Its not that one cant make TA work. Any fool can make TA work - in hindsight of course. The fact is TA people live in the past. They believe the past has some bearing on the future. The truth of course is that the pasts bearing on the future isnt as great as TA folk would like to believe. Im looking at the 'now' with 80% focus, and past with 20% focus. Not visa versa. I dont study or use TA as I look at the concept behind it and can instantly dismiss it as nonsense. You see, I'm not a follower. I'm not a member of the herd. We all know where the herd ends up in the markets.
I have been in the hedge fund business since 2004. I don't trade for a living, but I am active in the market daily. Yes, I like writing about my experiences and ideas. surf
You said you "make my living finding edge that work in the current market". But you "don't trade for a living". Is it safe to say that you look for OTHER people's edge's that work? So you currently work for a hedge fund?
H Surf, I'm glad you enjoy busting market myths because I think that is worthwhile. However you do need to know what you are talking about or you soon get out of your depth, draw ludicrous conclusions and add to the very myths you claim to bust. For example your premise on astrology which you say applies to TA shows how little you understand TA or astrology. We can't test every combination of everything unless we have eternity to do it. In Astrology all we need to do is take one example and test it to see if it has proven, repeatable results. Here is a scientific study on the effects of the moon on stocks to show it works... https://docs.google.com/viewer?a=v&...&sig=AHIEtbTpO0se5WDys26vMHsiaVLeg7bYqg&pli=1 Likewise in TA, we can take one specific TA application rather that every possible combination and prove that TA works. As CornixForex points asks... "Dear TA bashers, what do you think of Victor Sperandeo, the man who showed proved average return annual of 70.71% for 10 years in a row without a losing year (compared to 11.5% annual return of S&P 500 during the same period) and clearly stated that he uses TA to enter/exit trades, evaluate risk etc... ?" Now let's get real. I have shown you a test on astrology that proves it works. CornixForex is citing Trader Vic. Now show me one test on TA that proves TA fails. And for goodness sake don't show me some prof who thinks an engulfing candle or a 20/80 indicator back test is TA. A sensible test of the test is if you can learn TA in a day it's about as worthwhile as a chocolate fireguard. Show me your chart failures of TA. You claimed you used to use it. Show me why it failed.
Ok, so you have a vested interest in learning someone's system. I see, now this all makes a bit more sense.