Trading using with candlesticks only and nothing else

[deaddog]

Yep no one is saying otherwise

Ah, a little common ground.

Given that charts represent price data and that fundamentals have little affect on short term price movements (Stocks with poor fundys will run up and stocks with excellent fundys will decrease in price), why does a momentum investor require any other data?

 

[deaddog]

How does huge volume eliminate the retail investor? What if you’re just seeing a bunch of orders filling at the same time? And what makes you think that what O’Neil said is true?

Just the size of the trades. It would be very unusual for there to be that many retail investors. Take GME. The retail traders were the catalysts but it was the institutions that caused the panic when they started running for the door.
I believe what O'Neil said is true because of the success of the traders that follow his system. Not only the guys you read about but my own success trading using only charts.

 

[longandshort]

Just the size of the trades. It would be very unusual for there to be that many retail investors. Take GME. The retail traders were the catalysts but it was the institutions that caused the panic when they started running for the door.

that sounds nice but can you prove that it happened?

I believe what O'Neil said is true because of the success of the traders that follow his system. Not only the guys you read about but my own success trading using only charts.

correlation doesn't imply causation. O'Neil was more of an educator than a trader.

 

[Relentless]

I respect @longandshort with the wisdom and experience he brings from the professional side - but you guys trying to support the chart reading case as a way to retail profitability may as well be speaking to deaf ears.

Those that are consistently profitable with chart reading alone know it works - but you clearly cant change his mind. So what's the point?

I know a guy that swings an average of 20 cars on the ES using charts only at a win rate that generally stays above 80% intraday. He's not some kind of wizard - he just understands PA / market structure.So to say it's not doable is factually wrong.

You can make money trading many ways. Let's just agree everyone can only make their views based on what they know.

 

[themickey]

Charts are an easy way to look at price data. That's what a chart is isn't it a visually pleasing way to look at price data.

Ya, looking at a bunch of charts is smart but why not speed up the process and place a bunch of monitors on your basement desk?

 

[Relentless]

Ya, looking at a bunch of charts is smart but why not speed up the process and place a bunch of monitors on your basement desk?
View attachment 264207

Not enough monitors. And you could easily get 10-12 charts on each one instead of 6.

Rookies...

 

[deaddog]

that sounds nice but can you prove that it happened?

Nope I can't prove it. But I can believe it and so far my results are confirming my belief. Does it really matter as long as it works for me?

O'Neil was more of an educator than a trader.

Gotta admit he was a pretty good educator. He must have done something right to make it into the Market Wizards books.

 

[deaddog]

Ya, looking at a bunch of charts is smart but why not speed up the process and place a bunch of monitors on your basement desk?

I only need one monitor. I can only look at one chart at a time.

 

[themickey]

I only need one monitor. I can only look at one chart at a time.

Ya and how long does that take up of your day and trading time?

 

[deaddog]

Ya and how long does that take up of your day and trading time?

10 to 15 minutes every evening