Is Technical Analysis BS? | Metals Mine

  • Is Technical Analysis BS?

    From newtraderu.com

    Is technical analysis bullshit? Many people will dismiss technical analysis as useless before doing the homework to even fully understand what it is or how it should be used. Dismissing technical analysis as bullshit after hearing that academics dismissed it in a paper is like saying no one can make any money in the stock market because some academics did a study and didn’t make any money. There are as many ways to use technical analysis as there are ways to make money in the stock market. Stock market participants range from day traders to value investors from option traders to futures traders and technical ... (full story)

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NotAtrader
Apr 28, 2020 12:50pm
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It depends on who makes it.
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smikester
Apr 29, 2020 5:23am
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Nobody with proper experience in trading would say technical analysis is bullshit. Too many professionals use it. It obviously will not always work because there are lots of extraneous factors. Notice that I did not say "random". As long as you know that, ignore technical analysis at your peril.

Any fool can get lucky in Forex. Let me tell you that because I know. I was that fool. That does not mean technical analysis is bullshit. Let me tell you that, because I know.
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Not-KPMG
Apr 28, 2020 3:18pm
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Yep.
TA is the garbage that all newbies swallow... And 70% lose money right away.... 80% long term

What works??

I found LOGICAL analysis works. .... Not quite Fundamental!

And scalping works - catch 15 pips any day any pair. Easy. People do it.👏💰

Green pips
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Not-KPMG
Apr 28, 2020 3:28pm
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In 2016 I saw this pattern

Note 1.12 price EU.

Not far from last months

Sooo technical - Gartley, Wedges, spiders, Bats, cats....all work technically
Attached Image
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nbfx
Apr 28, 2020 2:38pm
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Sounds like a sales pitch.

From our perspective, technical analysis is the most easily accessible and least useful tool availble to us....
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ozalid
Apr 29, 2020 6:23am
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Quoting smikester
Nobody with proper experience in trading would say technical analysis is bullshit. Too many professionals use it. It obviously will not always work because there are lots of extraneous factors. Notice that I did not say "random". As long as you know that, ignore technical analysis at your peril. Any fool can get lucky in Forex. Let me tell you that because I know. I was that fool. That does not mean technical analysis is bullshit. Let me tell you that, because I know.
Even a blind squirrel will sometimes find a peanut. This is probably the right of every new one on the market. I had it too. Long ago, according to this theory, I won a lot of money and of course I lost everything in a while. Technical analysis sometimes works on the market sometimes not. The art of making good money when it works and quickly getting out of position when it doesn't work.
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Banditten
Apr 28, 2020 1:32pm
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99% of all traders enter the trading arena with the same background, i.e. having read the same books and knowing the same techniques and moving stops to the same places etc. If it was only that easy we would all be SUPER RICH by now.
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GDR3k
Apr 28, 2020 1:42pm
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Quoting NotAtrader
It depends on who makes it.
Fully agree.
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ozalid
Apr 28, 2020 2:08pm
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Quoting Hurst
Most of the stuff you read in books, Elliot waves, patterns are useless. Cycles are also a pure crock, there are no cycles in the market that function according to sine waves. Astro cycles again are pure and utter rubbish, no one has a clue what the true cycles are. True can be calculated, but I would say 99.9% of traders don't know about them or how to figure them out.
I ask out of curiosity because I was interested in this topic, are you in this group 0.1%?
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UKBanter
Apr 28, 2020 3:24pm
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I'm sort of getting to the conclusion that basically don't let your bad trades clean you out.

Sort of well, that's it.

EDIT and as post 10 don't get greedy.
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Devas1
Apr 28, 2020 3:42pm
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It is useless. This is a hedge funds lie. They hunt for stop losses. If you go to tradingview 100 percent of those technical experts are wrong. It is about looking forward, coupled with sentiment and fundamentals. Best bet is for example say the gbp averages from 1.27 to 1.34 if it drops below the 1.27 range just add a bit. Buy sell offs. Charts are manipulated by shadow buyers and sellers that make fake orders which they dont fulfill. So charts are BS.
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Not-KPMG
Apr 29, 2020 3:05pm
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[quote=UKBanter;12908869]
Quoting Not-KPMG
In 2016 I saw this pattern Note 1.12 price EU. Not, you have toooo much time on your hands!!!!
I had time....
Then had more...

