With any pattern on a chart there is a battle of supply and demand, but not all patterns are tradeable. In short you can not surf every wave!
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"There is a time for all things, but I didn’t know it. And that is precisely what beats so many men in Wall Street who are very far from being in the main sucker class. There is the plain fool, who does the wrong thing at all times everywhere, but there is the Wall Street fool, who thinks he must trade all the time. Not many can always have adequate reasons for buying and selling stocks daily – or sufficient knowledge to make his play an intelligent play." ~ Jesse Livermore
"The stock market is filled with individuals who know the price of everything, but the value of nothing." ~ Philip Fisher
"If past history was all there was to the game, the richest people would be librarians." ~ Warren Buffett
"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." ~ George Soros
"If you have trouble imagining a 20% loss in the stock market, you shouldn't be in stocks." ~ John (Jack) Bogle