dozu888, Well, out of respect. If I look at the charts, price action, every news article, and fundamental, I would go crazy trying to make trade lol. I rather just look at the charts and forget the news articale and fundamentals. I trade crude oil, and I never read anything on crude oil. nothing. its tooooo much information for the brain.
Al has taken a great deal of trouble to re invent the wheel. but there can be no doubt that he loves [his] technical analysis and his trading: but are trying to insinuate that Al did not make millions? Technical analysis in it's purest form has not changed for decades or centuries...and it may be described in a few lines or within a page.
it depends on your time frame....if you holding for years then it is different from when you are intraday trading
Those who downgrade charts or for that matter any form of TA are the same who most likely only believe in funnymentals, and we all know the written word is all truth when it comes to stats on companies financial reporting. If people spent few years testing extremes of charting, tops/bottoms, getting good quantity of sample sizes, finding perhaps patterns that are not written about or formed their own patterns, they could make a buck on them on more consistent basis. There is the other flip of the coin, those who complain the most of not working might actually believe they do work and quietly trade them. They enjoy people getting upset on ways they trade.
You can get away with discounting the news information itself, as you’ll never get it faster, but you better pay close attention to the release times/dates, to even stand a chance as a daytrader.
also technical analysis can over ride fundamentals for some or long time.....see the tech boom or any boom for that matter and ultimately it is price-technical analysis- that gives a trader his profit
Although Bulkowski states Ascending Tri-angles work better going to down-side, I would have bought where red arrow was drawn as am sure TL would have been there and risk much smaller waiting for the bounce, you could have hedged buying Puts, then taking loss on stocks and keeping the Put for recover gains and more profit if it dropped further. "V" tops(teepee top) and bottoms often make for outstanding areas to buy, and often make failed secondary bottom(can be H&S pattern) to buy again, same with tops of selling short.