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- Wiley
More About This Title Attacking Currency Trends: How to Anticipate and Trade Big Moves in the Forex Market
English
To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market.
In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and identify when a market is in a trend. Michalowski shows traders how to enter an emerging trend, how to manage the position, and how to exit the position most effectively.
- Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levels
- Shows how to identify a trend and stick with the trend through its duration
- Written by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves
With this book, Michalowski offers an important resource for identifying and riding out long-term trends in the volatile foreign currency.
English
GREG MICHALOWSKI is the chief currency and trading analyst for FXDD. Prior to joining FXDD, he was an assistant vice president and trader in the treasury/funding area with Citibank in New York, a vice president and interest rate derivatives trader at Citibank in London, and a vice president and trader in the banks funding department at Credit Suisse First Boston. Michalowski maintains a daily market commentary and currency analysis website at fxdd.com. His market comments are quoted in the financial press by Bloomberg.com, Reuters, and the Wall Street Journal, and he has written for various print and online trading publications, including eForex, Equities magazine, forexstreet.com, stocktwits.com, and forexfactory.com. His twitter site, twitter.com/gregmikefx, was one of thirteen cited by SmartMoney magazine as a "go to" source for making money moves.
English
Acknowledgments xi
Introduction 1
PART I The Foundation for Success 19
CHAPTER 1 Stereotyping the Retail Currency Trader 21
They Think Trading Currencies Is Easy 22
They Have Too Much Fear 27
They Lose Money 29
They Are Too Fundamental (Not Technical Enough) 31
They Don’t Know Enough about Key Fundamental Requirements 34
They Fail to Anticipate Trends 45
Don’t Be Like the Rest ... Change! 46
CHAPTER 2 The Six Attributes of a Successful Currency Trader 47
What Are You Good at Doing? 47
There Will Always Be Peaks and Valleys 49
1. Skill or Aptitude 49
2. Practice, Practice, Practice 52
3. Know Your Risk 54
4. Create and Execute a Plan 58
5. Control Your Fear 61
6. Be Greedy Enough 63
A Foundation for Success 66
CHAPTER 3 The Mission Statement 67
A Team of One 68
A Two-Part Mission Statement 70
Finding Trades That Satisfy Your Mission Statement 76
The Importance of Staying on Trend 80
CHAPTER 4 What’s Your Game Plan? 85
Every Mission Statement Needs a Game Plan 86
Trade the Trends 86
Keep Fear to a Minimum 91
Never Underestimate a Strong Foundation 97
CHAPTER 5 Rules for Attacking the Trend 99
Rule 1: Keep It Simple (but Stay Positive) 100
Rule 2: Have a Reason to Place a Trade 105
Rule 3: Be Picky about Your Tools 107
Rule 4: The “If . . . Should” Rule 115
Rule 5: Look Ahead, but Not Too Far Ahead 117
Rules Rule 120
CHAPTER 6 The Trader’s Toolbox 121
Rules for the Tools 122
How to Use Fundamental Analysis 122
The One Thing We Can Agree On: Price 125
The Tools 131
If I Had a Hammer 146
PART II Tools and Strategies 147
CHAPTER 7 Moving Averages 149
What Is a Moving Average? 150
How to Use Moving Averages 151
Time Frames for Analysis 156
Anticipating a Trend 164
Managing a Trend 167
Managing Profits 169
Trade Setups 171
The Push That Gets the Market Going 177
CHAPTER 8 Trend Lines and Remembered Lines 179
Bullish Trend Lines 180
Bearish Trend Lines 183
Channels: Highways to Ride the Trend 186
Flags and Pennants 190
Finding the Golden Ticket 192
Remembered Lines 197
Simple but Effective 204
CHAPTER 9 Fibonacci Retracements: The Hybrid Tool 205
Introduction to Fibonacci 206
Placing Retracements on a Chart 210
Using Fibonacci Retracements 214
Trading Shorter-Term Corrections 227
Using the Tools to Your Best Advantage 231
CHAPTER 10 Preparing for the Trade 233
First Things First 234
Analyzing the Charts 236
A Composite View of the Clues 249
“Is Ita Boy ora Girl, Doc?” 251
CHAPTER 11 Executing the Game Plan 253
The Kickoff: The Entry Trade 254
Managing the Trade 256
Finding Clues in the Consolidation Phase 264
A Borderline: Always a Low-Risk, Unambiguous Level 266
Another Trend Reentry 267
The Key Role of Borderlines in Hourly and Daily Charts 271
Attack the Currency Trend 275
About the Author 277
Index 279
