27. When someone mentions charts, moving averages, head-and-shoulders patterns, or resistance levels, walk away.

Got to call bull s*** on this one. Technicals are very valuable tools. Should they be the only tools used? No, but they are still very important.

Let me add that the longer term a chart is, the better it is to make decisions off of. Trading from short term charts (1 min, 5 min, 10 min, hourly, and even daily) without using long term (weekly, monthly, and yearly) will cause lots of pain.

This post was edited on 3/11/13 at 4:36 pm

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Posted by Fat Bastard

coach, investor, gambler

Member since Mar 2009

73792 posts

Posted on 3/11/13 at 4:38 pm to LSU0358

quote:
Got to call bull s*** on this one. Technicals are very valuable tools. Should they be the only tools used? No, but they are still very important.

agreed 100%. Dude has never clearly traded commodities successfully if he thinks those indicators are BS. not to mention 1-2-3 tops and bottoms. double supports and triple resistances also are indicators.

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Posted by slackster

Houston

Member since Mar 2009

85489 posts

Posted on 3/11/13 at 6:32 pm to LSU0358

quote:
27. When someone mentions charts, moving averages, head-and-shoulders patterns, or resistance levels, walk away. Got to call bull s*** on this one. Technicals are very valuable tools. Should they be the only tools used? No, but they are still very important.

Technicals are a self fulfilling prophecy. They work for no other than the fact that people expect them to work. The basis for technical analysis is absurd IMO, but it's been around for so long that people who use it have poisoned/influenced their own data.

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