How do bankers trade forex? Part 4: Technical Analysis

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Where are you supposed enter the market? I'll run you through the way the bankers read their charts.

This is the most misinterpreted component of trading. Of course you can get in anywhere but how about reducing your risk and increasing the probability of success. That's a good idea don't you think?

That's because most retail traders get their knowledge from 'Google' or from unregulated inexperienced goons hoaxing as 'experts'!

Technical analysis is not about shoving as many Indicators on your charts that you can find....far from it.

It's simple, methodical and extremely precise.

This is all about technical analysis, identifying the entry levels in the market.

Now this is one of the key areas that traders in the banks will sit and wait for, they will wait specifically for those key entry levels because they are sort of characterized as low risk high probability, why? Well when they enter the market at these levels they know there will be a shift in momentum, okay or they are backed up by support with either buying or sell orders, and this is the real mechanics of getting your trading system correct. You can have the direction right, but if you get the entry levels wrong, well then you're going to come unstuck, and there's nothing more disheartening about sort of, trading losing money when you know what's going on.

Alright, so pay attention to this, it's very simple, now I guess you know what, this is one area where traders Google and it's sort of non-stop looking for answers where I get in? They buy indicators, they buy robots, the buy all of these things but it's the simplicity model of support and resistance that I was trained in 1990, right and this is the way we were trained in New York, London, Sydney all over the world, except for Japan that was a little bit different, but I'll come into that. So this is the way traders globally are trained to what to analyze in the markets, now once you understand your simple technical setups, and where those entry levels are, well then sure by all means you can overlay some more advanced structure on top of that, whether it's Fibonacci's, some moving averages, and all these sorts of things but understand, right the people you see on TV the analysts, they have like a two to three minute time slot to fill, now what they do is, if they just came out and said well supports or in Euro it's at 1 17 50 and resistances of 1 18 20 that's it, that's what the traders are focused on.

But for that two minute time slot that's not enough, so what they do is they make it sound Hollywood okay, we've got Fibonacci retracements coming in at 1 18 20 and 10 there's support here from moving averages and Bollinger Bands and all sorts of all sorts of crap right, so don't get caught up into what the economists or the analysts are talking about. Anything that comes out of a bank, will be advertising, marketing and it will have a whole heap of jargon in there. If you were allowed to talk to the traders at the bank's inside those teams, they will tell you straight up, we've got support here, we've got resistance there and that's it, and that's what they focus on.

Alright, so for this section what I want to do is break it down into a simple format, I'll give you a bit of a slide presentation and then I'll show you using Reuters Xenith how easy it is to draw these trend lines, and then you can sort of follow the market, now when we generally are drawing our technical analysis, what you're looking for you? Your not looking for any of the answers I'm just looking for, a confirmation that the trendline is a good trendline that usually comes with say, three touches because then I'll know traders will focus in on it, and what we're trying to do..

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