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What is price driven by then? Its not driven by price itself!! Its driven by technical, fundamental, emotions and news.
I dont even need to look at the price of SP to trade it... Nor do I need the volume. So I guess your assumptions are not entirely true. OddBall System is proof of the fact that you do not need to look at charts to predict direction in a consistent manner to make money.
Overbought and oversold (Bullish/Bearish consensus) conditions do exist, and are driven by fear and greed. Emotions and news drives price which cause these conditions. And can be measured to an extent which provide a statistical bias one way to other.
Price is an important factor in any analysis style, however not key to making consistent profits and Profits are the goal of any trader. (at least it should be!!) |
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Horus : can you explain what the odball does, never heard about it, thanks Walter.