It matters a lot. Majority of trading theory including technical analysis bible from Murphy is obsolete and outdated. Because when he wrote his book, patterns where checked on trading history that was before them, where no electronic trading existed and was far too simple to predict. Now on 1M timeframe its pure stochastic moves or "random walk" that you can't measure or predict at all. Increasing your timeframe to 1D you can expect this "random walk" to decrease, but it remains highly unpredictable especially if you use some technical stuff to make guessesTrue. As they say, one should learn something new every day. Whether one learns it from reading theory or from learning from a past mistake doesn't really matter.