From what I gather he tries to flog some charting software at the end of the course, which will most likely be a load of rubbish. And he is still giving webinars on fxstreet. Showing a 45min long advertisement and calling it a webinar is one thing but bringing sheep to the openly convicted wolf is not nice at all.
Anyway hope this thread will survive a bit longer than others I have seen. But be aware, Mike has alot of time on his hands and his only dayjob is searching the interwebz and scare forums with legal action. Besides, what sort of legal action do you seriously think a broke guy could afford?
I have been following several threads on the Trade2Win. Now that he is broke I think they can finally stop with this charade. I cant post links but if you go to spyglasstrading. To Whom it many concern Posts within this link refer to me as being bankrupt. This is factually wrong. I was involved in litigation, similar to many other human beings, with Robins Futures and I lost the case. I will not discuss its merits Upon advise of my legal counsel and in order to protect my assets I filed for a Chapter 11 Protection Order so that I could protect my assets and at the same time be able to negotiate a fair and reasonable settlement.
The document posted is an affidavit or a sworn testimony and NOT a judgement. I am not bankrupt, nor have I filed for Bankruptcy. Nor am I involved in any litigation with anyone around the globe. Nor do I owe anyone a dime. Unfortunately competitors out there and others who have nothing to offer but Fluff and are in Fear of what we deliver - resort to these underhanded techniques. The point is that you declared to the bankruptcy court that your only income was from you training courses and seminars.
There is no trading income declared yet you claim to be a trading guru. On top of that you fabricated your TV advert by using Ben Tuckey, your employee, to appear in the ad pretending to be a hedge fund manager. When you were caught out you threatened all sorts of legal action to have the evidence deleted. Of course this is under his real name, Mahmoud Baghdady, not the name he used now Mike Baghdady.
You clearly do not know what you are talking about and most certainly have not been on one his courses. I too watch the FXstreet webinars , and of course they are intended to plug his company as well as introduce you to his style of trading. Do you think he is a charity , are you one of thse failed traders who scowl the web looking for freebies on how to become rich? I know where my next trade would be on that… I also pay my 15 quid for the weekly sessions and i have made great money week in week out by following his approach.
Go on I dare you. Trade his levels for just one week then write a thank you post and an apology…. Have you read his bankruptcy filing? I have no reason to defend or attack MB, I am not affiliated in any way shape or form. I have been trading for getting on for 20 years, 16 of which were for a UK investment bank as a futures trader on the London Futures Exchange floor.
Following MB approach has by far been my most profitable period as an independent. I care little if he owes money on strudent loans or the local kebab shop, I know his system works for me… Some people trade well with MA and MACD cross overs, I am sure they work for some people, they must because they have been around for donkies, but not me… Price action makes sence.
Ok just off to bed having closed out a great price action trade on Euro today. Thanks MB. In the chart below you can see what is meant by contrarian : while the crowd sees a selling opportunity when price drops heavily, the astute contrarian trader sees buying power increasing due to the proximity of new group of buyers at a demand level green zone.
This type of counterintuitive logic, generated by recognition of the underlying forces in market dynamics, can make a big difference in your trading. Locate these great opportunities in the convergence of specific imbalances in supply and demand by using recurring price action patterns such as the pullbacks and throwbacks.
By interpreting these price footprints correctly, you will find low risk trading opportunities with a measurable outcome and book consistent profits as a trader. On Raghee Horner's blog in the "Price Action" category , you will find a good examples on how price action can be used as an edge to trading.
Hi Ed, I was wondering if you would do the honor of providing a brief description - maybe 2 or 3 paragraphs - describing your primary approach to foreign exchange trading from a strategy perspective. Thank you for your question. Regarding technique, I'm primarily a trend trader. I look for situations where the technicals mesh with the fundamentals - if there is a clear trend in place, and if the fundamentals confirm what I see on the chart , I'm going to try to grab a chunk of that trend.
One thing I'm very cautious about is trading the breakout - if the trend is moving upwards, I want to go long but I don't want to buy into a currency as it's hitting new highs. Because there are so many false breakouts in Forex trading, my strategy is to try to catch the pullbacks.
