Look, let me explain a few things to you about charts.
1) charts reflect what the big traders are doing. That means where the big funds, big money and big in-the-know people are putting their money. These people know a lot more about the fundamentals than you or I could ever know.
2) 70% of all the trading done in the market is done by computers and algorithms and they do NOT speculate. They follow the charts given that the charts will show them where the big money is buying and selling. Simply stated, computers and algorithms are always buyers at support and sellers at resistance. This guarantees you that if you know how to read a chart (determine where support and resistance are), you are guaranteed that big money will be doing what you are doing and that always increases your probabilities/chances of making money.
3) fundamentals always are the determining factor as to what a stock is going to do. Having said that, the fundamental picture only changes a few times a year. The big traders trade every day and the fundamentals are not in play every day. When the fundamental picture changes (when new news comes out), if it is against the positions held by the big traders, they will take a loss but the losses will always be small given that they bought support and sold resistance and if those break, they get out. This means that the chances of them losing money only occur a few times a year, while they are making money most of the time.
Charts do not predict what is going to happen but they do show what is happening today and what has happened recently and it is not a game of being "right or wrong", it is a game of making more money that is lost..............at the end of the year. They always make more money than they lose.
As such and for you and I, it makes sense to follow the charts as it gives us the knowledge of where they big money is going. It is more valuable than us sitting and reading the fundamental picture that is public knowledge to everyone. Keeping in mind that normal traders (like you and I) normally lose more often that win (that is what keeps the funds working as they make what we (the small trader) loses, it is to our benefit to get the "edge" on others like ourselves so that we too, can be on the side of the big money.
It really is as simple as that. It is not rocket science. What it takes is to know a bit more than the others like us.
I put out a weekly newsletter that evaluates the charts every week and I have been doing that for 17 years and doing so has put me in the same category as the big traders................I make more than I lose consistently, though I do have losing trades given that no one can ever be 100% right..........not even the big people in the know.
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