Environment Forex Trading For Maximum Profit Pdf


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Forex Laporan. As the fate of the dollar against foreign currency generates both anxiety and opportunities, currency trading has been drawing much interest and . Get Free Read & Download Files Forex Trading For Maximum Profit PDF. FOREX TRADING FOR MAXIMUM PROFIT. Download: Forex Trading For Maximum. futures trader or a stock trader, Raghee Horner is a young woman who can change your . Maximum Profit, and I was working with her as the editor of the text.

Forex Trading For Maximum Profit Pdf

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Tools Include. Unveils The Aggressive Institutional Buyers & Sellers Of ANY Pair Inside Every Candle On Your forex trading for maximum profit pdf free Chart!. ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street. Home · ForeX The Probiotic Solution: Nature's Best-Kept Secret for Radiant Health. About forex trading by Raghee Horner. DOWNLOAD PDF - MB Fore1 Trading for Maximum Profit THE BEST KEPT SECRET OFF WALL.

Tools Include:. Tool Demo:. Because your complicated, timeintensive systems means youre missing major forex trading for maximum profit pdf free opportunities. FX Atom Pro and its analogs free download. Please note that this alert is indicative only and cannot guarantee execution of an order or trade.

My husband and I have a saying: What we think we need is typically what we really just want. I remember many, many years ago when I was trading with a gentleman who wanted to use a mechanical system to trade about stocks. He had been using a trend following system and it had been somewhat profitable for him. He hired me to execute the trades since I was particularly good at order entry. And I have to admit the curiosity got to me.. Could I be more profitable if I was a systems trader? I had never been a systems trader, and he was convinced he could make me one since I already knew so much about discretionary trading.

For a couple weeks we did unbelievably well. Of course, the voice of reason in my head was screaming, "You're doing well because the market is trending, dummy!

I don't think I lasted 30 days with my system trading partner, in fact I can't remember at all how we ended it. But I am eternally grateful for the lesson he inadvertently taught me. It wasn't that systems trading doesn't work-it does for some people--just not for me. He taught me what some fish find out too late: Every shiny, flashy object isn't a meal, sometimes it's a lure and that hook may land you in the fryrng pan. So I returned to my home office and to the tools I understood well, tools that were well tested, and that I could use in a step-by-step manner day in and day out.

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I would not follow a "system" but rather become systematic. Doing this would allow me to follow a blueprint and "build a trade" in a consistent manner. To this day any tools that I use must be able to answer the only three questions that are relevant in trading: We'll notice when the market enters a trading range but the system won't..

Where should 1 place m y stop-loss? Where should I place my profit targets? Mistake 5: Putting All Your Eggs in One Basket cause by then this gentleman had calculated projections of what we would make if we continued at the pace we were going..

Raghee Horner - Forex Trading for Maximum Profit

What I feel diversification does for a trader is this: It allows us to pick the best trade. If traders only watch a single market, they will tend to try to chase a trade or squeeze more out of a move than may really be there. If traders have alternatives, then they can sit back and let a trade come to them; they can wait for the best possible set up.

This is what diversification does for a trader. Because I wasn't looking at much else, I would begin to squeeze more out of a trade than it truly merited. Luckily, I snapped myself out of that fairly quickly without too much damage done. You know how sometimes your leg or arm falls asleep? Well my head feel asleep!

The experience reminded me to not be lazy-to keep my pulse on the markets-so that when one market flat lines, I can transition to another. There are six major pairs that I will teach you to trade, and with six different markets to track you won't have to chase a trade, you can let the trade come to you.

And remember, to diversify means that we add something new to our approach or portfolio, not replace something else that is working. His legendary British pound trade that "broke the bank of England" is well documented. Major banks and corporations trade the Forex. Many of the reasons for the size and liquidity of the Forex are the banks and corporations that participate in this market.

This is not a new market, however, it is new to individual traders and investors in the United States. To a large degree, because of the Commodity Futures Modernization Act we now enjoy access to this Forex market. For years, though, banks and corporations have "secretly" participated and profited from this market. Corporations take participation in this market very seriously as many have in-house trading divisions or subsidiaries to handle their Forex trading.

