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Sentiment in the Forex Market: Indicators and Strategies To Profit from Crowd Behavior and Market Extremes Hardcover – August 4, 2008

ISBN-13: 978-0470208236 ISBN-10: 0470208236 Edition: 1st

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Product Details

  • Hardcover: 196 pages
  • Publisher: Wiley; 1 edition (August 4, 2008)
  • Language: English
  • ISBN-10: 0470208236
  • ISBN-13: 978-0470208236
  • Product Dimensions: 9.1 x 6.3 x 0.8 inches
  • Shipping Weight: 14.1 ounces (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (16 customer reviews)
  • Amazon Best Sellers Rank: #942,520 in Books (See Top 100 in Books)

Editorial Reviews

From the Inside Flap

With a number of firms now offering retail traders direct access to the interbank foreign exchange market, participation in the FX market has grown substantially. As a result, the amount of technical and fundamental information available to traders has increased exponentially in recent years. An area that has failed to receive the same amount of attention is sentiment.

Trading on sentiment works because market tops occur when the majority of traders are overwhelmingly bullish and market bottoms occur when an overwhelming majority is bearish. Traders that understand how to determine when a particular market is extremely bullish or bearish have an edge over those traders that follow only traditional technicals or fundamentals.

Nobody is more familiar with this situation than author Jamie Saettele. As a Technical Currency Analyst for Forex Capital Markets LLC—the largest player in the online currency-trading industry—Saettele shares his invaluable insights with thousands of traders each day. Now, with Sentiment in the Forex Market, he'll show you how to achieve unparalleled investment success byintegrating only the most effective sentiment indicators into your daily currency trading activities.

Written with the serious trader in mind, this practical guide provides you with the knowledge needed to develop a top-down, sentiment-based approach to trading the Forex market. Throughout these pages, Saettele puts the entire process in perspective, as he examines how to use Commitments of Traders (COT) reports and other important indicators to locate sentiment extremes that can lead to profitable market reversals. Along the way, he also explains how to interpret market news coverage to gain a greater sense of when participants have become overly bullish or bearish. After exploring what it takes to gauge the psychological state of the market, Saettele rounds out the discussion by addressing how to assess risk and time your currency trades using Elliott Wave theory, Fibonacci principles, and other powerful technical tools.

To profit from today's foreign exchange market, sentiment should play an important role in your trading program. With Sentiment in the Forex Market as your guide, you'll quickly discover why this is true and how you can make more money with this proven method.

From the Back Cover

Praise for Sentiment in the Forex Market

"This is a focused book on a key aspect of technical analysis. It takes a stand on the value of sentiment indicators in the Forex market and sticks with it. Anyone who has yet to build a firm foundation for understanding market behavior would do well to start with this book."
—ROBERT PRECHTER, Elliott Wave International

"Jamie Saettele uses clear logic and builds a strong case to shatter myths about efficient markets and conventional trading wisdom. In this thought-provoking work, which can be applied to a variety of trading markets, Saettele favors a road less traveled. This book will change more than a few minds about which tactics make sense in the Forex market."
—ED PONSI, President, FXEducator.com

"Jamie has done research that provides a totally unique perspective on the currency markets-—what he has to say about sentiment and crowd behavior is essential reading for every trader."
—ROB BOOKER, independent trader and host of TraderRadio.net


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Customer Reviews

4.2 out of 5 stars
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Backtested and forward tested...in a word, it works!
A. Horne
Jamie Saettele has provided that insight for the forex market in his book "Sentiment in the Forex Market."
Ryan Kaplan
I highly recommend this book for the novice and sophisticated investor alike.
Vishal Gandhi

Most Helpful Customer Reviews

31 of 38 people found the following review helpful By Afonso Vieira on October 31, 2008
Format: Hardcover
There are less then 80 pages about sentiment indicators in this book. Fundamental Analysis, Technical Analysis, Elliott and Fibo make the rest. In 80 pages, the author talks about 4 sentiment indicators: Magazine Covers, Headline News, COT Report, and the FXCM SSI.

