[Soultrader]

I used to be a strong advocate of technical analysis but each day my feelings for TA is diminishing. There are some patterns that remain valid but I am starting to think that it has nothing to do with the pattern.

An ascending triangle is a pattern where a breakout to the upside is expected. However, to me this is simply price making higher lows and hugging the upper resistance line. Technicians choose to call it a pattern.

A bull flag is simply a small sell-off. There is simply more demand than supply. You can just watch volume to know price will probably lift instead of going crazy over a bull flag.

A head-n-shoulders pattern is simply price unable to test the previous high. There are sellers rushing in to sell before price can even test the previous peak. Isnt this an automatic bearish signal? Why bother making rules such as "Short the neckline!"

So technical analysis is slowly fading in my trading strategy. I am still trying to organize my thoughts on why I do not like TA anymore. But currently at the moment it seems like bunch of BS.