Technical Analysis: Elliot Waves do not Work...

Do you utilise technical analysis to help you predict a market’s direction? Dominic Frisby comments. I like technical analysis, I have systems to try to predict market direction - it provides me a way to manage risk. It helps me establish trade entries and exits. I use moving averages to help me ride trends. You can make technical analysis too complicated but moving averages and things like MACD work for me - you have to find a system that works for you. I also find that horizontal straight trend lines are useful; if its above the trend line stay long, if its below the trend line stay out or go short. I don't believe in Elliot Wave analysis; elliot waves do not work but bollinger bands are useful.. Technical analysis simply provides a system. Of course in a ranging markets, moving averages don't help and in such a market I just use straight lines. I know a guy who buys on bad news.

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  Forex Trading