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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The Power of Technical Indicators 105
Some traders thrive in such an environment, but most do not. I know
that my personality is too impulsive to scalp successfully, which is why
I r efrain from making trading decisions based on charts shorter than
hourly bars.
SUPPORT AND RESISTANCE
Before we go any further, it is vital to present the foundation for all of tech-
nical analysis: support and resistance. Support is an area below the mar-
ket price where buying overcomes selling (Figure 6.2). Resistance is an
area above the market price where selling overcomes buying (Figure 6.3).
Support and resistance are estimated in different ways, including previ-
ous highs and lows, Fibonacci retracements and extensions, pivot points,
FIGURE 6.2 An example of round number support for the USDJPY just above
100.00
Source: Chart created on TradeStation
R
, the flagship product of TradeStation Tech-
nologies, Inc.
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c06 JWBK195-Saettele June 5, 2008 19:35 Printer: Yet to come
106 SENTIMENT IN THE FOREX MARKET
FIGURE 6.3 An example of round number resistance for the GBPUSD at 2.0000
Source: Chart created on TradeStation
R
, the flagship product of TradeStation Tech-
nologies, Inc.
moving averages, and sometimes round ...
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