I purchased a report BEFORE somebody actually explained to me that predictive TA is a farce and now I don’t use them to make decisions anymore. I am now thoroughly in the reactive TA camp (EMA / SMA crosses and classic trend lines). Thanks to you I finally realize that there is another area of TA and that there’s nothing wrong w/ late signal entry. Below is an Amazon Review of Edward’s and Mcgee’s “Technical Analysis of Stock Trends” where I mention you and your podcast. I agree w/ the lower rating reviews in that an older edition may be better than the newer versions of this book. I own the 6th revision and there are some newer charts (1980’s), but I would rather have an older version w/ charts closer to the original release. Reason being is that market movements in my mind haven’t change. Markets move up, down and sideways. Markets trend, consolidate, continue to trend in the same direction, consolidate, reverse the trend, repeat. Also, there are two types of technical analysis “reactive” and “predictive” TA and I fall into the camp that predicting the future is impossible so I’ve decided focus on reactive TA and learn to monitor price action using classical charting. I think Dr. Elder (author of Trading for a Living) said, “don’t have an opinion of the market, let the market tell you what it’s going to do.” Thanks to Michael Covel (author of “Trend Following”) who’s podcast opened my eyes to these two TA concepts. I’m listening to all your podcasts and it was #145 that prompted me to write a Thank You.
Thanks for the nice words.
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