Hello guys, i have any questions about technical analysis. What are the most effective tools for technical analysis? And what do you advise me as a novice trader yet?
Technical Analysis is a complete list of tools that are used predict the trends of any stock. Some of the most effective tool in the TA I think are the following.
1. Candlesticks: learning candlesticks and candlestick patterns is the first and foremost thing you will need when kicking off your journey into TA because you will need it at every step in TA.
2. Dow Theory Patters: Learning DOW theory is equally important because it gives you the patterns which can be formed on chart and various indications given by such patterns.
3. RSI: RSI or the relativity strength index is another important tool to know the strength of the market used in TA.
4. Volume: Volume gives you great insight about market and buyers choice.
5. Moving averages: The averages of the prices of different candles are another great tool for TA.
Learn these things at beginners level and you can be a great technical analyst.