ET is so authoritative it puts me to shame. What a load of garbage about what can't be done. Thank God I never believed in limitations before getting goals. Ezine lol. What a source.
in a way he's right...shorter term is more random. But what is short term and what is longer term? 10 seond charts, 1 minute, 5 minute, 30 minute, 1 hour, 4 hour, daily, weekly,monthly, qtrly, yearly?
I don't trade the short timeframes on forex because I am at a huge disadvantage to the big players in terms of execution and spread. 4hr bars and upwards puts me on a level playing field.
Umm, proof??? The vast inability of almost all traders to profit regularly says the opposite. Few traders are running around pulling profits out with RSI and MACDs. Tha market is a lot more efficient than ET paper traders care to admit.
You are correct about most traders. But I would also argue that many traders don't know how to properly use TA or even know what the underlying calculations of their indicators are. Slapping an RSI under your price chart and selling when the line crosses into overbought will not make you money. Knowing and understanding proper TA and how to use it will make you money.
That sentiment belies your performance. Are you doing 20%, a month? Or less? Market offers a lot more than that. You're still on the periphery. And no, its not efficient. Only on news.
Exactly, plus using a filter to filter out bad trades, and watching how the market reacts to certain indicators over the next 3 - 6 years on a daily basis may help someone understand what happens in real time. Just using standard ta does not work, but price action combined with ta works. Plus you need money management, good risk vs reward, and strong psychology to be able to ride a winner to target and take your stops when they are reached.