YES. Why I said that? I have been reading graphs making judgement based on the indicators. Everyday, my new colleagues and I would be pondering whole day on the silly graphs, talking to ourselves: "Hey, I think stochastic oscillators are moving to buy signal as %K and %D line is going to crossover." or "hmm... RSI at oversold region leh, I think better sell" or "oh wait wait ... I think I see the price touching the Bollinger band le, It's surely a sell signal."
Although, our job requires us to see fortune everyday, but seriously, I think technical analysis are all craps without proper studies or systems in place and also without support from fundamental reasons. Often, we missed out the importance of fundamental analysis and totally engrossed with the magic of technical. In short I personally feel, that technical analysis, makes people see things the way they want to see it.
Example, when I feel that it is a buy signal, I often use those indicators that support how I looked at the market. Those that says otherwise, I will not take them into considerations. This can be a danger to many traders falling to what I called a "self-deceiving mode". Therefore, it is still important not to neglect the fundamental factors surrounding one's decision making.
I'm not ranting about the use of technical analysis or doubting it's power, it just that, I feel amused how closely resemblance between those putting up the fortune reading stalls outside the Guan Yin temple at Waterloo Street and us in our office looking at the monitor. Sometimes, I feel like saying this mischeivously infront of my laptop: "Hmm .. Mr. EUR Dollar, I can see a dark cloud around your forehead, bad omen for you." :P