Why does TA not work (for you)?

Quote from BSAM:

Me and you...we seem to be thinking along the same lines, brother Corn.
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BSAM & Coin -

You're kinda missing my point - probably never explained it that well.

if we say 70% of volume is paper, or your 'big boys' (sorry, but that sounds so gay), then the chart is clearly the aggregate of their activity. So, yes, of course a chart shows what they did.

I'm saying 'so what'. I dont care for what they did. I care for what the probabilities suggest will happen next. I say the chart cant tell you that. It may do sometimes, but a stopped clock is right twice a day too you know.

I know all the books will disagree with me, but I also know the institutional trader will agree with me - because they are not using charts to decide when to buy/sell.

If you think a chart can tell you this, then what you are in fact suggesting is that some of the brightest minds in the industry actually have no self control, as your magic lines, magic patterns and magic charts actually dictate their activity - clearly somehow gaining subconscious control over them?

I also say 90% 0f retail traders lose, and 90% of retail traders use charts exclusively.
 
Well stated, Mr. Black. Concur 100%. If past price movement could be used to increase the odds of a trade--then that move could be quantified...

I think there is a serious misunderstanding just how much computer power and brain power is used for these studies---
 
Quote from TheBlackHand:

...I also say 90% 0f retail traders lose, and 90% of retail traders use charts exclusively.
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You know brother Black, I like to find things that I can agree on with a person.
So, I agree with this part of your post.
In fact I'd even say it's greater than 90%.
 
Quote from BSAM:

My lesson for today: Traders who make good trades don't use charts.
LOL
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Im not saying they dont use charts - most of us use charts a bit here and there just to get some idea/reminder of where key levels are etc.

Im saying they are not relied upon 80%+ to make decisions.

Ideas like trendlines, fib numbers, elliott wave, rsi, macd, shapes, candlesticks etc is for the birds. It really is.

You just need to think of the absurdity of them for a bit and you will see it for your self.

Dont believe every thing you read for $20 is true.

I dont recall Soros, Taleb, or any of the true thinkers in the industry ever saying 'I put it all down to charts'. Get real!!
 
Quote from cornixforex:

Did you reverse in any direction after that S?
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the market time of this response is 12:25 plus; bar 30is under way. I am long.

I did reversals @ bars 8, 21, 24 and 31. For each reversal the End Effect was different.

this is a Summer day and it is the first day of the week, as well.
 
Quote from TheBlackHand:

Im not saying they dont use charts - most of us use charts a bit here and there just to get some idea/reminder of where key levels are etc.

Im saying they are not relied upon 80%+ to make decisions.

Ideas like trendlines, fib numbers, elliott wave, rsi, macd, shapes, candlesticks etc is for the birds. It really is.

You just need to think of the absurdity of them for a bit and you will see it for your self.

Dont believe every thing you read for $20 is true.

I dont recall Soros, Taleb, or any of the true thinkers in the industry ever saying 'I put it all down to charts'. Get real!!
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Don't get me wrong brother Black.
I really got nothing against you.
But, this post is just too funny on so many levels.
 
Quote from BSAM:

Don't get me wrong brother Black.
I really got nothing against you.
But, this post is just too funny on so many levels.
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Agreed, it is a very humorous post.
 
Quote from BSAM:

My lesson for today: Traders who make good trades don't use charts.
LOL
More...

Traditionally Beaver colonies have been successfully hunted in darkness without the use of torches , so no reason why traders can't trade successfully without charts.
 
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