After multiple arguments on the matter I decided to bring a bit of objectivity to the field of continuous holy war and demonstrate some of the actual performance achieved with use of a couple simple TA signals. Will I prove TA has some value or the opposite, time will show. Brief description of the approach: pure technical analysis, all actions are triggered by certain chart patterns with microscopic fundamental component (I am unable to isolate myself from the news and hence accept the possibility of subconscious directional bias depending on fundamentals). Market traded is currently NQ, later probably add 6E and ES as well. Day trading only during the first 2-3 hours of US regular stock trading session. Tight risk management, all trades are entered with a hard stop-loss. Due to the short-term nature of the approach calls in advance are not possible so will post Sierra Chart blotters at the end of each session, set to show P&L in points per contract (the most objective measure of performance IMO when one knows how much is risk in points per trade). That's it. If I forgot something will post additional notes later.
Hindsight charts are not acceptable as TA proof. Why not post the signals in advance? Remember, you don't have to post every signal--- the last guy who tried to prove TA on this site used a twitter account. The account was closed/made private after several days of losses and this was a real professional trader. Set up a twitter account and post the trades before the fact----anyone can annotate charts at the end of the day--- I posted day trades before the fact for years, there is no reason not to, other than TA doesn't really work. Regardless, good to see someone stepping up to the plate rather than just making claims. surf
Last guy who tried this live on twitter, failed. It's a cop out not to post real time before the fact calls, I did for years as a day trader. After the fact annotated charts are not acceptable proof of skill or TA. surf
Nope, its just as easy to post real time calls before the fact. I have no clue what "sierra charts" are--- that's what he says he will post as proof-- charts are hindsight by definition. If you don't believe me, see stocktwits--1000's of traders making real time day trading calls all day long--- its not that hard to place a trade then post it, or post "i will go long if XXX is broken with a stop at XXX. My call is that this thread fizzles out soon, just like all the other "prove TA" threads have done over the last decade--most recently the twitter fail. surf
If you do not know what Sierra Charts are, perhaps you should educate yourself first. See no reason for a scalper to hinder his performance for the purpose of satisfying naysayers. Official blotter is fine, you know, the kind your journal lacks.
I won't do it in advance, because it's a distraction. Trading is a priority over posting and styles differ, my style assumes sometimes milliseconds between signal appearance and order placement. But will post blotters without any doubts. No charts are planned so far at all, this thread is not intended to discuss setups, just prove or disprove TA usefulness applied in a particular way.