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
c07 JWBK195-Saettele June 5, 2008 19:52 Printer: Yet to come
Explanation of Elliott Wave and Fibonacci 163
FIGURE 7.15 GBPCHF Weekly Bars
Source: Chart created on TradeStation
R
, the flagship product of TradeStation Tech-
nologies, Inc.
set of alternating legs within a triangle will exhibit this relationship. Form
is always most important. Examples of triangles are shown in Figures 7.17
and 7.18.
FIBONACCI: THE MATHEMATICAL
FOUNDATION
The mathematical basis for the wave principle is the Fibonacci sequence.
Leonardo Fibonacci of Pisa published Liber Abacci (Book of Calculation)
in the early 1200s and introduced the decimal system to Europe in the
process. Fibonacci’s introduction of what became known as the Hindu-
Arabic system laid the foundation for advancements in higher mathemat-
ics, physics, astronomy, and engineering.
P1: PIC/b P2: c/d QC: e/f T1: g
c07 JWBK195-Saettele June 5, 2008 19:52 Printer: Yet to come
164 SENTIMENT IN THE FOREX MARKET
FIGURE 7.16 EURJPY Daily Bars
Source: Chart created on TradeStation
R
, the flagship product of TradeStation Tech-
nologies, Inc.
In Liber Abacci, the famous rabbit problem is posed:
How many pairs of rabbits placed in an enclosed area can be pro-
duced in a single year from one pair of rabbits if each pair gives
birth to a new
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