I could be endlessly frustrated by people's blindness and lack of willingness to fully explore the
underlying reasoning for technicals and how they were intended to be used...
It is of no help that there is no shortage of charting extremists who claim that charting is infallible and
prophetic. They seem to grab all the attention of those who are more inclined to fundamentals.
As you are essentially saying, charts tell a story of supply and demand, the force that drives
the price of everything that has one. It is not so different then when a company analyzes the state
of the market for their product based on trends and recent developments. They make decisions
based on that about production quantities for the near future. There are endless examples of such
methodologies wrapped within the very fundamentals that people claim are so far removed for TA.
We study the past and present to find a path of least resistance to aid in making decisions in just
about every aspect of our lives. This does not mean all methods have the same accuracy or do not
contradict other often enough... Some people excel at approaching things in ways that others
do not. It works both ways.
Many people think all those who like Technical Analysis are punters and gamblers (cannot say
there are not plenty of those). The biggest irony of that for me is that my affinity for TA comes
from the fact is that with it I find it much easier to manage risk and risk exists within every
investment and every trade. Some more and some less, but none without...
On the subject of supply and demand, the volume has not presented itself (yesterday or today)
in the "break" of the neckline of the potential H&S. I have therefore refrained from my top-up for now
and will be keeping an eye on the near-term price-action for a pick-up in activity.
GLTA
New TA/Charting, page-6238
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