@odolvlobo
Technical Analysis is nothing more than financial astrology. It is not based on any proven theories or evidence, and its tools are fundamentally flawed. Ever wonder why moving averages look like they are shifted to the right, and by different amounts?
Technical Analysis is a superb example of how confirmation bias can fool even the most rational people. The quote below is typical, and yet believers will ignore it because it does not support their faith:
I had traded stocks "professionally" for years and am fairly well versed with TA.
I've applied it towards Bitcoin with some success, but being honest, I would have done
much better to simplify things (and buy and hold).
@itsaboutsharing, that's because it it doesn't work.
@odolvlobo Are you not being a little unfair? Most of the posts seemed to be aware of the shortfalls of relying only on TA
My experience of TA is similar to other friends is that first one "discovers" TA and believe one may have found a magic formula. Then spending loads of time adding more and more indicators to try refine things, but all it seems to do is add noise.
I have lost money trading but not because I was using TA but because I ignored the trend etc and thought I knew better than the market. TA can help control emotions.
How can one use fundamentals to trade? I guess the only thing that has held true is easy Fed = buy tight Fed = sell.
I would reiterate to anyone who is new to TA there is no magic formula. Try and keep it simple.
