Yes it is unscientific. Is it not ? At the same time, when I call it unscientific, my intention at this point was Not to demean it by calling so. I was answering to a post in a specific context that, Since these are not and validated methods, people can have different opinions and questions can be raised on it.
Many of us follow Technical Analysis for trading. Is it scientific ? NO.
It is only a study of past movements and predicting a up coming move. We just play on probabilities. Even what we all follow is not validated subject. Many people follow Pivot, Gann etc... Is that science ? No.
In Technical analysis, I may find a pattern as bullish whereas other trader may have a contra view on the same pattern. Why these contra views is because these methods are subjective and theoretic.
I hope now you get the point on what idea I used the word " Unscientific"
Many of us follow Technical Analysis for trading. Is it scientific ? NO.
It is only a study of past movements and predicting a up coming move. We just play on probabilities. Even what we all follow is not validated subject. Many people follow Pivot, Gann etc... Is that science ? No.
In Technical analysis, I may find a pattern as bullish whereas other trader may have a contra view on the same pattern. Why these contra views is because these methods are subjective and theoretic.
I hope now you get the point on what idea I used the word " Unscientific"