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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108 SENTIMENT IN THE FOREX MARKET
FIGURE 6.5 The 1.1700 level in the USDCAD was support in November 2004 and
served as resistance in January and March of 2006 as well as January and March of
2007
Source: Chart created on TradeStation
R
, the flagship product of TradeStation Tech-
nologies, Inc.
to sell at the same level that they themselves had sold at before. Now, both
groups are sellers and the price plummets.
DETERMINING A BIAS
Patterns and market form are covered in Chapter 7. At this time, we’ll move
to technical indicators. The most important function that technical indica-
tors serve is presenting a point of reference from which to trade against.
Whether a moving average or a pivot point, both tools make a division be-
tween bullish and bearish. Even oscillators such as RSI provide a refer-
ence point from which to trade against. Oscillators are different because
they do not provide actual price points, but they do describe the current
market condition. Does the indicator support a bullish or bearish bias? Are
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The Power of Technical Indicators 109
conditions overbought or oversold? These are the questions that indicators
help ...
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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.