FXTraderSK, It would be helpful if you could quote the poster you are addressing like this: Otherwise it isn't obvious who you are talking to (this is particularly true if several posters have made similar points). If a poster is 'ignored' by someone else then their quote won't appear in your message, so a nice touch is to add the handle of the person as well. Many thanks GAT
%%%%%%%%%%%%%%%%%%%%%%%%%% Good points; not likely many, or any would use ''only TA'' That would men you trade gold, the exact same way, as SPY,exactly as MSFT which would NOT be very wise @ all. Put another way, since TA is the study of price + volume; can anyone honestly think anyone with any sense would NOT study TA?? Of course general Ken Haggerty[past manager of the Fidelity trading.....] said many will NOt admit it-LOL. Thanks for the question......................................................................
Taking past prices into account (working with time series) != Technical Analysis (TA). TA has a (in finance) universally agreed connotation and refers to building / giving credibility to indicators that are purely based on past prices and have not proven to have any bearing on future prices. Not only do they have no predictive power but even worse are those indicators a reflection of a lagged past. But of course you cannot agree ...after all you make a living selling your TA snake oil to some unassuming beginners.
All TA naysayers, please explain this chart to me? Please don't say it's coincidental. Past data is irrelevant? Really?
Everybody knows a little place called co-colo Co-colo Im trading fast & youre still trading slow I see your order flow Way down in co-colo: Pooh Bear Do u think large banks and institutions used TA? Hell no! TA is for losers!
First, your boxes represent different amounts of time, second, sometimes previous support is new support, and sometimes previous resistance is new support. Third, sometimes support/resistance levels are nearly the same price, and sometimes they are different. Looks mostly random to me.
Why won't it "do"? It's exactly correct. Instead of a marked-up chart of past prices, tell us what will happen tomorrow or next week...