Purely speculation! It is for this very reason that the Forex markets adhere so well to charting and technical analysis! Even though there is no single dominating entity in the Forex market, there are some major players in this market, so let's discuss who they are. The Major Central Banks are responsible for monetary policy. The Bank of England BOE , the central bank of the United Kingdom, has total independence in setting monetary policy and its nine-member Monetary Policy Committee makes all decisions on interest rates.

However, Japan's Ministry of Finance MOF controls all foreign exchange policy and therefore is still considered the most important monetary policymaker in Japan. Because Switzerland and Japan are export-driven countries, there is a preference for a weaker national currency.

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Corporations have become increasingly more interested in the foreign exchange. The main cause is the rapid globalization of world economies. A multinational corporation often needs to make payment to another country, which means that many times they must exchange their "home" or national currency to that of the country they must pay. In doing so, they are now exposed to depreciation of they national currency.

Therefore these corporations have become major players in foreign currency, as they must offset the risk of exchanging national currency for foreign currency. They must hedge against cxmency depdation, which will put them on safer financial ground when they make fuhne payments.

But corporations do not limit themselves to simply hedging against currency depreciation. The number of corporations speculating in the Forex markets has increased, and with their activity and buying power, they have a continuing impact.

However, because the nature of their trading or speculation involves primarily 20 I hedging, they tend to take a longer-term approach. If there is anything I want to impress upon you, it is this: The Forex is a heavily participated market for good reason. Banks and corporations have had this "playground" to themselves for a long time. I want to encourage you to see why this has been the best kept secret ofwall Street. It's said that the foreign exchange follows the sun around the world because as one comtry is closing for the day, another is just opening up.

Dwing the stock market boom, many people didn't have the luxury of watching the market during the day, so active trading was typically ruled out. On the east coast, most folks were already at work before the market opened and returned home well after the market closed. The Forex market is different, it opens Sunday evening and closes Friday afternoon. It trades 24 hours a day with excellent liqyidiw.

What does liquidity mean to a trader? It means that there is enough trading volume to assure that you will be able to get into a trade when you want to, but more importantly, you will be able to get out of a trade when you need to!

This means that just about anyone can h d a time that they can dedicate to Forex trading. But what times are best? Even though Forex can be traded 24 hows a day, there are some times that are more liquid and better suited to particular currency pairs. Let's discuss the top three foreign exchange centers: London is five hours ahead of New York.

Since most major reports in the United States are released between 8 AM and 10 AM EST, this overlaps with the already active trading in London and affords some excellent opportunities for those of us on the "other side of the pond. This brings up an important aspect of foreign exchange: The most active market overlap is the New York morning session and the U.

Keep in mind that home or national currency moves in sympathy 1 23 with the equity markets of that nation, so the U. Tokyo, despite it's diminishing role as an active foreign exchange center, still holds one important distinction: It's the first major market to open. However, many market participants will use this time to get a pulse of the trading day and begin scaling into positions.

Fear and greed rule the markets so emotion creates motion, and by knowing when the different pairs are most active we can gain an edge by knowing when spedic markets are most likely to be on the move. However, if you are not a night owl or an early riser, have no fear, The majors all rely on the U.

It may seem daunthg at first, but I assure you it's easv to understand once you know what you h e looking at. First things first, the quotes are always presented in pairs. For example: This is the U. Since the U. Imagine flying to Canada, arriving at the airport and exchanging US.

This would be a common example of the exchange rate. There are six major currency pairs to watch. The order in which the currency pairs are quoted is not interchangeable: They are fixed. These six pairs are called the "majors. Since the first currency quoted in the pair is called the base currency, the second currency quoted in the pair is often referred to as the "second currency" or the "counter currency.

Now I'm not one to get bogged down in facts and history but Ifind it helpful to know which countries adopted the euro. Vatican City also adopted the euro.

The euro is not to be confused with the ECU or European Currency Unit, which was actually a theoretical basket ofcurrmcies and not an actual currency as bank notes and coins never existed.

