Forex on Five Hours a Week (eBook)

Raghee Horner is a private trader, founder of EZ2Trade Software, entrepreneur, and author. She is a regular contributor to a number of sites, including FXStreet, Trading Markets, and eSignal, as well as a featured speaker at the forex and Traders Expos. Horner's commentary and analysis is seen daily by thousands of traders at Raghee.com, gotforex.com, forextraderdaily.com, and her personal blog, ragheehorner.com. She is also the author of the Wiley titles Thirty Days of Forex Trading and Forex Trading for Maximum Profit.

Preface vii

Acknowledgments xi

Chapter 1 Making Money in Up and Down Markets 1

Fill in the Blanks 2

A Bull Is on the Loose! 3

Shorting 4

Chapter 2 Full-Time Trading = Full-Time Job 9

Employee Mindset 11

Confessions of a Chart Junkie 12

Analyzing the Market 14

Identify the Trend 16

Time Frames 16

Chapter 3 The Wave 19

Sinking, Soaring, or Sideways? 23

Market Cycles 23

A Wish 28

Market Memory 28

Trade with Price 31

Chapter 4 Objectivity 33

Indicators 34

Order Entry 35

Stop Loss 36

Risk Management 38

Trendlines, Support, and Resistance 41

Static and Dynamic Lines 41

Chapter 5 The Magic of Lazy Days Lines 43

Fibonacci Analysis 44

Lazy Days Lines at Work 45

Using Lazy Days Lines 46

The Wave in Action 48

Real-Life Lazy Days Lines 54

Comprehension + Confirmation = Confidence 55

Chapter 6 The Only Entries You Need 57

Momentum Trading 58

Swing Trading 63

Short Cycle Set-Ups 68

Inside the Range 71

Chapter 7 Around the World 73

Who's Awake? 74

Financial Centers You Need to Know 75

Prime Time! 76

Pip Movement 81

A Day with the EUR/USD 82

Time Out! 85

Choosing Your Trading Time 95

Chapter 8 Market Pulse 97

U.S. Dollar Index and USD/CAD 104

U.S. Dollar Index and AUD/USD 110

Chapter 9 Trading Psychology 117

Stay in Balance 119

The Role of Experience 120

Trading for Real 123

The Psychology of Market Cycles 125

The Psychology of News 125

The Psychology of Time 127

The Psychology of Numbers, Entries, and Exits 128

Chapter 10 Psychological Numbers 131

Using the Herd 133

The 200 SMA 133

52-Week Highs and Lows 135

Chapter 11 Trading Edge 137

The Right Side of the Chart 145

Consumer Confidence 146

Risk Appetite 148

Sell the News 148

Chapter 12 Is My Broker Friend or Foe? 153

The 2 Percent Question 155

Stop Loss Placement 156

Triage 158

Trading Truths 158

Chapter 13 Embracing Automation 163

Charting Tools 166

Profit Targets 166

Fifteen-Minute Set-Ups 170

Chapter 14 Raghee Recommends 179

Final Thoughts 183

Index 187