Fundamental Analysis works, but it takes a long time to work its way into the charts, and meanwhile distinct occasions, may perturb and shake the price up and down while it is moved into by it value point as indied from the fundamentals.
Technical Analysis informs us what previously did happen, and it doesn't exclude fundamental analysis, it merely told us what did happen, meaning suppose should 2 fundamentals are in play for state EURUSD, lets say ECB bank rate is tomorrow, and NFP is the day after tomorrow, that which you could see is price moving down today, then after the ECB bank rate launch, it moves up, then after the nfp the price moves down.
What technical analysis tells us is that these 2 are enormous fundamentals which the markets are extremely concerned about. Once ECB bank rate is discharged, it's priced in, and the market is looking at NFP, so that is the second most important matter. So markets might attempt to price in that, and due to that the impulse tide moved up by ECB bank rate is possibly no more valid at least until after NFP, where all of the markets participants have a opportunity to digest both movements and weigh them initially, then to the day after NFP, they start the real trend.
See how the player profiling works, NFP is another uncertainty, after ECB, so fundamentals and technicals are extremely route dependent.
So in fact, traditional technical analysis works, just that people have only been doing indior rigid procedures, and refused to correctly analyse price, but should not be confused with newbies who do not really understand trading, these newbies, all they need is appropriate knowledge. It applies to folks who want to become rich quick without placing any actual work into studying trading as a profession.
Go read Richard Wyckoff's the day trader's bible, WD Gann fact of the stock take, and Jesse Livermore reminiscence of the stock operator, and also see when you've got the opportunity, read munehisa homma's book on trading, after which you contrast it with all the black box type trading, its very distinct.
Its not to say indiors don't work, however you got to know how to correctly ANALYSE them, thats why its called technical ANALYSIS, so using your mind to think what price is conveying to you.
If you want to understand indiors, go read the formulae of the indiors, determine if what's done on it actually has an advantage, all it really does is attempt to frame a very restricted view of what the markets do today, provided an ASSUMPTION, the key is, as an instance, you're looking at stochastics, it presumes you're already in a market range. Professionals who do utilize indiors don't use this way, and im not certain if they utilize indiors, many do not because their mind can select it out faster than indiors anyhow, the indiors only slow them down.
Personally, I do not use indiors as its very lagging, just the bare charts will do.