Which tools to use? Well, most traders only knew of about 5-15 different options at the time. These tools had been around for a very long time because the majority were created in the 1970s and 1980s for stock trading.
Little did anyone (literally anyone) know, there were many, MANY other options available. Options created by skilled computer programmers, who were programming at exponential levels in terms of skill and experience compared to decades past.
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Even today, most traders have no idea these other tools exist. No Nonsense Forex traders do of course, so it seems like that number should be higher, but we continue to be a drop in the bucket of traders worldwide.
I have to laugh. The blindness is real. So real, out of the 10,000+ tools available, I erase twelve of them, and these people have absolutely no other recourse. They really do think there are none left remaining because I took them all away.
To this day, I still cannot wrap my head around it. Thousands of great technical indicators, many of which were developed in this millennium, go completely undiscovered by millions of traders who have been programmed and conditioned not to search them out somehow.
Yet, there were still professional technical traders making money in their professions before 2018, and they continue to exist today, doing consistently well with things like support and resistance and the RSI.
I will guarantee you every real professional Forex trader who was ever to sustain a successful career for more than five years had top-level trading psychology and money management. All of the professional traders I know have it locked down with the best of them.
Out of millions of people trading the markets, you could probably count the number of pros you are personally aware of on one hand, and the amount of pros using technical analysis as their primary guide on one finger.
When you have clear and defined signals like you do with indicators, testing is a breeze. Signals are very easy to locate, and once you have your money management parameters plugged in, you know exactly what to do, and know exactly if that trade was a winner or not.
That last part was important, especially for male traders, and I think this accurately explains why people get a lot more mad at me when I trash certain indicators compared to my videos on price action tools. As silly as it may sound, people take their indicators very personally.
Realizing there was a whole new, modern world out there this whole time, and you have spent the last five years of your life missing out on it and squandering all of your time learning how to use an abacus is a real kick in the balls. I get it.
I wrangle all of these arguments up into one, and have created a character over time who embodies these objections quite well I think. I have named him Boofus, and he has made a number of appearances on my channel and blog.
I will do my best to state the fundamental flaws, then move on. Elimination is one of the main focuses on my channel, and I do my best to get these concepts out there so you can see them for what they are in a traditional sense, and prepare to move on to something better.
Regardless of your stance on old tools vs new ones, you simply do not have a valid argument against the NNFX approach to technical analysis until you have fairly tested both methods out to see which one gives you the best results.
We up our odds here. We understand the supreme importance of money management and trading psychology, but we bolster it with technical analysis which takes advantage of modern technology, gives us definitive signals, and a system we can thoroughly test before we use it in real time.
For new traders, the vast range of methods used to trade the financial markets may appear quite daunting. However, the reality is that the majority of these methods can be categorised as either fundamental analysis or technical analysis. While some traders use both, most traders these days focus mainly on technical analysis for some very important reasons, which you will discover in this article.You will also learn how to perform technical analysis yourself, the best software for doing so and much more! The focus of this article will be on Forex technical analysis, however, we will also look at other financial markets, helping you on your way to becoming a master of technical analysis!Table of Contents Technical Analysis: An Introduction Technical Analysis: Origins Fundamental Analysis vs Technical Analysis The Basics of Technical Analysis Best Technical Analysis Software: Which One? Technical Analysis Charts Forex Technical Analysis: Chart Patterns Forex Technical Analysis: Candlestick Patterns Technical Analysis Indicators Technical Analysis for Different Financial MarketsTechnical Analysis: An IntroductionTechnical analysis is the study of patterns in price of a particular asset, with the intention of identifying trends and making predictions about future price movements. There are many ways to identify patterns in the financial markets, but most technical analysts focus on the following:Technical Analysis Chart Patterns In this study, technical analysts use drawing tools, such as horizontal lines, trend lines and Fibonacci levels, to identify well known chart patterns, such as symmetrical triangle formations and consolidation patterns. These patterns, once identified, give clarity to the strength and weakness of both buyers and sellers in the respective market. Technical Analysis Candle Patterns In this study, traders use price charts, such as candle charts, which display the open, close, high and low price levels of a particular timeframe. They use these charts to attempt to identify clues on the behaviour of buyers and sellers in a short period of time. Technical Analysis Indicators This is where traders use technical indicators to help in understanding the market condition. For example, many indicator provide signals on when the market is overbought or oversold. Other indicators can provide traders with clues on either rising or falling momentum. There are indeed many ways to perform technical analysis of a security. In all cases, the technical analyst draws upon historical price data to identify recognisable and repeatable patterns. These patterns are then analysed to help traders identify the correct condition of the market, as well as possible points to enter and exit the market.
