"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.
TTT chart thread, page-235
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Last
9.0¢ |
Change
-0.002(2.17%) |
Mkt cap ! $90.95M | |||
| Open | High | Low | Value | Volume |
| 9.4¢ | 9.7¢ | 9.0¢ | $87.62K | 938.0K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 475496 | 9.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 9.4¢ | 50000 | 1 |
View Market Depth
| Last trade - 16.10pm 15/05/2024 (20 minute delay) ? |
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Last
9.0¢ |
Change
-0.002 ( 2.60 %) |
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| Open | High | Low | Volume | ||
| 9.5¢ | 9.5¢ | 9.0¢ | 713225 | ||
| Last updated 15.59pm 15/05/2024 ? | |||||
| TTT (ASX) Chart |