Today 18-Apr-2018 was a non-trending day for stock markets. See this pic:
See the pic clearly. Till 1.45 pm all intraday traders must be long trying to make quick bucks. But then what happened?
I can bet ALL TECHNICAL INDICATORS – those 5 min charts, 15 min charts, 1 hours charts, candle sticks, bollinger bands, Moving average convergence divergence (MACD), and any other indicator that I am missing must be giving only one signal
And then when the trader goes long thanking the technical indicators, the software that they bought for a few lakhs or paying a monthly fees goes bust (fails) all of a sudden.
Can you kick your software? Are they to be blamed? NO. Then whom to blame? Yourself.
What makes you believe that the 5 min charts that only gives signals based on last 5 minutes will be correct for the next 5 minutes? Or one hour chart giving signals based on last 1 hour will be correct for the next 1 hour.
What about a stock giving great return for the last 1 year? Is there a gurantee that it will give the same return in next 1 year? NO.
Technical Indicators just give signals based on whats happening NOT what will happen.
Stop spending money on software producing beautiful charts. If you still do not believe me and want to stick to charts moneycontrol makes free charts.
Here is ITC Technical Chart:
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