| If you scour the internet trying to find out about | | | | pressed to have any idea what this has to do with |
| forex technical analysis, you're going to have a | | | | the true market sentiment. |
| mountain of information to go through. It seems | | | | It seems that most people that study forex technical |
| everywhere you turn people want to make forex | | | | analysis forget that the oldest form of analysis is |
| technical analysis as complicated as possible. All you | | | | price action. Long before the rise of these lagging |
| ever see is how some traders talk about filling their | | | | indicators, traders on the market floor were just |
| charts with all these lagging indicators like stochastics, | | | | using price action as their sole indicator for buying and |
| oscillators, moving averages and forming some kind | | | | selling. Traders like Jesse Livermore became |
| of trading system. It really doesn't have to be this | | | | millionaires just by following the movements of the |
| way. | | | | price. He didn't even use a chart. It's very similar to |
| Can you really call using all these indicators as a form | | | | what goes on in the market floor of the New York |
| of forex technical analysis? I'm sure many traders | | | | Stock Exchange to this day. It's not like the trader |
| follow a trading system based on stochastics, but do | | | | on the floors are hurrying to the nearest computer |
| any of them really understand what the price of the | | | | to find out if the stochastics are showing oversold or |
| currency is doing. It may seem easier just following a | | | | if MACD has a price divergence. They honestly don't |
| couple of stochastic lines to make your trading | | | | care. |
| decision for you, but most people would be hard | | | | |