I don't believe in technical analysis in the same way I don't believe in reading the tea leaves. Market's are pretty efficient. Chartists who beat the market in a given period do so because of luck, not skill. Of course, they still call it skill.
This article summarizes nicely the recent performance of various technical trading strategies...
A nice quote - technical analysis is.. "the fastest way to lose money".
Very good article. Technical analysis is like a religion to some traders. They are absolutely convinced it works and will defend it to the bitter end.
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