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RE: Why Technical Analysis in Trading is 100% Bullshit
Yeah, this is true... if enough people believe that if the market does a loopty oopty, then it signals a bullish reversal, it will be a self fullfilling prophecy... These shapes and signs of course don't mean shit, but the fact that so many people believe that they do mean something can make meaning out of nothing. Just like how money has value... we make it so...
it does not mean shit how many people believe anything, it also depends on how much money those believers have to invest, if those many people believe price will go up, but they already went all in, and no more to buy, it does not matter how firmly they believe in it. the hard part is to estimate, at which point it's overbought, it's almost a random event, harder than predicting earthquake