Tke euro replaced the ECU concept. It is when we turn to the charts that we can begin to visualize what the rates mean in t e r n of the trend. When this chart trends upward, it actually means that the euro is strengtheningand the U. In other words, it takes more U.

When the U. If the chart is trending down, the U. A pip price interest point is like a tick in the stock or futures market. It is the smallest increment of point movement. How do you find out which decimal place in the quote is the pip?

Look at the number furthest to the right in the quote; typically it is the fourth decimal place. So a price movement from 1. Japanese yen , there are only two decimal places, and the second decimal place is the pip.

The pip dollar value is different for some majors. What It Means to Trade in "Pairs" Frankly when I first began trading Forex it didn't really matter to me what "pairs" were, I had my charts and simply followed the trends and retracements, and that served me very well. It was just like when I was trading stocks back in the Internet heyday. It didn't take very long for Forex to become a larger part of my daily activity and I thought it prudent to learn more about these pairs and the relationship between the two currencies that made the pairs.

Since 1 traded only the "major" or the U. The reason Forex is traded in pairs is because we are trading the exchange rate between two currencies. An exchange rate is the value of one currency against another. If the U. When we are trading, we should think of the base currency as the main unit of your buy or sell. When I buy that pair I believe the euro will increase in value versus the U. So now I hope you understand what it means to trade in pairs. I've found that 1-he decisions we make early on in any endeavor shape the find outcome.

For some fortunate reason, I decided early on when I was designing my blueprint that I would only use "objective tools" that could project specific price levels on the chart that would serve as entry and exit points. Objective tools are not subject to artful interpretation. A trendline is broken or it is not; an indicator is either showing strength, weakness, or it's neutral. I also decided that I wanted my entries and exits to be established well before I entered the trade, and I wanted these points to be relevant to the price chart and not some set number of points or percentage.

Deciding valid risk and reward ratios based upon the price chart was the most important idea that I built into my blueprint. Think about it. Do these arbitrary numbers have any bearing at all on price action or on support and resist- ance levels on the price chart?

You and I both know it does not. Support and resistance are the most powerful tools I use to decide my entry and exit levels. There are many types of support and resistance: Even though this book is about trading Forex, these tools and blueprint will work on any market or timeframe.

And this is due to the nature of the tools: Which is simply "system-speak for the fact that they will work well all on any market and they work consistently. Here's another piece of advice: Be wary of any trading system or tool that only works on specific markets or a specific timeframe. As long as a market is liquid, the tools I am describing will work for you. Indicators are to be used as confirmation tools. Since my setups rely on price and chart patterns, it's as easy as glancing at the indicator and taking a quick read on whether it confirm what my price or chart pattern set up is showing.

Remember, indicators are all calculated by some combination of adding, subtracting, multiplying, and dividing the market's open, high, low, and close. Because of this, indicators will always lag price action. Indicators can be very helpful, though. It is does not require that you recognize some sort of hook, cross, pattern, count bars, or any other nonsense that I have seen.

The goal of trading is to find a methodology that will put you in the trade at the right time and more important, take you out of the trade at the right time.

Even with that said, if the methodology is not easy to recognize, react to, and repeatable, it doesn't matter how good it is. The tools must be applicable! Furthermore, if you don't understand why and how I use the tools, it won't much matter because throughout this book my goal is to give you the confidence that you can trade successfully with these tools.

So let's begin by discussing each tool in detail. But how do we measure it? We use trendlines. Trendlines let us know the direction of the trend, the strength of the trend, and also when that trend may break.

Personally, I love trendlines. I spent a lot of years trying to become a "sophisticated" trader. As you get a better at your career you develop a higher, and often, more complicated level of skills. Well, I learned how wrong that could be. So I abandoned my "sophistication" and returned to the tools that I first learned to use when I began teaching myself how to trade.

Sometimes we search too hard for answers that are right in front of us. Grab a ruler, connect at least two swing lows or swing highs on your chart, and what you have is a trendline! We mark trendlines by drawing a straight line connecting the swings or pivots of the market, much like "connect the dot. They are the peaks and valleys that can be seen on a chart Ch8.

