Selective Forex Trading: How to Achieve Over 100 Trades in a Row Without a Loss

157 Pages·2008·6.85 MB·English

by  Don Snellgrove

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Selective Forex
Trading
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Selective Forex
Trading
How to Achieve Over 100 Trades
in a Row Without a Loss
DON SNELLGROVE
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Copyright(cid:1)c 2008byDonSnellgrove.Allrightsreserved.
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ROI(cid:1)c 2003byDBGTechnologies.
RCOssiclator2003(cid:1)c byDBGTechnologies.
SmartCharts2005(cid:1)c byDBGTechnologies.
Signaturetrades2004,2005and2006(cid:1)c byDBGTechnologies.
S90/Crossover(cid:1)c 1999byDonSnellgrove.
LibraryofCongressCataloging-in-PublicationData:
Snellgrove,Don,1947–
SelectiveForextrading:howtoachieveover100tradesinarowwithoutaloss/DonSnellgrove.
p.cm.–(Wileytradingseries)
Includesindex.
ISBN978-0-470-12083-5(cloth)
1.Foreignexchangemarket. 2.Foreignexchangefutures. 3.Speculation. I.Title.
HG3851.S622008
332.4(cid:1)5–dc22
2007034461
PrintedintheUnitedStatesofAmerica.
10 9 8 7 6 5 4 3 2 1
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Contents
Acknowledgments ix
INTRODUCTION: Read This First! Are You Ready for Something
Different in the World of Trading? xi
CHAPTER 1: Advice and Thoughts for Neophyte, Intermediate,
and Advanced Traders 1
CHAPTER 2: Modernist versus Traditionalist Approaches
to Trading 5
CHAPTER 3: What Is an S90/Crossover and How Was
It Discovered? 9
CHAPTER 4: Developing the Profit Targets or Entry Points
of a Trading Range for the S90/Crossover 27
CHAPTER 5: S90/Crossover with Gaps, Holes, and Fibonacci
Levels 35
CHAPTER 6: Extreme Levels of a Trading Range: What Are
S90/Crossover Extreme Levels within the Forex? 45
CHAPTER 7: Basic Trading Skills with S90/Crossovers and
Extreme Levels in the Market 53
CHAPTER 8: S90/Crossovers, Trend Bounces, and Holes
in the Market 59
CHAPTER 9: Proof: Live Forex Trading Examples and
Interviews with Traders 65
CHAPTER 10: More about Extreme Levels in the Market 77
CHAPTER 11: When to Bail Out of the Trade and When to Stay
In for Additional Profits 93
v
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vi CONTENTS
Final Thoughts 99
APPENDIX A Selections from CFG Newsletters 101
APPENDIX B A Mechanical and Nonemotional Style of Trading
for Part-Time Traders 107
Glossary 129
Resources 137
Index 139
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Legalities: Asof2007,theforeigncurrencyexchangecontinuestobeanunregulated
industry. At the time this book was being written, only forex brokers who voluntarily
registerwithregulatorsaresubjecttofinesandotheroverseeingeffortslikethosefound
in other markets such as stocks, futures, and commodities. The reason I have posted
disclaimers so many times within this book is because the forex may be a dangerous
marketfortraderswhodonotspendtimelearningtheskilloftradingintheforex.The
followingisapartialgeneraldisclaimerthatisusedbymanybrokerages.
DISCLAIMER
Tradingtheforeignexchangemarketcarriesahighlevelofriskandmaynotbesuitableforall
investors.Beforedecidingtotradetheforeignexchangemarket,youshouldcarefullyconsider
your investment objectives, level of experience, and risk appetite. The possibility exists that
you could sustain a loss of some or all of your initial investment; therefore, you should not
investmoneythatyoucannotaffordtolose.Youshouldbeawareofalltheriskassociatedwith
foreigncurrencyexchangetrading,andyoushouldseekadvicefromanindependentfinancial
advisorifyouhaveanydoubts.
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Acknowledgments
Thank you to my wife Barbara for her ongoing support of my career as a trader.
ThanksalsotoCJShiresandtheguysatCFGfortheirhelpwiththeresearchand
illustrationsfoundwithinthisbook.Aspecialthank-youisextendedtothedevel-
operoftheSmartCharts,GeraldGreene.
Congratulations to the many traders who have traded 50, 100, and even 200 plus
tradesinarowwithoutalossonlivetradingaccountswhileusingstopstoprotecttheir
margins. Your success using the S90/Crossover and other proprietary techniques of a
CFGtraderprovidedtheencouragementthatIneededtowritethisbook.
ix