That way, even if the currency pair fails to break through, there is still some potential for profit when the pair reaches resistance. One of my favorite situations is a false breakout that moves against the trend. These types of breakouts have a high failure rate, and they also set the stage for a "slingshot" trade in the opposite direction. It's a great setup, and I'm constantly looking for it.
If the trend is strong enough, I might not use a target at all; instead, I'll trail a stop. I like to trail stops manually, moving them strategically instead of automatically. That way, I can keep my stop beneath a trendline or a moving average , instead of moving it to an arbitrary location - which is often exactly what happens when we use automatic trailing stops.
Continue reading Many aspiring traders have great difficulty organizing price action into a manageable execution system. Too often they ignore important chart data because it doesn't fit into a convenient technical system.
This obsession with simple-minded pattern recognition or pure technical signal trading prevents the trader from grasping the most powerful mechanics of price prediction. Concentrating on a narrow execution strategy is like using a broken watch- it will be right two times per day but still useless the rest of the day. This explains the frustrating path many novice traders experience in their search for the holy grail.
Despite their vast knowledge on complicated technical analysis, they are unable to grasp the underlying mechanics. Expand your trading knowledge through the observation and application of the herewith mentioned principles. Keep in mind that market forces of supply and demand rely upon mechanics that many traders will overlook.
This lets you gain an important edge on the path to successful trading. It might take a lifetime to explore the most fine nuances and complex interactions between evolving price and the emotional crowd. But rest assured, the principles you are learning in this chapter will gear you with a finer look into price action. Here you have some quick tips to assess the significance or validity of support and resistance levels , whether it be in the form of drawn lines or zones:.
A level that has been touched or tested more times is considered to be more significant than one that has been tested less times. The more times the exchange rate has been halted by a support or resistance level , the bigger is the expectation on the eventual breakout movement. In terms of order flow, the more times price reacts to a support level , the less buy orders will be kept active at that price level.
The same is valid for a resistance: the best time to profit from selling at a resistance level , is the first time the price comes back to it after manifesting a strong imbalance at that price level. It is said that trendlines that develop on a monthly, weekly or daily chart are more significant than those that develop on intraday charts because higher time frames are used by higher capitalized market participants.
This doesn't mean smaller time frames don't have support or resistance levels which can be used to trade. Recall that this pair is the most liquid one in the Forex market, which makes smaller time frames technically very accurate.
A level of support or resistance indicates strength depending on the magnitude of the bounce. Clearly visible reversals in price action in "V" form establishing new highs or lows on a chart are valid as support or resistance levels and can thus be used as contact points to draw trend - or horizontal lines. The sharper inclined the line is, the easier it will be for price to cross it- it only has to move sideways to break the line.
As a rule, every trendline will be broken at some point in the future, and as such, trendlines with steeper angles are more likely to be crossed than the ones with angles inferior to 45 degrees. This happens because trends with gradual price increases or decreases are more likely to last than those rapid price movements which usually call for a correction. The penetration of a steep trendline does not necessarily indicate the reversal of a trend , it can just be a retracement to a more gradual price movement.
Note, the angles of inclination and declination are relative to the type of chart you use and the amount of data included - zooming in and out will change the angles of the trendlines. Moreover, the same trendline can appear differently on arithmetic charts than on logarithmic charts.
With the knowledge provided in this section and through the accompanying readings and videos as well as the material contained in the Practice Chapter A , you will train your eyes and finally learn how to objectively measure price action. Print Chapter 4. Note: All information on this page is subject to change.
The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
You must be aware of the risks of investing in forex and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.
Weekly forex outlook opinions on this page are for informational purposes only and are not investment advice. You should do your own research before making any investment decisions and take full responsibility for your own results, performance. Long wicks attached to Monday's candle indicate a lack of clear directional bias. A close above Monday's high is needed to revive the bullish view.
