot work Daily.

2. If you know only one strategy, like Opening Range Breakout, then you must know under what conditions it would have more probability of working. One clue: For ORB/trending day if previous two days were sideways,(small)range bound days,probability of 3rd day being a trending day is higher.So look for stocks like this (where for two days price didnot go anywhere) and play for ORB/Trending day in that stock only

--------- to be continued ---