A Bitter Truth About Technical Analysis
There is a shame concerning being wrong in technical analyst circles. The disgrace is so widespread that it leads famous technical analysts like John Murphy, thought of by some to be the king of contemporary technical analysis and inter-market correlations, to declare he is a commentator only and will not provide authentic buy or sell recommendations.
Provided you have faith in what you sermonize, why not have buy and sell recommendations for no other basis than to establish you can make money with technical analysis! That is something that I will always look down on John Murphy and Arthur Hill about. I say put your money where your boasting is and stop hiding behind this fear of being mistaken and coming up with some dumb excuse that you are a technical analysis commentator only. That’s a huge cop out.
But worse than chickening out is to re-trace your trend channel lines and hope no one will become aware of where you had it beforehand. That is technical analysis deceitfulness and something I personally witnessed 5 other stock technical analysts do over the last couple of months.
No one is ever flawless in their technical analysis. Every person gets it wrong. Accordingly if getting it wrong every so often is a essential part of what it means to stock trade then why are so many technical analysts scared to divulge when they get it wrong? Why do the bulk of technical analysts act like they are unbiased stock market commentators for terror of being wrong? Why are some technical analysts so frightened of being wrong that they re-sketch their trend channel lines and hope that no one will commit to memory where they drew it before?
In this video I let you see a fresh instance of technical analysis deceitfulness.