Magazine article Modern Trader

Forex Patterns & Probabilities: Trading Strategies for Trending and Range-Bound Markets

Magazine article Modern Trader

Forex Patterns & Probabilities: Trading Strategies for Trending and Range-Bound Markets

Article excerpt

Forex Patterns & Probabilities: Trading Strategies for Trending and Range-Bound Markets

By ed Ponsi

John Wiley & Sons, 2007

$85.00, 250 pages

[ILLUSTRATION OMITTED]

Trading volume of approximately $1.9 trillion per day, the forex market is by far the largest and most liquid trading market in the world. open for trading 24 hours per day, this huge market offers tremendous opportunity. ed Ponsi opens the door to this market in his book, which is an excellent primer for the beginning forex trader and a source of trading strategies for both novice and experienced traders.

Ponsi is the president of FXeducator. com and he demonstrates his knowledge as he "cuts up" the technical world of forex into easily digestible chunks. His writing clarity, organization, and in-depth knowledge make the book a good read for anyone interested in trading the forex market.

In four parts, Ponsi defines forex trading and breaks down its complexity. He explains forex trading in a way that both entertains and educates. Ponsi also lays out specific strategies for trading trending markets, techniques for trading non-trending markets, and a well-thought-out program for taking control of a trader's destiny.

The book focuses on the fundamentals of successful trading, including spotting specific market conditions such as trending, range-bound and consolidating. It also discusses market tendencies associated with these conditions, such as the tendency for a strong breakout to occur immediately following a tight consolidation. …

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