"The only level of charting that is any decent is the high tech algorithms used by large hedge funds that pay tens of millions.
How can drawing a bunch of lines compete with high tech computers. It can't.
Granted, it might have worked before all these algorithms were made.
"
As a software developer who has worked on these types of algorithms I have to say that this is rubbish.
1) The human mind is still better a charting (for now at least), because we can tie up the charting with the more important fundamentals. A computer cannot do that, they can't factor in sentiment.
2) Taking a position does not require tens of millions. You can take a position with $500.
What a computer is better at is volume. They can process all the stocks on the ASX where a single human will manage 10 - 20 realistically.
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