Replies to post #91 on Chart Patterns and TA

[gfp927z]

>> market makers and other crooks use it <<


Yes, everyone on Wall Street uses the same TA rules, and set their computer algorithms to those rules, so it becomes self fulfilling. That's why investors need at least a basic understanding of TA.

Wall St traders and hedge funds use the same support and resistance levels, based on the same 20-50-100-200 day moving averages, previous highs and lows, use the same array of indicators, Bollinger band signals, chart formations, candlestick patterns, volume patterns, etc.

Even something as supposedly 'wild' as Bitcoin trades by these TA rules. Basic TA is a 'must know' for anyone involved in the stock market, even for investors who are mainly long term buy/hold oriented.

But more important (imo) is asset allocation and controlling the emotional aspects of investing, the yin/yang of greed, fear, ego, etc. It's interesting that women investors tend to have better long term results than men. They tend to buy quality, trade less, and are much less motivated by ego. So there's a lesson there for us guys :o)