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Oh dear. I don't own any bitcoins, but I sure af don't trust the judgement of people who invent fantasy signal processing strategies like fibonacci retracement
by donquichotte 9y ago
Oh dear. I don't own any bitcoins, but I sure af don't trust the judgement of people who invent fantasy signal processing strategies like fibonacci retracement [1], support and resistance levels [2] and Elliott Waves [3].
Sincerely, a dude who does actual signal processing for stuff that has to work.
[1] https://en.wikipedia.org/wiki/Fibonacci_retracement https://en.wikipedia.org/wiki/Fibonacci_retracement
[2] https://en.wikipedia.org/wiki/Support_and_resistance https://en.wikipedia.org/wiki/Support_and_resistance
[3] https://en.wikipedia.org/wiki/Elliott_wave_principle https://en.wikipedia.org/wiki/Elliott_wave_principle
- oli5679 9y agoNone of those methods have mainstream credibility in the academic economics/finance community.
- merloen 9y agoWhat makes you think that those fantasy signal processing strategies were invented by (respectable) economists? Because they weren't.
- montecarl 9y agoI second your opinion about these goofy strategies. I have several friends and family members, who when they look at stock price charts see lots of patterns and think that you can analyze them using various kinds of simple formulas or rules and beat the market. This gets reinforced by people who have used these techniques "successfully" to make money. You usually don't hear from the sheepish retail investor who is losing 10% trying to swing trade; you hear from the few guys who got lucky. All of these approaches are just gambling with a pseudoscientific approach.