Good to see that it seems the majority of ET uses TA in some fashion. I have been in other forums and all I ever see is ridicule for those of us that do use it. I use it as 95% of the basis for my trading.
TA is one of the many tools I use to determine whether I should open or close a position. I see constant threads that TA doesnât work but have never seen an example of how it doesnât work. TA is a tool. Itâs like saying a hammer doesnât work.
ET is full of people who think TA "doesn't work" too. But to me that saying is like saying "hammer and screwdriver don't work". Just the tool. It's skills of the master are what makes the difference.
TA works and it works quite well. The problem is in the interpretation. Waiting for something special to occur and catch a side defenseless, when they need to throw the towels, their pain is your gain. Direction is everything but it is not always crystal clear. Waiting for clarity first is key yet people think they can see clarity in every minuscule turn. Patience, clarity and risk management.
I agree. Clarity and quality are the keys. Sometimes it's just a thing of beauty, as was the case on Friday early European session. http://www.cornixforex.com/?p=147
http://www.elitetrader.com/et/index.php?threads/technical-analysis.295191/ This above thread gives you all the proper context you need. Keep in mind to verify all the claims made there (because they were all already invalidated by price action).
Disagree. Why is looking at a price chart technical analysis? And who says so other than you? Someone may just want to see where current price trades relative to yesterday's. Same can be done with pure numerics on a spread sheet and that can hardly be called TA. Some just prefer a quick visual over statistical output. In statistics it's called "percentiles" by the way and has nothing at all to do with technical analysis. Or imagine one wants get a quick read at volatility. A glance at a chart can reveal volatility levels and that has also nothing to do with technical analysis. You see that even using past/historical prices does not necessarily mean one engages in TA.
Why majority? The majority of ET consists now of 3 or 4 TA poster boys? If I may dare to offer a suggestion to you: proper analysis and an honest approach to probability theory and the brain capability to draw logical and coherent conclusions will not only help you understand that your conclusions of this post of yours suffer from several fallacies but it will greatly help your approach to trading as well.