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While we are picking apart TA the biggest danger in my
opinion is multicolinerarity. That is using exactly
the same type of indicator [say stochastics and rsi]
as confirmations of one another when in fact they are
measuring the same thing [momentum].
As to meaningless correlations I'd defend moving
averages of all indicators as being anything but.
There is a reason these are used in many areas of
analysis other than price data. Whether or not you can
trade them consistently to profit is a horse of
another color.
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