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"Technical analysis is the study of market action, primarily through the use of charts, for the purpose of forecasting future price trends." In its purest form, technical analysis considers only the actual price behavior of the market or instrument, based on the premise that price reflects all relevant factors before an investor becomes aware of them through other channels.
Technical analysis is widely used among traders and financial professionals, and some studies say its use is more widespread than is "fundamental" analysis in the foreign exchange market.
Technical analysis uses many different methods to determine price movement. These include, but are not limited to: Trends, trends in trends, Fibonacci values, support and resistance, oscillators, channels and patterns to name a few. You can get really crazy here, and the bane of most traders is that because they are not yet used to risk and reward they usually opt for "more is better". Actually LESS is better. The idea is to find a system using reliable indicators, add your own personal technical analysis and go with a system that exhibits STATISTICALLY HIGH PROBABILITY. Virtually all successful traders can tell you in less that a minute exactly how they trade and why!
We have a complete page of downloadable information to study and use. Remember, you can't use it all (or the data can actually begin to conflict). Most traders use a combination of oscillators, trending, Fibonacci equations, MACD and previous support and resistance to arrive at what they are comfortable in using.
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