Nice discussion guys and couldn't agree more about leaving out the emotions and not over thinking a trade.
The strength of the crowd must be respected - but not feared. Crowds are powerful, but ultimately their behavior is primitive, simple and luckily for technical analysts.....repetitive and reasonably predictable. People change when they join crowds and become more credulous and impulsive, anxiously search for a leader and react to emotions instead of reasoning and understanding objectively. A trader who thinks for themselves and without emotion can take a lot of money from the crowd.
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