There's been a few threads lately about Trend following "Gurus" like O'Neil and Minervini etc, but who are the Gurus of Support and Resistance? I understand the concept of Support and Resistance, Price Action, Volume, Volatility, Moving Averages, RSI etc, but who are the Technical Analysis Gurus who made it their speciality please?
You could also ask about who is using Fibonacci Retracements or use Breakout strategies (Turtle strategy was famous here and basically all trend-followers or Momentum traders). According to my recent survey most traders here use kind of support/resistance in their trading style. That is not something for me I must admit. If you ask for TA in general only then yes I use TA and it is valuable (to me).
The last time I used S & R, MA, RSI, Gatley butterflies, MACD, ADX, fibo... was 20 years ago. anyway, have fun with the S&R lines.
Sam Seiden is a certified fraudster. https://www.forexfactory.com/thread/991901-sam-seiden-goes-down The United States Federal Trade Commission has finally exploded the Online Trading Academy. On February 12, 2020, the FTC filed a massive 8000+ page lawsuit alleging that the Online Trading Academy ripped off thousands of consumers for a total of $370 million dollars, since at least 2014. However, the alleged fraud is likely much larger and probably closer to $670 million dollars. According to a source that contacted TradingSchools.Org, the organization was not charged with the full amount because the statute of limitations only covered the prior 6 years. The lawsuit filed in the Southern District of California is an absolute nightmare and essentially describes what amounts to a highly refined and well-orchestrated financial slaughterhouse where primarily elderly consumers were fleeced of their life savings. Additionally, on February 25, the FTC was able to successfully obtain a Temporary Restraining Order and was able to freeze the personal and corporate assets of the company founders: Eyal Shachar and Sam Seiden.
And what was the outcome of $370 million case, Seiden paid $158,000 fine. Whether or not there was fraud is the gubmint's job to prove. Whether or not the TA they taught (much of it out there free on the web) is worth anything is the job of a trader to decide.
The market traverses back-and-forth more points in bigger chop ranges than can be made trending.... more difficult, of course, but worth pursuing. Objective shouldn't be to "strike it rich" anyway... should be more like gold mining... process the pay day after day.
Not entirely accurate.. Yes,SEIDEN only paid 158,000(probably all he had after accounting for trading losses),but others paid substantially more.True,they didn't pay 370 mill,because they didn't have that money,as they didn't make money from trading.It was a giant SCAM.. It's right here in black and white... https://www.ftc.gov/news-events/new...e-consumer-debt-principals-turn-over-millions
"Trading" itself isn't the path to riches. "Trading WELL" is different. That story is completely irrelevant to the notion of "trading well". Of course those "trading academy" things are a scam. They don't train people to be successful traders because they don't even know how themselves.