Technical Analysis is a method of price analysis. The object of analysis includes anything with price trend movement. For example, stock price, commodity price, real estate price, etc.
I was told there are currently few thousand techniques categorized as technical analysis. This is a tremendously huge body of knowledge. Imagine the time it would take if someone were to take the time to learn everything, not counting the additional time it would require to master each individual technique.
Fortunately for the market professionals, mastery of few techniques alone might be enough to profit from the market. This is not to say that we can randomly pick and choose techniques that we personally like.
In a good system, synergy of the few techniques might be enough to build a very comprehensive technical analysis system. People generally have the misunderstanding that the more techniques they use, the more powerful will be the system they are building. This is far from the truth. What we need is few techniques that complement each other to cover the weaknesses of the others.
In my short span of time dealing with technical analysis, I was introduced to a powerful combination of the following:
Elliot Wave
Candlestick
Simple Moving Average Channels
RSI
Stochastic Oscillator
MACD