And by the way, the three lines you see moving in unison across the chart is called the Wave. You'll learn about this tool in Chapter 11, Visual Tools. An uptrend line is a straight line that is drawn connecting the valleys or swing lows of a market that is rising. We need at least two swings to connect.

The swing lows are also considered support levels. Support is best described as a "floor," It's an area where prices stabilize and then move up from. Buyers represent support or the "floor. Support can be both a diagonal line as in an uptrend or a horizontal level. I draw my trendlines from previous swing highs or swing lows then extend these straight lines beyond the current candle or bar, This allows me to project where support or resistance may develop in the future.

Notice that there is more than one uptrend line drawn on the chart Ch 8. In this case we can see there are thee: The major line is designated by the thicker line width There can be more than one set of trendlines on a chart since support and resistance can develop at more than one level.

Frequently we will see both uptrends and downtrends on a chart and this occurrence will typically happen when the market is trading in a range or consolidating. A word about trendlines: Notice that the 35 Chart 8. These two points are almost four days apart on this minute chart. The two minor trendlines have points that Chart 8. One of the questions that commonly comes up when drawing trendlines, support, and resistance, is how far to look back when choosing swing highs and swings lows to connect, referred to as the look back.

The look back is how many trading days, candles, or bars we will go back in order to find these swings. I will typically use a look back of one month to two weeks for intraday charts and one year for end-of-day charts.

We know we need a minimum of two swings or "touchpoints" to connect. We use the minute, minute, minute, minute, and the daily charts for our trading and this translates into the following lookback: The daily is the easiest to calculate because it means we are going back one year, or approximately trading days. The minute chart goes back one month, or 20 trading days, which equals lookback candles or bars. The minute chart goes back 20 trading days, which equals lookback candles or bars Chart 8.

For long-term timeframes like the daily or end-of-day chart, the market's memory is about one year. For interrnediate term timeframes like the and minute charts, it is 20 trading days or one month. For short term timeframes like the and minute charts, it is 10 trading days, or two weeks.

A trading range develops when prices bounce off both a horizontal support and horizontal resistance level. If an uptrend is a consistent increase in price and a downtrend is a consistent decrease in price, then a trading range is a battle between buyers and sellers. It is also sometimes referred to as a narrow sideways channel or rectangle, which is an excellent description of what it looks like on a chart.

Consolidation develops when prices begin to trade in a progressively narrower range. As the range narrows, the support and resistance tighten. Typically a consolidation will have an uptrend line and downtrend line forming at the same time, which is commonly referred to as a pennant or symmetrical triangle.

However, consolidation can also develop with a horizontal support level and downtrend line or a horizontal resistance level and uptrend line. These are called asymmetrical triangles Ch 8. A downtrend line is a straight line that is drawn connecting the peaks or swing highs of a market that is falling.

The swing highs are also resistance levels. If support is described as a floor, then resistance is best described as a ceiling. It's a price area that prices level off at and then move down from. Sellers represent resistance or the ceiling. When sellers feel prices are too high or overvalued, they sell and therefore prevent the market from trading higher. Resistance can be both a diagonal line as in a downtrend or a horizontal line.

While you will hear a common description of uptrends as a series of higher highs and higher lows, it is really just a series of higher lows or support! Chart 8. Again, all that a downtrend really consists of is a series of lower highs or resistance. Breakouts occur when prices trade up through a resistance level like a downfrend line or horizontal resistance level. Breakdowns occur when prices trade down through an uptrend line or horizontal support level.

What we can see from the support and resistance on this chart is that the market was trading higher and then became overvalued Ch 8. Sellers then stepped in creating resistance, in this case the horizontal level. The market then sold off to a small degree and found some buyers as evident by the most recent swing low.

Just as we can trade breakouts and breakdowns from trendlines, we can use "hits" off support and resistance. I Chart 8. A hit can be described as when prices reach an established resistance or support level, and turn in the opposite direction.

