If we look closer now at the target points or the extension levels of the fib tool and the reaction of price one these price levels are reached we find that price stalls out at this point and some bullish action takes place. Once price reaches the target points we see that the candles are leaving wicks on the bottom of the candles indicating buying pressure and even profit taking from short positions.

In Figure 4 we look at this action. In Figure 5 we see something different than before, after reaching the previous target point's price attempts to retrace but fails as the selling pressure resumes and the low breaks before resistance levels are tested.

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This is an indication of trending strength. The less a pair retraces the stronger the trending momentum is. The process now repeats itself as we look for the next target points or levels for price by looking to the extensions once again, if price reaches these levels we'll examine the price action at that point. In Figure 6 the new target range from the break of the low is identified. Price reaches the new target range and we see a similar condition as before once the target range was met, we begin to see some bullish price action as the candles leave longer wicks on the bottom of the candles.

In Figure 7 we look closer at this action or reaction of price at the new target range. We see the buying pressure and profit taking.

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Now that this target range is met we see the market go into a ranging period where progress cannot be made in either direction. This will occur when the market needs more fundamentally to establish an imbalance in the current value; then the market will begin to move again. On a retracement we look for the same price action signs and we can see in this case the retracement reaches the Inner levels of the fib tool and price is reacting to the resistance felt as it does reach the There is a common misconception that traders have and it is fueled and then fed on by the trading industry, or more specifically those in the industry that make their living not from trading, but from selling false hope to traders.

A large portion of new forex and equities traders are under the impression that it is easy to be a trader. A quick google search on various trading related searches will quickly make you realize how so many are led astray and believe it is as easy as the marketers proclaim. I recently came across a post on a prominent traders forum, the question from the poster was this word for word: There seems to be a bit of debate online, in paranoid circles, on whether or not we should be afraid that robots will one day take over our jobs, then eventually the world.

Well I don't really have much to say about that, but I can tell you that if you ever see anything about a Forex Trading Robot, you should be afraid.

Grab your money and run for your life! The sad fact that people actually pay for stuff like this makes it all the more easy for those with negative intentions in the industry to continue feeding naive new traders counter productive crap and downright scams. The Web of The World Wide Web. The age of easy access to information now seems to have a negative flip side.

The same easy access that can sometimes seem like a godsend, also allows a pile-on of bad information or content of little value which can lead you astray. Many older traders did not have to go through this as they were mentored by another successful trader or forced to learn through long tiresome study of charts and the live market.

The common path for an aspiring trader these days is to pop open their web browser and begin searching for information to apply immediately in their live account. The problem is that their search often leads them to destinations which are infected by viruses of bad ideas, negativity, indicator obsessionand other road blocks to lead the knowledge seeker off their path.

Even many of the books sold these days are filled with recycled concepts or hacked together strategies which the authors do not even use. The problem with this new found easy access to information, at least when it comes to the trading profession, is that trading remains a discretionary field, their is no clear path to success.

There is no series of text books and exams that will graduate you as a trader. The same easy access to information that may be a godsend for other fields of study, can be a curse in our profession and might even make it harder to achieve success than it was 20 years ago. Add to this the continual barrage of sites with guru's who fuel the idea that trading is easy, then financially feed off those same people they have sold this idea to.

At the end of the day what many of them offer is a gross misrepresentation of what it takes to trade for a living. Trading is far from easy. You know you have become a good trader when your are trading with profitably with ease, but that does not mean it is easy. At a certain point you will be at a stage where you are calm and at ease when entering and exiting trades, but the reality is it is still hard work and must be treated as a career.

The effect of much of the bad information you come across is that it leads many traders start off overly optimistic. Now don't get me wrong, having a positive attitude and being optimistic is a great thing, but not when the foundation for your optimism was built to crumble. Would-be new traders start by jumping right in to the live market after getting a hold of some set of indicators or "secret" set of moving averages and they are quickly punished for their naivety.

Being led astray is not the fault of a new trader, In fact many now successful traders went through this learning process. It only becomes your fault if you continue to allow yourself to be led astray. A break from this cycle, and your first step back on the road to success, comes when you realize that the majority of those piling on this information will not help you nearly as much as you can help yourself. You help yourself by beginning to think for yourself and accepting the reality that you cannot just decide to "Be" a trader, rather you have to decide to "BECOME" a trader.

To be a trader is easy, all you need is an account with money in it then you enter the market and start trading. To become a trader is more work. Becoming a trader involves you going through an evolution from the starting point of little knowledge to the point of having a tradeable framework, knowledge of the behavior of the market you trade, and a cool head while taking wins and losses. To Become a trader you must: This is very important when you are starting your trading career.

