Technical Analysis Tools
There are several technical analysis tools available. MT4 not only has a plethora of technical indicators, but it also provides custom technical tools that can be designed. The best way to determine what technical tools to use is to match it to historical trading environments and your trading personality.
There are several types of trading environments. Most markets experience all of them at one time or another. There are trending markets, sideways markets, volatile markets, and complacent markets. It is hard to find an indicator that works well in all environments. With that in mind, your goal should be to trade the markets you feel the most comfortable with.
For example, if you like to ride a long trend, with few trades, then a trend following strategy will likely make you feel the most comfortable. If you like to trade a lot when a market is moving sideways and consolidating, then you should look for periods when a currency pair is range bound.
Try to avoid a trading a style that you are uncomfortable with. This is a recipe for failure. Trend followers that are looking for higher prices are generally not comfortable catching the diving knife as prices move lower.