Technical trader aims at using historical price trends, assuming that the history has a tendency to repeat itself. He observes the developments on charts in various time periods (minute by minute, hour by hour, day by day), paying attention to support, resistance, price formations, trends, and other technical analysis methods. He does not take into consideration the newest economy news. Technical trader is only focused on a price chart. He closely observes the movement of prices, their development, looking for a favourable situation to open or close a position.