You must come to terms with the fact that you are a small fish in a big ocean. The big fish will happily enjoy you as a little snack. When you enter the Forex market most of the liquidity is coming from big banks and experienced traders. Don't for a second start off by thinking that it will be easy to take these big traders money out of the market.

What you have to learn is to swim along side the big fish, catch the same currents they do, don't swim against them or they will eat you up in passing. A funny misconception is that these big traders must have access to some holy grail strategy or use some secret indicator, but this is plain and simply not true. Online you can find access to daily bank analyst reports on currencies.

Analysts at the biggest banks in the world generate these reports which are then sent off to their trade desks for the bank's traders to consider. Begin by accepting that the other participants are highly experienced in the market and then learn to trade like them. They make money because of experience, not because they hold a holy grail or secret indicators. It is crucial that as a beginning trader your emphasis is not on how much you can make, but rather how you can properly manage what you have.

This is most likely to be the downfall of traders. It would be common place to see a starting trader risk their entire account on one or two positions. This is not the way to a sustainable trading career and this is not how the professional traders you are up against in the market manage their risk.

At some point in your trading career you will likely have a string of bad trades. A reasonable robot underground millionaire binary options might be 10 losing trades in a row. Are you managing your equity in a way that you can survive this?

The solution is using simple formulas to calculate your maximum risk per trade and total risk in the market at any one time. Doing this is not difficult, but you must have the discipline to follow through with it on each and every trade. Many fail to realize that when you open your charting software and pop on nzforex limited latest hot indicator or charting tool you've heard works so well, you are extremely unlikely to see much success from it.

This is because an indicator on a chart does not provide you with a market lens to trade from. Your market lens comes from experience. It comes from knowing how the market behaves around your chosen framework. There are many traders that are profitable with various indicators or tools such as fibs, pivots, price channels, MACD, etc. But the tools they have chosen are not what is making them profitable.

A common theme between successful traders is that they have the experience of seeing how the market behaves around their chosen tools and framework, day in and day out. The only way to achieve this is to stop jumping between tools and select those that are based on logical reasoning, understand how they work, then spend time in the market experiencing them. Once again it is a novel concept which you will hear again and again, but for some reason it is difficult for many traders to exercise the discipline to follow a plan for each trade.

Instead what often happens is what I call the free no download cp money maker Trade. The Lazyboy Trade may work out a few times solely because of luck, but eventually the trader wakes up from a nap to find themselves under water in a position and that's the end of their trading career. Now there's nothing wrong with trading from your Lazyboy, but be sure you never partake in are canadian stock markets open easter monday Lazy Boy trade and you must exercise discipline each day to keep your account healthy.

Entire books have been dedicated to the subject of psychology and its role in trading. That doesn't mean they are all going to help you, but y ou should take this as a sign that the subject is not to be ignored. Like a professional athlete must maintain their fitness at a level that allows them to compete at the top, we must maintain our mind because it is relied on each and every day to trade at the top of your game.

This comes down to a few things. First you must alpari uk forex fx brokers online forex trading the role psychology plays in trading.

Second you must make it your aim to never stop learning. You cannot get yourself to a certain level and then become complacent. Your entire career in this industry how to make easy money on world of warcraft be a learning experience. I'm writing this at the end of which has been quite a wild year in the markets.

We've seen bank runs followed by bail-outs, brokerage bankruptcy's, government intervention in free markets, housing bubbles exploding, and a global deleveraging of the financial system of historical proportions. At the beginning of the crash it seemed like every other week the market was being saved by rumors of Warren Buffet buying out struggling companies.

Now we see pundits questioning the savvy of the oracle himself as he loses large sums on the same derivatives he once criticized as a bad idea and sees his prized AAA credit rating for Berkshire being threatened. Did anyone expect to see that? These are indeed interesting times, but there is one thing every investor needs to learn. E xpect the unexpected and do not get wrapped up in the euphoria of those around you. There will always be bubbles, crashes and threats to your profitability, but as long as you maintain and objective outlook and think for yourself you will have a feast when there is famine for those who are caught up in the hype.

By putting in the effort to BECOME a trader you allow yourself the opportunity to one day evolve from saying "I am going to become" a trader to "I am a trader. Congratulations to those who can make this statement and for those just beginning this journey start your evolution by allowing yourself to BECOME a trader.

Fibonacci In The Modern Age A Free Forex eBook Download. Tuesday, January 20, All Future Forex Training Will be posted on my site blog I just set up. Posted by Jeff Sorrells at 6: Saturday, January 17, How To Trade Using Fibonacci To Follow Price Action.

