Forex on Five Hours a Week

How to Make Money Trading on Your Own Time


RAGHEE HORNER

Edited by JEFFREY ALAN BRANDZEL


John Wiley & Sons, Inc.



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Contents

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