Lol. I don't trade, but the whole idea that prices are driven by arcane algorithms seems wrong unless it's bots doing the trading. They don't take account of things like mad articles that cause people to buy or sell, but people are desperate for some magic formula to bring them riches. Keep chasing those rainbows
I mean this genuinely....not to be a dick.....but that's an infantile understanding of what goes into technical analysis. It just shows that you do not actually understand what you are criticizing by making the statements that people don't take things into account, and blanketing any other ideas on analysts. When performing any type of technical work, even a physical technical skill, it is generally your goal to be as well informed about all aspects of the skill or subject so that you might achieve the best possible ending with the given circumstances. But as you did first state, you don't trade. Which makes me wonder why have such a stance on something that isn't relevant to you, and beyond that, you are not well informed on. Again....not trying to be a dick, just shed some light that there is certainly more to...well...almost anything, than you think from afar, especially if it isn't in your wheelhouse to begin with.
It's an opinion, but I accept its not based on extensive research. It's a fact that people look for patterns that may not be there and always have. I know a few people have found systems that work for them, but they probably keep them secret for obvious reasons. I consider trading to be a form of gambling and that's just not my thing.
I will concede that people en masse can be predictable, so some movements could be foreseen. Just need the right algorithm and it won't always be right.
Touch wood and keep hold of that rabbit foot ;)
Generally what people see as some sort of archaic technique is really just math, plain and simple. If some people assign a special value to that math....well that's up to them. But just because the number 7 is seen as lucky, and the number 7 appears in your formula, doens't necessarily mean that you believe anything further than the fact that the number 7 appears and works in your formula. I know what and who you are referencing.....just clarifying that those of us that see what's called the "golden ratio" in charts doesn't mean we named it the "golden ratio" or put it there because it's supposed to be magical....it comes in a way that is much more organic than that. Something more like..."hmm...well holy shit...that's weird, the fibonacci ratio seems to keep repeating itself in this situation.....hmmmmm....."
And just from my personal side of things, there is no good analyst that thinks they are correct all the time, or that any ONE formula solves any or all situations. The idea is to be as aware as possible, based on pattern recognition, and in some cases, whatever other techniques used (personally I find elliott wave to be the most accurate). And being aware means that you are never certain, it is always evolving, and you are always preparing for multiple possibilities while trying to nail down the 2 or 3 most probable of the possible.
Just as an example....this is from yesterday, an an analyst here. If you were new to investing, and especially if new to crypto investing....this kind of accuracy is account saving....
Monday Night/Tuesday Morning:
Price action through the day:
Coming in green you might have bought on that rise, not knowing that a correction is about to ensue....then in a panic, you sell at about a $1000/coin loss. However....awareness of the probable pathway would allow you to relax through the correction knowing it will more than likely continue to follow the laid out pathway based on its current accuracy. Or even better than relaxing through it, wait for a low and buy. How else would you know that correction was coming, or that bounce was coming? Guessing is as good as guessing is in a situation that has 36 retracing possibilities (literally). That's where experience comes into play....and that's why this particular analyst is able to lay out the days price action before it happens. And of course he's not correct every time, but he is very very good, and very very accurate due to experience.
It's a tool to be used, and when gambling as you say, and not incorrectly, you want to use the best strategy or tool available.
If being successful in the markets were as rare as winning the lottery, I would be more with ya, but it's shown over and over throughout time that certain people or strategies have their finger on the pulse....at least for a that time period. Nothing is static, and all analysis must adapt. Thanks for engaging, I realized how old this post was after I posted the last comment.
When are we having a picture of your TA Crew holding a piece of paper with the steem name on it, like in #introduceyourself ?
i would like to know starjuno, haejin, the 23th most powerful whale ranchorelaxo and who knows who else is making the magic happens :D
Probably never considering the threats and racist comments we receive daily both on and off site.
@scarlet7 thank you for replying.
i really think we call ALL move on and learn to coexist
we need to set precedents in this early stage
there will be millions of people coming here in the future!
We are bound here now, like we are all bound to this wonderful planet called Earth.
we may not agree with everyone. who cans?
but that does not mean we can't still lend others a hand
Now is more easy than ever
is not that wonderful?
that if someone is in need now in this place in time
with a mouse click and a simple comment you could change some peoples life, for better?
I acknowledge what you mean with threats and "racist" comments
i just joined here, but i will do my best to help out making this a better place.
you and all the steemians take care and think about it
regards
pd: I think that is more easy to build than destroy
with steem we will we can build a better world not just for "us" but for generations to come
let's do it if we want to