This week we'll look at using the Fibonacci retracement tool to gauge price movement and give some pointers on using the Fibonacci retracement tool. Figure 1 is the starting point where we watch the retracement. After making a bobokus forex training program review we see price begin to fall, find mild support and begin to make fake money template back up.

As it moves stock market hutchinson technology up we can use the fib tool to point out the resistance levels to price.

Figure 1 As it moves back up we watch the price action as price comes into contact with the resistance levels. We find that selling pressure is present and a short trade becomes possible. Figure 2 Now once price fails to break the resistance levels we need an idea of where how to withdraw money from bank without atm card is heading The extensions to the Fibonacci retracement tool give us the target points from a trade taken for the Inner levels In Figure 3 we look for our target point from a short trade based off the rejection of price from 90 accurate binary option strategy free 100 resistance levels we just looked at in the previous examples.

Figure 3 If we look closer now at the target points or the extension levels of the fib tool and the reaction of price one these price levels are reached we find that price stalls out at this point and some bullish action takes place. Figure 4 The next step is to gauge the next movement of price by simply measuring the current movement since a new low appears to be in the making and if this is a low point we want to know the new resistance levels to price; if we do see a bounce here.

We move the low of the fib tool now to the expected new low just created at the previous target point. Figure 5 shows the new placement of the Fibonacci retracement tool as we continue to follow price with our fib tool. The purpose of doing this is to establish the new resistance levels to price from the fib tools Inner levels Figure 5 The process now repeats itself as we look for the next target points or levels for price by looking to the extensions once again, if price reaches these levels we'll examine the price action at that point.

Figure 6 Price reaches the new target range and we see a similar condition as before once the target range was met, we begin to see some bullish price action as the candles leave longer wicks on the bottom of the candles.

Figure 7 The process continues but there are 2 options here now. Stock market tips in telugu there was no previous retracement to the Inner levels before this second target range was met we can either leave the tool in place as it is and use the next levels of extensions.

In Figure 8 we show an example of this option. Figure 8 The other option is to move the Low point of the Fibonacci retracement tool to easy online forex trading 212 low point created by the last target points.

Figure 9 is the other option of moving the tool for a new measurement and showing the new resistance levels to price if it begins to retrace before reaching the next level of target points or target range.

Figure 9 If you look closer and examine both options you'll notice that either option is correct or the same objective is achieved. The next step is simply repeating the process now 24option binary option live trading we can measure this entire movement down to give us the resistance points if a low can be bobokus forex training program review and we will have our targets on a retracement now.

The targets on a retracement become the Inner levels of the Fibonacci retracement tool. Figure 10 represents the target points for a retracement. Figure 10 I hope you enjoyed this quick lesson in the use of Fibonacci and if you would like to learn more or would like to learn how to trade Forex by adapting to the market and following price, rather than blindly with an indicator based method visit us at Bobokus.

Posted by Jeff Sorrells at 2: Saturday, January 10, Jeff's Forex Market Notes - January 11th, Notes - January 11th, Yesterday brought to a close another good week for the Forex Trade Kings Club and myself.

We have enjoyed 5 weeks now with our weekly targets being met and we expect this to continue. The more volatility there is in the markets the more we like it. This past week the Euro has fell to test the previous support left by natural support and resistance points. Initially this point has held in the 1. Looking at this movement of the Euro over the past week since the initial test of 1.

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Figure 1 A bounce ensues from the test of 1. Using Fibonacci as a gauge of the balance between a long and short market this point is also the last line of defense before moving into the short side indicated by Figure 2.

The support levels generated from this last retracement into the downtrend has price penetrating deep into its levels. The subsequent bounce from the low of 1. Figure 2 If we we're to look even closer now at the movements after the bounce from 1. Figure 3 Now if we were to take the viewpoint from Fibonacci to find the resistance to this bounce from 1.

Figure 4 The thing to have been looking for Friday was to enter once the market begins to trade lower off the Natural resistance points and the levels indicated by the use of Fibonacci.

Since price began to move down the question becomes, will support hold or will it fail so you simply identify the support now as price moves down from the rejection point in the 1. Figure 5 If we look at this even closer now for an entry into the market, it's as soon as we see it trading lower or a break of previous support.

Figure 6 The point is the markets are all about Support and Resistance, Supply and Demand. The rest will fall into place. Have a profitable week - Jeff. Learn Forex From Bobokus. Posted by Jeff Sorrells at 4: Tuesday, January 6, Live Forex Trade - EURUSD. Forex Training - Live Trade Example. Saturday, December 20, Forex Market Notes For The Week. It was a very volatile week where we saw the Euro climb continue its upward press to the tune of pips only to top out and then fall pips; all inside of 1 week!

