I know a guy who always says he doesn't trust TA at all. Recently, when I walk behind him I notice he is reading the charts of Tradestation with many indicators(BB, MACD, RSI...). This is a funny world that he doesn't want other people use it. So he says every bad thing about TA. If you could steal his computer and take a look, you would discover lots of charts. If you took a look at his bookshelfs, you would find the classics of John Murphy, Schwager and Wilder. But he would recommend you not to read them. Actually, he afraids other people reading them. I know many other such guys. Just a bunch of s**theads!
0008, You work with traders in which you also know their identities here at EliteTrader? Where do you work at (prop firm) ? NihabaAshi
Maybe the misinformer has another agenda behind him... Tell you not to use TA and then have false charts on his screen too. This was so funny I had to respond...
I am sure he was trading at that time. But I am not sure he was making decision based on the charts or not.
TA is not Crystal Ball. But there is a tendancy to say it not useful from some experts or gurus because they want to tell you that they have a magic touch. They all use TA even if they would use the most primitives ones like pivots it's still TA because from the academic point of view there is no pivot that gives any directional biais. Some affirms that Money management is the most important part and that you need not TA : but if you look carefully at their system like turtle trader system they still use TA rules like entering the market when market broke the lowest low of the last 21 days although they would affirm they don't use TA. It is rather that they don't use TA to predict the market since you don't have to, but they use TA in their decision process.