All depends of which chart you take. I show twice the same YM. First your chart and later mine. You see two different things. Which one is correct?
Every trader has a different opinion. There is no right or wrong other than a bank account balance. The other day I exited gold at the top + made the call on ET as it happened. Will make another call (other than don't go long YM at the moment). That new call is; Go long Gold on Monday. For Surf's benefit, this is a TA call which Surf calls nonsensical, looking in the rear vision mirror, a losing strategy. Lets see how this plays out, Gold trend at the moment falling, I'm calling go long on open. PS: I'll be placing real money on this call, not sim rubbish.
Both charts are correct. Both can be traded for $$$. Each requires its own strategy. However, it is and continues to be a bull market.
My advice is to not listen to what Surf says about TA, if you found a profitable way to implement TA then why be bothered about someone else's opinion on your methodology?
But surf is using some new fangled method to beat the machines and since he doesn't use PA i suppose he needs no charts to look at. It might behoove him to take a peek at a chart every now and then. In addition, it is much harder to anticipate price 3 weeks out than 15 minutes out. You increase time frame you increase variables and the probability of unlikely events taking place. It is always a tradeoff between risk..reward..and probability.
He may or may not use TA, who cares? He needs to sell a product, selling it as rebranded form of conventional TA would be nuts, so the sauce is presented as proprietary. It's similar to pharma corporations not wishing to market old remedies, there would be no money in it for them.
Correct! But the key is to make certain that you do have a profitable strategy and are not be fooled by randomness. My opinion and experience tell me that if u are making $ due to strictly TA its despite TA not because of it. Also, see reality -- don't be deluded into thinking you are winning, learning by losing, or another common mind trap. Only u know the truth about your long term record-- understanding this truth is a major key. You bring up a great point. People get so bent out of shape because i see the market differently and call them out on non sensical statements claims. No joke, i have been threatened with lawsuits and even physical harm from TA vendors. surf
Thanks Surf, was tempted to reply but as we know the TA discussion / argument is a giant rabbit hole and its best we no longer go down that hole. Regards PS: My apologies for bringing it up.
TA, FA, Voodoo, who cares? A money making method is to do with ability of an individual/entity + luck (some trades are a lot more rewarding than others, can it be predicted successfully? IMO it can't, some trades are huge bankers, others are so-so...basically luck is an important attributing factor, like it or not).
Congratulations! Well-earned recognition of your success in building out PBHFA. It's great to have people of accomplishment contributing. I doubt the trolls have ever been namechecked by the major media -- or by any media, except maybe the police blotters of their local town newspapers!