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Sentiment in the Forex Market: Indicators and Strategies To Profit from Crowd Behavior and Market Extremes Hardcover – August 4, 2008
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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
Top customer reviews
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.
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.
For anyone who has any desire to invest in currencies in this market, or for that matter, any market, up or down, it is crucially important to understand crowd sentiment. "Sentiment in the Forex Market" provides the guidance necessary for primarily seasoned, but also "beginning" traders, to succeed in the forex market. From in depth analysis, strategies and historical precedents, to anecdotes and easy to follow lessons, Jamie Saettele has clearly outlined the drivers and affects of crowd sentiment, and has provided a road map to understanding crowd sentiment, and using that understanding, and the indicators he discusses, to succeed in the forex market.
Most recent customer 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.Read more