Technical Analysis, Yo.

[shark]

So I heard that there was this thing called Technical Analysis, which allows you to extract consistent profit from virtually any market. The basis behind it is that by following commonplace market patterns, one can predict the course of the prevailing trend.

This can all be done with absolutely no connection to the outside world, and mainly consists of drawing incomprehensible lines on a chart. This creates the illusion of complexity and legitimacy.

I decided to try it out on one of my favorite stocks. Oh god was I glad i found out about TA. I hated having to, you know, actually research stuff. This way I can profit from the market erry day without having the slightest clue how!

Lets see how I did on my first trade:

 

[shark]

And here's how that trade played out.

So you see, my friends, while the market does have patterns that can be exploited, these patterns require CONTEXT.

I'm not saying you should watch Cnbc or anything, but simply be aware of what's happening in the world.

Glad I could help.

 

[deaddog]

Quote from shark:

And here's how that trade played out.

Where was your stop??
What your plan didn't call for one?
What no plan?:eek:

If you really really believe that TA won't work for you ; it probably won't.

 

[EpiphanyBlack]

Correct me if I'm wrong, but it looks like if you sold when it hit the trend line, you nailed the top!!!!

Awesome trade and a kick save and beaut on missing the dump!

 

[shark]

Looks like it got within a penny of the trendline, heh.

 

[EpiphanyBlack]

Doh!!!! I hate when that happens!!!!

 

[epetrov]

Hey Shark,
what's your point?

 

[ChkitOut]

i love the flames!

 

[maxpi]

Quote from shark:

So I heard that there was this thing called Technical Analysis, which allows you to extract consistent profit from virtually any market. The basis behind it is that by following commonplace market patterns, one can predict the course of the prevailing trend.

This can all be done with absolutely no connection to the outside world, and mainly consists of drawing incomprehensible lines on a chart. This creates the illusion of complexity and legitimacy.

I decided to try it out on one of my favorite stocks. Oh god was I glad i found out about TA. I hated having to, you know, actually research stuff. This way I can profit from the market erry day without having the slightest clue how!

Lets see how I did on my first trade:

LOL

 

[wrbtrader]

Quote from shark:

So I heard that there was this thing called Technical Analysis, which allows you to extract consistent profit from virtually any market. The basis behind it is that by following commonplace market patterns, one can predict the course of the prevailing trend...

Profitable traders don't use TA alone.

Quote from shark:

...So you see, my friends, while the market does have patterns that can be exploited, these patterns require CONTEXT.

I'm not saying you should watch Cnbc or anything, but simply be aware of what's happening in the world...

Exactly.

Mark