What everybody ought to know about forex technical analyses?

If you scour the internet trying to find out about forex technical analysis, you're going to have a mountain of information to go through. It seems everywhere you turn people want to make forex technical analysis as complicated as possible. All you ever see is how some traders talk about filling their charts with all these lagging indicators like stochastics, oscillators, moving averages and forming some kind of trading system. It really doesn't have to be this way.

Can you really call using all these indicators as a form of forex technical analysis? I'm sure many traders follow a trading system based on stochastics, but do any of them really understand what the price of the currency is doing. It may seem easier just following a couple of stochastic lines to make your trading decision for you, but most people would be hard pressed to have any idea what this has to do with the true market sentiment.

It seems that most people that study forex technical analysis forget that the oldest form of analysis is price action. Long before the rise of these lagging indicators, traders on the market floor were just using price action as their sole indicator for buying and selling. Traders like Jesse Livermore became millionaires just by following the movements of the price. He didn't even use a chart. It's very similar to what goes on in the market floor of the New York Stock Exchange to this day. It's not like the trader on the floors are hurrying to the nearest computer to find out if the stochastics are showing oversold or if MACD has a price divergence. They honestly don't care.