For me, the debate about whether TA works or not became redundant a few years ago - around about the time I started making consistent profits from trading the ASX market.
Since then I have focused on position sizing and money management as THE way to maximising profits and minimising losses from my technical trading.
Charting simply helps me determine, first and foremost, the likely entry price for a new position, and sometimes the target or exit price.
As a short term momentum trader, my use of charts may well be simplistic (I'm really only looking for breakouts or bounce plays - I have little interest in stocks trading sideways), however they serve their purpose well.
Others here (like the cycle or wave or astro chartists for example) approach charting from different perspectives, focusing on long term predictions and turning points.
The key argument used against charts is that they show past, not future events.
A point that can't be argued literally, but it never ceases to amaze me, that the very obvious repetitive patterns, and support & resistance levels seen on most charts, are not interpreted for what they are - the repetitive and often predictable human behaviour of players in the market.
It's this repetitive behaviour that enables good traders to extract money from the markets consistently.
Behaviour that in the short term is driven by two emotions - fear and greed.
Fundamentals may drive the long term price direction of a stock but it is fear and greed that drive the short term moves.
And that's where some of us choose to play.
I think it's going to be a busy and profitable day.
