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The Sensible Guide to Forex: Safer, Smarter Ways to Survive and Prosper from the Start by Cliff Wachtel

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CHAPTER 9

Technical Analysis

Future Study

Acentral principle of good teaching is that it gives the student a clear path on which to continue once the teacher exits. A common fault in trading books is that either they provide insufficient guidance about what to learn next or they presume that they've taught you everything you need to succeed. Unfortunately that's impossible to do.

Trading books tend to focus on what is most relevant to the author's own trading style, and there are just too many ways to trade for any one book to possibly cover them all well.

After having studied this book, you're ready to start applying the specific methods and tools we've taught on practice accounts, and then with real accounts. These are good starting points, but it's quite possible that you'll grow in other directions.

Regarding what to learn next, this chapter is meant to introduce you to the next technical analysis (TA) topics you'll want to learn as part of your continuing education, to expand your analytical skills and find the trading style that best fits you.

CATCH A WAVE: TIMING OR CYCLE INDICATORS

Be it in surfing, comedy, investing, or anything else, the right timing is critical. In addition to Fibonacci retracements, covered in Chapter 4, there are a number of other indicators that help you understand the inner rhythm of price movements. Like electricity, we can use them effectively without really understanding why they work. As with Fibonacci retracements, deploying these others successfully ...

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