95% of what you read on these or similar forums regarding TA and how it is or should be used is bollox. Thats why it can seem like it's a rip off sometimes. Fact is it takes brains to trade and not lines on a chart or indicators. You have to learn to markets and learn how and when you may be able to apply TA successfully. It's not a blanket approach. All imho obviously.
Markets have a number of phases in which they can be in at any given time and this can vary depending on the timeframe being observed. Most TA is based on one of the three key phases of trending, range bound or whipsawing. So in the event that someone is trading a trending market using range bound or whipsaw style TA then it will fail. What I have found is that the shorter the timeframe the more difficult it is to determine what phase a given market is in.
As most people seem keen to pursue day-trading this makes the task much harder in my view. To be clear, I am not talking about tape reading or DOM techniques here just the traditional approaches used in TA.
If you are using indicators to predict the future then you might not have much success. Imo the most useful tool i use is TA and it's used by almost every good trader (see Jesse Livermore) and that tool is S/R.
Paul Tudor Jones used Elliott Wave models and he is a huge success. Just make sure you are using the right tools for the right job!
TA has to do with self fulfilling prophecies. So many traders apply TA that it works - if you understand how to apply it properly. You have to learn a lot!! TA helps you to get an advantage over the market, to have the odds to your favour. With proper money and risk management in place you can win. TA alone does not work, it's just part of a system!
.TA helps you to get an advantage over the market, to have the odds to your favour. With proper money and risk management in place you can win. TA alone does not work, it's just part of a system!