Think of rz ball bouncing. A hit off a resistance level would be shown as prices trading upwards to a ceiling only to find sellers at that level and then trade lower from there, If this level is approached and rejected a number of times at very least once before, preferably twice we should draw a line at this level, which we will then call resistance.

Many of you are familiar with chart patterns. You may be familiar with channels, triangles, head and shoulders, wedges, and pennants. The reason I make this distinction is because that's the way I taught myself to find patterns and also because I noticed a particularly interesting phenomenon early on when I begin teaching. When I would teach a lesson on, for example, triangles, I noticed that suddenly students would notice triangles everywhere.

Whatever they were charting, there was a triangle, whether it was there or not! It finally dawned on me that with a new way to view the charts, they would inevitably find only what existed in their knowledge base, Of course, what else could they refer to? Their minds were on triangles because I gave them a new concept with which to view the chart.

It reminded me of something that I heard a first-year medical student do. Whether it's true or not, I don't know, but it's an interesting study in human behavior. First-year medical students learn about disorders and diseases and the symptoms of each. As they learn of these symptoms, they will tend to view any 39 Chart 8.

You see? That's the framework or the "mental matrixf' by which they process information. And as traders, we're the same way So rather than learning each chart pattern individually, it is best to understand what support, resistance, uytrend, or downtrend lines combine to make each chart pattern first. In that way there are no limitations to what we will see, and we will not force the patterns onto the chart.

Many times you will come face to face with a chart that has more than one chart pattern forming on it. Take a look at this chart of the euro on a daily chart. In these situations, traders can pick and choose which setup suits their risk tolerance and which formation they feel more comfortable trading. I approach these Chart 8. I will treat these nitely looking for a momentum trade setsetups the same way as when I have mulup. However, an effective option I will tiple patterns forming Ch 8.

F xJapan? Be on the lookoutfor anyfhne you can use fhis confirmation! Another common view of multiple lines and levels occurs when we have more than one Chart 8. And much like how we have now learned to draw support and resistance, uptrends, and downtrends, we can also draw retracement levels.

Imagine that you are waiting to enter the market if prices trade above the 1 41 downtrend or prices trade below the uptrend Ch 8. Where would you place your profit target? How far is the market most likely f o go before it bounces?

Once you learn to draw Fibonacci levels you will see how precisely you will be able answer these questions! Here's how I differentiate between the two: Each trendline is assigned a score based upon four criteria: I am not literally taking score; rather I am comparing the available trendlines to one another. I am looking to see how long the trendline is from the first touchpoint to the last. I am counting how many total touchpoints make up the trendline.

I am looking for gaps, or major and sudden rallies, and sell-offs. Finally I want to see how close the trendline is to current prices. The trendline that has the highest overall score based upon the relative weighting of the four criteria will be drawn thicker and thus be a major uptrend or downtrend line. If we begin analyzing the lines with the four criteria, we can begin to make the distinction between a major and minor line.

It's a comparative analysis. In other words, it depends upon the other trendlines on the chart and how they score with the four criteria. The major uptrend line on the chart has three touch points that connect it: January '04, March '04, and April ' The fact that there are a total of three touchpoints number of touchpoints criteria , and that the first two were three months apart total length criteria , help make it a major trendline in comparison to the minor trendline.

It is also closer to current price, so it scores better on the proximity comparison. The time frame between each touchpoint is certainly as long as the major trendline.

The reasons that the separate the two are: The major trendline has a total of three touchpoints. It is also closer to current price when compared to the minor trendline. Chart 9. My tools must answer the three questions I ask myself when setting up a trade: Listen to me now; believe me Eater.

From experience I can tell you that the market has taught me this fact, ruthlessly. Most of us initially get into the trading game as a way to improve and take control of our financial lives. Sooner or later though it becomes all-consuming to see just how good we can be!

If you're anything like me, you're either already totally addicted to the market.. And then we're off to the races to find the best system, tools, indicators, books, videos, software-you name itthat will reveal the secret to trading. Some of you may have already gone down that slippery slope; others have just begun. We all do it. My mom repeatedly told me while growing up me that smart people will learn from their own mistakes but wise people will learn from other people's mistakes.

