Have you done research in the past that illustrates your performance with those factors?
Are you good at price action and technical analysis?
- Thread starter longandshort
- Start date
Mickey! Stop giving away the point
Yeah research of hard knocks … like : no matter how good the pattern looks, don’t trade lunch!
Just to be clear, nobody on ET makes a living trading breakouts on 5 minute candles.
With that out of the way, the premise of this quiz (that TA or any other trading method allows one to forecast the coming 5-minute bar from a random point in time) is nonsense. To the extent "price action" carries any useful information, it's about identifying and reacting to significant events or inflection points in the market, not magically seeing the future.
To use a simple example applicable to current markets, if SPX makes a new 6-month high then you'd better be long if you want to call yourself a trader. That has nothing to do with "predicting" Monday's closing price.
With that out of the way, the premise of this quiz (that TA or any other trading method allows one to forecast the coming 5-minute bar from a random point in time) is nonsense. To the extent "price action" carries any useful information, it's about identifying and reacting to significant events or inflection points in the market, not magically seeing the future.
To use a simple example applicable to current markets, if SPX makes a new 6-month high then you'd better be long if you want to call yourself a trader. That has nothing to do with "predicting" Monday's closing price.
My guesses would be as good as random so the 8/15 seems about right. Tried to perform mental linear regression and extrapolate trend, but my view is that just looking at price is dead in the water.
It's interesting if ETers in aggregate would have a score <= 6 though, provided enough samples. Can we have negative alpha together?
It's interesting if ETers in aggregate would have a score <= 6 though, provided enough samples. Can we have negative alpha together?
This - among other things.
As an aside there is no point in responding to the original post because:
1) The OP does not believe one can be profitable reading PA alone (for which they are clearly wrong) and...
2) The quiz is insulting. Probably by intent.
Here's a small tidbit. You dont have to be part of a top performing quant team to make money in markets. Money can be made in many other ways such as... GASP... learning how to read PA. The same profitable setups literally occur over and over again and have for ages.
But again i digress. Youve made it clear multiple times before that is either borderline impossible or a fools errand.
The problem is you're wrong. And no - im not going to show you how or post statements. By all means though.. carry on with your condescending circus experiment.
I didn't take the quiz there are some major flaws with those charts. First, they're too damn small and I couldn't see the candles very clearly. Also why only show 3 days of data? It's not enough to show any context. For example, how would you know where the previous resistance or support?
No offense, but this amply illustrates to me that you have no idea what chart reading is. So I can't help but question the motive of this survey.
Hello longandshort,
I wish I never came in contact with the words Price Action Trading in my trading journey. I seriously wish I was never ever introduced to it or time bars or anyone who teaches Price Action Trading.
The rewards of price action trading is not even worth a penny with a hole in it. It is a big scam to take retail trader energy away from making them a better and profitable trader.
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Jesting or would you care to elaborate?
Hello themickey,
I personally just regret wasting so much time on it. It is just guessing and gambling and hindsight 20/20.