Your perception on this is generally correct. You can't just find some pattern or anomaly in markets and just consistently exploit it, as you need to assume everyone else can and will. You need to accept this premise and then think about situations and techniques that might work in spite of this. Anything you can program into an algorithym, any technicsl indicators calculated by comuputer are unlikely to provide a competitive edge. Any single pattern or price assessment unlikely. Daily and other small timeframes more exposed to noise or direct manipulations of price. What can work is discretionary chart reading not automated as it relies on individual skill and training. Using combinations of TA to interpret direction, e.g. combined price, pattern, time techniques to read the chart and seek confirmation. Use longer timeframes and weekly and monthly charts avoids the noise and gives more reliable signals.
Especially true if price action means patterns. There are no computers yet that can beat a human in pattern recognition. Submarine sonar operators, radiologists reading charts are other examples of brain better than AI. But you do need training to read correctly.
technical analysis does not mean price alone......it also means time......if you do not or cannot include time in your analysis you will be fighting a formidable enemy-market- with one hand tied behind your back. that is what you are missing and that is what I have missed in 12 years of day trading. I am fixing that deficiency and am getting astounding results
what are you missing? Microsoft or any big company does not need you but Goldman Sachs needs you.....to buy when they are selling and sell when they are buying. There is your edge when they want you to buy ..you sell how to do that figure it out
this is absurd noise is not avoided by going to a larger time frame. noise can only exist in the time frame being used. there are trends in 5 min, in 15 min, in every time frame. there is noise in every time frame.
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It's a very reasonable assumption to make as many do but not necessarily a correct one. Incorrect assumptions are a type of 'blind spot' which can be very costly so you want to make sure you're right when you make them.