Sorry for the lack of activity on my part in this thread, I am still trading every single day. I am just active on different channels since I didn't see much interest on WickedFire.
To answer the technical analysis question, to me it is not bullshit but at the same time it is not as clear cut as charts put them out to be just because when you're in a position - emotions come to play. Majority of traders fail because they cut winners too soon, and let losers run for a while.
Let me show you an example of technical trading for today. So yesterday on my forum I posted the following chart on Priceline:
The focus on the chart should be on the $1,055.99 support. In several prior instances, PCLN would go right down to about that level before reversing back up. As a technical trader, this was the time to open a long position. How did PCLN perform today? Let's make a new chart with today's trading day included:
Notice how the stock opened higher today, sold back down to the same support level, before finally making its way higher. It went from $1,055 all the way to 1,075.00 today. Even better, you see where it reached the top today and then sold right back down? Look at the prior day on the 28th, it hit that exact top and sold off as well.
So this is a perfect example of where the support level held strong, and the resistance level held strong.
Many things fall into into technical traders, there are folks that stick to moving averages, fib lines, overbrought/oversold indicators, volume, etc. It really comes down to what makes the trader money. There are traders are successfully use moving averages to enter and exit positions and there are traders that utilize them unsuccessfully. My main focus is trendlines.