technical analysis is a useful tool for traders, but we have to consider it's limitations. Technical analysis is basically based on assumption about the past market statistics and data, without putting into consideration other external factors . So traders should not 100 percent rely on technical analysis, they should use it together with other methods of analysis.
Some of its limitations includes
1.it is based on assumptions about past market trends, gotten from the past market price and volume data
2.it is a backward tool subject to interpretation from different traders.
3.Technical analysis will not provide the full details of the market, that is putting economic and global events into consideration,
so traders should put all these factors into consideration before making an investment decisions using technical analysis.
Anyone saying the technical analysis is not reliable is not an informed trader because it is so reliable to me. Of course, I can't expect 100% success from it, and those traders who could possess a technical strategy with at least 75% winning should have the reliability with management, needless to say, some traders are still getting 95% or more from their technical analysis. So it is all about you, what you know and how you use what you know.
About your points, let's look at them one after the other;
1. You are so wrong about this. For it to use the past details to predict the future outcome doesn't mean it's bad, especially when you use the support and resistance strategies, including price action on the higher charts. That's its principle of operation, and the market is dynamic itself and it always respects the past records you are downgrading. And it respects it mainly because the market itself in the absence of new economic data/events, dances to the tune of the past records since it is not the market that trades itself, it is people who trade it. So, since people read the past record to predict the future and invest/trade due to that, the market often moves in that direction.
2. Yes, this point is valid. We have many traders all over the world and many would read the market differently. Above all, the main trend often prevails, so be a good trend trader. And if at all you would try a retracement/reversal, be a very good support and resistance trader. Also, to avoid any issues during the bad days use the right risk management.
3. I like you to know that all the burdens of trading should not rest on the shoulders of the technical analysis because it is merely a chart reading. How can't it know the economic happenings? But surely, it often adjusts itself on detecting them if you are a good chart reader. I see this often and change my stance if it has affected the initial market pattern. As the market is dynamic, the readers of the trading charts should be dynamic as well.