The most interesting part of the article, (for me), is the part which effectively says that chart analysis is no more effective than random decision making, although it was for EOD and not intra-day trading:
It may be, but but there are substantial doubts about whether chartists can really offer useful guides to future market movements. In a recent test in the Financial Times, Patrick Burns, a statistician, challenged chartists to examine 100 price series, each with 500 daily closing prices. Four possible extensions of the series were offered. One was the actual result and the other three were random. Burns asked analysts to pinpoint the true series.
What was the result?
Pretty poor. There were four possible answers for each series, so a purely random success rate would have been 25 per cent. The chartists who replied to the FT's challenge scored a hit rate of 26.3 per cent and no analyst did particularly well.