Like many of you I have followed Haejin for quite some time, taking a look at his calls on twitter -- this is where most of the traders I know "hang out" -- and watching them from a distance. What most dont know is that I, myself, am a trader as well and I use technical analysis as I have for the last 4 years in the Forex and Commodity markets.
I am relatively new in this platform but from what I can gather on what I have seen from his work, it does seem true that he just shovels out analyses on seemingly every coin that he can think of without putting in the necessary work and thought that SHOULD go into making a proper market analysis. It certainly does not help that he has the power to move certain coins with his large following. In regulated markets like commodities the CFTC would already have knocked on his door and order a cease and desist because that could be used for personal gain such as Pumps and Dump.
But all this is what we all "know", so what don't we "know"?
It seems almost daily I have to fight against some keyboard warrior that believes technical analysis does not work, which is fine because we are all entitled to our own opinions but stories like these certainly do not help the battle. I just want you all to know that this is not the case for every technical analyst. There are reasons why the markets move and why the patterns that Haejin or anyone else uses works and why they dont.
One thing I can explain here is that It was certainly much easier to make calls for everyone when the market was unilaterally trending higher. In this type of market ANY and EVERY bullish signal you find from your "indicators" and diagonal trendlines will work, but as soon as the market becomes what I call "a real traders market", much like the FX market is, people quickly need to learn to filter out trades because their signals will not work. This is what you guys are experiencing right now. So its not so much that Haejin is a scammer, but rather that perhaps he has not lived or had any experience in these types of markets.
I am not here to shift the blame, or prove anyone not guilty of things they might be doing, but instead just trying to explain why all your beloved top T.A. Guru's strategies suddenly do not work.
P.S. I do not support technical indicators for analysis. I will be writing an article later to explain this to everyone. I will be creating posts to try and educate everyone and share some of the knowledge and experiences I have learned through my years of trading the markets. So that you are equipped to make better decisions instead of blindly following someone else's. Also if you are one of those people its not your fault because you didnt know any better but my hope is that after a few weeks with me you will all be smarter and better investors/ traders.
Wishing you all success in your journey,
-Ralph Alvarez @BeyondTheHodl
Feel free to check out my website where I have set up a blog with past analysis at: www.beyondthehodl.com