I disagree. Tech Analysis has been around for a while and it has worked fairly well for a while. Know I don't think that technical analysis got it's start from some guy trying to convince everybody that it works. Go back to the dow theory and the use of pivot points by Livermore and Gann. These people made alot of money using these basic technical analysis strategies. The reason people started following it is because other people made money using it. I personally think it works better when less people are trying to use it, not the other way around.
I think the main reason why most people fail using technical analysis is because they are watching the same patterns everyone is (Head and Shoulders, Bull/Bear flags, Triangles, etc). I believe the key is to identify your own patterns (the few the better) on one market in particular (the NQ for example) and learn that pattern until you are seeing it in your sleep and then trade it to death. This will work much better if you can identify your profit target and stop loss when you enter your trade. Remember it only takes one pattern to be a successful trader!
Load em up and strip em down. When I'm looking for something I cram every possible indicator I can fit on the chart. Sometimes I have 5 different Bollinger bands and channels and moving averages so that the whole thing is a hazy mess. Then when I find what I'm looking for I strip em back down again and use them till I start losing money again. Self fullfilling? Why I hope not! I would hate to think the money I make is not legitimate! No sir ree, If I can't make money the right way, I'm sure not going to stoop to some self fulfilling prohecy method. By the way, if you ever need a good pop, all you have to do is go long when the stochastics cross below 30. Go ahead try it, everybody's doin it.
I think this thread is as good as any to say that I want to thank all the authors, Tony Oz, Toni Turner, Davis Nassar, Steve Nison, Alan Farley, Linda Raschke, Laurence Connors, Oliver Velez and Greg Capra, etc., etc., etc. for writing your books. Y'all have made my job easier by teaching so many people to look for the same things.
Here is a perspective on trading from a self confessed old guy whose been trading since 1965. (NO - not me) http://www.elitetrader.com/vb/showthread.php?s=&threadid=8666&perpage=6&pagenumber=10 Toby
Technical Analysis is just the way it is by itself. It's how you interpret it, based on your perspectives.