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Technical Analysis Plain and Simple: Charting the Markets in Your Language, Third Edition by Michael N. Kahn - CMT

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28. Building Your Technical Toolbox

OK, so now you have grasped the concepts of technical analysis and can put several to use in making your investment decisions. The next step is to balance your approach to analysis with the proper tools.

Like quality carpentry, quality technical analysis requires the right tool for the right job. While a hand saw can cut wood to build a table, a power saw with built-in guides can do it with a much higher degree of precision. Conversely, the back end of a screwdriver can pound a nail, but choosing the right tool, a hammer, protects both the carpenter and the tool. This chapter will outline what tools should be in a good technical toolbox.

Technical Tasks

Technical tasks are simply the analyses ...

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