Buddy, it all depends on which technical tools you are using for technical analysis. From my point of view, I think it is very effective. Mainly I use ichimoku cloud, oscillator and momentum indicators and everything works perfectly.

It's not about how effective they are, it's more about how effective you are. If you know how to use them, then any tool can be efficient.

But if you don't, then go and learn from the xtrade trading education. They will teach you at least the basics of technical indicators.