Some more tips about the workshop topics.
This is with reference to the Live Technical Analysis Workshop, that I will be conducting in Barcelona just after the ITC.
Venue: The University of Barcelona
Date: Saturday November 1st 2008
Time: 08:30 AM to 04:30 PM
Cost: EURO 200.00 (including food and workshop material)
You can get the complete details here: http://www.fibforex123.com/Barcelona_workshop.htm
{For traders attending the FXstreet.com International Traders Conference (Barcelona October 29 to 31) there is a discount and the cost is 150 € only!}
To give everyone a brief idea of the usefulness of the topics that will be covered, I am putting up a sneak preview of the topics.
Topic.2 The different Candlestick patterns.
Candlestick patterns are quite commonly used, but once identified; do you know the conditions for entering a trade, and getting the correct stop and exit levels?
(For example - a candle has to satisfy 3 conditions to qualify for a “Reversal Bar” which also define the entry and stop levels.)
Candlesticks - The use of candlestick charts is an extremely popular technique used in most markets as a forecasting tool.  The individual patterns and formations that arise represent the psychological character of the market. These reflect upon the emotions of the traders and indicate quite clearly, whether prices will rise, fall, or reverse their direction.
The candlestick charts reflect the following points, which make them very effective -
·    Buyers and sellers move price based on fear and greed.
·    All known information is reflected in the price.
·    The “fact” (price action) is more important than the “why” (news, earnings and other fundamental factors.)
Looking at the specific pattern of the “Reversal Bar”, this is a single bar pattern which is very effective.

A bar has to fulfill 3 conditions to qualify as a reversal bar, and once it does, there is a very high probability that prices would change trend at this bar.
Alternatively, one would usually find reversal bars at major turning points in the price movement, hence learning to identify these bars will give you an advantage.
In the workshop, you will learn about these 3 conditions and how to determine the precise levels of Entry, stop and targets for this change of trend.

Topic.1 - Advantages and drawbacks of the common indicators, and identifying the proper situations in which to use them. (For example - use the RSI to determine breakout levels, rather than look at the overbought/oversold situations.)
RSI - The advantage of the RSI over other oscillators such as the MACD, Slow Stochastic, is that it is smoother and is not as susceptible to distortion from unusually high or low prices. Plus it can be used to interpret price action in 4 different ways.
But like other oscillators, the basic drawback is that it loses its effectiveness in trending markets. This is because the RSI tends to remain in the extreme zones during a trend, giving false overbought/oversold signals.
Thus, one should take the strong points of the RSI and use them in a different way to overcome these drawbacks.
The peaks/valleys generated by the RSI give effective breakout levels.
In the workshop, you will learn a simple technique to correlate these levels with the price action, which will confirm a breakout from a range.

Some more tips later -J

Sunil.