It’s a myth that technical analysis works great in stock market trading. Technical Analysis is just a beautiful drawing of the past but not an assurance of the future. Otherwise all technical analysts would have been sitting in huge pile of cash trading the stock markets. But this is not happening.
There was a time when I used to believe a lot on technical analysis but I saw that it had a success rate of only 50%.
If you also trade on 5 min candle stick charts you will know what I am saying. TA is a beautiful presentation of what is happening in the markets but NOT what will happen in the markets.