Hi All, I had a very good thread going at T2W with the same name, a lot of hits and some good posters, but, some idiot mod called queenie, who does not even trade, decided to ban me as he is, well, as thick as an elephants rear end I will now start again, and, I promise not to rile people here, as there are some genuine people who want to actually learn about how to read the markets correctly, and, with that I can help. Mods, I promise not to be a bold boy here, as T2W has made a big mistake in banning The Expert, so, all I ask is do not make the same mistake as T2W, but if you do then so be it, no hard feelings, as it is all a game, really, but for those who are smart enough they can make some good money if they are willing to learn what is ACTUALLY required. I actually like the layout of this site better, not like the silly T2W advertising site TE Oh, btw, The Expert responds to posts in exactly the same tone, so, if you start posting silly comments about The Expert, then, you have been warned as, like deserves like.
The Expert I bid you welcome. I understand this is going to be an educational thread. I aqm looking forward to something worth learning from. P.S. A friend of mine takes strong fundamental views. I am a technical opportunist. The friend said EUR/USD would decline today due to declining probability of Greece bailout. I said the rate wouldn't break the 3-month channel. Both of us made money today...
As far as TA. I think it does work, but it is difficult to find when it does work. I ran into this script. basically it looks for RSI to be under 22 and some other conditions for a buy signal. This formula gives better than buy and hold results. Then point I am trying to show is that this proves that TA does work. No?
Is The Expert any relation of The General? There is an interesting thread here entitled "Market Intelligence" by The General. Another is "Why Is The Obvious Not So Obvious?" under the name of NYSEStocks.
There is some merit to the idea that TA does not work. It all depends on what you mean when you say TA doesn't work. Such things as oscillator overbought and oversold levels have some value but none in and of themselves. Much like a MA crossover. In and of itself it has little value. Though moving averages used to indicate an uptrend (short MA above long), downtrend (Short MA below Long MA) and the change in trend (cross), have enormous value. There are setups that are unique to each of these environments. The moving average should be the foundation of any technical analysis trading plan to let you know what type of trend you are in. I'll let the OP dive in a bit more to find out what he is referring to concerning TA before commenting further.