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You can look at past data to help you spot trends and patterns which could help you find some great trading opportunities. Technical analysts use charts because they are the easiest way to visualize historical data! When someone says technical analysis, the first thing that comes to mind is a chart. Technical analysts look for similar patterns that have formed in the past,Īnd will form trade ideas believing that price will act the same way that it did before. Traders will keep an eye out for it and base their trades around that historical price level. Well, that’s basically what technical analysis is all about! If a price level held as a key support or resistance in the past, Have you ever heard the old adage, “History tends to repeat itself“?
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If price reflects all the information that is out there, then price action really to trade.
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The main evidence for using technical analysis is that, theoretically, all current market information is reflected in price. The theory is that a person can look at historical price movements and determine the current trading conditions and potential price movement. Technical analysis is the framework in traders study price movement. You need to approach a reliable expert when it comes to trading, Much like you approach an engineer when you’re planning to build a house, What is Technical Analysis :- Any business needs certain tools and techniques to start with.