My friend told me that chart patterns aren't profitable because the market makers know that retail traders see the patterns and will trade based on the patterns. So market makers can get rid of the retail traders easily if they use chart patterns since its too predictable
If brokers trade against their clients based on chart patterns, you have to believe they will also do so on support and resistance. If we can see stuff on a chart, they can see it too.
The fact is that any legitimate broker based in a well-regulated jurisdiction will not be trading against their clients as it would contravene their "licence" to trade. What a shell company based on a Caribbean island does is another matter but what kind of nitwit would send money to such an outfit?
Chart features are not highly reliable. Those on shorter and shorter time-frames get less and less reliable. The most consistent features are long-term trends.
Chart patterns are not profitable on a consistent basis. You will some but you will loose a ton more trusting patterns. Trading is made up of ORDERS. Orders make up market depth. Market depth is the most profitable information tool we have, really its all we need because what are we doing to trade? We place ORDERS! So therefore the ORDERS tells us everything..
The way I view it is chart patterns is just human psychology on a chart and humans tend repeat themselves. I trade frontside momo and I look for the same setups everyday. You got to know what to look for and not get distracted because the grass always seems greener.. (especially with trading)