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 169
FIGURE 7.21 EURUSD from 2004 Top to 2005 Bottom
Source: Chart created on TradeStation
R
, the flagship product of TradeStation Tech-
nologies, Inc.
Wave 4 = .236 to .382 of wave 3
Wave 5 = Wave 1
Wave B = .618 to 1.382 of wave A
Wave C = 1 to 1.618 of wave C
SPECIFIC SETUPS
One of the knocks on Elliott wave analysis is that counts change, which
makes trading with Elliott difficult. For example, a trader might go short,
expecting a wave 4 correction to end near the 38.2 percent retrace level of
wave 3. A triangle unfolds instead and gives way to the wave 5 advance be-
fore price reaches the 38.2 percent Fibonacci level. The trader’s stop is trig-
gered, and the result is a losing trade. This hypothetical example highlights
P1: PIC/b P2: c/d QC: e/f T1: g
c07 JWBK195-Saettele June 5, 2008 19:52 Printer: Yet to come
170 SENTIMENT IN THE FOREX MARKET
one of the most common barriers to success: overtrading. Not every single
price movement should be traded. In fact, most price movements should
not be traded.
I believe there are four instances in the wave structure when the prob-
ability of success and the reward-to-risk ratio warrant taking action, even if
that action would ...
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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.