Forex chart patterns have been recognized and categorized for over 100 years and the manner in which many patterns are repeated leads to the conclusion that human psychology changes little over time.
Forex charts are based on market action involving price. There are five categories in Forex technical analysis theory:
- Indicators (oscillators, e.g.: Relative Strength Index (RSI)
- Number theory (Fibonacci numbers, Gann numbers)
- Waves (Elliott wave theory)
- Gaps (high-low, open-closing)
- Trends (following moving average).
Some major technical analysis tools are described below:
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