# Forex Patterns & Probabilities: Trading Strategies for by Ed Ponsi

By Ed Ponsi

The one cause i wouldnt fee this booklet a five is simply because many of the thoughts mentioned are already easily availible on the web. except that sturdy again with an exceptional part on funds administration.

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Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets

The single cause i wouldnt fee this e-book a five is simply because many of the ideas mentioned are already conveniently availible on the net. except that solid again with a great part on cash administration.

Additional resources for Forex Patterns & Probabilities: Trading Strategies for Trending & Range-Bound Markets

Sample text

Fortunes can be made or lost quickly in this market; even a move in the exchange rate that is equivalent to a few hundredths of a penny can be magnified into a substantial gain or loss. Most traders consider themselves members of one of two major categories, technical traders and fundamental traders. Technical traders focus on technical analysis, which is the study of charts (historic price action) and indicators, to trade forex. They believe that all of the pertinent information needed to place a trade is contained within the chart.

In any discussion involving trading, you’ll often hear the terms long, short, and flat. In fact, every trader is always long, short, or flat. What do these terms mean? chap02 JWPR014-Ponsi (JWBK014-Ponsi) 14 May 31, 2007 19:10 Char Count= THE WORLD’S MOST DYNAMIC TRADING MARKET Going long. When a trader says he is “going long,” he is placing a trade that will become profitable if the exchange rate rises. Selling short. When a trader says he is “going short” or “selling short,” he is placing a trade that will become profitable if the exchange rate falls.

Com, Inc. Experienced traders of stocks and commodities will see many familiar formations and patterns in the charts of currency pairs. S. 2). Forex traders use support and resistance levels to determine the best location for entry and stop orders, just like equity and futures traders. S. 2000 level. Traders who are familiar with candlestick charting patterns will note the series of hammers, dojis, spinning tops, and other reversal candles at the support level. Strategies involving trend lines and channels are also popular in the forex markets.