The Holy Grail doesn't exist. At least not the way we think it does. Here's the "secret" to successful trading: Use time-tested tools consistently with sound trade and risk management. That's it. The market is very much a natural phenomenon in that it is a reflection of our fear, greed, and emotion. Since human behavior can be studied and predicted to a fairly accurate degree, so can the behavior of the markets.

How many times have you said to someone, "I knew you were going to do that! More often than not.. A scientist and mathematician, Fibonacci was not seeking how to better trade the markets because it did not exist in his lifetime. Born in AD, he is best known for a series of numbers, later named Fibonacci numbers.

The numbers occurred so frequently in nature that the series is commonly referred to as a law of nature. While it is not really a law, it is at very least a very strong tendency.

Fibonacci numbers can be used to explain the number of petals on a flower, the spirals of a nautilus shell, the bumps on a pineapple, the scales of an acorn, the incline of the Egyptian pyramids, even the rate at which cells multiply. Geometry, architecture, and nature all share a tendency to act and react within the mathematical framework of Fibonacci numbers. Since human beings are part of nature, and the financial markets are a reflection of human behavior, we can track the ebb and flow of the markets with Fibonacci numbers.

So what does this have to do with trading Forex? Glud you asked. Starting with zero and one, then adding the last number to the sum of the previous two numbers to get the next number forms the Fibonacci number series. For trading purposes we use the values derived by dividing the numbers next to each other in the string by their sum. Those values create the following Fibonacci retracement and extension levels that traders have come to commonly use: Fibonacci levels from 0.

The levels above the 1. As traders, we must be able to identify and react to retracements levels, which are pullbacks or bounces within the movement of a market.

Profit taking most often creates a correction on the chart, and if it occurs within an uptrend, it is called a pullback. If it occurs within a downtrend, it is called a bounce. The levels at which pullbacks and bounces occur will be the price levels at which we can take profits, place our stop-loss, or even confirm entries. There is no shortage of charting platforms. Most charting platforms will allow you to draw retracement and extensions and do the calculations for you.

They are as easy to draw as finding the two swings you would like to connect using a drag and drop tool to find the Fibonacci levels.

I personally use eSignal because it allows me to add the Fibonacci numbers I would like to use, draw multiple levels, and easily delete levels I do not want to use. Fibonacci retracement and extension levels can show us price levels that we may employ to enter or exit the market; moreover, they can confirm breakouts and breakdowns. Fibonacci retracement and extension levels are really just support and resistance.

When a market begins to bounce from a significant decline or pullback from a major rally, the prices will do so most often at Fibonacci numbers.

These levels are the retracement of the most recent trend, or last major move. The last major move can be measured from the recent swing high to recent swing low. This would be a purely visual way of measuring, much like the peaks and valleys we would use when drawing trendlines, support, and resistance.

However, Fibonacci retracement and extension levels are probably not more widely used because of the perception that drawing these levels can be difficult.

There is a lot of confusion and misinformation when it comes to how to draw these levels or finding the last major move. The first rule of trading is to be able to see the whole picture. If you use the look back settings we use when drawing trendlines to view the most relevant block of time on the chart, the significant swings from which you can begin drawing Fibonacci retracement and extension levels will become obvious.

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Another key to success when drawing Fibonacci retracement and extension levels is to draw a couple of them and get a feel for how they look. In other words, try a few different swing high and low points. The common misconception is that there is a right one. All we are looking for is the most relevant and recent. The most relevant Fibonacci retracement and extension level will have secondary confirmation. It will coordinate with breakout and breakdown levels, it will line up with other support and resistance levels, "psychological," or round numbers, etc.

Until you are able to train your eyes to see these accurately and easily, let's explore another way of finding swings with a simple chart pattern: These are not to be confused with swings or pivots as minor highs and minor lows have a specific chart pattern that must form.

With a little practice, minor highs and minor lows will seem to pop out of your charts. Because an uptrend is a series of higher lows and a downtrend is a series of lower highs, I find that minor highs and minor lows identify the individual highs and 51 Chart: Consider this: An uptrend is simply support, while a downtrend is resistance.

