Let me start by precising how I understand Technical Analysis, its value and limitations.
I don't believe Technical Analysis alone encompasses all that there is to know about trading. Foremostly, to me, TA is a tool, that provides the trader with some kind of knowledge, and this, in turn may help him to decide about what trade to take and when to act upon it (when to enter it and when to exit it).
On this site, I want to explore the value of this knowledge, and how to make the best use of it.
Ultimately though, the decision taking is a psychological process, TA can just amount to a valuable input in it, along with knowledge of relevant fundamentals, as well as some level of intuition.
TA, clearly, is subjective, and as such, there certainly is a lot to discuss as to what one can gain (and how can he gain it) from its practise.
One last precision: As a FOREX trader, I don't really care about Volumes, which are an important component when it comes to stocks, but have much less relevance in an OTC market.
6 comments:
Welcome to the blogging world :-)
I would make one correction. TA can be subjective. Some of it is very much objective.
Hi John,
Yes, my point was merely to echo John Murphy's remark when he wrote that "Chart reading is an art".
Whenever one uses TA, he must be prepared to make some subjective choices, even though, some part of TA is hopefully objective (that's actually what makes it useful, and therefore, somehow, the point of this blog).
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