EURUSD - "Technical analysis" ?The word technical analysis is thrown around all the time. Whether it be related to a chart with 5 indicators and an animal shaped pattern, a randomly drawn 'fib retrace', or when a new trader identifies his first semi-accurate trend line...
Well here is an example that I think may be more useful for some members here who look at charts to learn and get ideas rather than only to copy other peoples TP and SL levels in the hopes that they're copying from someone clever.
I won't go into detail to explain because Id rather spend the time doing paid teaching rather than free. Instead I'l leave you to figure out what "technical analysis" has been added to the chart and more importantly why. The next step is figuring out where these methods can be implemented in other charts to see if you can replicate.
Observe, understand, replicate. Those are the magic three steps you need to take at every opportunity if you want to continually improve your returns each year.
As for the chart itself, I'm sure the significance of the price resting at the red resistance line is pretty obvious :)
Enjoy.
EDIT: Unfortunately the 'trend angle' tool (showing 9 degrees) is not consistent screen to screen. So it will be at the incorrect angle for some people depending on screen size/zoomed-ness. But the idea and functionality remain.
