The late Ayn Rand emphasized that philosophy was the most practical of disciplines: it governs the ideas that lie behind all we do and think. The philosophical premises we assume affect how we approach trading.
A beautiful example of this is David Aronson’s new book, “Evidence-Based Technical Analysis”. It’s a well-written, thought-provoking text, with many practical examples of how to conduct data analysis in an objective way.
Starting with the premise that knowledge consists of statements that are found to be true, Aronson, writing in the positivist tradition of philosophy, excludes subjectivity as knowledge. He explains:“The most important consequence of TA adopting the scientific method would be the elimination of subjective approaches. Because they are not testable, subjective methods are shielded from empirical challenge. This makes them worse than wrong. They are meaningless propositions devoid of information. Their elimination would make TA an entirely objective practice.”
This is bound to rub many traders the wrong way, but it’s an important challenge. What is knowledge? How do we know what we know in the markets? How can we demonstrate that knowledge is such, and not illusion?
Once we start with the premise that all knowledge consists of explicit propositions that can be tested for truth, we necessarily are led toward trading that is rule-based and rigorously backtested.
Last Close : 6285
Yesterday ,We had Boldly written :To watch 6212-6219 levels.Crossover will take to Friday’s High of 6269 level.
After Crossing 6269 level ,Our Targets for our Subscribers were : 6282—6298 level. (Do u know it kissed High of 6301.60 )
Above is Daily Chart of Nifty Future.
Yes ,Above 6298 level if Trades with volumes and sustains for 20-25 minutes ……………..Then More Firework
Target :6345-6361 in hrs only …We can see.
Now ,Suppose not crosses High of Yesterday ( 6301.60 ) and Trades below 6293 level then ?
We see Slide upto 6266——————————-6257 level.
Now ,3DEMA @ 6236 :7DEMA @ 6233
Now ,While Updating SGX Nifty is down by 36 points at 6269 level.
Overnight US Market Down ,Asian Market Down………So use Sentiment and SGX is Down.
Indian Market moves on Sentiment +Fiis activity only.We Don’t care for Inflation ,IIP Numbers ,Economy ,Growth-All Manipulative +All Corporate Results (101% Insider Trading going on…)
More Details to our Subscribers ,Updated at 7:43/14th Jan/Baroda/India