Well, as you know, the market is a trickster, and it can reverse at any time. And any indicator or system can be dead wrong at any time. And effective systems can outlive their usefulness in changing market conditions.
TA is basically statistics in the hands of morons. At its worst, it's statistics in the hands of experimental theologians -- believers, in other words. (I know a whole list full of the former and the latter.) That should give you an idea of how effective TA can be.
So I'm not saying where the market is going, because I don't know.
If it's an off-the-wall thread -- and it is -- it's because it's a TA thread. TA, a modern-day alchemy, is about as useful as alchemy, unless you have enough wisdom to extract from it your own golden nuggets. Those come from experience, patience, diligence, and no small degree of skepticism -- not from indicators, systems, gurus, SI notes, etc. (I must say the notes were especially amusing today, as the daytraders got shaken every which way, until the money poured freely from their pockets.)
Glowing testimonials:
"I'll have another double, please. Oh, sorry, I thought you were serving drinks again after the close. Oh, you are? Well, make that another double, please."
"I hope your TA is soon recognized for its genius. Have I said that already? I worship the ground over which you float. I've lost a fortune using TA. I'm going to lose a fortune following your system, too! But I haven't realized that yet! It's just a matter of time! It's useless following other traders' useless systems! Why haven't I realized that after all this time? Why am I still searching for gurus?!"
"Is this Ms. Cleo? Sorry, I must have the wrong number." |
