Cheat sheet
Chart Patterns Cheat Sheet: 12 Patterns, Their Bias and Targets
This chart patterns cheat sheet puts 12 classic shapes on one page: the head and shoulders and its inverse, double tops and bottoms, three triangles, bull and bear flags, rising and falling wedges, and the cup and handle. For each one the table gives its usual bias, the close that confirms it and the measured-move target convention. The chart patterns lesson covers them together, and each name in the table links to its own lesson.
The bias is a lean, not a forecast. Until a candle closes beyond the neckline or breakout level, a pattern is only a guess, and many patterns fail even after they confirm. Measured-move targets are a planning convention, and a nearer level often stops price first. Use the Print or save as PDF button to keep a copy.
The cheat sheet as text
| Pattern | Bias | Confirmation and target |
|---|---|---|
| Head and shoulders | Bearish reversal | Close below the neckline. Target: head-to-neckline height, projected down from the break. |
| Inverse head and shoulders | Bullish reversal | Close above the neckline. Target: head-to-neckline height, added to the breakout. |
| Double top | Bearish reversal | Close below the low between the peaks. Target: pattern height, projected down from the break. |
| Double bottom | Bullish reversal | Close above the high between the lows. Target: pattern height, added to the breakout. |
| Ascending triangle | Bullish lean | Close above the flat top. Target: widest height of the triangle, added to the breakout. |
| Descending triangle | Bearish lean | Close below the flat bottom. Target: widest height of the triangle, projected down from the break. |
| Symmetrical triangle | Neutral; often breaks with the prior trend | Close outside either line. Target: widest height of the triangle, projected from the breakout. |
| Bull flag | Bullish continuation | Close above the top of the flag. Target: flagpole length, added to the breakout. |
| Bear flag | Bearish continuation | Close below the bottom of the flag. Target: flagpole length, projected down from the break. |
| Rising wedge | Bearish lean | Close below the lower line. No standard target: use the next support level. |
| Falling wedge | Bullish lean | Close above the upper line. No standard target: use the next resistance level. |
| Cup and handle | Bullish continuation | Close above the handle's high. Target: depth of the cup, added to the breakout. |
How to use this cheat sheet
- Draw the lines before you name the pattern. If you cannot draw a clean neckline or breakout level through at least two touches, there is no pattern to trade.
- Wait for a candle to close beyond the line. A wick through it that closes back inside is a rejection, not a breakout.
- Look for above-normal volume on the break and room to the next level before your target. The breakout trading strategy covers entries and retests.
- Put the stop where the pattern would be proven wrong, such as above the right shoulder or below the flag, and take the trade only if the target is large enough against that stop.
- Practice on past charts: find each pattern, mark where it confirmed, and note the breaks that failed and came back inside, not only the ones that worked.
Questions
What are the most reliable chart patterns?
None is reliable on its own, which is why this sheet lists no success rates. A pattern carries more weight when the break closes beyond the line on above-normal volume, points with the bigger trend and has room to the next level.
How do you calculate a chart pattern price target?
With the measured-move convention: measure the pattern's height (head to neckline, peaks to the low between them, the widest part of a triangle, the flagpole or the depth of the cup) and project it from the breakout. Treat it as a reference; if a support or resistance level sits closer, plan around that level. The chart patterns lesson has worked examples.
Is a rising wedge bullish or bearish?
It leans bearish. Price still makes higher highs, but each push gains less, and the pattern is confirmed by a close below its lower line. The falling wedge is the mirror image, with a bullish lean. See the wedge pattern lesson.
Is there a chart patterns cheat sheet PDF?
This page works as one. Use the Print or save as PDF button to print it or save it as a PDF; the poster and the table list the same 12 patterns in the same order.
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