The Truth About Technical Indicators: The Good, And The Bad

It is a bit overwhelming when being first introduced to technical analysis. It can be quite confusing, as a lot of jargon is thrown around. As the years go by, I find myself focusing less and less on technical indicators (chart patterns are much more useful, and I don't mean patterns like Head and Shoulder patterns). I find the indicators out there to not be that effective since they are so overused by trading robots and retail traders thus taking the edge away. My Thoughts on Indicators Early in my trading career, I followed Tom McClellan and he has always emphasized not to use the same tools everyone else does, as it takes away the edge. I have always taken that as motivation to find new/unique ways of interpreting indicators. For example, with the RSI, I don't look at it to tell me whether a stock is overbought or oversold, there is so much to the indicator, that many don't discuss (or maybe notice). In fact, I find trying to use it to tell if a stock is overbought