Why do you believe hand drawn TL are bogus and computer generated RL useful? You've tried drawing TL's or maybe spoke with and looked at some charts from others, and didn't see a correlation you could find useful. So that means you prefer not to got the route of using drawn TL's. Why does your "personal opinion" of TL's automatically get upgraded to it's junk and must not work for anyone? As traders, we all have ego's, but to rule something "bogus" or a waste just because you could find nothing useful from it is top drawer ego nonsense. I looked over this entire thread and folks are saying this or that is worthless based on their POV rather than just say THEY prefer not to use it. It's a good way to shut down any conversations before they can even begin. Imagine if scientists took the same approach- like someone saying they couldn't find a cure for cancer or whatever so it just can't be done- no need for anyone to keep researching. The only way TA would be worthless is if the market were 100% random, and if that were the case, no one should trade and everyone should just be invested in an index fund. Trading is an open system so anything that becomes well known will no longer provide an edge - which explains why the vast majority of patterns listed in books that worked in the past no longer work. That doesn't mean TA no longer works, but that traders will have to develop/derive their own special TA that isn't well known to establish an edge. This also apples to hand drawn trend lines. I'm thinking you assume a hand drawn trend line is just done willy nilly from one chart to the next in some random fashion compared to a more structured standard mathematical RL. If someone does draw it that way, I agree, its use will be minimal. However, if it's drawn based on a structured set of rules that a trader has created to standardize it based on their observations of price behavior, then it can provide a much higher degree of usefulness. In the age of HFT's and algorithms, a retail trader is likely better off working to create their own analog (discretionary) solutions for trading the market rather than trying to battle the big boys with computer generated solutions like RL's and other indicators when they have the supreme edge on that battle field.
That is correct, in science terms, RL are superior to hand drawn stuff in the exact sense and in this sense only that they are objectively calculated by a regression matrix. It is basic high school maths, if you don't have it then .... too bad and nothing to do with computers per se. Anyone can use what they want including throwing darts at a chart. But that the RL is objectively created from the data is 100% objective and hand drawn lines are not. Nothing to do with my view being better than yours or vice versa.