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Preface

What this book covers

This book covers four different approaches to trend trade the foreign exchange market. These four keys are:

1 Trend lines

2 Channels

3 Fibonacci retracements

4 Symmetrical triangles

We will explore the primary strength of each key, why it is useful, and the different variations of each key. We will then go through two practical strategies for each key and how to use them to execute successful trades.

It is worth noting that all of the strategies in this book can be described as continuation strategies. A continuation strategy is one that is traded in the direction of the trend on the assumption that the trend will continue.

As these keys are general concepts in technical analysis they are not limited to specific currency pairs. For example, one can trade using a trend line for a minor cross currency pair such as the GBP/AUD, with the same confidence as when trading a major currency pair such as the EUR/USD.

These keys and their corresponding strategies are designed to be traded in the foreign exchange spot market. But they are equally applicable to trading CFDs or spread betting.

Who this book is for

As this book does not cover such basics as general trading terminology, the process of placing a trade or navigating through a trading software package, it is assumed the reader is comfortable with trading in general and is therefore looking to enhance their overall trading experience by generating more profit. The application of the techniques in this book should be possible with any standard charting package.

Notes on charts

All the charts in this book were produced using © eSignal.