"...you can give a chart to 5 chartist, and they will seldom say the same thing..."
The problem is that most people have trouble dovetailing their analysis with their trading strategy because of some other underlying belief.
As an example, over the past two weeks, the NDX has been going down, with bounces lasting only a day. This is obviously "down", regardless of any chart patterns, and it will be "down" until it can make more than one up day in a row, and even then, it will be a bounce until a low is successfully tested. This is a fact, but those who are psychological permabulls (bullish without supporting evidence in terms of price action) will be looking for a bottom all the way down, rather than doing what they should be doing in a downtrend.
So yes, the market is there, painting the chart. The fact that there are many interpretations is a reflection of the psychological makeup of the people reading it. Profits go to the ones who see the world as it is, and losses go to the ones who are on Fantasy Island.
Personally, I feel that it was unfair for the people on your thread to put you into a position where you felt that you had to start a new moderated thread. Their dogmatic pronoucements are not useful contributions to Stock Attack, in my opinion.
T. |
