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RE: Why I Flag ozchartart
This is the exact same reason why I keep my own technical analysis to myself. It's no magic pill, it's my own opinion, and it makes no sense trying to explain what I see when I look at a chart, a chart that has zero predictability. If I were to express any analysis, it would be fundamental analysis (news, events, developments, etc), because you're stating the facts rather than speculation.
It is just a plain ole' chart that anyone who is trading should know how to create. Can you picture a trader waiting around for this chart to come out so he can trade. SMH. Either people haven't traded or.... I don't even know what else to say, this is so silly.
Let's not overstate it, now. If you know that it has zero predictability, wouldn't it make you a fool to use it?
Technical analysis is statistical analysis of price patterns. We will find with enough research that certain price set-ups and/or patterns provide specific odds of "success", whatever parameter we assign to that word.
The problem is that a lot of people want the "holy grail signal" that has a 100% success rate, while the best signals are more in the 55 ~ 60% range. Thus, reward/ risk profile is mostly what determines trading success.