Technical Analysis
Technical Analysis goes hand-in-hand with forex charting. Technical analysis attempts to forecast future price movement through the mathematical analysis of past price action. For many traders, technical analysis is the most important tool for examining the market. Technical analysis involves the study of past and forex prices-often though the use of charts-with the objective of predicting future prices movements and trends, and identifying opportunities for profitable forex trading. Many traders advocate technical analysis as the most (or only!) reasonable method to attempt to predict prices. That opinion is based on the idea (and cliché) that the "market action discounts everything". That statement means that all factors that can be known that can impact currency prices are already reflected in the currency price. (Of course, few technical traders would dare ignore pending events, such as the release of economic reports discussed in the section above.). In addition to the belief that the "market action discounts everything, fundamental analysis is based on two additional ideas: Prices move in trends: this truism is apparent by observing a forex chart. Currency prices tend to move in the same direction for periods of time.
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