The forecast was for sleet and snow, and I expected it to have a dampening effect on attendance. I arrived at the seminar, then, expecting to be speaking to only a handful of traders, but, much to my chagrin, not only was there already a large turnout, but there was also a large contingent of cash currency traders. Just prior to the seminar, I had been introduced to a pleasant young man who actively followed the cash currency markets. Surprisingly, he also appeared to be well versed about many of my indicators.
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The forecast was for sleet and snow, and I expected it to have a dampening effect on attendance. I arrived at the seminar, then, expecting to be speaking to only a handful of traders, but, much to my chagrin, not only was there already a large turnout, but there was also a large contingent of cash currency traders.
Just prior to the seminar, I had been introduced to a pleasant young man who actively followed the cash currency markets.
Surprisingly, he also appeared to be well versed about many of my indicators. His occasional observations interacted well with my presentation, and so I very much appreciated his contributions. That exchange served as the genesis of what was to become a long-term professional and personal friendship that endures to this day.
Little did I know on the day of the seminar that Jason Perl had only recently graduated from a prestigious English university and begun a currency consulting service. His deep knowledge of the markets xv xvi Foreword and the indicators certainly impressed me, as well as the others in attendance, and made it appear that he was someone with much more experience. Not only did he hold his own with these professionals but seemed to me to be so knowledgeable that I frequently referred others to him.
He was the only person I knew who was conversant in the cash currency markets who could apply my indicators to them effectively. Jason never let me down. The feedback I received from his clients was always very positive. I knew he enjoyed consulting, but, at the same time, I realized that he was destined for bigger and better professional challenges. In , Jason reported that he had accepted a position at a large investment bank.
That, however, turned out not to be the case. It soon became apparent that any apprehension I had had was ill founded. His knowledge of the indicators and their real-time application expanded beyond simply foreign currencies and extended quickly to other markets.
His rapid ascent up the corporate ladder is a testament to his tremendous grasp of the indicators and the markets and his tireless, dedicated work ethic.
What is well known is the tremendous respect his clients and peers have for Jason as a market strategist, but what may be overlooked is the admiration that these same people have for Jason as a person.
Not only clients, but also total strangers, have approached Jason, and he has spent time with them, assisting them with their trading. I wrote a couple of books and articles at the time that included charts showing how they could be used.
Since then, I have added some features to the indicators and expanded the indicator universe. It was time for a fresh perspective and updated charts. What is most important is that he has profitably applied the indicators, and his advisory-service trading record has been exceptional.
It made sense to me, and I was certain it would to readers as well: Jason was the right person at the right time to be the author of a book devoted to the indicators. The question now was who would be the ideal publisher. There was no question in our minds that it would have to be Bloomberg. Bloomberg has programmed the indicators and has a large staff dedicated to ensuring that the indicators are updated and working properly.
The application specialists are well versed in the indicators and well equipped to answer any questions clients might have. It was a perfect fit. His command of the indicators is unparalleled, as is his ability to present the subject matter succinctly and clearly. His self-effacing nature conceals his many skills. Thank you, and congratulations, Jason, for a job well done.
At your young age, you have accomplished much, and I am certain more major milestones will follow. Tom DeMark Acknowledgments I am grateful to my wife, Jennifer, for her love, patience, tolerance, support, and understanding at all times and in particular while I was writing this book.
One day, in September of , just before the release of the U. Perception can often be very different from reality; this was not only an epiphany for me on positioning, but also an event that shook my confidence.
Fast forward two years: I had just graduated from university, the U. That turned out to be good advice. Then, being something of a contrarian by nature, I was drawn to a contrarian approach, and, in my research, one name I was coming across again and again was that of Tom DeMark.
After the session, I managed to chat briefly with Tom, and he even promised to call me when he got back to the United States. Since the United States was a long way away, however, and I had only scrawled my phone number on the back of a borrowed business card, it seemed highly unlikely that I would ever hear from him again. Therefore, one Sunday morning some weeks later at a. London time, to be precise , I was not expecting the phone call that woke me from a sound sleep.
You had some questions about my indicators? Not a smart response from a young man who was unemployed. There was silence, as Tom digested the information that he had been wasting a good deal of his time during the past year in talking to an unemployed student. This will be a good test. This book has been written because clients around the world have asked me to provide them with a detailed explanation of the DeMark indicators. If you have the patience and discipline to persevere with them, the indicators will produce positive results over time.
Some have questioned whether the widespread acceptance of the DeMark indicators might diminish their effectiveness. Look at world-renowned chef Gordon Ramsay: He might have sold a lot of cookbooks, but his book sales have proved no threat to his restaurants. There are no get-rich-quick shortcuts.
You must adhere rigidly to strict money-management rules. For cash foreign exchange markets, p. For simplicity, most of the charts in this book are daily price charts, but since these studies are based on relative price action, they can all be applied to any market or time frame.
Also, unless noted otherwise, all charts have been taken from the Bloomberg Professional service. Any unauthorized use without the express written permission of Market Studies or Thomas DeMark is a violation of the law.
Tom DeMark, In His Own Words
Brown knows exactly what a professional trying to come up to speed on a new trading tool needs and she provides it, covering what Fibonacci analysis is, how it works, where it comes from, pitfalls and dangers, and, of course, how to use it. Basic trading strategies are touched upon in virtually every chapter. Fibonacci analysis is one of the most popular technical analysis tools, yet it is often used incorrectly. Brown quickly clears up common misconceptions and moves on to show, step by step, the correct way to apply the technique in any market.
Tom DeMark, In His Own Words