Technical analysis of the financial markets have existed for as long as there have been markets driven by supply and demand. The first known historical records are dated around the 17th century for Dutch merchants and the 18th century for Japanese rice traders. At the end of the 19th century, technical analysis began to take off, as it was propelled into the trading masses by the founder and editor of The Wall Street Journal, Charles Dow.Among his contemporary compatriots were other technical pioneers, such as Ralph Nelson Elliot, the founder of the famous Elliot Wave Theory; William Delbert Gann, the founder of the Gann Angle Theory; and Richard Demille Wyckoff, who was possibly the first market psychologist who theorised that the market, with all the historical data recorded, is best considered as a single mind and his teachings are still taught at some of the top universities in the US.For most of the 20th century, and throughout history, technical analysis was limited to charting, as statistical computation of vast amounts of historic data was not possible. That meant that no technical analysis indicators were available. It also means that now, the digital era, can possibly be considered as the golden age of technical analysis and the right time to learn more about it.Fundamental Analysis vs Technical AnalysisTechnical Analysis Fundamental Analysis Study of price charts and price patterns Study of economic, or company, data Fundamental analysis is the study of economic data (such as retail sales figures, inflation reports, employment data, etc) or company news and earnings announcements to identify the trend of the market and possible turning points or changes in the direction of a particular market. While fundamental analysis is still useful in some markets, like the stock market, technical analysis is now much more common.One of the reasons technical analysis can work, is because more and more people are using it to aid in their trading decisions, making it even more effective than ever before. However, most traders will use a combination of technical analysis and fundamental analysis, as if both fields of study point to the same market move it is generally considered a high probability trading opportunity.Advantages of Technical Analysis:Forex technical analysis only requires a few basic tools which are free with the Admirals MetaTrader platform. Forex technical analysis can sometimes give high probability directional views and points of entry and exit from the market. There are a wide variety of technical analysis tools and indicators that can help with identifying possible trading setups.Disadvantages of Technical Analysis:Because of its widespread use, Forex technical analysis can trigger very abrupt market movements in the event that many traders come to the same conclusions. In some markets, technical analysis should always be combined with fundamental analysis.Advantages of Fundamental Analysis:Can help you to understand why a market is going up or down. When combined with technical analysis can lead to identification of long term trends.Disadvantages of Fundamental Analysis:There are so many fundamental analysis tools to use there can be lots of conflicts with some indicators showing good data and some showing bad data. This can lead to confusion. Keeping track of all the different news announcements can be time consuming. Just because fundamental analysis says one thing doesn't mean the market will respond. For example, even if US economic data is weak it doesn't mean the US dollar will go down. If all the other currencies are weak - traders may choose to stick to the US dollar because, as the world's largest economy, its currency will most likely recover faster than others. It takes much longer to master the outcomes of different economic data such as inflation reports and company earnings announcements.The Basics of Technical AnalysisIn this section, we will look at some of the basic underlying principles of technical analysis which you should know.Price Action Accounts for EverythingThe logical framework of technical analysis derives itself from Dow theory, which claims that the current market price accurately reflects all the currently available relevant information. Therefore, any factor which has an impact on supply or demand will inevitably be reflected in the chart. Researching, or even being aware of, the events outside of price action, is, therefore, mostly rendered useless as they may provide unreliable data.Price Moves in TrendsIn another echo of Dow theory, proponents of technical analysis tend to favour the trend-like nature of the financial markets. Markets can move in uptrends, a bullish market that continuously creates higher highs and higher lows. The opposite market behaviour, characterised by lower lows and lower highs, constitute a downtrend, or a bearish market.A horizontal trend is called a ranging market and is not a particularly desirable place for a trend-based trader to be. This is due to the fact that during ranging periods, there is hardly any way to be certain about what will happen next. A ranging market means that the bulls and the bears are more or less equal in power. Neither side is strong enough to dominate the other for long enough to create a trend. Markets tend to range the majority of the time, which makes identifying trends extremely important.It is worth remembering that Forex technical analysis does not particularly concern itself with why things happen. For example, you may wonder 'why do trends occur?', however, to a technical trader, the answer is completely irrelevant. To them, the existence of trends is simply an empirically proven fact.History Repeats ItselfTechnical analysts agree that investors and traders, as a whole, operate in patterns. Because of this behaviour, technicians believe that they are able to accurately identify patterns and make trades with a higher probability. All they need is a small statistical advantage, multiplied by repetitions and leverage.Whilst technical analysis of financial markets, such as Forex technical analysis, is popular in its own right, many traders use technical analysis in combination with fundamental analysis or sentiment analysis. Technicians may excel and identifying and confirming trends, but it is the fundamental shifts that provide conditions for those trends to develop.Technical analysts use the method of Forex backtesting, also known as historical