RE: Charts15 Apr 2021 01:41
Somebody poo pooing charts recently said `back in investorland` as if charts are of no use whatsoever.
In all of the financial operations offices ON THE PLANET, guess what you always see?
Yes its charts!....dozens and dozens of them in each office!
They all must be thick as shyte if they think charts are worth looking at, after all moving averages, daily stochastics, trend lines, support/resistance levels, volume, candelstick patterns and all the other indicators mean absolutely nothing, and nobody has ever made a bean adopting technical analysis methods..its all just tea leaves and chicken bones!
People who make ridiculous comments about charting are insecure about it, they don`t understand it because they were probably a bit daunted by its complex appearance when they first learned of its existence, so they `decided` it doesn`t work, so they`re just going to poo poo it to counter their embarrassment at not understanding it.
They get on a mission to `expose` one example in time where somebody noted a potential move due to charting signals, and when it went wrong they declare..`thats it, its all fake news!`....while forgetting that they don`t understand the fact that its not about predicting the future, like mystic meg, its about using turning points, momentum, and data signals and indicators to LOAD PROBABILITY IN YOUR FAVOUR!!
I could look at any one year chart and point out at least a dozen examples of when technical analysis was the driver of a move.
The trick is finding the best ones as they develop and getting in after confirmation that the move is going to happen...because all the other traders are waiting for the same signals.
Its a self driven concept because all the players have the same rules and priciples...thats how it works!
As a student of technical analysis for over 15 years I always like to use the `excuse` analogy on those who dismiss it out of hand.
Its like when all the kids played football in the local park back in the school days, but there`s always one or two who don`t join in because they know they`re no good at it, and will only get laughed at, and when you ask why they don`t join in they say, `because its a stupid game`!
:-)
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