I have never seen a successful trader use technical analysis. Maybe my experience is too limited, therefore, I challenge you to name ONE trader, money manager, etc. who uses technical analysis and is profitable. Name just ONE.
Q: Technical analysis Paul Tudor Jones: Made well over half the money that I've made in my lifetime. Q: Fundamental Analysis Paul Tudor Jones: Made the rest. Q: Are you better at one or the other? Paul Tudor Jones: Probably technical analysis. This guy is a total nobody.
Toby Crabel he wrote http://www.amazon.com/Trading-Short-Patterns-Opening-Breakout/dp/0934380171 And that's his funds http://www.autumngold.com/Advisor/Statistics/cta_profile.php?id=113231 http://www.autumngold.com/Advisor/Statistics/cta_profile.php?id=113230 Obviously to achieve that he certainly didn't spend his time on ET writing 100 posts a month...
Traders understanding of the implications of "price patterns" is usually deficient... which is why you hear comments like the ones from the OP.
"Standard" technical analysis is horse sh*t. Moving averages, oscillators, fibo numbers, elliot's wave and ichimuchu's cloud aren't worth a single donkey tail. OP, do I believe in straight lines? IE support, resistance, former highs, lows, trendlines, etc.? If you're asking this question it's obvious what your level of trading experience is. Good luck getting an answer straighter than this.
Seems several ETers are outing themselves... perhaps they should limit their posts to politics, religion and porn.