I have paid over 50 USD (with shipping) for information that I can find on the internet for free.
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13 of 16 people found the following review helpful By Joao Borras on November 5, 2008
Format: Hardcover Verified Purchase
I am a long time reader of DailyFX site and find it very useful.
One tool that caught my attention some time ago was the COT report column, write by Jamie Saettele.
The book goes further in explain the COT report itself, how to generate indicators from COT data, how to interpret it and, finally, how to use it as a tool to help trigger trades.
Well explained, with plenty of charts, it also has an introduction to Elliot Wave theory, largely used by the author in his tracking of markets.
I recommend the book because of it introduces this subject in a very straight forward way, easy to understand and apply immediately in your trading routine.
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21 of 29 people found the following review helpful By Mark Lee on October 20, 2010
Format: Hardcover
Below are the dates of the 5 star reviews.

7 of 8 are written on 4 Nov 2008
1 of 8 was written on 3 Nov 2008

The book was published on 4 Aug 2008.

Please draw your own conclusions.
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1 of 1 people found the following review helpful By C. Drouganis on January 18, 2013
Format: Hardcover
The author asserts that the FX markets depend upon other traders emotions and psychology not on the basis of any real indications. Essentially if traders at large believe the pair will be bullish than lo and behold the pair becomes bullish. He does attack standard fundamental analysis and does something extreme and crazy for a trading book, he backs up his points! Some may want more rigor but I believe he did a fine job proving himself.

He is also advocating a KISS strategy for trading, he wants you to trade longer time frames and then tells you how he does the trading on those time frames. He doesn't bother with many indicators and I think he has a point there. To many signals dilutes the strength of a method. I thought his concise discussion of Elliot wave theory was very good, I've read about Elliot waves before and was left somewhat confused when I actually went to real charts.

I would defiantly recommend this book.
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1 of 1 people found the following review helpful By Mamarracho on October 3, 2012
Format: Hardcover Verified Purchase
This book is really good if you are starting at forex trading ... However if you had some time I don't think it would do you any good since you probably know what's going on by now. I decided to buy the book probably seven months after I started trading and I already knew everything since I have the privilege to watch the market all day...
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2 of 3 people found the following review helpful By A. Horne on November 24, 2011
Format: Hardcover Verified Purchase
As a active FX trader and follower of the methods of Larry Williams Jake Bernstein, I found this book essential to developing a workable, scalable and most importantly...profitable trading plan. Backtested and forward tested...in a word, it works! Solid, straightforward writing, examples and formulas. Recommended highly for the experienced trader; newbies probably won't grasp it. It is not a Holy Grail; the methodology requires a good deal of screen time experience and actual manual trading to calibrate the nuances in both calculations and charting. Slog thru it, you will not be sorry! Thank you Jamie!
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By Tony on May 18, 2014
Format: Hardcover Verified Purchase
The book starts out well. It builds a case for Sentiment trading, and gets you thinking about how it actually works. The author says technical indicators are a general waste of time (However the latter half of the book is devoted to technical indicators - which makes no sense to sentiment trading... further more... the charts used are actually missing the indicators it says should be there.. pages 142-145... blank charts). Then it begins to fall apart after that. The author explains how he uses COT but never actually helps you understand the COT report itself (if you decide to look at it on line). Nor does the author explain how to set it up on your own spread sheet if you wanted to do that. How to exit a trade is so inadequate as well. Then the time devoted to "putting it all together" is one page of summary that doesn't actually tell you how to put a trading system together. Basically it means you still have a lot of work to do to put together a sentiment trading system as this book doesn't help in doing that. It seems the author attacked the subject with vigour to start with then just dropped the ball half way through and padded it out with indicators - which he says are worthless in the first half of the book anyway. I'd give it 2.5 stars out of 5 as the first half of the book is interesting... the second half you can easily replicate from information on-line and is not relevant to sentiment trading.
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4 of 7 people found the following review helpful By Avni Vora on November 4, 2008
Format: Hardcover
Perhaps it is because I am a woman, but I have long believed that emotions and psychology can move markets more than fundamentals, and Jaime Saettele knocks this concept out of the park in this book. As retail investors like myself begin to dabble more in the foreign exchange markets, it is important to understand how to rationally interpret market sentiment amidst the daily volatility. In these days of information overload with CNBC and Wall Street Journal constantly bombarding the investing public, Saettele outlines how to correctly identify scenarios where going against the majority can translate to profit. This book was highly recommended to me, and I would do the same to anyone looking for an intelligent and entertaining take on how to be a successful long-term investor in the Forex markets.
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