Author : James L. Bickford
A technical Analysis for Spot and Future Currency Traders
Trading in the foreign exchange currency markets recently has exceeded $2 trillion a day, and this figure is expected to double within the next five years. The reason for this astonishing surge in trading popularity is quite simple: no commissions, low transaction costs, easy access to online currency markets, no middlemen, no fixed-lot order sizes, high liquidity, low margin with high leverage, and limited regulations. These factors already have attracted the attention of both neophyte traders and veteran speculators in other financial markets. Traders who have not yet passed the currency rites of initiation are encouraged to read Getting Started in Currency Trading, by Michael Archer and James Bickford (Wiley, 2005).
ABOUT THIS BOOK The purpose of this book is to provide spot and futures currency traders with an innovative approach to the technical analysis of price fluctuations in the foreign exchange markets. Financial markets move in waves. These waves, in turn, form business cycles that are components of even larger cycles. Knowledge of why this phenomenon occurs is not critical (although very absorbing) to technical analysts. This aspect of trading is left to fundamental analysts. Instead, it is the where and the when questions that are critical to all technical analysts. Determining the direction of subsequent cycles (and component waves) is the paramount goal.