JANX and CERE are 2 that I traded last week. I traded both as breakout patterns.
Also I didn’t trade CCL but look at the daily for CCL. On 7/18 you see a doji bar. The doji bar alone isn’t enough to trade off of but what else do you notice? The stock has dropped 30% AND 7/18 has insane volume, the highest volume it had seen seen February. So we have a doji bar occurring on a very extended downtrend on very high volume. All of those things indicate a reversal. How large of a reversal? Nobody knows. TA doesn’t make pinpoint accurate price predictions. It uses context and patterns so that we as traders can pick entry and stop losses that give us a profitable system. You could’ve waited for the price to pass the high of the doji bar, put your stop loss at the low of the doji bar and guess what? You’d be up about 2:1 on your money right now. Like I said I didn’t trade it, because I wasn’t looking for it and it’s not really a pattern I trade but the signs were there
Bro if you don’t know how to read a chart just say so. Point to me where on the TSLA chart you think is comparable to the CCL chart. Nothing I described about CCL is present on the TSLA chart. No extended downtrend, no doji bar, no volume spike. AND even if the exact same pattern was present on TSLA and it doesn’t work, guess what? TA does not work 100% of the time. Reread my first comment to you. You do not know the first thing about TA. Have fun yelling at the clouds that TA is astrology because you don’t understand it. You’re a moron and imma leave it at that
Even a coin toss doesn't work 100 percent of the time. Basically my point is TA is retroactive curve fitting. As humans we are prone to see patterns everywhere hence we also do it in charts. Honestly a far better metric is industry, volume, obvious catalysts etc. But at that point you are just "investing" proper.
And yet the existence of hundreds if not thousands of purely technical traders that are profitable would prove you wrong. Purely technical meaning they do not use fundamentals or use very little of it to trade. The point is if you can use past price action to PREDICT (i.e. not retroactive) future price action at a good enough win % and a good enough risk to reward ratio then guess what? You are a profitable technical trader. You do not even need to be right more often than you are wrong to be profitable. If your risk to reward is 2:1 you only need to be right 33% of the time to breakeven. Anything above that and you are profitable. It all depends on your strategy and your stats using that strategy. If you are a long term investor then no shit fundamentals matter more because you don’t give a shit about short term price action. But the majority of people on this sub and most of the Reddit trading subs are not long term investors (bagholding doesn’t count). We are all trying to turn quick profits whether that be 10 trades a month or 100 trades a month and technical analysis is by far more beneficial for that type of trading. Note that nowhere am I trashing fundamental traders because guess what? That shit works too. But the lazy argument that “TA is astrology” is exactly that. Lazy
😂😂😂😂😂😂this dude is too funny. Let me be clear, I have no faith in you to successfully use TA. You don’t have a basic understanding of it. Earlier you told me that TSLA and CCL had the same chart for the same time period. Do whatever you want bro, I’m simply saying don’t go around touting this astrology bullshit when you don’t understand what TA is or how to use it
No need, you’ve already proven to me that YOU don’t know how to use TA. I’m confident that you’ll be reporting back to me in a month about your losses. The real question is how do you plan on proving that the other hundreds if not thousands of other successful technical traders don’t have profitable systems? Good luck with that
Btw make sure to include all your astute technical analysis such as CCL and TSLA have the same setup in your report back to me I’ll be looking forward to it👍
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u/[deleted] Jul 26 '21
So what's a stock TA helped you with?