Forex Chartist Companion: A Visual Approach to Technical Analysis / Edition 1

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Overview

THE FOREX CHARTIST COMPANION

The foreign exchange (Forex) market has quickly become the market of choice for traders looking to increase their profit potential. The combination of high liquidity and low transaction costs-as well as twenty-four-hour accessibility-has attracted the attention of both new and veteran traders.

In The Forex Chartist Companion, authors and active Forex traders Michael Archer and James Bickford provide a visual window into the behavior of the Forex market along with detailed information on the mechanics of day trading, market entry timing, and much more. With this book as your guide, you'll not only become familiar with innovative software and charting systems that provide a graphical interpretation of the markets, but you'll also discover how to instantly see patterns throughout those markets.

Divided into six comprehensive parts, The Forex Chartist Companion:

  • Details Forex-specific charting techniques
  • Illustrates the use of point and figure charting in conjunction with Forex trading
  • Explores Forex swing charting
  • Outlines a variety of Western and Japanese reversal charts-from pivot charts to Kagi charts
  • Examines the actual trading system of veteran futures guru Charles Goodman

Filled with numerous charts-annotated with Archer's insight into the material-and in-depth information regarding charting theory, The Forex Chartist Companion will help serious traders use technical indicators to enter this market with confidence and exit with profits.

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Product Details

  • ISBN-13: 9780470073933
  • Publisher: Wiley
  • Publication date: 1/29/2007
  • Series: Wiley Trading Series , #297
  • Edition number: 1
  • Pages: 384
  • Sales rank: 1,024,286
  • Product dimensions: 7.09 (w) x 9.98 (h) x 0.98 (d)

Meet the Author

MICHAEL DUANE ARCHER has been an active commodity futures and Forex trader for over thirty years. He has worked in various advisory capacities, notably as a commodity trading advisor and a SEC-registered investment advisor. Archer operates www.fxpraxis.com and is a professional Forex money manager. He is also the author of Getting Started in Currency Trading, which is also published by Wiley.

JAMES LAUREN BICKFORD began trading in commodity futures in the early 1980s. Since 2001, he has focused his investment efforts solely on trading spot currency pairs via online Forex dealers. Bickford's academic background is in computer science, mathematics, and statistics. By profession, he has been a software engineer for nearly three decades.

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Table of Contents

Acknowledgments.

Introduction.

PART I Forex-Specific Charting Techniques.

CHAPTER 1 Streaming Data.

Overview.

Tick Chart.

Spread Chart.

Conclusion.

CHAPTER 2 Activity.

Overview.

Activity Bar Chart.

Composite Activity.

Time of Day Activity Chart.

Day of Week Activity Chart.

Equi-Activity Chart.

Activity Mercury Chart.

Uptick-Downtick Mercury Chart.

Conclusion.

CHAPTER 3 Direction.

Overview.

Direction Chart.

Direction Mercury Chart.

Activity-Direction Mercury Chart.

Conclusion.

CHAPTER 4 Forex versus Futures.

Overview.

Pip Differential Chart.

Activity versus Volume and Open Interest.

Conclusion.

CHAPTER 5 Arbitrage.

Overview.

Transitivity.

Triangular Arbitrage Chart.

Equilibrium.

Major Currencies.

Observation.

CHAPTER 6 The Mundo.

Overview.

Forex Beta.

Mundo Line Chart.

Weighting.

Mundo Bar Chart.

Observation.

CHAPTER 7 Range Charts.

Overview.

Range Bar Chart.

Composite Range Charts.

Time of Day Range Chart.

Day of Week Range Chart.

Average Interval Range Chart.

Observations.

CHAPTER 8 Absolute Momentum.

Overview.

Absolute Momentum.

Time of Day Momentum Chart.

Day of Week Momentum Chart.

Conclusion.

CHAPTER 9 Two-Dimensional Momentum.

Overview.

Two-Dimensional Momentum Chart.

Islands.

Smoothing.

Observation.

CHAPTER 10 Moving Trend Analysis.

Overview.

Linear Regression.

Ordinary Least Squares Method.

Coefficient of Correlation.

Trend Oscillators.

Moving Slope Oscillator.

Moving Correlation Oscillator.

Moving Trend Index.

Observations.

PART II Point and Figure Charting.

CHAPTER 11 History of Point and Figure Charting.

Overview.

History.

CHAPTER 12 The Point and Figure Algorithm.

Overview.

P&F Anatomy.

Box Size.

Reversal Amount.

Unraveling Bar Quote Data.

P&F Algorithm.

Time Representation.

CHAPTER 13 Trend Lines.

Support and Resistance.

Trend Lines.

Buy Signals.

Sell Signals.

CHAPTER 14 Double Tops and Bottoms.

Overview.

Double Top Pattern.

Double Bottom Pattern.

Double Top Signals.

Double Bottom Signals.

False Signals.

Signal Percentages.

Observations.

CHAPTER 15 Triple Tops and Bottoms.

Overview.

Triple Top Pattern.

Triple Bottom Pattern.

Triple Top Signals.

