I woz 2 so thought I would muddy water a bit .........
see what posts arrived after
Ten bob you truly have a wicked sense of humour!
To be honest I hadn't planned on revisiting this discussion as I found it to be extremely time consuming, but was simply being polite in answering Morgans unexpected PM, as it is now 6 weeks since I stopped posting.
It is abundently obvious that many of the posters simply read the comments and then ask for further explanation or proof without having invested any real time or energy in trying to comprehend the basic issues under discussion. If I can spend the time to reply then please have the courtesy to fully consider the observations that I have put forward.
Firstly, you need to understand that most people cannot survive outside an environment controlled by specific rules whether they originate in religion, law or simply survival of the group. Consequently, charting and indicators based on specific rules are embraced by many enthusiastcally in order for people to feel secure in the chaotic environment of the markets. Sadly what most people don't realize is that they are on a fools errand.
Recently I watched a movie called 21, it was about card counters who milked the blackjack tables in Las Vegas, apparently the movie was based on a true story. This approach is similar to the ones used by chartists - originating in probabilities. Finding the required anomilies is generally beyond the abilities of retail speculators. This is why I place them in the Diamond mine prospecting category possible but extremely unlikely.
On the other hand, I was playing Texas Holdem in Perth recently when I became involved in a conversation with the owner of a poker league. We discussed his business plan, he had a license that allowed him to promote and run cash games from which he took a 5% rake from each pot. He was also selling franchises as he grew his business, from which he received the franchise price and a cut of the future profits. Here is a person that thinks outside the norm, money for jam!
Surely, the different modes of thinking should be obvious, one group trying to scam what they could and the other building a reliable income stream with the potential to grow expotentially.
People here wish me to teach them what to think, but the most valueable lesson that I can give them is where they learn how to think.
Good Trading
John1