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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70 SENTIMENT IN THE FOREX MARKET
responded a certain way (bullish or bearish) because psychology is this or
that (bullish or bearish). That is it. The market has a mind of its own. Un-
derstanding this point will save you from wondering why a market moved
down on supposedly bullish news and up on supposedly bearish news. The
only way to consistently trade on the correct side of the market is to un-
derstand the psychological state of that market. In other words, what is the
sentiment?
Chapter 4 provided a list of actual headlines, most taken from re-
spected financial periodicals. The mainstream financial media attempts to
report the reasons for market movements to the public. Think for a sec-
ond, and you will realize how futile that exercise is. As mentioned, there
are many different variables that traders respond to, and ultimately the
collective psychology wins out. Did the reporter ask every single person
who was trading the EURUSD that day why he or she bought or sold? No,
the reporter is instead fitting news to the price action.
The simple explanation that market psychology is the reason for a bull
or bear move does not satisfy the public. As such, an entire industry has
been created to literally come up with reasons why. At the end of the day
the ultimate reason that the market moves one way or the other
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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.