Nice work on the charts. I tried for months and months to use the Elliott technical studies and have never been able to find a use for any them. It was always a case of one step forward, two steps back.
IMHO most technical analysis is bullshit. Not all of it, but most. The market is driven by the actions of its participants, not by two sqiggly lines crossing one another. I find use for support and resistance levels, market internals, and watching the performance of related markets. If I am patient and only trade a few times a week I can turn a small profit. I want to get better but that is where I stand as of now. Any time I've tried to trade more often or use anybody's latest holy grail buy signals I've ended up a loser. But that's just me. Look forward to your future postings.
Thanks for the comment. As you know all too well there is no Holy Grail. No single signal nor any single indicator can produce a totally reliable signal, consistently correct. What you can do however is identify certain setups that over time repeat frequently and manage the risk by using stops.
I think it is far more important to place importance on rules that govern the trade. For instance, position size and where stops are placed.
What Elliott made me do was pay attention to the way price behaves around moving averages and the concept of failed new highs and lows etc. I guess that is a way of following trends until they fail.
I may agree that most TA is bullshit. After all there is no shortage of folks out there willing to take your money for the latest and greatest signal or method. The challenge is to find what works for you. There are so many who make claims but few the average trader can make any sense of.
I make no claims here, just expose what I am doing and why. Thanks for the feedback other opinions always welcome.
Nice work on the charts. I tried for months and months to use the Elliott technical studies and have never been able to find a use for any them. It was always a case of one step forward, two steps back.
ReplyDeleteIMHO most technical analysis is bullshit. Not all of it, but most. The market is driven by the actions of its participants, not by two sqiggly lines crossing one another. I find use for support and resistance levels, market internals, and watching the performance of related markets. If I am patient and only trade a few times a week I can turn a small profit. I want to get better but that is where I stand as of now. Any time I've tried to trade more often or use anybody's latest holy grail buy signals I've ended up a loser. But that's just me. Look forward to your future postings.
Thanks for the comment. As you know all too well there is no Holy Grail. No single signal nor any single indicator can produce a totally reliable signal, consistently correct. What you can do however is identify certain setups that over time repeat frequently and manage the risk by using stops.
ReplyDeleteI think it is far more important to place importance on rules that govern the trade. For instance, position size and where stops are placed.
What Elliott made me do was pay attention to the way price behaves around moving averages and the concept of failed new highs and lows etc. I guess that is a way of following trends until they fail.
I may agree that most TA is bullshit. After all there is no shortage of folks out there willing to take your money for the latest and greatest signal or method. The challenge is to find what works for you. There are so many who make claims but few the average trader can make any sense of.
I make no claims here, just expose what I am doing and why. Thanks for the feedback other opinions always welcome.