No need to defend yourself. The guy has an edge in liquid markets from his basement. Can not argue with that.
Yeah, Maverick is running the longest enduring technical analysis thread here at Elitetrader.com Thus, if someone wants to learn about The ACD Method...Maverick is the person to learn it from because he shows that TA works for some folks @ http://www.elitetrader.com/et/index.php?threads/the-acd-method.170318/ The above TA thread isn't just about technical analysis. There's other great discussions in the thread too involving the market that supports the use of TA. Simply, people are learning to use TA with other analysis instead of using it alone.
No, there are edges but they are just much more prevelent in less liquid markets. It makes much more sense to concentrate on these markets.
Yeah, he's known for such in the past. He's also known for recommending those that use TA along with trying to prove they are profitable traders while at the same time he bashes TA. My favorite is the Timothy Sykes guy heavily promoted and defended by surf. Accordingly to surf, the Sykes guys is a profitable trader that uses TA with other stuff although TA is not his primary trading method.
There's edges in liquid markets because liquid markets are not always efficient and sometimes liquid markets become highly volatile. Unfortunately, inefficient price action doesn't always last as such and high volatility eventually reverts back to its mean. Simply, you gotta enjoy it while it last and hit it hard when it returns. There's another issue as highlighted in an online article on FT involving illiquid FX markets and algorithms. In addition, there are also now "illiquid seeking algorithms" in other types of markets like U.S. equities. Actually, its been as such for about 3 - 4 years now and UBS is one of the biggest financial institutions involved in such. Simply, you gotta be careful in liquid and illiquid markets these days regardless if you're new or a veteran.
Sorry to desagree. What you are saying is that the holy grail is here and it is a computerized math formular. How come they still need people to trade, if math and computer are better fits for the job? Every body knows there can't be such a thing as a true and unique recipe for winning in the markets, or either there will no longer be a market or everybody with the math computer combo would be a billionaire. This is not what happenned to LTCM and its roomfull of phd's and nobel prize winners, when the whole thing collapsed on them and their computerized formulas.