Attacking Currency Trends How to Anticipate and Trade Big Moves in the Forex Market

by Michalowski, Greg

• ISBN13: 9780470874387
• ISBN10: 0470874384
• Edition: 1st
• Format: Hardcover
• Copyright: 2011-03-29
• Publisher: Wiley

Summary

The guide for reading long-term trends in the foreign currency market To thrive in the marketplace traders must anticipate, enter, and stay with trends in the foreign exchange market. In this much-needed guide top forex, expert Greg Michalowski clearly explains the attributes of successful traders, and shows how traders can set themselves up for success by drafting an explicit mission statement and game plan. The book also contains the tools and techniques traders need to read the markets and identify when a market is in a trend. Michalowski shows traders how to enter an emerging trend, how to manage the position, and how to exit the position most effectively. Includes the technical tools needed to invest in the foreign exchange market: moving averages, trendlines, and Fibonacci levels Shows how to identify a trend and stick with the trend through its duration Written by Greg Michalowski who was cited by SmartMoney magazine as a "go to" source for making money moves With this book, Michalowski offers an important resource for identifying and riding out long-term trends in the volatile foreign currency.

Author Biography

Greg Michalowski is the chief currency and trading analyst for FXDD. Prior to joining FXDD, he was an assistant vice president and trader in the treasury / funding area with Citibank in New York, a vice president and interest rate derivatives trader at Citibank in London, and a vice president and trader in the banks funding department at Credit Suisse First Boston. Michalowski maintains a daily market commentary and currency analysis website at fxdd.com.His market comments are quoted in the financial pressby Bloomberg.com, Reuters, and the Wall Street Journal,and he has written for various print and online trading publications, including eForex, Equities magazine,forexstreet.com, stocktwits.com, and forexfactory.com.His twitter site, twitter.com/gregmikefx, was one of thirteen cited by SmartMoney magazine as a "go to" source for making money moves.

Table of Contents

Acknowledgments	p. xi
Introduction	p. 1
The Foundation for Success	p. 19
Stereotyping the Retail Currency Trader	p. 21
They Think Trading Currencies Is Easy	p. 22
They Have Too Much Fear	p. 27
They Lose Money	p. 29
They Are Too Fundamental (Not Technical Enough)	p. 31
They Don't Know Enough about Key Fundamental Requirements	p. 34
They Fail to Anticipate Trends	p. 45
Don't Be Like the Rest...Change!	p. 46
The Six Attributes of a Successful Currency Trader	p. 47
What Are You Good at Doing?	p. 47
There Will Always Be Peaks and Valleys	p. 49
Skill or Aptitude	p. 49
Practice, Practice, Practice	p. 52
Know Your Risk	p. 54
Create and Execute a Plan	p. 58
Control Your Fear	p. 61
Be Greedy Enough	p. 63
A Foundation for Success	p. 66
The Mission Statement	p. 67
A Team of One	p. 68
A Two-Part Mission Statement	p. 70
Finding Trades That Satisfy Your Mission Statement	p. 76
The Importance of Staying on Trend	p. 80
What's Your Game Plan?	p. 85
Every Mission Statement Needs a Game Plan	p. 86
Trade the Trends	p. 86
Keep Fear to a Minimum	p. 91
Never Underestimate a Strong Foundation	p. 97
Rules for Attacking the Trend	p. 99
Keep It Simple (but Stay Positive)	p. 100
Have a Reason to Place a Trade	p. 105
Be Picky about Your Tools	p. 107
The "If...Should" Rule	p. 115
Look Ahead, but Not Too Far Ahead	p. 117
Rules Rule	p. 120
The Trader's Toolbox	p. 121
Rules for the Tools	p. 122
How to Use Fundamental Analysis	p. 122
The One Thing We Can Agree On: Price	p. 125
The Tools	p. 131
If I Had a Hammer	p. 146
Tools and Strategies	p. 147
Moving Averages	p. 149
What Is a Moving Average?	p. 150
How to Use Moving Averages	p. 151
Time Frames for Analysis	p. 156
Anticipating a Trend	p. 164
Managing a Trend	p. 167
Managing Profits	p. 169
Trade Setups	p. 171
The Push That Gets the Market Going	p. 177
Trend Lines and Remembered Lines	p. 179
Bullish Trend Lines	p. 180
Bearish Trend Lines	p. 183
Channels: Highways to Ride the Trend	p. 186
Flags and Pennants	p. 190
Finding the Golden Ticket	p. 192
Remembered Lines	p. 197
Simple but Effective	p. 204
Fibonacci Retracements: The Hybrid Tool	p. 205
Introduction to Fibonacci	p. 206
Placing Retracements on a Chart	p. 210
Using Fibonacci Retracements	p. 214
Trading Shorter-Term Corrections	p. 227
Using the Tools to Your Best Advantage	p. 231
Preparing for the Trade	p. 233
First Things First	p. 234
Analyzing the Charts	p. 236
A Composite View of the Clues	p. 249
"Is It a Boy or a Girl, Doc?"	p. 251
Executing the Game Plan	p. 253
The Kickoff: The Entry Trade	p. 254
Managing the Trade	p. 256
Finding Clues in the Consolidation Phase	p. 264
A Borderline: Always a Low-Risk, Unambiguous Level	p. 266
Another Trend Reentry	p. 267
The Key Role of Borderlines in Hourly and Daily Charts	p. 271
Attack the Currency Trend	p. 275
About the Author	p. 277
Index	p. 279
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