The OP specifically. Although, you could also include others like him.
The Trouble With Scribbles
- Thread starter Buy1Sell2
- Start date
Although a more pertinent question might be who the hell cares? Words aren't even necessary, which is why the Foresight and Hindsight threads contain, for the most part, only charts.
Today, for example, buy above 56, short below 38.
Or one can trade MACD and RSI divergences.
Or Price Drivers.
Trader's Choice.
Who cares?
Today, for example, buy above 56, short below 38.
Or one can trade MACD and RSI divergences.
Or Price Drivers.
Trader's Choice.
Who cares?
Thanks for being cordial, I appreciate and respect that.
I am not a trained statistician or mathematician so any tests that I personally conduct can be open to questioning --- however, I associate with such people as friends and business associates---- not to mention researching extensively.
What many don't understand is that I entered the markets as a true believer in TA and exactly what DB preaches. It took many years for me to realize that there was much more to it than the naive following of price patterns or action. Not to mention that there are very real issues with doing things this way.
This was despite some success with the methods. Here's something from William Eckhardt on TA:
A price chart is an attempt to model relevant aspects of price change. Price change is not linear displacement, whether vertical, horizontal or oblique. Nonetheless, price change can be represented as vertical displacement and time elapsed as horizontal displacement. Such a model, however, invariably supports relationships that does not correspond to anything in the original process.The angular inclination of a trend on a price chart is a visually striking feature of this representation. Such angles have no intrinsic meaning for the price series, but this is one of the many factors (along with our facility for pattern recognition and wishful thinking) that contributes to our interpreting more from price charts than rigorous testing reveals is there.
- William Eckhardt
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May I suggest "practical speculation" to you as a primer on why TA is built on fatally flawed premises therefore by extension everything based on it is flawed---
http://www.dailyspeculations.com/Letter/framework.htm
http://www.dailyspeculations.com/Letter/framework.htm
The educators are just posting pretty charts with scribbles and allowing the students to fill in the blanks about what to do. When you tout something, it must have testimonial. The absence of anything done in real time is very telling here. The followers are being led around like sheep in a petting zoo but no 25 cent food is provided from the glass machine. --I am not certain what the payoff is whether monetary or emotional/ego, but there is one for certain. I know how the system works and it is no stronger than someone just picking random entries and exits.---Likely, the educators are paper trading.
Lot's of CNBC shut ins, ne'r do wells, and general bored dreamers on this site-- both leaders and followers. The signal to noise ratio keeps getting worse,,,, hopefully Baron changes the course or there will be zero value left and just gibberish from the third world and other true believers.
I see none of the scriblers will even attempt an argument with william eckhardt -- who in one paragraph destroys the chartist's god and savior. http://en.m.wikipedia.org/wiki/William_Eckhardt_(trader)
This part?
Prior to founding ETC, Eckhardt was also involved in the Turtle Trading experiment,[2] set up by partner, friend and fellow trader Richard Dennis. The goal of that experiment was to settle a philosophical disagreement between the two partners, to determine whether the skills of a successful trader could be reduced to a set of rules (i.e. can trading be taught?). The experience was overwhelmingly successful with novice traders ending up making $100 million. Eckhardt, who believed trading could not be taught, had effectively lost his bet with Dennis.
This scribble was posted in the ES journal at 3:10 EDT:
At 3:34 I posted this:
This is the updated scribble showing the horizontal S/R lines I chose to focus upon, and how the initial scribble played out.
I know the OP and other scribble method detractors do not speak chartese. But for those who do, they know exactly what these graphs have to say about the quality of the OP's criticisms.
At 3:34 I posted this:
This is the updated scribble showing the horizontal S/R lines I chose to focus upon, and how the initial scribble played out.
I know the OP and other scribble method detractors do not speak chartese. But for those who do, they know exactly what these graphs have to say about the quality of the OP's criticisms.