Tape reading can and does work because its looking at the "book" prior to trades being made. Its tough and a real skill but it Makes / made SENSE at one point in the market. In contrast, chart readers only see the past then try to extrapolate into the future what way to bet. There's no edge doing that in and of itself. I think we are in agreement here. surf
Im ranked in the top 10% of ALL published stock pickers over a multi year period. Dats da fact, brother.
Thats correct. The same patterns emerge when random numbers are tweaked to resemle stock prices. Heck, its absolutely bizzare to me that these pure price actioners even exist at all.
Thanks, i have all of those except George Klienman's. The author of the article states he "owns the study of moving averages". Huh?? I am intrigued, so thank you!! surf
If the past shows at what price and when there were buyers and sellers, don’t you think it could give a very small indication when and where they may exit their positions?
For the sake of definition, a trader who used volume analysis would not be a "pure" price action trader. Not that definitions or styles matter, because in the end all that matters is whether or not you're achieving your trading goals.
Do you think there's a correlation between a trader's Performance IQ (PIQ) and his/her ability to recognize chart patterns? The variance in this ability would go some way to explaining the perpetual disagreements on the subject. Identify the missing symbol in the sequence.
No, I base my opinion on numerous academic studies, 1000's of hours as a technical analysis, starting as a hand drawn chartist---conversations with the BEST proven traders in the world, and all the evidence of success of the TA brigade---NONE or so small it can be dismissed as irrelevant. See, I THOUGHT it worked for years and made money using it-- but I realized that I made profits DESPITE patterns not because of them. The evidence is overwhelming against the value of chart patterns. surf