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There is no such thing as technical analysis

  • #61
  • Mar 7, 2017 12:56pm Mar 7, 2017 12:56pm
Quoting Nebula
In my opinion, any chart based trading strategy using conventional chart indicators like - bollinger bands, MA's, RSI, stochastics etc, which covers the vast majority of trading strategies that people share on forums, is GARBAGE! as they just randomly show what has been and gone. And even blank candlesticks charts (which are way better than indicator filled charts) are a mere graphical representation of what has already happened, with no guarantees as to what may happen next.
It is easy to point out the obvious. Yes everything that we see is historical move and pricing.
But one thing that you fail to see is that, these do tend to bring out user patterns and behavior.
That is human nature and weakness. It is useful to know the past behaviour so that we can use this predictive behaviour, hopefully, to our financial benefit.
Live life king size !
  • #62
  • Mar 7, 2017 2:19pm Mar 7, 2017 2:19pm
Quoting Nabz
{quote} Majority of so called TA gurus on FF don't have a trade explorer and those that do make a mistake of creating one disappear with a blown account.
indeed
  • #63
  • Mar 7, 2017 2:48pm Mar 7, 2017 2:48pm
Hilarious thread. Of course, TA doesn't work. Look below. As you can see, there are losses every once in a while. So it doesn't work.
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  • #64
  • Mar 7, 2017 4:14pm Mar 7, 2017 4:14pm
Quoting hak444
I think almost all threads here go down this path... and i am still amazed that traders who have been here for years still argue like a kid. i mean you guys should know better how things go down this way. Starting from lame arguments ending in personal attacks.... LOL Don't you guys think that this (sometimes volatile) behavior will affect your mindset and trading??? My opinion IT DOES Now something about this topic/thread. The title is "There is no such thing as technical analysis", i don't think the OP is asking for someone's opinion...
Best comment in this thread so far
Risk comes from not knowing what you're doing.
  • #65
  • Mar 7, 2017 5:27pm Mar 7, 2017 5:27pm
Quoting tunera
{quote} You know, the problem with technical analysis is that it is not an easy task to technically analyze a chart, only 1 trader out of 1000 is able to produce decent and valuable technical analysis. The others play around with trendlines and "levels" and indicators and strange supply and demand popular theories in a voodoo way that don't have any real confirmation. To sum up, you are right, popular technical analysis is mostly crap.
when you don't know what to do, everything looks like crap.

here is a single GANN Line with 45 degree applied to monthly highs and lows since 2010-2011 and it's still working to this day. welcome to my voodoo world with real confirmation.
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"the public is not yet ready for it" W.D. GANN
  • #66
  • Mar 7, 2017 8:19pm Mar 7, 2017 8:19pm
Technical analysis is art:
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Good art makes money
You came here for the truth and let me unveil it for you
  • #67
  • Edited Mar 8, 2017 6:44pm Mar 7, 2017 9:01pm | Edited Mar 8, 2017 6:44pm
tech is ... chicks for free

Inserted Video
  • #68
  • Mar 8, 2017 1:04am Mar 8, 2017 1:04am
Quoting tunera
{quote} The reason is that every fundamental event, move price.. right? These movements are recorded in charts. Therefore, when you are looking at charts, you are looking also at fundamentals (of the past). Now, it is true that fundamental situations influence the charts (of course), but it is also true that charts (the past and current situation of a market) influence fundamentals. For example, a weak currency would mean high inflation, low interest rates, and high exports, just by looking the charts you can know it. When a weak currency chart...
Thanks Tunera for the in depth analysis. It is much appreciated.
  • #69
  • Mar 8, 2017 3:12am Mar 8, 2017 3:12am
Do you know when you learn the greatest lessons in life? When you fall the hardest. It’s the same with the market. If you fell so badly because technical analysis failed you, its where you should have learned that is not always correct, but is one great tool to understand the market and its patterns and as such you can not deny it.
  • #70
  • Mar 8, 2017 4:01am Mar 8, 2017 4:01am
Quoting Crackpot
Ofcourse there is! Works for me: {image}
just came to see this LMAO
Greed is good, as long as patience and discipline walk together with it
  • #71
  • Mar 8, 2017 4:45am Mar 8, 2017 4:45am
Quoting cat
{quote} At least you have the good sense to say ' in my opinion '. However, to claim that the vast majority are garbage is only partially right, in that they are garbage in the wrong hands. To say that indicators such as MAs " just randomly show what has been and gone " only demonstrates that you haven't got the foggiest idea how to use them. As the chart below shows, which is Friday's Dax, you can see clearly that the support was pivot level support 2, and the resistance for the day was the 30 minute 100sma, which wasn't something that had " been...
LOL you just demonstrated one of my points with a cherry picked curve fitted screen shot, with a whole range of nonsensical indicators on the chart that are completely irrelevant to the price movement on the candlesticks below them.

So why not dump all the indicators (invented by somebody else, sort of make sense sometimes) and study the candlesticks below them and see for yourself what makes them tick. Or would that involve taking personal responsibility for your own decisions and actions, something most want to hand over to a third party.

But a good candlestick pattern based insight is not a holy grail, will not work all of the time, and is a mere graphical representation of what has happened to price and what is now happening to price, but does not determine what will happen next.
  • #72
  • Mar 8, 2017 5:02am Mar 8, 2017 5:02am
It's not the analysis it's the analyst...

If there is no such thing as technical analysis, what are these people doing?

