When the word "classics" is mentioned, what comes to mind are the well-recognized works in fields that have endured the test of time: Plato's Republic, Shakespeare's Macbeth, Twain's Huckleberry Finn, Francis Ford Coppola's The Godfather, etc. Classics provide a reference point for all other works in a given field. They define the genre. As forex traders, we have our own classic tools and indicators, and study of them reinforces their value and, more important, provides a springboard from which we can evolve as analysts. In technical analysis, with rapidly evolving technology, there is an expectation that the new is advanced over the old. For the emerging field of forex trading, time can only tell if new ideas of neural networks, chaos theory, fractals and computerized pattern recognition tools will become the classics for the conduct of future technical analysis. Before traders employ the latest technical indicator or signal generator, they should have a perspective on the classic technical analysis tools and techniques.
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