Bless My Pips - A Forex Trader’s Guide to the Currency Market

188 Pages·2010·13.7 MB·English

by  Steven Lombardi

Bless My Pips
Contains a detailed explanation of over twenty Japanese candle patterns, about twenty
indicators, fundamental events, chart patterns, Elliott waves and Fibonacci levels.

This book is a must for all first time Forex traders!
A Forex Trader’s Guide
to the Currency Market
Steven Lombardi
Bless My Pips
Bless My Pips
A Forex TrAder’s Guide
To The CurrenCy MArkeT
Steven Lombardi
Cover Design and Pictures by Sayuri Ozawa
Copyright © 2010 by Forex Club Financial Company
All Rights Reserved. No part of this book may be reproduced in any many
manner without the express written consent of the publisher, except in the case
of brief excerpts in critical reviews or articles. All inquiries should be addressed
to Forex Club Financial Company, 1200 South Ave, Suite 203, Staten Island,
NY 10314 or
Contents
Introduction 9
SECTION ONE: FOREX BASICS 11
1.1 History of the Market 13
1.2 Why Choose forex? Comparing forex to Stocks 15
1.3 Examples of How Money Is Made and Lost in Forex 19
1.4 Market Hours 21
1.4.1 Currency Pairs 23
1.4.2 Spreads 29
1.4.3 Leverage 33
1.4.4 Market Orders 35
1.5 Intro to Technical and Fundamental Analysis 39
1.6 Trading with the ExpressFX Platform 43
SECTION TWO: FOREX CHARTS 53
2.1 Line Charts 55
2.1.2 Bar Charts 57
2.1.3 Candle Charts 59
2.1.4.1 Japanese Candlestick Patterns 61
Long Candle 61
Short Candle 63
Spinning Tops 64
Marubozu Candle 65
Doji Candle 66
Dragonfy Doji 67
Gravestone Doji 68
Four-Price Doji 69
Deviant Doji 70
Paper Umbrella 72
Hammer 73
Inverted Hammer 74
Hanging Man 75
Shooting Star 76
Engulfng Pattern 77
Harami 81
Harami Cross 82
Dark Cloud Cover 83
Piercing Line 84
Morning Star 85
Evening Star 86
Abandoned Baby 87
Tweezers 89
The Bear’s Tweezers 89
Bull’s Tweezers 90
Windows 92
2.2 Support and Resistance Lines 95
2.3 Pivot Points 101
2.4 Chart Patterns 105
SECTION THREE: FUNDAMENTAL ANALYSIS 119
3.1 Who and What Affects Market Movement 121
3.2 The Major Events 123
3.3 Examples of How News Moves Price 129
SECTION FOUR: TECHNICAL ANALYSIS 133
4.1 List of Forex Indicators 137
4.2 Elliott Wave 155
4.3 Fibonacci 161
SECTION FIVE: TRADING SYSTEMS 167
5.1 Market Psychology 169
5.2 Forex Trading Best Practices 173
5.3 Creating a Trading System 177
5.4 Trading on a Live Account 181
Conclusion 185
With the deepest dedication
to you, curious
investor.
Introduction
SUALLY these books begin with the author stating how she or he
Ugot into the currency market. They might recount an anecdote of their
college years, when they made XXX amount of dollars on a chance trade.
Other authors use these frst sentences to describe how awesome and immense
the currency market is. I’m not going to follow suit.
I’d like to begin this book by offering you fattering compliments. Think
of it as an added incentive to keep you reading. That said, did you lose weight,
Champ? It’s a very good look. And I must say that I love what you did to the
place, you’re an artist.
There you have it; you just received a good dose of compliments and
the general “voice” of this book. You picked this book up because you want
to learn about the forex market and how to trade successfully on the forex
markets. To a frst-time trader, this can sound like a daunting task. Reader,
fear not. I’m going to walk you through everything you need to know about
the forex markets and will do so in a manner that’s friendly, fun, soothing, and
very easy to comprehend.
There’s a lot of information in this book but I know you’ll be able to fy
through it and understand everything completely. If at any point you fnd that
there’s something that’s unclear, please visit our website at www.fxclub.com to
fnd your answer. And if your answer isn’t there, you can send your question to