August 2008
Intermediate to advanced
208 pages
6h 50m
English
book
Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
by Jamie Saettele
Content preview from Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
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P1: PIC/b P2: c/d QC: e/f T1: g
c01 JWBK195-Saettele May 31, 2008 11:15 Printer: Yet to come
The Argument for a Sentiment-Based Approach 5
exhibit the same patterns, on all time frames. This is known as the El-
liott wave principle, or simply the wave principle. In the 1930s, Ralph Nel-
son Elliott discovered that crowd behavior will trend and countertrend
in recognizable patterns. Although he primarily studied the stock mar-
ket, the wave principle can be applied to any freely traded market. The
size of the FX market makes it a perfect candidate for an analysis tech-
nique based on crowd behavior. You will be amazed at the accuracy
with which you can gauge support and resistance and forecast direc-
tion and the extent of the directional move with knowledge of the wave
principle.
Traditional technical indicators such as moving averages and oscilla-
tors aid in identifying the trend but should be used as secondary tools to
sentiment indicators and price patterns. After all, you are trading price, not
the indicator.
The goal of this book is to provide the tools necessary for developing
a top-down, sentiment-based approach to trading and speculation in FX.
I refrain from providing specifics such as entries or risk control because
these are aspects of trading that everyone will approach differently.
REMINISCENCES OF A STOCK OPERATOR
If there is one trading book that has had a profound impact on me, then ...
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I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.