ITT: Say something nice about technical analysis

1 out of 10 guys get lucky and publicly give credit to technical analysis
The other 9 don't go around telling everyone how they performed worse than the market.
So only the 1 randomly lucky guy gets most of the attention

TA works fag, now buy my trading system

It's only one of the most Jewish scams I've ever seen, not the most Jewish one.

I work at a brokerage firm. Specifically on the desk that works with these people.

Buy and hold people beat 90% the people using fancy charts. But, that other 10% of people that do well actually know what they're doing, and have the critical thinking skills to work with them. So it's a bit of a double edged sword.

If it works, why don't they use it themselves to get filthy rich?
Kind of awe-inspiring how people really believe someone's going to sell them a money-making machine.

You gravely under estimate the gullibility of recent retirees.

Is the whole TA hate just the Veeky Forums version of the no singles allowed /tv/ meme or do people here legitimately think TA is useless?

en.wikipedia.org/wiki/Technical_analysis#Empirical_evidence

>academic appraisals often find that it has little predictive power

Trying to justify your ch"art"?

>What the fuck! I just lost my life savings because I went all in on a stock because its chart was showing something kinda like a pattern I saw in a reddit post I skimmed on TA one time.

>FUCK TA! THIS STUFF IS SHIT!!!!! REEEEEEEEEE....

Apply 5000 hours to PRICE ACTION READING
NOT RSI SMAS AND MACODS

Just buy Bitcoin and Ethereum.
Done.

Outperforms the S&P 500 easily with very little effort.

Buy or sell?

It's better than cryptos. Barely.

/thread

>hat other 10% of people that do well actually know what they're doing, and have the critical thinking skills to work with them
Sorry junior, I'm gonna need some proof that "knowledge," "critical thinking," or "skills" have anything to do with the 10% that make it. Because it sounds to me like your taking a randomly selected minority and assigning qualities to them to fit some pre-conceived narrative.

A small percentage of people win the lottery. Do you praise their knowledge or skills too?

I don't think you know how TA works...

Well, those are the same people I don't have to explain how an OCO works or shit like that. Plus they use some fundamental analysis to boot.

All anecdotal evidence, of course. I have access to see how much they've actually made, so they can't lie to me (trust me, they try to sometimes). Most people that do TA are nothing more than glorified gamblers. But the ones that are successful with TA, be it luck or not, don't ask stupid questions.

>Plus they use some fundamental analysis to boot.
So, a tainted data set.
>All anecdotal evidence, of course.
And therefore worthless for any meaningful analysis.

I get that you're following the directive of the thread, but its still sad how people will twist reality to try to explain, rationalize, and predict the random walk of the markets.

It's tainted from the get go. People actually good at trading aren't calling me anyway.

Essentially plotting supply and demand. You use it to figure out where to enter and take profits
If you know what you're doing you can make a ton of money

The problem with that is that economics has no native tool for predicting a change in consumer preferences. It can predict a gap in supply and demand as presently existing, but that has limitations.

buy
clear holding pattern, then test below failed, and now price is above previous resistance. buy around previous resistance with a stop below 49

It can be paired with Fundamental Analysis for finding pops or Dips.

yeah there are definitely limitations.
yeah most successful traders will do this