I will start a thread called, "There is no such thing as Fundamental Analysis."

Then, why break it down at all, just say there is no such thing as analysis.

If it doesn't work for you don't do it, but don't say it doesn't work period, like you are the end all be all of what works and what doesn't.

That's just arrogant...
  • #73
  • Mar 8, 2017 9:05am Mar 8, 2017 9:05am
https://www.forexfactory.com/showthr...04#post9632004

And like i evidenced in this thread, it seems computer based charts and TA, are a very recent invention since PCs and the internet, and so dont have a long proven track record.

Yet most of the major financial markets predate computers and the internet considerably.

If there was one method of TA that worked consistently really well, there would not be thousands of trading systems posted on forums as everyone would be using the same handful. Yet people are forever trying to find better.

Add to this that perhaps much of the price movement you see on a chart is driven by computer based algorithms, not human actions.
  • #74
  • Mar 8, 2017 9:16am Mar 8, 2017 9:16am
Quoting Nebula
{quote} LOL you just demonstrated one of my points with a cherry picked curve fitted screen shot, with a whole range of nonsensical indicators on the chart that are completely irrelevant to the price movement on the candlesticks below them. So why not dump all the indicators (invented by somebody else, sort of make sense sometimes) and study the candlesticks below them and see for yourself what makes them tick. Or would that involve taking personal responsibility for your own decisions and actions, something most want to hand over to a third party....
Candlesticks formations are the most voodoo of all indicators!

No offense intended!!
  • #75
  • Mar 8, 2017 10:04am Mar 8, 2017 10:04am
Its naive to think lines drawn on chart will stop price from rising or dropping. Only demand and supply moves price. I once mistakenly entered a market sell order instead of limit for 200,000 shares, the price of the stock dropped 20% in seconds. It broke all so called supports. If only price had stopped at trendline, I would've lost a lot less money that day
  • #76
  • Mar 8, 2017 11:12am Mar 8, 2017 11:12am
Quoting Nabz
Its naive to think lines drawn on chart will stop price from rising or dropping. Only demand and supply moves price. I once mistakenly entered a market sell order instead of limit for 200,000 shares, the price of the stock dropped 20% in seconds. It broke all so called supports. If only price had stopped at trendline, I would've lost a lot less money that day
You just proved the point that many of us have made about you in this thread. You know nothing about TA. You're embarrassing yourself. But, please feel free to continue...
  • #77
  • Mar 8, 2017 11:36am Mar 8, 2017 11:36am
Quoting GEfx
{quote} You just proved the point that many of us have made about you in this thread. You know nothing about TA. You're embarrassing yourself. But, please feel free to continue...
There is nothing to be embarrassed about having opinions. You believe in TA, that's fine. Its your opinion or belief. World is full of doctrines with countless followers. If someone challenges such a doctrine, its followers will quickly play the "you know nothing" card. Its human nature.
  • #78
  • Mar 8, 2017 1:40pm Mar 8, 2017 1:40pm
Quoting Nabz
{quote} There is nothing to be embarrassed about having opinions. You believe in TA, that's fine. Its your opinion or belief. World is full of doctrines with countless followers. If someone challenges such a doctrine, its followers will quickly play the "you know nothing" card. Its human nature.
Yes, and it's my opinion, based on the nonsense you have posted here, and in other threads since October last year, that you don't know squat about TA. I base my opinion on the information you provided, and you have based your opinion on me based on the human emotion thing, since you know nothing about what I do (although it's pretty nicely documented in my journal here on FF). Your conclusion about TA is based on failure and false understanding, if any understanding at all exists in your head. You then document your misunderstanding and lack of understanding in your posts on FF. It's your own words that demonstrate your ignorance, not a guess or assumption on my part.
  • #79
  • Mar 8, 2017 2:25pm Mar 8, 2017 2:25pm
Quoting GEfx
{quote} Yes, and it's my opinion, based on the nonsense you have posted here, and in other threads since October last year, that you don't know squat about TA. I base my opinion on the information you provided, and you have based your opinion on me based on the human emotion thing, since you know nothing about what I do (although it's pretty nicely documented in my journal here on FF). Your conclusion about TA is based on failure and false understanding, if any understanding at all exists in your head. You then document your misunderstanding and...
You surely got a lot of time reading 5 months old posts of mine just to prove your point. And that too you're not very good at, since you made a lot of false accusations about things I never said. And never mentioned what I actually said that made you so worked up.

You're an immature person who can't hold any meaningful debate since you resort to personal attacks. I posted an opinion, your reply to that opinion was a personal attack. Your toxic, self righteous personalty is not welcome here. You can go back to your guru thread which fuels your ego.
  • #80
  • Mar 8, 2017 2:55pm Mar 8, 2017 2:55pm
Quoting Nabz
{quote} You surely got a lot of time reading 5 months old posts of mine just to prove your point. And that too you're not very good at, since you made a lot of false accusations about things I never said. And never mentioned what I actually said that made you so worked up. You're an immature person who can't hold any meaningful debate since you resort to personal attacks. I posted an opinion, your reply to that opinion was a personal attack. Your toxic, self righteous personalty is not welcome here. You can go back to your guru thread which fuels...
LOL...you declare, through your personal experience, that there is no such thing as technical analysis, and I'm the toxic, self righteous personality here? I don't know what a guru thread is, but since this is your thread, I will honor your request and go away. Good trading to you, but I think you are better suited for another line of work.
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