It's not very many times where you will see the Euro outpace the GBP in range. GBP made an early run in the week climbing a little over pips, only to later lose all the ground gained by falling pips. Those of you who have been trading for a few years may remember the Euro being good for pips on a good volatile day; now we're getting that much in a 1 hour candle.

Those new to trading this year will consider this type movement from the Euro as normal, when in fact it is a result of the economic turmoil throughout the world. At some point the Euro will return to much smaller range days. Once conditions change they will be at a loss to why the system they developed a few months ago, which was maybe even profitable, no longer works and is actually losing more than it makes now.

More on the pitfalls of automated trading systems at a later time, but this is why the most simple of methods will continue to work and stand the test of time.

By teaching simple and logical methods through our Forex Educationwe are training traders that will be profitable in the market for as long as they choose. If we look closer at the events that unfolded this week with the Euro, it had many guessing as to where it would finally top out.

I myself was very surprised that it met little resistance in the incredible push up this week. When we have these major movements it helps to track price from both a Support and Resistance viewpoint as well as from our longer term Fibonacci levels. In these first 2 examples we look at the overall downtrend that the Euro has been following after its yearly high of 1.

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These first two examples are from the perspective of longer term Fibonacci. The first chart is the view of a weekly chart figure 1the second is the same view but from the 4 hour chart figure 2 and we can see where price finally met enough resistance to top out at. Figure 1 Figure 2 We find this move was a The 4 hour perspective just gives a more zoomed in view of what we see happening on the longer term time-frames.

Looking at where price is now from a natural support and resistance view, we simply look back to the previous ranging periods in history. Where we are now is in the 1. If the Euro remains above 1. Figure 3 is a representation of this from a Daily chart Figure 3 Now If the Euro cannot be maintained in this range we will see it drop back into the range established just below the one in Figure 3.

The next example is the trading range we can expect the Euro to trade in if it looses some of the value its gained from the push up in this most recent week. Figure 4 is the trading range just below where price is currently.

Figure 4 So as you can see the Euro has reached a pivotal point where it will decide its next direction. In the following week we should see it establish which range we will see it trade in during the next week or weeks. With a combination of Fibonacci and the trading range we found from the Daily chart from natural support and resistance points that are below the current price the support picture looks like the chart in Figure 5.

Figure 5 The lesson in this is not to forget the bigger picture, since this is where you establish the expected trading ranges ahead of price. Our human nature causes us to over-complicate things and we are often our own worst enemy in this respect. Posted by Jeff Sorrells at Friday, December 19, Forex Education - Trade Kings Club Introduction Video. I'm proud of the recent launch of bobokus. Not just the site, but the years of hard work put into developing my strategies for profitably trading the Forex market.

A quote from me in the press release: Founder and head Forex Trader Jeff Sorrells said "Bobokus. During my trading career I've seen other struggling traders literally spend 3 to 5 years attempting to become profitable. They become consumed the massive tsunami of counterproductive and often over-complex strategies that flood the internet and most books.

Eventually they become discouraged and give up by choice, or due to loss of capital; which is unfortunately more often the case. It does not have to be this way, the market is fairly simple, but you have to learn its language and understand the underlying logic of methods you are using to trade.

With the launch of bobokus. On the site I provide personalized coaching and structured educational resources for struggling traders wanting to get profitable, or profitable traders wanting to get to the next level.

The greatest validation of your trading method is validation by the market itself. This year, more than any in recent memory, has validated for me, the fact that my methods will provide significant and consistent gains no matter what the market throws at you. Many new traders will make the assumption that there are secret indicators and methods that only the big banks and traders in the know have access to.

This is simply not true. One can chose to either learn to trade or to chase their tail around; continuously searching for some magical trading secret. The foundation for the educational program is that fact that your trading account equity is built, coin-by-coin, based on your skills as a trader and investor.

Wednesday, December 17, Evolution Of A Forex Trader. Welcome New Trader, Please Leave Your Money At The Door There is a common misconception that traders have and it is fueled and then fed on by the trading industry, or more specifically those in the industry that make their living not from trading, but from selling false hope to traders.

The faster a new trader can make the mental shift to "I am going to become a trader" the faster they will get to the goal line where you can say "I am a trader. It should be your goal to take your pips out of the market with precision, the same precision a surgeon must use with his scalpel. Traders who don't treat each trade as a business decision by calculating their risk and defining entries and exits, open themselves to big losses when a trade goes bad.

Posted by Jeff Sorrells at 8: About Me Jeff Sorrells Forex Trader, Educator, and Founder of Bobokus. How To Trade Using Fibonacci To Follow Price Actio Subscribe To Posts Atom.