Day trading patterns are chart patterns that occur during intraday trading sessions. These patterns can provide traders with valuable information about market sentiment, potential trend reversals, and potential entry and exit points for trades. 

Some notable day trading patterns to look out for include:

• Bullish/bearish flag patterns - Bullish and bearish flag patterns are flag-shaped chart patterns that involve a sharp price movement in either direction, followed by a period of consolidation before the price continues in the original direction
• Head and shoulders pattern - This pattern is formed when a price peak is followed by a higher peak, which is then followed by a lower peak. This can signal a potential trend reversal from bullish to bearish
• Cup and handle pattern - This pattern forms when the price of an asset forms a round bottom, which is followed by a smaller decline. This pattern often indicates the reversal of a trend from bearish to bullish 
• Double top/double bottom pattern - These patterns occur when the price of an asset hits a high or low point twice, indicating a potential trend reversal
• Triangle pattern - These patterns are formed when the price of an asset forms a series of higher lows or lower highs, indicating a potential trend continuation or reversal

Day trading patterns are very significant because they provide traders with a structural method of analyzing market movements to make quick trade decisions and take advantage of profitable opportunities. However, it must be noted that no single trading pattern can guarantee a profitable trade and traders must use multiple indicators to find high probability patterns. 

Bullish and bearish flag patterns typically show a sharp price movement towards either direction, which is followed by a period of consolidation, when the price trades sideways, before assuming the prior direction once again:

• A bullish flag pattern happens when a sharp price increase (the flagpole) is followed by a period of consolidation, where the price moves sideways (the flag), after which the price breaks out above the upper resistance line, potentially continuing the prior bullish trend
• A bearish flag pattern happens when a sharp price decrease (the flagpole) is followed by a period of consolidation (the flag), after which the price breaks below the lower support line, potentially continuing the bearish trend 

Although bullish and bearish flag patterns are frequent occurrences on the price charts of many currency pairs, they are by no means guaranteed. The core assumption behind bullish and bearish flag patterns is that the price will resume its original direction after the consolidation period has ended, which is not always the case. Therefore, flag patterns are not always reliable and traders should look for signs in the broader trend to decide whether the price will resume moving in the same direction as it did before consolidation. 

The head and shoulders pattern is another popular technical pattern that occurs when a price chart makes three “peaks”, with the middle peak (the head) being higher than the other two (shoulders). 

The pattern fully forms once the price rises to the left shoulder, drops down, rises highest over the head, drops down again, and rises again to the right shoulder. Once the price drops below the support level connecting the two shoulders, the pattern has been concluded. 

In general, the head and shoulders pattern signals a trend reversal, as it shows that the buying pressure causing the uptrend is decreasing, and the selling pressure is increasing. The break below the support level confirms that the trend has reversed, and traders will often take a short position to profit from the expected price decline. 

A variation of the head and shoulders pattern, the inverse head and shoulders, is used to identify a reversal from a downturn. The inverse has the same three peaks, but the middle one is lower than the other two. The pattern is formed when the price falls to the left shoulder, rises to a high, falls again to the head, rises for a second time, and falls down to the right shoulder. 

The pattern is complete when the price rises above the resistance level connecting the two shoulders. 

The cup and handle is a bullish continuation pattern that is often used to identify buying signals. 

The pattern is called so, due to its appearance on the price chart, representing a cup with a handle, with the cup being a curved bottom and the handle being a short period of consolidation that follows the cup pattern. 

The pattern is formed when the price falls to create the left side of the cup, then rises to create the top of the cup, and falls again to create the right side. The form resembles a “U” shape on the chart. Afterward, the handle is formed by a small consolidation period, where the price moves sideways before breaking out above the resistance level formed by the top of the cup. 

The cup and handle is considered to be a bullish continuation pattern because it suggests that the price will continue to rise after the breakout from the handle pattern. It shows that the selling pressure has been exhausted, and buyers are now entering the market. 

To confirm the pattern, traders will often look for high trading volumes during the breakout moment. 

However, it is important to note that the cup and handle pattern alone may not be enough to confirm a buy signal and should be used in conjunction with other technical indicators. 

Double tops and double bottoms are trend reversal technical patterns that are commonly viewed on price charts. 

• A double top pattern is formed when an asset reaches a high price level, then drops to a support level and rises back up to the original high price level, but fails to break through. The price then drops again and breaks through the support level - indicating that the trend may be reversing 
• A double bottom pattern forms when an asset reaches a low price, bounces back to the resistance level, and drops back down to the original low price level, but fails to break through. Then the price rises again, breaking through the resistance level - indicating that the trend may be reversing 

These patterns are considered to be more reliable, as they depict that the price has failed to break through a significant price level twice, indicating a shift in momentum. 

Each of the patterns is complete once the price breaks through the support or resistance level, which can be viewed as a sell signal in case of a double top, and a buy signal for a double bottom pattern. 

A triangle pattern is a chart pattern that is used to signal a trend reversal or continuation. It is formed when the price of an asset moves in a narrowing range, creating a triangle shape on a chart. 

There are three distinct types of triangle patterns:

1. Symmetrical triangle - this is the most common type of triangle pattern and occurs when the price creates a series of higher lows and lower highs, forming two converging trendlines. A breakout above the upper trendline signals a bullish trend continuation, while a breakout below the lower trendline signals a bearish trend reversal
2. Ascending triangle - this pattern occurs when the price creates a horizontal resistance level and a series of higher lows. A breakout above the resistance level indicates a potential uptrend continuation
3. Descending triangle - this pattern occurs when the price creates a horizontal support level and a series of lower highs. A breakout below the support level indicates a potential downtrend continuation

Triangle patterns are considered reliable indicators of trend continuation or reversal because they show that the buying or selling pressure is becoming increasingly weaker and that a significant price move may be imminent. 

• Day trading patterns are important technical tools used by traders to anticipate trend reversals and continuations on a chart 
• Flag patterns, head and shoulders, cup and handle, triangles, and double tops/double bottoms, are all indicators of potential trend reversals or continuations, which can help day traders plan their next moves and go long or short on the asset of their choice 
• Chart patterns by themselves cannot guarantee buy and sell signals and should be used alongside technical indicators to be effective