Ok cool.. My point was.. from what I've read, Surf's idea is that anyone that uses price alone is lost in the wilderness. And, from the last time we chatted, it seemed you were doing pretty good with what you were doing. So, I was scratching my head as to why you seemed to be defending him. Another thing.. is that I can guess that you didn't just wake up to your method on day one. I'm sure you tested many of the traditional TA ideas and found many to be ineffective (at least that was my experience). But, through it you found a little of this and a little of that to put together something that works for you.
Smart people may listen to the opposing view, but in the end would make a decision based on their own point of view. In any analysis there would be both winners and losers, no perfect method/strategy exists as this world isn't perfect. TA works for some, doesn't work for others, FA works for some, doesn't work for others. Do you know why? Because it's a competitive world & you never see dealer's cards, not all of them. There are people making it in business, when others fail, but to look at folks that have lost their or others fortunes in startups or even established businesses and point at that group to prove business is a waste of time is silly, isn't it? Any system without proper money management would eventually fail, no matter what you use.
for whom does TA work? I mean documented proven case? Even the Japanese guy who seems to have made a killing in Nikkei futures does not look at TA whatsoever. I do not know of a single case where anyone made money using TA and could prove he has done so. Please do not use the example of Paul Tudor Jones. The Video is a joke and he himself did everything to buy up the last available copy in public domain. He is obviously deeply ashamed of what he talked about in the video.
Again, joining or jumping on a bandwagon would also fail unless your money management is solid. Where do you put a stop, where is your target? Where do you derive those factors from? Where does support & resistance come from? Past? Did you say from the past? If you bail every time market stalls then your not letting winning trades run their course and big winners put a trader in the black.
These are all problems, but I have methods to cope with most of it. The ones that stall, often reverse, better a modest profit than turning to a loss. Some don't stall for 30-50pips thankfully Still not TA based, on the basis I tried TA and it doesn't work.
I smell some kind of bullshit here, everybody looks at charts, even Marketsurfer, how the heck would he have come up with a recent INDU target of 15,000 unless it was somehow derived from the past price action? It was a moving average on longer time frame that he was going for and moving averages are derived from previous price performance.
Just because we look at charts, doesn't mean that we are following TA Rules, not trading off RSI's or MACD's like there something special, they are pretty basic math formula's with zero predictive value and they lag so badly by the time they tell you the new momentum direction, that direction is likely exhausted. It's Surf, it's a guess, it's a look at me, if he gets it right he'll shout it out, if not he'll forget it. It's all just best guess, as there is no way to predict the future!
Hold on, TA isn't just limited to usage of indicators, it's anything to do with analysis of historic price performance, once you start looking at company data it would make it fundamental. Look up definition of technical analysis. Like it or not everybody is involved in some sort of forecasting, if you are Long based on current price performance of a 10 second chart you expect price to keep heading higher, otherwise you would be out of your positions at -1 tick, that would never work.
No TA, isn't just looking at a chart it's a specific set of rules, which can be and often is sold, that's TA's purpose to provide a sellable product to newbies.