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Perfect Market for Technical Analysis
In the GBP/USD chart in Figure 1.1, it is clear that Fibonacci retracements,
moving averages, and stochastics have at one point or another
given successful trading signals. For example, the 50 percent retracement
level has served as support for the GBP/USD throughout the month of
January and for a part of February 2005.The moving average crossovers of
the 10-day and 20-day simple moving averages also successfully forecasted
the sell-off in the GBP/USD on March 21, 2005. Equity traders who focus
on technical analysis have the easiest transition since they can implement
in the ** market the same technical strategies that they use in the equities
market.