The concept of minor highs and minor lows is certainly nothing new. I first began testing these patterns when I read about them back in late When looking for a minor high, you are looking for a current high that has a lower high before and after it.

These patterns show us where prices are likely to change direction as in a swing or pivot. Often you will see there are minor highs and minor lows in close proximity to one another on the chart. In situations like these, simply use the highest minor high or the lowest minor low. Ignore inside ranges. Inside ranges, also known as "inside days," are those candles whose trading range is within the previous day's range.

Let's take a look at the circled section of this daily chart of the euro Ch Chart These highs candle's high. Once we establish a new and lows lay out the last major moves.

If it did, that is day 1: If we do, we have a confirmed minor high , Ch. The pattern will take on a slightly different look when there is an inside day, but the concept is still the same. Our goal is the find the reversals of trend that make up a "last major move" which is simply an un-retraced rally or sell-off Ch Once you have drawn your Fibonacci levels based upon the last major move, you will see that you now have support and resistance levels that will help you determine where the market is most likely to move to next.

Remember that if you are looking for upside resistance, you are looking for the last major sell-off and if you are looking for downside support, you are looking for the last major rally Ch Personally I think of Fibonacci levels as the mathematical explanation of the saying that for every action there is an opposite reaction. And while the definitions may differ from trader to trader, you can use a point-based measurement or even a percentage-based measurement.

The high or low createdwould qualify as a pivot or swing. Whatever way you decide to begin finding swing highs and swing lows from which to draw your Fibonacci levels, just remember that the best way to learn is to practice, practice, practice! It makes perfect sense. We believe what we see. Charts are visual tools, and much of what we do as we learn to become better traders is train our eyes to notice the small clues the market gives us.

Some of my favorite tools have come from working closely with my students. I love teaching and for a very selfserving reason: It makes me stick to my own rules. I have to walk the talk. I think my students can sniff-out a trader from a wanna-be trader a mile away. I teach using real time charts. If students can see how the setup develops in real time, make the decisions that have to be made in real time, and feel the ebb and flow of the market, they then can begin to understand what it takes to become a trader.

I encourage my students to think outside the box and come to me with ideas they would like to experiment with. Once such an idea came from a student, Dave, who is now a very good friend.

I respected Dave's dedication as a student immensely. And now I respect him for being a dedicated trader. I like Dave's take on the world and the markets.

ForeX Trading for Maximum Profit: The Best Kept Secret Off Wall Street

So when he came to me about four years ago with a moving average he was trading with, I listened. He was playing with some Fibonacci numberbased moving averages, specifically, the 34 EMA. EMA stands for exponential moving average. Moving averages MA are very popular technical analysis tools that not only smoothe out the major trend in the market but also show support and resistance.

For example, a 20day MA will take the last 20 closing prices and divide them by 20 to plot the average. Moving averages can be calculated for any intraday time frames e.

Exponential MAS work much the same way except that they place more emphasis on more recent prices to plot the average. Dave and I experimented with the 34 EMA, and I plotted it on the high, low, and close, as I often will if I am looking at a new h4A setting for the first time. The first thing I noticed was that when prices cross the three lines of the high, low, and close, it tended to keep going, and pullbacks or bounces in a trend seemed to come right to one of the three lines.

It got my interest, and after keeping the 34 E M on the high, low, and close on my charts for about six months, they earned a permanent place in my analysis. I did test the entire Fibonacci series all the way up to , and 34 tested the best. Thus, the "Dave Wave" was born.. Here's how to best use the Wave. First, since there are multiple time frames I could be watching and analyzing, I have to be able to decide which has the best trending characteristics.

Lesson 4: Z is the fraction of account to lose, A is the average percentage return per trade, D is the standard deviation of returns. TES the indicator located in the first additional window as a histogram of blue and orange. Using unlicensed copies of Windows can also lead to the cancellation of the bonus, since the ysis algorithm for the accounts affiliation detection can use the operating system license data.

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