forex trading outlook today- Indicators and Strategies Profit from Market Extremes : Trading on sentiment works because market tops occur when the majority of traders are overwhelmingly bullish and market bottoms occur when an overwhelming majority is bearish. Traders that understand how to determine when a particular market is extremely bullish or bearish have an edge over those traders that follow only traditional technicals or fundamentals.
Crowds move markets and at major market turning points, the crowds are almost always wrong. When crowd sentiment is overwhelmingly positive or overwhelmingly negative ? it's a signal that the trend is exhausted and the market is ready to move powerfully in the opposite direction. Sentiment has long been a tool used by equity, futures, and options traders.
In Sentiment in the Forex Market, FXCM analyst Jaime Saettele applies sentiment analysis to the currency market, using both traditional and new sentiment indicators, including: Commitment of Traders reports; time cycles; pivot points; oscillators; and Fibonacci time and price ratios. He also explains how to interpret news coverage of the markets to get a sense of when participants have become overly bullish or bearish. Saettele points out that several famous traders such as George Soros and Robert Prechter made huge profits by identifying shifts in crowd sentiment at major market turning points. Many individual traders lose money in the currency market, Saettele asserts, because they are too short-term oriented and trade impulsively. He believes retail traders would be much more successful if they adopted a longer-term, contrarian approach, utilizing sentiment indicators to position themselves at the beginning points of major trends.
Written with the serious trader in mind, this practical guide provides you with the knowledge needed to develop a top-down, sentiment-based approach to trading the Forex market. Throughout these pages, Saettele puts the entire process in perspective, as he examines how to use Commitments of Traders (COT) reports and other important indicators to locate sentiment extremes that can lead to profitable market reversals. Along the way, he also explains how to interpret market news coverage to gain a greater sense of when participants have become overly bullish or bearish. After exploring what it takes to gauge the psychological state of the market, Saettele rounds out the discussion by addressing how to assess risk and time your currency trades using Elliott Wave theory, Fibonacci principles, and other powerful technical tools.
To profit from today's foreign exchange market, sentiment should play an important role in your trading program. With Sentiment in the Forex Market as your guide, you'll quickly discover why this is true and how you can make more money with this proven method.
This is a focused book on a key aspect of technical analysis. It takes a stand on the value of sentiment indicators in the Forex market and sticks with it. Anyone who has yet to build a firm foundation for understanding market behavior would do well to start with this book.
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Product DetailsFile Size: 3489 KB
Print Length: 196 pages
Publisher: Wiley; 1 edition (April 28, 2009)
Language: English
ASIN: B0096CT3JM
Amazon Prices :$41.25
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