TA is over 100 yrs old so of course there has been and will be developments in how to trade the markets and especially so since the advent of computerized trading. Fads can be born overnight and die just as quickly with a change in regulation, taxation, technology and HFT is vulnerable to all of these.
HFT can make a mess of the 1 min chart but you can see the game and on bigger time frames the algos are lost. GS can front run the market for now but look at what happens their FX calls where they can't game it.
TA worked in the past and the charts are still the same. It never stopped working but faster plays took over and now markets are traded by guys who have no concept of where the market is going - the next milliseconds are their keyhole view.
The biggest day trader I know uses TA and only TA to trade 4000 - 20000 ES in one block. A guy I trade with every day has a $1m+ day about once a quarter and the rest are big bucks and it is all TA. There is another huge TA guy posting a few tiny comments in this thread but non of these guys are interested in making a proof thread.
The whole point of this thread was to allow TA naysayers to show TA failures by posting a chart and demonstrating how it doesn't work. Only one guy stuck his neck out and showed it not working in his view.
TA traders don't have to be the fastest off the block. We don't need a millisecond signal and we don't need to take every trade. Every time frame has give away clues and when they set up that is all that is necessary.
About 25 yrs back I used look at the quarterly trading championships in Barrons and that was the best of the best trading ideas at that time. The top 10 guys had their phone numbers listed and I used to talk with every one of them and exchange ideas. Every single one of them was using TA and 8/10 were using the same idea. Can anyone show me how a chart today is different from 100 years back and when the point was reached that the TA stopped working?
The fact is there are 3 styles of TA: Great TA, average Ta and crap TA. The whole point of this thread was not to prove TA works, but to prove bad TA won't work.
You can by all means take the view that TA doesn't work,or say there is something better, but if you take that view because you have tried TA and can demonstrate it doesn't work, then why now show how it has failed. The means there is a real learning point focus rather than this random walk down Wall Street.
I took up the challenge to give a lecture at a university to TA naysayers letting them call the charts and leaving everyone of them in silence.
Was Oilfxpro correct in his opinion? Yes he was. Was he correct in his use of TA? No - that would fail a TA exam. Will great TA work for everyone? Nope! Not even for 50% of traders because there is a 400lb gorilla in the room no has touched on.
It seems that topic needs another more contentious, politically incorrect TA thread and I hope you will participate
