Technical Analysis does work

Discussion in 'Technical Analysis' started by ChkitOut, May 6, 2010.

  1. While the world is blaming computers, fat fingers, squirrels eating
    phone lines or whatever else.

    The market finds support at Feb lows.


    <IMG SRC=http://www.elitetrader.com/vb/attachment.php?s=&postid=2830250>
     
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  2. omnpmh

    omnpmh

    Whipsaw
    bleeding
    or blow out
     
  3. Will that "support" eventually become "resistance"? Stay tuned. :confused: :eek: :D
     
  4. LeeD

    LeeD

    I don't think anyone would claim that techinical analysis doesn't work in the sense that support/resistance levels or channels cannot be explained post-factum.

    Most concerns regarding TA come from that it doesn't work 100% of the time or that there are a few ways to draw a trendline.
     
  5. speres

    speres

    Of course TA doesnt work 100% of the time there wouldnt be a market if it did, thats actually the best part of it.. the trick is to work out what your going to do round supp res or value areas..
     
  6. What if...

    The red horizontal was drawn from the bottom of the prior low instead of from a random position as indicated, would the failure to reach support prove TA doesn't work?

    That is a big gap.

    What would be better proof is showing how TA caught the drop.

    Where are the technicians?
     
  7. speres

    speres

    the drop, from originally weakness to the sell programmes kicking in bit of a fun day....
     
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  8. Come on guys... we are ET. We can do better than this, er' can't we?
     
  9. anonomous

    anonomous

    Fair shout but waht does work 100% of the time
     
  10. anonomous

    anonomous

    I am getting ready to go long again as soon as i get a trigger is there anyone else doing the same??
     
    #10     May 8, 2010