you cannot predict what will happen in the future 100%, whether where stock or hurricane is going to end up.
With a hurricane winds, temperature, weather fronts change, etc can change predicted path. Its never 100% sure thing. And as you pointed out with stocks news, manipulation, etc too can change expected outcome. But in the end many times predicted paths for hurricanes end up near expected place, same with stocks and technical analysis.
Not all double bottoms hold but many do so why not trade accordingly to whats likely to happen more times than not? I said .006 was top of trendline and if it broke above it IFSL will break out hard. day .006 got broken IFSL went to .0115 for near 100% gain same day while it never went up more than 10-15% previous 10 up days. Coincidence? NOT. Is it also a coincidence IFSL found support near .006 on the way down? NOT. Previous resistance most times serves as support on the way down. Technical analysis at work and working well.
Its sad to see clueless people preach that technical analysis doesn't work. Oh, news trumps technical analysis, BLAH BLAH BLAH. Complete BS. IFSL got news thursday and got smacked for near 50% loss from .01s highs to .005s. Coincidence? NOT. On the chart many indicators where showing overbought and people that bought up to .006 break used news to dump out on fools who bought using fundamentals(news). When stock is up a bunch ahead of good news... Buy rumor sell news comes into play. When stock is down a bunch ahead of bad news.... Buy after bad news. Technical analysis will help you get better entry and exit. Fundamental analysis only gives blind hope. Just look at IFSL traders who used technical analysis and bought .004 or .006 break for 100-200% quick gains vs fundamental traders that bought news and got stuck with 50% loss same day.
Get some technical analysis books by alexander elder. Or at least go through chart school on stockcharts.com
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