Wow, what an interesting thing to catch up on, surprised this kept up so much, and go so off topic... TOO MANY attacks on people here, detracts from honest discussion or feedback. I find that the people with opposing opinions or ideas are the ones I most need to listen to. I remember years ago arguing that oil would Never be sub $100 a barrel again, boy was my head stuck in the sand. Understanding or being open to opposing viewpoints, being able to argue their viewpoint, and your own, is the good way to understand things. Growing up believing in something like TA (I miss some of the TA that headache gal used to post), spending years with it "working" only reinforces that it works, without understanding why it might not work.
I believe in limited application of TA for several reasons. 1) Many people follow it. 2) As WON talked about studying past fund managers, they bought the new highs! 3) In order to be a great growth story, new highs have to be hit over and over. On the other hand, I've done bought my fair share of DOGS hitting new highs whilst on margin that BLEW ME THE F UP!
Examples of TA that are working for me- click images for larger
1.
http://4nursebee.blogspot.com/2014/11/cross.html
2.
http://4nursebee.blogspot.com/2014/11/can-tea-leaves-be-read.html
3. Above company now above 9 with blue sky.
Did I buy that company based upon TA alone? Hell no. I bought it based upon serious research, more work than anyone I've ever come across other than the guy that brought LL to task in 2013, he actually tested formaldehyde content himself. So it is FA, combined with TA that works for me. This segues into another topic brought about here.
Someone argued that big firms/institutions have power or benefit not available to the retail trader at home. BULLSHIT. Firms have rules that have to be followed. For the NVAX trade, there is no way they would have sat thru 30% loss, gotten a nice gain on a significant portion of their holdings as it started to move up, and then ADDED to near 100% exposure. Same thing with my trades in TSLA. Big firms of any size can't pyramid winners, they have to decrease risk exposure. Win for the little guy.
Coding a trading plan is really a weak argument brought up. No I can't code what I do, no I cant code. If I were to code a system that got someone rich, it would be get a job, save as much as you can, LBYM, use a ROTH. Work a long time. Done. You are rich. Oh, low cost equity index funds as preferred vehicle.
Surf as a former market TA expert, did you get into astrology?
I think Don Miller is purely TA trader.
