bsm, page-29

I disagree, the point is : there was no short term opprotunity, it was pure luck, the stock price could have gone higher, or lower, or just stayed the same, it went lower, but there was no way to tell either way. Human behaviour is unpredictable because we have free will, and our decisions are influenced by practically infinite chains of causation.

The irony is that saying that technical analysis does work for short term trading is self defeating, its a zero sum game, someone wins, the other looses, if technical analysis does work, then so many traders will use it against each other, which will make it not working....On the oher hand the beauty of fundamental analysis is that it does work no matter what other traders decide to do, everyone will win if fundamentals are strong : investors, consumers, management, the economy...etc.