But yes I wasted time. . Should have done stuff, get promotion or kick out my wife.
I'm lazy
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smikester
Apr 29, 2020 7:12am
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Quoting Not-KPMG
In 2016 I saw this pattern Note 1.12 price EU. Not far from last months Sooo technical - Gartley, Wedges, spiders, Bats, cats....all work technically {image}
Oh, I get it now. You are drunk.
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eqshack
Apr 28, 2020 1:39pm
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Quoting Banditten
99% of all traders enter the trading arena with the same background, i.e. having read the same books and knowing the same techniques and moving stops to the same places etc. If it was only that easy we would all be SUPER RICH by now.
yup. Trade against those 99% xD
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Banditten
Apr 28, 2020 2:24pm
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Quoting ozalid
{quote} I ask out of curiosity because I was interested in this topic, are you in this group 0.1%?
How stupid is that question. Everybody in here is in the 0.1% winning group. Thats how it is (:

Just kiddin - have no idea about how others trade.
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louisfx
Apr 28, 2020 2:19pm
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Quoting Hurst
Most of the stuff you read in books, Elliot waves, patterns are useless. Cycles are also a pure crock, there are no cycles in the market that function according to sine waves. Astro cycles again are pure and utter rubbish, no one has a clue what the true cycles are. True can be calculated, but I would say 99.9% of traders don't know about them or how to figure them out.
Pls I want to know how to calculate this True.
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goldencalf
Apr 28, 2020 5:44pm
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Everything is working,but not 100%, how many good support resistance line you got on the chart? Should be max 2, trendlines? Fibonacci? Head and shoulder pattern, do you really want to go against it,and go long?!?! It doesn't work you say,so go!! One man said you need to now when to trade,and when not..selling is for professionals another guy..buy right,sit tight..market structure..volume..can show many examples when it's working..pinbars,engulfing candles,inner candles,did you check them all but not on 5 min chart? Try 4 hours, daily,weekly,try for two years,read books,and you will start to see things,specially when you start to think why price is rising?! Mystical buyer came in,or just seller to afraid,taking profits,find those scary point,confirmations is to late,unless you work with pattern,and always draw many lines,connect points,you will see the picture,like students after 2 weeks looking to x-ray, they start to see..but psichology is the main thing
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Trader#556A
Apr 29, 2020 12:22am
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there are as many strategies as there is traders. for me the truth about profitable trading lies in believing in what I do even when markets countermove and applying the right money management. many will try to sell you a smart system and claim it is a risk free way to never ending wealth. those guys probably never traded. yes looking at the charts after close it is obvious ly easy to find just that system that would work. Sitting in the position is another story
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smikester
Apr 29, 2020 7:03am
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Good article by Steve Burns
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afevir
Apr 28, 2020 4:50pm
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forget about the idea of getting rich, when they are talking about it you do not trust, that idea is the worst enemy of the retail trader
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UKBanter
Apr 29, 2020 9:56am
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[quote=Not-KPMG;12906991]In 2016 I saw this pattern Note 1.12 price EU.
Not you have toooo much time on your hands!!!!
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Hurst
Apr 28, 2020 12:52pm
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Most of the stuff you read in books, Elliot waves, patterns are useless. Cycles are also a pure crock, there are no cycles in the market that function according to sine waves.

Astro cycles again are pure and utter rubbish, no one has a clue what the true cycles are. True can be calculated, but I would say 99.9% of traders don't know about them or how to figure them out.
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Hurst
Apr 28, 2020 6:08pm
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Quoting louisfx
{quote} Pls I want to know how to calculate this True.
I am getting there, together with another like minded chap, its been 12 years of work and we are now understanding the cause of the cycle in the market.

I suggested a turn in the SP500 for the 28th April 2020, and I said it would be in the late US session, it looks like its started so now I will see how well they play out.
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Not-KPMG
Apr 29, 2020 3:06pm
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Quoting Guest
Everyone saying it dosent work, but no one saying what does...

You're blind moron.
Look dumbula look
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Trader#0C48
Apr 28, 2020 6:11pm
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the secret is to know the difference on a chart (5min or less) between a new large position being opened, and an existing position being closed, this is the basis of the squeeze. trading the false breakout is also an art suitable for experienced traders.
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Trader#9623
Apr 28, 2020 3:51pm
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Everyone saying it dosent work, but no one saying what does...
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