Quote from: MatTheCat on June 10, 2014, 09:33:02 PM

Quote from: BTCtrader71 on June 10, 2014, 08:37:02 PM

Yes. This is a hugely important, difficult battle! Requires discipline. Discipline is what I rarely see in those who post about TA. Their predictions are imprecise and posed in a manner such that whatever happens, they can say "yeah I predicted that." Very often, a long winded post will boil down to this:

"If the price drops, then [insert fancy TA terminology] and it will drop some more. But if the price goes up, then [insert some more fancy TA terminology] it will go up some more." The result is that the person ends up chasing the market: all too often, buying AFTER the rise, selling AFTER the fall.

Solution: make your predictions specific, unambiguous. The more you discipline yourself along these lines, the better.

Dunno about that.

I posted on here some TA, which also happened to be the TA that I was adhering to at the time. I also stated that I favoured a bearish outcome in that the price would break beneath the support other than above the resistance. Either way I had IF [insert fancy TA terminology] Then [insert fancy TA terminology] for both possible outcome. In the end, the market broke the long term resistance on strong volume after a low volume fake out of the support line. Despite thinking that the market would go further down, I knew that I had to jump in on the retest and got in at $460. As sweetly timed as I ever have timed Bitcoin......pity my profit taking and correction catching efforts never went so well.

You have made my point perfectly. Your trade was based on the logic: if the price goes up [above the resistance line] then it will go up some more. In this particular instance you were right, but I am sure there are similar examples where you lost on the trade.