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Foundations of Technical Analysis: The Power of Parallels & Analogs

Foundations of Technical Analysis: The Power of Parallels & Analogs

Michael Boutros, Strategist

See these tools & methodology used in practice, Join Michael for his Weekly Strategy Webinar on Monday mornings.

Foundation of Technical Analysis Series- Click here for the complete series and webinar archives

In this episode of our bi-weekly webinar on the Foundations of Technical Analysis, we reviewed price action on the DXY (dollar index) on the back of the 4%+ decline since the start of the year. An analog of the early 1994 breakdown has been extremely useful in interpreting price action and although the broader picture remains bearish, the index is approaching areas of interest for a reprieve both in price and time.

Topics discussed include:

  • Using analogs in price action to identify price patterns
  • Multi-timeframe analysis
  • Examining Momentum (RSI) – basics / helpful insights on how to effectively use momentum
  • Identifying slope / pitchforks
  • Q&A Session

New to Forex? Get started with this Free Beginners Guide

A review of the latest GBP/USD, USD/JPY & AUD/JPY setups published earlier this week highlight live examples of how we utilize our technical approach to translate an idea into an actionable trade.

Join us for the next Foundations of Technical Analysis Q&A webinar where we’ll take the entire session to answer your questions on trading. Click here to register free!

Why does the average trader lose? Avoid these Mistakes in your trading

Want more information on technical analysis and trading strategies? Check out ourFree DailyFX Trading Guides!

---Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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