TA doesn't work because ...
- Thread starter kut2k2
- Start date
Agreed. Fundamentals, news flow, positioning, expectations etc... that's the more important info I pay attention to.
But what is in historical charts is key levels, highs/lows which definitely effect future orders and psych, along with TL's, big DMAs and sometimes Fibs for me too... this is helpful, no doubt.
You don't need to be staring at a chart for this, you should know where they are without it. Just check it out from time to time.
Candlestick trading was based on emotions of traders that's why I like it, not when you look at a 5min candlestick with no idea what the hell is going on which is "driving" the trade. I like daily/weeklies down to even 4hr/1hr for this.
When you take this in context with whats happened and what was/is expected in the future with the more important info... it's very useful. IMO...
Trendline breakout bounce on support then rip thru resistance.......
1, 2, 3.
I used to wanna learn TA til I discovered the "best" technical analysts make the worst forecasters. When I say the best I mean the ones spouting highly technical garbage. They're the first to admit their TA is embarrassing when they cant call anything right. But that dont stop them. Peoples DNA are programmed to see patterns where there's none.
What's more perplexing are the people who want to "educate" themselves by learning TA. I wouldn't want to learn astrology if I want to learn about the universe so go figure.
What's more perplexing are the people who want to "educate" themselves by learning TA. I wouldn't want to learn astrology if I want to learn about the universe so go figure.
Why TA doesn't work doesn't matter.
The fact that any rational backtest shows TA doesn't work, matters.
The fact that any rational backtest shows TA doesn't work, matters.