Technical analysis for forex
Hi guys
I've been doing rather well in forex for the past 12 months and I was feeling rather annoyed at the fact that I could be making more. I noticed that I only made a lot of money in key events like BOJ's bond buying, but most of the time I'm just waiting or trading equities (annual return of 16% :P decent)
My style, at least from what I've been told, is very fundamentals-based and from how those around me define it it does look like I am a fundamentals-based forex trader. Not to brag (Im sure some of you could easily trample my performance), but I've pulled in over 4000 pips in that period in big swing trades (i.e. USD-JPY). Most of the time I just monitor the news on the big position I'm sitting on (USD-JPY again lol) for any macro signals to dump.
I want a good introduction to technical analysis (books) that will give me a good foundation to make pips on a daily basis while also sitting on my long shots.
Thanks in advance
I've never met a successful FX trader who trades based on fundamentals exclusively, macro or otherwise. Furthermore, riding the Abe trade was cool, but you should know it is one of the most crowded trades in history that almost everyone has on. In other words, you're performance at this point is nothing to brag about.
You could buy a book like Murphy to learn TA, but you'll soon realize that you're no better than a dart throwing monkey. It would be ideal if you could spend your weekends learning either R, Python or C# for about 3 months in order to learn to backtest strategies. That way, you could see what has worked instead of blindly throwing money into a string of your guesses. Most of the large speculative participants in FX use systematic methods.
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