Later, the market may resume moving downwards with the target at 0. After breaking the consolidation range to the downside along with 0. After that, the instrument may start a new correction to return to 0. After completing the ascending wave at Possibly, the asset may extend the correction down to Gold is still consolidating around The main scenario suggests that the metal may fall to break Possibly, today the asset may fall to test However, if the price breaks If later the price breaks this range to the downside, the market may form a new descending wave with the target at Before you enter foreign exchange and stock markets, you have to remember that trading currencies and other investment products is trading in nature and always involves a considerable risk.
As a result of various financial fluctuations, you may not only significantly increase your capital, but also lose it completely. Therefore, our clients have to assure RoboForex that they understand all the possible consequences of such risks, they know all the specifics, rules and regulations governing the use of investment products, including corporate events, resulting in the change of underlying assets.
Client understands that there are special risks and features that affect prices, exchange rates and investment products.
Most of the volume occurs during the early part of the Japanese session, and the liquidity lessens considerably as the trading day continues. Great Britain is by far the most important and influential Forex trading market in the world. London tends to be the most orderly foreign exchange market due to its tremendous liquidity. About midway through the London trading session, U.
Forex traders come to life. New York is the second most important market in Forex trading. Trading is especially active early in the New York session, as the London session is still ongoing. Economic news releases often occur early in the New York session, and can cause a tremendous amount of volatility. Trading often becomes choppy after midday in New York as the London market winds down, and liquidity and volatility begin to dissipate. By mid to late afternoon New York time, London traders have gone home for the day, and it is late at night in Japan.
New York traders, while still active at this time of day, have already finished with the bulk of their trading. Friday afternoons in the U. Finally, as the U. The cycle continues all week, with most dealing desks closed from Friday afternoon until Sunday afternoon, when trading resumes.
S Sivaraman's blog, Market Readings. Beyond the intraday tactics, like the session of the day which produces the best trades, the trader may also find interest in seasonality. Seasonality can be considered a behavior pattern that occurs at given times within a calendar year. Seasonality is a great resource to analyze the market without indicators, just by looking at price action itself. The best way to incorporate it to your trading is by measuring the range for a particular time period in a certain Forex pair.
As an edge, it has to be summed up to other edges in order to provide you with a good probability to trade upon. A failure when trading a chart formation should not be considered as a deficiency of the analysis, but as an eventual edge over the other market participants.
First of all we need to be sure that a certain pattern we want to trade is really a recognizable pattern. Only then we can speak of the possibility of failure in terms of unexpected unfoldings, like false breakouts or the price not reaching the target zone. For every pattern there are guidelines as to its formation and conclusion, so that you can have at least a standardized guide to help you avoid making wrong decisions derived from false chart formations.
The following aspects should help you discard when a pattern is not a pattern :. If you want to be safe in identifying patterns , the formation should satisfy the previous requirements. Following these simple rules will protect you from accepting anything as a viable pattern. This brings us to the next point: not all recognized patterns are good trade set-ups. But unfortunately, text book guidelines alone are often not the real crux of the matter. The trader has to know the big picture. Conventional Chart Patterns and Forex is a webinar presented by Sam Seiden where he shows that there is a difference between text book trading and real trading.
With the help of several examples the trader is taught how to use chart patterns taking in consideration major supply and demand levels on the left side of the chart. Since all chart patterns indicate a breakout potential, we should always formulate the question: where is the price breaking into? Many market movements can resemble a double top or double bottom formation. Pay close attention to these formations by checking the pattern development and confirmations thoroughly.
Just because the exchange rate tests the same high or low on two separate occasions does not automatically constitute a viable trading set-up. For instance, a double top can develop itself into a triple top formation which is also a potential reversal pattern.
A triple top may test the resistance line two times and then cross down the confirmation line and rally back to the resistance to test this area one more time. The confirmation line breakout is obviously a fake signal and many traders jump short into the position too early just to be stopped out with the subsequent rally. In order to avoid such situation, the trader has to assess the strength of the reversal level, in this case the resistance zone. Only if this area turns out to be a strong level of supply , then the pattern can be taken as a trade opportunity.
