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Getting Started in Currency Trading Winning in Today's Forex Market_8

Tham khảo tài liệu 'getting started in currency trading winning in today's forex market_8', tài chính - ngân hàng, đầu tư chứng khoán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | A Trader s Toolbox 149 FIGURE 12.9 Return Setup Matrix and Swing Source TradeviewForex www.tradeviewforex.com and www.metaquotes.net The Nofri Congestion Phase Method This simple but useful idea was presented by Eugene Nofri in Success in Commodities Success Publishing 1975 . It is out of print but sometimes available on www.eBay.com or www.abebooks.com. Nofri was a floor trader in the corn market but like most technical trading ideas this one is applicable to FOREX. There are 32 total formations but the simplest one is to watch for two trading units when price goes up or down followed by two trading units when prices go down or up but remain inside the range formed by the first two units. The prediction is that the fifth price unit will be in the direction of the first two units see Figure 12.10 . This can be used as an entry signal or as a short-term trading method. Pugh Swing Chart Formations This is a simple but effective charting method. The formations were identified by Burton Pugh a famous grain trader of the 1930s and 1940s. There are only four basic chart formations Bull Bear Inside and Outside. Highs and lows are always referenced to the previous data unit. See Figure 12.11. The four types 150 THE TOOLS OF THE TRADE FIGURE 12.11 Pugh Chart Formations A Trader s Toolbox 151 cover every possible price action over a set time frame. Combinations of Pugh formations create not only all the classical chart patterns but interesting and unique ones as well. A Pugh formation is always in reference to the preceding formation s high and low. A. Bull Formation Higher high and higher low from preceding formation B. Bear Formation Lower low and lower high from preceding formation C. Outside Formation Higher high and lower low from preceding formation D. Inside Formation Lower high and higher low from preceding formation Trends tend to be series of Bull Formations uptrend and Bear Formations downtrend . Consolidations tend to be combinations of Inside and Outside .