Quote from N54_Fan:
ATTENTION: THE TOP IS IN,....I AM PROCLAIMING HERE AN NOW THE TOP IS IN...........
THE FUTURE. WAAY IN THE FUTURE!!!
LOL....seriously how much has the Unicycle lost on his BS call of the top many points ago. I think he has ben calling it this entire rally.
I will defend TA here bwolinsky. I use 98% TA and 2% fundamental analysis. Sometimes I dont even have time to watch the news to know what happened. So TA can be used effectively and it is all in the interpretation of it. Gauges on an airplane are useless if you dont know how to read them. However, if you understand them you know when one gauge is misleading you and you can still fly straight. The Unicycle clearly puts too much emphasis on certain things and I suspect he will continue to "add to shorts" all the way up this BULL Market....and keep handing out his money to those of us that are bulls.
N54_Fan
It's not that I don't believe you can base trades on price and volume without fundamental analysis, it's just that you can't know what works without backtesting, analysis, and some optimization. GSC has no discussion on these topics, therefore doesn't know anything about trading or what qualifies as reasonable basis.
If you haven't done that there's no chance any amount of vague reference to chart formations will ever be profitable long term, and if he was right it would have only been luck.
I like his persistence but he's clearly wrong, and hasn't done any quantitative analysis to base his decisions on anything other than that the charts look like some pattern identified online or in an irrelevant book to pre-empt downward moves.
Tops are identified by rise, and bottoms identified by lows. There is no real TA as I'd call it but a vaguery of chart pattern that supposedly confirms market gyrations. That kind of TA is pure bunk, but it's not that I disagree that you can use TA to make trading decisions, but that unicycle hasn't done any analysis than start announcing trades for their parabolic rises and heights that are more indicative of strength and much less supportive of whatever TA he's using lacking backtesting.
