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Technical Analysis: The 5 Things I Avoid (Here’s Why…)

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Technical Analysis: The 5 Things I Avoid (Here’s Why…)

hey hey what’s up what’s up my friend so in today’s episode I want to share with you right five things that I avoid in technical analysis and just because I am voided right it doesn’t mean it’s wrong doesn’t mean it can be used but it’s just not meant for me okay first thing I avoid is Elliot waves and I get a lot of you know comments questions from traders hey Raina can you do a video of Elliot waves can you know explain to me right and the reason why I get so many comments and feedback about it is because it’s done confusing right I have you know look at it right and I find that it’s way too subjective and wave to you know even too confusing for me you have did order the five wave right wave 1 2 3 4 5 and within the wave you have ABCDE and sometimes if the wave do something that you don’t know that that is not your expectations you have to adjust your levels you have to adjust the numbering the lights whatsoever and it’s just way too complex for me so I avoid Elliot waves not that it’s it’s a not a good tool I know that there are traders right who find success with it but just not for me because I like to keep my trading simple and Elliot waves to me it is not simple simple and so I avoid it ok number two all right I also avoid scalping and again not because scalping is wrong right I know of traders who are successfully scalping the markets but I know what I want from trading right when I got when I get involved in trading I know that I want to treat this as a business I want trading right to provide for me and not the other way around where I have to be no surf trading as though is my master so trading to me is a business right and I put in money into the business right anyone they money right to make me even more money right I don’t want to be a slave to the business I don’t need to spend 12 hours in front of the monitor and then it’s what scalping is all about right you will spend hours and hours right watching the markets scalping the markets and it’s just not meant for me right it is not my goal and not even why I got involved with trading in the first place alright this is why I avoid avoid scalping number three I also avoid meaningless patterns right so yeah some you know patterns in the markets right some weird animal names right where you know if this happens right price goes up comes down goes up comes down you buy and to me what why why should I be buying just because there is this particular pattern in the market I mean the human eyes the mine is pretty amazing you can find pretty much pattern right in randomness out there and if I don’t have a logic right to why I should be buying based on a certain pattern I wouldn’t do it right because I won’t even be convinced of the pattern right how do I know why it should work without a sound logic behind it however that is not to say that all patterns are useless because there are certain patterns that I like to trade for example the ascending triangle pattern right you see when you see a sending triangle pattern you see a series of higher lows into resistance this tells you that the bias they’re willing to buy this higher prices even up to resistance all right so this is kind of like you know building up pressure like a pressure cooker or I’m pressures building up and if he breaks out of resistance there’s a good chance right the price could you know follow-through higher so this pattern like the ascending triangle pattern I do trade it because I understand a logic behind why it should work but if patterns there there isn’t any sound logic I avoid it as well number four I also avoid indicators that I don’t understand if you go down to any platform mt4 trading view NinjaTrader whatsoever they have their built-in indicators and it’s overwhelming right I’m looking at trading view right now you have stuffs like you know the Fisher transformer that I swear there is an indicator I’m seeing right now it’s called a Fisher transformer what is a Fisher transform right there’s a fish transformed into a shark or something you know what’s your Fisher transform then I see something like the elders force in Nextel is that like Star Wars the force is with you what else then you have stuff like but no short thing indicator what what is a no sure thing there is nothing sure in the markets and this indicator it can indicate it’s called a no sure thing and again nothing against these indicators but I clearly don’t understand what’s on the bump I don’t know said the math behind it I don’t understand what is meant to do and I avoid it because I don’t know anything about it okay simple all right if you don’t understand something in trading right if you don’t know the underlying logic I don’t even know how the math come about avoid it at all costs right because it’s like you know going out on a date if you have no idea who that person is someone randomly takes you hey hey Rana wanna hang out with me if I do know who you are I don’t whether you’re male or female I don’t know what’s your agenda there’s no way I’m gonna hang out with you and it’s the same for trading or if you have no idea what the indicator does or do why do you want have you on your chance right and finally right the last thing I avoid this specific trading systems right so this is actually something that I I I look forward to in my younger days I always looking for the latest trading system the latest strategies but these days I actually avoid it because I know right there any sound trading strategy or system it has to be back biologic it has to have a proven concept behind it so instead of you know looking for specific trading systems right I always ask myself what is the underlying concept behind it what’s the logic behind it so so I don’t look for systems anymore instead I look at concepts right logic right from then on then I built my trading system so whenever you know someone comes out with a training system that I’ve never seen before here you know what do you think of it I can’t comment because I don’t know what’s a logic or concept behind it I got you know brainstorm think about it before I can come up with anything you know meaningful so this is why I avoid specific trading systems altogether I rather look for the concept the principles behind it okay so these are the five things right that I avoid in technical analysis as I’ve mentioned right it’s just me that’s the way I look at the markets I won’t say it’s the only way to train the market so with that’s it hope you got some value out of it if you do give me a thumbs up subscribe to my youtube channel the link is below and I will talk to you soon you

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