The 10 Essentials of Forex Trading – The Rules for Turning Trading Patterns Into Profits : [PDF Download]

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“Bulls and bears enter the market buying or selling in hopes that more bulls or bears will enter after them, giving the market what is called bullish or bearish strength creating a greater rally or greater dip.

If their counterparts step in, the market will begin to move in their direction. Take the bulls, for example. If you wanted to be a bull, you would enter the market and, if your analysis was right, more bulls would enter and the market would begin to rally and reach new highs, or what is called higher highs.

Now, what I have discovered is, most of the time, after the bulls achieve a new high, frequently prices start to retrace, or fall back down. I was in George, South Africa, working at one of our international offices one afternoon and had been tracking a high on the GBP, the British pound, for several months.

I was in one of our trading rooms with about 20 other traders when I asked, “Anyone wanting to make some money today? Just watch and trade the GBP.

The bulls are after a high from several years back and when they get near it and/or take it out and achieve a new high, turn to a 15-minute chart and keep your eyes open for an evening star, engulfing bearish candle or tweezer tops.

The second one of them appears, go short!” Sure enough, the bulls made a new high, and, shortly after, a bearish candlestick formation appeared, and the market fell 200 pips in about 45 minutes. Needless to say, I did not have to buy dinner that night.”

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