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Michael,
The dude who hammered your book and likes predictive technical analysis is and IDIOT and does NOT understand the CMT.
I used to like JC Parets (TA Radio) who is a CMT. He would never tell you he could predict the future. Stopped listening because I had to cut back on the number of podcasts I listen to.
JC would use market sentiment to develop a thesis to help make a decision of “potential” direction and classic patterns just help determine consolidation areas, and break outs as a jumping point (IOW reaction point).
Stop losses are always part of his plan and he is always ready to admit he is wrong when the market tells him. I even think he admits a typical trend following win rate of 40%.
True technical analysts are surfers and not fortune tellers.
Trend following is reactive technical analysis, not predictive technical analysis. Big difference. Most technical analysis is the predictive type (a waste of time).
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