The main tool of technical analysis is neither the pencil nor the computer, but the organ that every analyst is supposed to have between his ears – the brain. Sill, if two technicians are at the same level of development, the one with computer has an advantage.
Technical analysis is partly a science and partly an art – partly objective and partly subjective. It relies on computerized methods, but it tracks crowd psychology, which can never be fully objective. The best model for technical analysis is public opinion poll. Pollsters use scientific methods but need psychological flair to design questions and select polling techniques. Price patterns on our computer screens reveal crowd behavior. Technical analysis is applied social psychology, the craft of analyzing mass behavior for profit. Trading option
