Casino addicted gamblers need a reason to place bets , technical anylysis provides a motivation to bet on past and Technical analysis is a tool to bet on distribution of profits and losses , the distribution of which no-one knows in advance.
Yes... and no. It depends on experience. Beginners get a gut feeling but it is hit and miss. Intuition that is built on years of skilled experience works a super speed and proves reliable in scientific testing. Read "Blink: The Power of Thinking Without Thinking" and you'll understand what I mean. One of the guys I trade with used to say, " I had a feeling that would happen" and I would joke with him about what part of his body had the feeling. Now when he has that feeling it is different as he has a much better awareness of what is going to happen based on a few more year experience.
Don't say that - we'll miss the entertainment of Oily begging for set ups while trashing TA or claiming day trading doesn't work while saying he has cracked it. This is part of my weekend treat
My t/a systems made 400 pips last week. Some fuckin gamblers are trying to convince themselves and the world about using the gambler's fallacy.They need t/a. The price went to the resistance level 3 times , it won't go higher this time , so I will place a bet at resistance , until one day the resistance is broken , but in placing the bet I need a reason. Technical analysis provides gambler's fallacy to the 95% club. http://www.investopedia.com/terms/g/gamblersfallacy.asp#axzz24epV7LSn http://www.nizkor.org/features/fallacies/gamblers-fallacy.html
They have average 287 pips for last 4 weeks , i.e 350 ,350,50 and 400 , with low drawdowns .This is only on eur/usd. So I was surprised when these are actual profits from t/a systems for last week . Took me 6 months + to refine these systems and years to develop them. Imagine taking $3k a week from a $10k deposit, or $100 k a year from $10k deposit.
I'm not going to define what TA is but you would think the TA gurus here defining it and defending it could use their skills to post a few swing trades in advance to show off their trophies and greater education. The fact that no one does it speaks volume for the amount of bullcrap that surrounds this business. It's all guru speak and hindsight accolades.
It is not possible to post in advance , because serious trader should be concentrating on stalking the market , not singing to others on E T.imho. I have two staff stalking the market for 15 hours a day. http://www.youtube.com/watch?v=FnKdsnDa4kc