I'm just wondering to what extent one can rely 'purely' on T/A to use as a tool for making decisions?
I mean is it possible to make decisions in complete isolation of rumor and speculation. Is it wise to not look at all at the speculation and just focus on the charts?
What are your set ups? Do you have a TV switched on where you can listen to CNBC or Sky Business Channel or something like that--even if all you do is obtain a general knowledge of what is going on in the world.
Yesterday I watched Bloomberg channel and they were saying that there is a lot of speculation that oil price will continue to rise.
I guess my question is:
To what extent do you listen to speculation before applying Technical Analysis?
Do you read news in things like Business Weekly Review etc?
What do you guys do for obtaining a general knowledge of the markets?--and how important is that knowledge when using Technical Analysis.
I've read that in T/A you can ignore everything and just watch the direction the market is trending and make decisions accordingly, but I'm just wondering if there should be a balance in terms of having some clue about the speculation out there that is causing 'risk' in the market etc.