Triple Bottom Signals.

False Signals.

Signal Percentages.

Observations.

CHAPTER 16 Triangles.

Overview.

Ascending Triangles.

Descending Triangles.

Symmetrical Triangles.

Triangle Signals.

Ascending and Descending Frequencies.

Symmetrical Frequencies.

Observation.

CHAPTER 17 Pattern Frequencies.

Overview.

Box Size = One Pip.

Box Size = Two Pips.

Box Size = Three Pips.

Inverse Patterns.

Usage.

CHAPTER 18 Breakout Analysis.

Overview.

Preceding Columns.

Succeeding Columns.

Observations.

CHAPTER 19 Count Methods.

Overview.

Horizontal Count (Buy).

Horizontal Count (Sell).

Vertical Count (Buy).

Vertical Count (Sell).

Observations.

CHAPTER 20 Plotting Point and Figure Charts in Real Time.

Overview.

Tools of the Trade.

Trading Platform.

Trading Goals.

Starting the Process.

Real-Time Example.

Performance Evaluation.

PART III Forex Swing Charting.

CHAPTER 21 Fibonacci Primer.

Overview.

Fibonacci the Man.

Fibonacci the Series.

Fibonacci the Ratios.

Fibonacci the Equations.

Binet’s Formula.

Interpretation.

Resources.

CHAPTER 22 Swing Charts.

Overview.

Definitions.

Box Size.

Reversal Amount.

Swing Reversal Algorithm.

Time Alignment.

Practical Examples.

Composite Swing Charts.

Usage.

CHAPTER 23 The Measured Move.

Overview.

Testing Approach.

Cluster Charts.

Average Retracement.

Decile Divisions.

Practical Examples.

Conclusion.

CHAPTER 24 The Fifty Percent Principle.

Overview.

Testing Approach.

Initial Results.

Increasing Tolerance.

CHAPTER 25 Improving The Third Wave Forecast.

Overview.

Methodology.

Multiple Regression.

Quartiles.

Practical Examples.

Fifty Percent Principle.

Fifty Percent Examples.

CHAPTER 26 Forecasting The Fourth Wave.

Overview.

Testing Approach.

Practical Examples.

Improving the Forecast.

Three-Wave Trending Cycles.

Trending Example.

Three-Wave Nontrending Cycles.

Nontrending Example.

Extending the Forecast.

Estimate Charts.

Live Usage.

CHAPTER 27 Cycle Frequencies.

Overview.

Two-Wave Cycles.

Three-Wave Cycles.

Four-Wave Bull Cycles.

Four-Wave Bear Cycles.

Usage.

CHAPTER 28 Bull Cycles.

Overview.

Ideal Bull Cycle.

Objective.

Initial Results.

Praxis.

Caveat.

Further Studies.

CHAPTER 29 Bear Cycles.

Overview.

Ideal Bear Cycle.

Objective.

Initial Results.

Praxis.

Caveat.

CHAPTER 30 Swing Properties.

Overview.

Wave Anatomy.

Simple Ratios.

Swing Averages.

Swing Data Preliminaries.

Bivariate Data.

Swing Volatility.

Swing Velocity.

CHAPTER 31 Swing Summary.

Overview.

Selecting Swing Parameters.

Composite Average Estimates.

Caveat.

PART IV Other Reversal Charts.

CHAPTER 32 Western Reversal Charts.

Overview.

Geometric Chart.

Trend Outline Chart.

Pivot Chart.

Observation.

CHAPTER 33 Japanese Reversal Charts.

Overview.

Renko Chart.

Kagi Chart.

Three-Line Break Chart.

PART V Goodman Swing Count System.

CHAPTER 34 History.

Charles B. Goodman.

The Right Brackets.

Later Developments.

CHAPTER 35 Ordinal Principles.

Ordinal versus Cardinal.

The Measured Move.

Congestion Phase.

Equilibrium of Buyers and Sellers.

CHAPTER 36 Cardinal Principles.

Overview.

Price Surge.

Multilevel Matrices.

Compensation.

Carryover.

Cancellation.

Intersections.

Five Points of a Goodman Wave.

Double and Triple Intersections.

CHAPTER 37 Goodman versus Elliott.

Overview.

Propagation.

The Return.

CHAPTER 38 Charting Study.

Overview.

Notation.

Matrix.

Propagation.

Simple/Complex.

Fat/Thin.

Goodman and Computers.

APPENDIXES.

A. World Currencies.

B. Exchange Rates.

C. Euro Currency.

D. Global Banking Hours.

E. Monthly OHLC and Activity Charts.

F. Daily OHLC and Activity Charts.

G. Time of Day Charts (Activity).

H. Time of Day Charts (Range).

I. Time of Day Charts (Momentum).

J. Day of Week Charts (Activity).

K. Day of Week Charts (Range).

L. Day of Week Charts (Momentum).

M. Comparative Statistics.

N. Unraveling Bar Quotes.

O. Visual Basic Source Code (Point and Figure).

P. Visual Basic Source Code (Swing).

Resources.

Index.

About the Authors.

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