A friend of mine who's been trading stocks for a while just got started in crypto thanks to my constant shilling. He keeps throwing around TA terms and talking about Elliot waves and trying to apply the same shit he uses for stocks to shitcoins (REQ, in this case).
I could see it possibly being applicable to large cap coins like BTC and ETH but it just seemed ridiculous to me to think that those patterns would be meaningful for any of the smaller cap alts.
So tell me Veeky Forums, is it just a meme or am I the real brainlet here?
For the time being, TA is mostly a meme in crypto. It behaves so differently than anything seen in investing before that trying to apply any sort of pattern analysis is pointless. The best thing is just identify patterns within a particular coin, but there is no way saying "hey coin X is following a similar pattern to coin Z, breakout imminent" means anything.
Colton Martinez
TA is like Astrology in the sense that Astrology is a way of trying to recognise patterns regardless of veracity. Basically, it's a way of not feeling like a fucking idiot. Unfortunately, there's Astronomy for economics or pricing or trading and nor should there be.
Any totally predictable future is already the past.
Logan Taylor
This is an example of the shit he says. To me it sounds like utter bullshit and screams of confirmation bias or general hindsight but I thought I would give him the benefit of the doubt.
Zachary King
>there's Astronomy Meant to say there's no Astronomy. No hard science with predictive ability
Isaiah Walker
TA is applicable to any kind of buy/sell market. Anyone who says otherwise doesn't understand what TA is.
People will say you can't find patterns in crypto. And whether that's true or not, those people are fucking oblivious.
TA doesn't look for patterns in the market, it looks for patterns within the investors. It's more of a theory built on psychology than economics. And since people are predictable, TA is applicable. (Holy shit, I'm going to copywrite that rhyme)
Jayden Cooper
that was only a half rhyme, faggot
Caleb Evans
ta is a meme but so is trading. everyone is looking at the chart trying to make sense of it. thats basically ta. so it works when it does
Matthew Torres
your friend is a faggot
no offense kid
Landon Perry
it 100% has worked for all cryptos including the small ones. cryptos love triangles and fractals, look at some charts.
Lincoln Kelly
if hes making a lot of money just follow. who cares if its bullshit if it works
Carson Diaz
i trade purely technical analysis, i started with 5k
Samuel Powell
economics and psychology go hand in hand. hence behavioural economics. the flaw is believing that the numbers tell you something important enough about market psychology. i dont think theres any way to prove that premise even inductively
Josiah Perry
That's a ~22x return, nice bud, when did you start?
I'm actually up over 25x my initial investment since starting in late August, without any of the TA stuff
may, i was up to 30 btc at one point but i got stuck bag holding down 30btc -> 5 btc from my own retardation unfortunately
D E L U D E D L I N K I E S
Austin Flores
Since you say you trade 100% based on TA, why would you say it failed you so badly?
Brandon Evans
That's good. But a wise investor once said "don't confuse a bull market with intelligence." You're lucky you have a friend to learn TA from, you'll need all the tools you can get to maximize gains.
Jack Harris
its hard to find the top, and its hard to fight your own psyche
Anthony Lee
I get what hes trying to say, and hes not 100% right or wrong, but the way hes saying it is just stupid & show-offish
1/10 wouldnt listen
John Adams
No doubt brah, sorry if I came off a bit too harsh there.
No doubt, I was only sitting around 10x just a week ago so I definitely feel like my recent gains could just up and leave me at any point. In any case I've cashed out 2x my initial now so I don't have the possibility of losing at this shit anymore.
Anyway I'm out for the night faggots, will check in again tomorrow morning to read more of your thoughts and see if this shit is really worth looking into.
Lincoln Adams
it's 100% bullshit, just like it is for FX. I work in an investment bank and nobody uses that shit.
The only thing a chart can do is tell you about the past.
