Just when you thought it was extinct, a mythical beast perhaps, the Vomiting Camel has once again been spotted in the wild. Truly, this is a special day.
For the uninitiated, the Vomiting Camel is a joke. It is not a real thing. I have never been on a technical analysis training course. I am not really the chief investment officer of Vomiting Camel Asset Management, although my Twitter profile does say I am. (Fake news.)
It’s a joke. OK, not a very funny one, but nothing more than that, just a way to gently take the proverbial out of the often ludicrous ‘discipline’ of technical analysis – the financial markets’ answer to horoscopes, but with more lines. So many lines. Eg:
As you can see from that chart, the market in…. whatever it is, is poised to break either higher or lower, because lines that look like things, if you squint. Thank you for playing.
Anyway, purely for giggles, I have been drawing pictures of vomiting camels on charts for the past four years. I stole the idea from someone on the internet and have been banging on about it ever since, because if a gag’s worth making, it’s worth making a lot. I need to get out more.
Examples include this (when I was, to be fair, completely right).
Vomiting camel formation, Bitcoin.
— Katie Martin (@katie_martin_fx) November 30, 2017
Vomiting camel formation, sterling.
— Katie Martin (@katie_martin_fx) October 4, 2016
I also thought the whole phenomenon had topped out in 2014, when CNBC ran a segment on the actual telly with someone saying there was an actual vomiting camel formation, in real life, in gold. It was tongue-in-cheek, but still. “This is a very very important technical pattern here… You have a vomiting camel here. It is also resting on a rhombus formation!”
Watch out for the splash zone, viewers!
So imagine my surprise when the website TradingView recently ran a post about the appearance of the legendary mammal in bitcoin. (Thanks again to Yannick Naud for pointing it out to me.)
“Even though it is hilarious, this is a real chart pattern,” the post declares. “It was discovered by Katie Martin, she manages Vomiting Camel Capital Asset Management.” Oh my god.
“Google ‘vomiting camel stock pattern’, especially look at the gold chart from 2014 that illustrates this pattern. It is almost identical. The pattern speaks for itself of how the camel is drawn over the lifespan of the stock/coin. The end of this pattern is the actual vomit which show the 3 red arrows of the drop that may be impending.”
I… don’t think I have words.
But wait, there’s more. There’s a video. Tune in from 13:45 or so.
“This may seem like a joke…. this is called a Vomiting Camel pattern. This is real, by the way, I’m not even joking… This is how it works. You have the first hump, then you have the second hump… then the neck and then the head and then it starts throwing up.”
Guys, guys. This has got way out of hand.
“You can go out and use these same tools that we use and do it yourself… Teach a man to fish and you are going to teach him a lot more than feeding him a fish.”
OK. We’re done here. But as the world’s leading expert in camel fishing, I can tell you this is how it’s really done: You copy a chart. You open MS Paint, or similar. You draw a childish picture of a camel over the lines. Joke about it on the internet. Done.
If you buy or sell anything based on the camels, then the very best of luck to you. You’ll need it. On the plus side, I guess it’s no sillier than any other form of technical analysis. Cut me into any profits.
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