backtesting. This is a method utilised by traders that use historical data to test a trading strategy, which primarily relies on Forex technical analysis. As with all statistical findings in any area of human activity, past data does not guarantee that the pattern or the probability will last. It is only a tool. The most important thing is to get started and to learn by practice.Best Technical Analysis Software: Which One?As technical analysis is the study of price charts, the first step in getting started is finding the best technical analysis software. The MetaTrader suite of trading platforms is regarded by many as the best software the trading world has to offer.With Admirals, both demo and live account holders, have free access to the following MetaTrader trading software:MetaTrader 4 MetaTrader 5 MetaTrader WebTrader MetaTrader Supreme Edition (A custom plugin for MetaTrader 4 and MetaTrader 5, created by Admirals with the help of professional trading experts)Whilst users can access all this technical analysis software by opening a demo or live trading account, there are some differences between the different platforms.For example, the MetaTrader 4 platform has been the go-to platform for Forex technical analysis traders for many years. The MetaTrader 5 platform offers traders the chance to use their technical analysis skills on a higher number of markets, such as stocks, indices and commodities. Both these platforms and WebTrader already have specific technical analysis tools in them, which we will cover in more detail later in the article.In the following sections, we will look at the four different types of technical analysis tools you can use to your advantage. We will then learn how to apply technical analysis for different markets such as Forex, Stocks, Indices, Commodities and Cryptocurrencies. The four different types of technical analysis tools are:Charts Chart Patterns Candlestick Patterns IndicatorsIt is recommended you download your MetaTrader platform, so that you can follow through on the technical analysis examples below.Technical Analysis ChartsThe first consideration on your path to becoming a technical analyst, is to decide which chart type to perform your technical analysis on. Whether it is stock market or Forex technical analysis, the same chart type can be used across different markets.Chart types include line, bar and candlestick. Once you've downloaded your MetaTrader technical analysis software, you can switch between these different chart types by right clicking on an open chart and selecting from the three different options.Let's look at each chart type in more detail.Line Charts Depicted: Admirals MetaTrader 5 - GBPUSD Daily Chart. Date Range: 21 May 2020 - 3 September 2020. Captured: 3 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admirals (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance. A line chart simply connects the closing prices of the timeframe you are viewing. For example, when viewing a daily chart the line will connect the closing price of each trading day. Whether you are employing stock market or Forex technical analysis, traders mainly use line charts to identify long-term trends as it is the most basic type of chart available.OHLC (Bar Chart) Depicted: Admirals MetaTrader 5 - GBPUSD Daily Chart. Date Range: 21 May 2020 - 3 September 2020. Captured: 3 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admirals (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance. The OHLC (Open, High, Low, Close) bar chart shows a single vertical bar for each time period the trader is viewing. For example, when looking at the daily chart, each vertical bar represents one trading day. The bar chart presents much more information than the line chart. It shows us the open, high, low and close price values of the specific timeframe.Here are some technical analysis chart basics for the OHLC bar chart:The dash on the left is the opening price. The dash on the right is the closing price. The high of the bar is the highest price the market traded during the time period selected. The low of the bar is the lowest price the market traded during the time period selected. The green bars indicate that the closing price is above the opening price, these are known as buyer bars. The red bars indicate that the closing price is below the opening price and are known as seller bars.Charts such as the OHLC bar chart help technical analysts identify whether buyers or sellers are in control of the market.Candlestick Charts Depicted: Admirals MetaTrader 5 - GBPUSD Daily Chart. Date Range: 21 May 2020 - 3 September 2020. Captured: 3 September 2020. Disclaimer: Charts for financial instruments in this article are for illustrative purposes and does not constitute trading advice or a solicitation to buy or sell any financial instrument provided by Admirals (CFDs, ETFs, Shares). Past performance is not necessarily an indication of future performance. Candlestick charts were first used by Japanese rice traders in the 18th century and they are the most popular type of chart for Forex technical analysis. Similar to OHLC bars, candles also show the open, high, low and close values of a chosen time period.The major difference is that the candles have a box between the open and close price values known as the 'body' of the candle which is coloured in, usually either red or green. Here, red indicates that the close price is lower than the open price, with green indicating the opposite.Many traders find candlesticks charts the most visually appealing, which is one of the reasons they are so popular in Forex technical analysis.Forex Technical Analysis: Chart PatternsThe MetaTrader trading software comes with a wide variety of technical analysis tools, that can be used to help identify chart patterns. They include drawing tools such as:Lines - Horizontal Lines, Trend Lines, Cycle Lines, Angle Lines. Channels - Equidistant Channel, Standard Deviation Channel, Regression Channel, Andrew's Pitchfork. Gann - Gann Line, Gann Fan, Gann Grid. Fibonacci - Fib Retracement, Fib Extensions, Fib Channel, Fib Time Zone, Fib Arc, etc. Elliott Wave - Motive Wave, Corrective Wave. And more.These can be found by selecting 'Insert' in the top menu, then 'Objects'. For example, let's take the popular technical analysis tool, the Equidistant Channel, which can be accessed as shown below: 152ee80cbc
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