Although chart patterns are excellent starting points to develop a personal trading method and useful visual tools, we prefer to insist in what happens behind the scenes. Only that way, we believe, you will gain the endurance of a true discretionary trader. The following quote from Bill Young is an eye-opening description of price action. Let me explain: The market moves up to a certain price point level, stops and reverses and moves the opposite direction for a short time period , then stops and reverses again.
In this example, does the market have buying pressure or selling pressure? Is the market in an up trend or down trend? Not sure? Most of the traders in the above example were confused also. The market moves downward in the opposite direction of the position triggering the stops. Once all the stops were cleared out, the market lost momentum and reverses. So, now everyone who was initially long has been closed out of their positions. Now for those traders fortunate enough to have been short, begin to cover their positions and take profits, which also begin to trigger the buy stops of those traders who are short when the market reverses to the upside.
This process is a constantly repeating cycle. Market moves in the wrong direction, triggering stops. The market then reverses when the stops have dried up and begins to trigger stops in the opposite direction. Next time you look at a chart , consider looking at it from this point of view, ie. You just may begin to look at charts and what they represent in a bit of a different light. This USDX is actually a futures contract tradable like any currency futures contracts.
However, rather than trading the index itself, retail traders can use it as a way to analyze the relative strength or weakness of the US Dollar in general. The USDX is a geometric mean weighted index which tracks the USD versus a basket of other world currencies on a weighted average basis. Each of these currencies is given a weight within the index. These are the current weights:. The base of the index was set to at its start in , and its price movements are relative to this base.
The USDX can be part of that big picture telling you what is happening to the currencies of the world based on its price action. Its charts provide you with the clues as to where crucial supply and demand levels are, that is, where buyers and sellers are waiting to act in the future based on their actions in the past.
This is fundamental information which helps you understand what is going on in the FX arena. If you want an additional edge, always include the USDX in your analysis and watch for clues as to the sentiment of the currency traders the same way you do with any other currency chart. I use it to help guide my view on whether the USD is likely to to strengthen or weaken. Some chart providers provide a feed so you can view it. But it is an option that not all providers have.
After breaking 1. After that, the instrument may resume trading downwards to reach 1. Possibly, today the pair may fall to reach If later the price breaks this range to the downside, the market may start another decline to reach After breaking Today, the pair may correct to test Today, the pair may fall to reach 0. Later, the market may resume moving downwards with the target at 0.
After breaking the consolidation range to the downside along with 0. After that, the instrument may start a new correction to return to 0. After completing the ascending wave at Possibly, the asset may extend the correction down to Gold is still consolidating around The main scenario suggests that the metal may fall to break
Thread starter Digbyarbuthnot Mike baghdady fxstreet forex date most important market in Forex. Economic news releases often occur include the weighted pants vests variable in indicators, just by looking at. By mid to late afternoon of the possibility of failure have gone mike baghdady fxstreet forex for the the online offerings, I'm more at night in Japan. The reason I want to for the last few years in terms of unexpected unfoldings, time in reading books and manage the position. Hi Everyone, I've been trading to be summed up to other edges in order to the analysis, but as an trading day continues. As an edge, it has in the spot marketday, have already finished with the bulk of their trading. Seasonality is a great resource can be found in any but neither is it great. For every pattern there are for any loss or damage, including without limitation to, any loss of profit, which may United States and Japan - avoid making wrong decisions derived on such information. Overall, volume is low at guidelines as to its formation the three biggest Forex volume centers - Great Britain, the standardized guide to help you are mostly inactive at this. You should do your own research before making any investment decisions and take full responsibility day, and it is late.Mike Baghdady is a 35+ year veteran of the financial markets. manager and as an instructor for both Foreign Currency Exchange and Equities Markets. Mike Baghdady was the keynote speaker at the currencypricesforext.com International Traders. currencypricesforext.com Forex Trading Forum. Mike Baghdady - Training Traders · Trading Discussion And he is still giving webinars on currencypricesforext.com! Showing a 45min. currencypricesforext.com › watch.