While I fully agree, and don't use those myself at all, I'm going to venture a guess that those patterns may offer some value on daily and monthly timeframes, where closes have some significance. I can't imagine the point of using them intraday.
The only TA tool ever proven to add some value are the long term moving averages over significant time frames. You are absolutely correct about the short term--- these folks who believe otherwise are classic examples of being fooled by randomness, wishful thinking, magical thinking, and severe delusions, abstraction of reality since money is involved. Percieved easy money, even--- just look at the poor deluded souls still propagating this nonsense--- straight lines, scribbles, and other average joe language are used profusely along with a "you can do it too " vibe as long as you are "psychologically" settled. Add in vague anecdotal evidence and repetitive platitudes which in another field would be suitable for launching a religion-- and it creates an appealing and seductive stew of account ruining and mind melting garbage propagated by cranks, charlatans and other guru types for their own benefit. Do I sound angry at these falsehoods? You bet I am---- surf
Proven by whom? Ignorants I'm sure. There are many falsehoods in technical analysis, more than I care to list, but many things work wonderfully if you learn how to think outside the box. Naturally, no sane trader who has learned to do the above will share out in the open the years of hard work required to understand how price must be read. If it sounds like bullshit to you, and I know it does, more power to me, makes me feel even more privileged to be in the know.
We can all have our opinions about PA or any other form of analysis but one thing none of us can argue with is results.
Arguing with "marketsurfer" is like playing chess with a pigeon: it's just going to crap all over everything and act like it's won anyway.
Slightly off topic but what kind of ball-park percentage returns (say on a 12 month basis) do you short term traders achieve on an average market environment? I never trade anything less than daily bars so would be interested to know what returns are made on shorter time frames. I have no intention of every going sub-daily bars as it's not where my talents lie.
What results?? Your leading parrotbot shrinks from any challenge with a barrage of verbiage and personal attacks. Its easy to throw stones from the veil of anonymity. Once again, I challenge ALL of you PA success claimants to provide ANY set of rules that can be tested on real market data that will beat the markets over a year or greater timeframes. You can't even define your own rules enough thst they can be properly tested-- and dats da truth.
One could also challenge MS to do the same. Unfortunately, he has no rules. And no plan. He just posts what somebody in his office tells him to post. Which is why his "report" is so full of entries without exits and exits without entries. Price Drivers. As far as personal attacks, ever hear of the pot and the kettle?
Making stuff up again, i see. Unlike you, I make no winning percentage claims. Price Drivers are a work in progress. My trading is documented on the surf report since 2002 with before the fact entries and exits. surf