Richard,
I read charts too, but they are by no means the deciding factor for my going into a stock--what and when.
TA is useful when the external factors are well under control; however, in a market with rapidly changing dynamics, T/A is far from being adequate, or, I would even venture to say, it could be downright misleading.
That said, my message is that I wouldn't put serious $$$$ in the market based on TA alone. On the other hand, the day traders may be in and out of the market a dozen times a day; thus, in essence, they have reduced the trading universe to a microcosm that is somewhat shielded from external perturbations, and that's why most day traders would swear by it.
Hope this helps.
Regards,
Ibexx |
