Traditional TA has folks following antiquated ideas like drawing lines, following lagging moving averages, and following indicators that may not have the proper math behind them. There is a better way. You can use new tools like probability cones to look for areas of confluence to make trades from. These cones assume asset price follows a log-normal distribution and the log return follows a normal distribution. They are very good at showing the probability range of price action up to 30 bar period. In this case you see I have stacked 4 of them on top of a one period back bar. I can make better trades by using these and other volatility tools for a good trading plan and put the probabilities in my favor instead of hoping that PA is going to bounce of my 21ema. It's time for a better way. You can see the results for yourself. For more info on this tool see. tradingview.com/script/wPF90tlA-Probability-Cone-BAPig/
Thanks for sharing a better method for statistical forecasting. I think more and more people are realising that technical analysis is based on fallacies and will look to more robust methods like this.
SemiQuasi
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Thanks for posting MJ! Amazing how effective this is.
CryptoCYCLOPS
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Yes, Better Math is the way to go. Probability and Statistics changing the way traders attack the markets....