Actually, you pulled that message out of context. I quoted him as a reply to his message when he stated you can see charts (patterns) in other areas not related to trading. Here is the quote that I responded too... wrbtrader
TA is like a religion, you have to be indoctrinated in order to believe on it. If you look for a proof that TA works you'll never find it. TA acolytes always point to charts that explain the past, none of them will ever give you and analysis of what will happen next. The same way Jesus walked on water and horoscopes predict your future, TA will make you rich.
%% Good points; to exclude fundamentals could or would be a big mistake, even if they are not used much. QQQ .........doesnt trade like SPY + related; but perhaps, one could get by using same system+ same discretion.
%% Good points; but that water walking pattern happened once. King Solomon said- In all labor there is profit-Proverbs. Of course other things happened like ''finding a coin to pay taxes, in first fishes mouth ''= not a real common pattern, also. Matt 17;27 NKJV I heard a good joke about a fake palm reader= ''Sister Elijah AD sign = KNOWS All, Sees All, Tells All.$25 Honk when you drive up LOL
This question is probably the most often asked and the most fruitless discussion. It even beats politics or religion and that is saying something. Neither side is getting the point. What I don't get it this: If you don't believe in TA, why bother? Why not just use something else, instead of trying to convince others. Or do you want to believe in it and need to be convinced? Why? Anyhow, going back to network TV watching talking heads debating politics, at least there are some good looking chicks on TV instead of this abomination of thread...
%% THAT's a complete definition of TA; good + i never thought of it that way. Rich Dennis reportedly said something like '' we dont care if its beans or bonds''. OK by me. But i know Dave Ramsey says beans + rice until the budget gets balanced + he never likes bonds Sounds like Dave Ramsey values beans more than > bonds\LOL A redneck called in his radio show once + said rather than beans + rice; venison + rice
Do not forget you only have past data or historical data. That is certain and that can be analyzed with whatsoever analysis. The future is uncertain and no one knows it (for sure). All you can do is looking into past data and then making a decision based on that. Maybe the best option is for you news trading. But then again you have to estimate the moves based on news, that might be also looking on past data. Also there is no clear line which differs between TA and FA, so this is more a kind of definition thing. And you might have heard of Jim Simons with his famous Rentec hedge fund who had stellar returns for decades. And he used only pure TA. If that is no goal for you alone, I do not get it.
@TrAndy2022 You are sure about that? https://en.m.wikipedia.org/wiki/Jim_Simons_(mathematician) I think quantitative trading is not the same as looking at chart patterns(like head and shoulders), no?