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McDaddy Trading course Price Behavior

McDaddy Trading course Price Behavior
Click to enlarge
Price: $18 $15
Availability: In Stock
Model: 102
Manufacturer: Missionforex
Average Rating: Not Rated

Video Training McDaddy Trading course -Price Behavior
 

This is the recording of his FxStreet Webinar:
FXstreet.com: Live Sessions Archives - An introduction to Price Behaviour (Part 1-4)
this course is by Mike Baghdady the winner of The World of Trading Show, traders' competition held in Frankfurt on November 13th 2009. Mike used the methodology called The Power of Price Behavior to beat all other finalists including exhibitors at this year's show

you can see him on Fxstreet.com

more than 4 hours training in video lesson
A Study of price Behavior
Expert: Mike Baghdady, Head Trader at SpyGlass

Topics to be covered during the session:
What creates trading opportunities
Behavior of Trends
Who is Mike Baghdady?
Mike Baghdady is a 25 year veteran of the financial markets. He is a graduate of the American University at Cairo in Egypt. He is a Market Technician Association member and has held NASD licenses series 3, 7, 55 and 63.

Mike began his career as a physical grains trader in a commodity trading house. In 1989 he moved to New York and can proudly boast as being one of the fortunate few to apprentice at the hands of Mr. Alan R. Shaw CMT, widely considered the father of modern Technical Analysis at Solomon Smith Barney. Since then he worked as a Commodities broker, Stock broker, Futures analyst, Options trader, and as an instructor for both Foreign Currency Exchange and Equities Markets.

Mike has had extensive experience in teaching and mentoring hundreds of traders. His financial acumen and love of teaching fosters a unique symbiotic relationship for both his students and himself.
Session Material:

Introduction:

In this presentation I will try to show how a proper understanding of price behavior can assist the new trader to stay on the right side of the market and avoid some possible whipsaws. I will discus the Behavior of Trends, What creates trading opportunities; the questions a Technical Trader should ask before taking a trade.
By Understanding the price behavior and proper implantation of technical indicator, and developing the skill of combining multiple time frames a trader can eliminate at least 50% of his losing trade I will also share a proprietary trading technique which I teach at Online Trading Academy".

A Study of Price Behavior

Price Behavior and analyzing Price Structure are some of the most important aspects of Technical Analysis and of trading, and yet they are the most overlooked. Understanding Price Behavior and Structure will put the ODDS on the trader ™s side so that he can make better decisions, trade more successfully and with better results.
Today, more and more traders and sophisticated investors use some type of technical application that he or she use in their investment or trading decisions.  Trading has become a function of taking buyer and seller signals off technical indicators rather than applying the basic principles of Technical Analysis and the study of price behavior and chart structure.


I know that FXStreet.com  audiences are a very sophisticated group of traders, and we also have a large number of aspiring new traders attending today  session , so I will try to present the material in a way that is clear to the novice and  the experienced alike.
This session is too short to completely cover this topic in detail as:

Today I will be focusing on Trending Markets
How to study Price Behavior & Structure?
There several rules and as simple as they may seem, they are the tenants of TA
1) The Market is a discounting mechanism, events are usually discounted in advance with movements likely the result of the so called  Smart Money  or the  informed  buyers and sellers.

2) Price moves in trends, trends move in waves   we have  impulse  waves in the direction of the trend, followed by  countertrend moves  better named  corrective waves .

(Just by accepting this simple truth that prices NEVER move in a straight line, you will stop trying to pick tops or bottom and view the corrections instead as an opportunity to take a trade in the direction on the trend)
3) Trends are created by an imbalance in supply/ demand and that moves price.
4) Usually, movements in the market tend to have a relationship to each other.  Price will alternate between areas where prices have been marked up to a new higher level or marked down to a lower level, and after a big move in either direction price will consolidates at that new price level  (see Fig 3)


5) Trends usually begin from low volatility sideways or contracting price zones. Trends start from an area of price equilibrium. Once there is an increase in demand, prices breakout of this equilibrium area and are bid higher or  marked up  to the next level where the market consolidates at the new equilibrium zone. ( the opposite is in a down market)
6) Trends do have greater odds of continuation rather than reversal. A trend in motion will tend to continue in motion until a major event takes place that would cause it to change its direction.
7)  Trends in most cases do not change direction without giving signals or warning signs that it is about to change. These signals are usually a price patterns and sometimes accompanied by a buy or sell Climax. It takes time for a trend to change.
8) Momentum precedes price, this is a very important concept. I can not emphasize this enough. Momentum is what confirms the trend and it usually precedes the price. Momentum tends to accelerate as the trend develops. So if you are just looking at the chart and see momentum increasing and making new highs or new lows, the odds are that higher prices or lows will probably follow.
9) This breakout out of an equilibrium zone would be evidenced by increase in volatility and momentum until prices reaches the next level of equilibrium where volatility will decline and momentum will decrease.
10) A loss in momentum is NOT a sign of trend reversal, it is merely a pause. The loss in momentum and volatility is because buyers and sellers now agree to the new established price level or the new level of equilibrium. They will continue to buy and sell within a narrow range which is known as backing and filling, thus forming some of the known patterns like triangles, ledges, flags etc.
11) The breakout in between equilibrium zones offers the trader the biggest profit potential.
Let ™s go back and review the charts (fig 1 & fig 2) and let us apply what I have just mentioned above, and together let us decide which trade we should have taken?
Here are some questions we should be asking ourselves:
a) What is the market condition? Trending or consolidating?
b) Is momentum increasing or decreasing?
c) What is the major trend?
d) Do we have a Trend changing pattern and /or a buy /sell Climax?
e) Where is Support & Resistance?


We can answer the above questions?
a) Yes the market is trending up, series of higher highs and higher lows
b) Yes, momentum was increasing all the way to the top. You can see that the blue price bars have bigger ranges and are more explosive in the direction of the trend, the magnitude of the price swings are bigger in the direction of the trend than the corrective swings; thus indicating that higher prices will follow.
c) The major trend is up
d) Yes, at the top, we do have a buy climax followed by a failure of prices to make higher highs, prices then gapped down taking out support. That would be our  First signal that trend has changed and for us to go Short


Now let us examine the next swing down Box 2 answering the same questions
a) Taking it from the Top  we had a buying Climax followed by a Failure to make higher highs and then prices broke down through support.  The market is now trending down.
b) Momentum is increasing to the downside evidenced by bigger down swings and red price bars. The final push down, as you see, is indicating a loss in momentum   but that does not indicate a trend change   it could be a profit taking area for us    and we would be still expecting  a new lower low to follow .
c) The trend is Down   Lower highs and lower lows
d) The next swing down made a higher low and consolidated at an area marked with low volatility  - Coiling  and followed by a breakout to the upside and an increase in momentum indicating a new trend to the upside.

 

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