Obviously Scat doesn't need any help defending himself but I would suggest that he isn't saying 'Here is the way you should trade' but 'Here is a good place to start'. I would bet that even the worst trader has made a successful S/R play at some point. After that you need to start thinking about R:R,not second guessing your plan, the psychology of dealing with a loss or string of losses,trading multiple contracts etc etc etc. So perhaps its not for the more seasoned traders. But for now,all he's really doing is saying 'keep things simple' and 'here are some simple things that have stood the test of time'. I find it strange that he attracts criticism.He is actually contributing to the forum in the way intended. Also,his contribution will not only be read by we,the existing cynical lot,but wave after wave of those being called to this arena,over the years,and trying to make sense of it. Two important targets to hit in life:Pay it forward when you can and You only really understand a topic once you can teach it. Scat is hitting both. Keep up the good work Scat,the Aussies got your back! And thanks. @Darc
I feel like these two threads contradict each other. On one hand it's "TA! KISS BABY!" https://www.elitetrader.com/et/threads/price-ta-trade-what-you-see.376447/ And in the same breath "But wait...why did price move like that?" https://www.elitetrader.com/et/thre...s-up-inflation-up-markets-up-big-time.376519/
So a member of ET cant reach out for a group-think or brainstorm on the FA side of his trading? Getting pretty ridiculous. It's the question almost every person in the trading world is asking and multiple market journalists writing about. Its precisely what the forums are for.
Just saying, when someone put up multiple threads praising TA, talking about all you need to do is just follow the price ; why even bother asking "WHY something moved"? Just follow the damn price right? and draw up trendlines, s/r, etc. Unless of course TA is 50/50. In that case, how about we stop misrepresenting what real trading is supposed to be.
Of course its only a part of it. He never said otherwise. You,yourself,have an impressive thread on here.Are you going to succumb when someone says 'show me your code or you're full of shit'? Doesn't make sense. What about when you're curious about some movement in XYZ market and ask for opinions.Should people be permitted to say 'look at this guy,a minute ago he was all code and automated,what a joke'? I would defend you in the same instance.
Just for the record, I believe TA is mostly bullshit. I have another thread showing price action can be randomized and people would still justify TA on that made up price action! But, I'm always upfront about trading. It's hard as shit! It's NOT simple. I tell people it's better to just quit and move on. Invest, work on your career, and forget this shit. That's the reality. Doing algo trading is my way of saying "screw this trading bullshit, I'm just going to let a bot do it for me". But nobody in their right mind would question what I do. As far as saying "show me your code, or it's all fake". Cause I can tell them to ask Norman Zadeh from US investing competition, tell them to call up AMP, or I can livestream the algo or me showing statements for 5 figure bets at a time. In fact what I show would probably be considered financially stupid. But I'm gonna push through anyway, 3 years in with this algo if it survives that long and I'll move on. ANyway..it's friday. have a good weekend.
Have a good weekend mate. I see now that the 'simple' angle didn't sit right with you for new starters and I can see where you're coming from. Its just opinions.And opinions are thought provoking.Thats really my own position. I look a lot at intent,I dont see any ill intent in the subject.Someone called him a charlatan! i nearly spat my drink out! hahaha. Cheers mate.
The OP really should change his moniker to @scatterbrain. He thinks people are challenging him about the legitimacy of TA, namely S/R doesn't work. How stupid can you get? No, we challenge him on the ground that his teaching is no different from all those useless textbook definitions of S/R. Those definitions are legit alright, it's just that they're pretty much useless in trading. What he should do instead is post his trades along with the chart in real time to showcase his method. But, knowing his MO, I highly doubt that would ever happen.