Collection of Play Setups Courtesy of Teresa Burnett

Collection of play setups useful for making trades after news announcements, with six of the most commonly seen chart patterns can be found in our member contributions/file library at this link: http://www.forexmentor.com/protect/dload/

Thank you Teresa.

ForexMentor© Team

AM Review October 31, 2006 submission from Christoph Lahrs

Dear Peter.

I wanted to share an interesting link, which I found on Chuck Butler's "Daily Pfennig“ site. He was mentioning today this article about the US Dollar in the German online Magazine" THE SPIEGEL", which is a very famous German publication, and I used to read it in German when I was a young man in Germany 45 or so years ago. Chuck Butler is talking about the state and future of the US Dollar and proceeds in his letter (the following are quote):

“Yesterday, I was reading a report from the Sydney Morning Herald, that quoted Australian Treasurer, Peter Costello, calling for an "orderly withdrawal from the U.S. dollar by Asia's Central Banks." WOW! Costello also said... "the strategy had changed, and Central Bankers were now looking for alternative investments.”

And then... there was a report by Gabor Steingart, 44, who heads DER SPIEGEL's Berlin office. Steingart was chosen as "The Economic Writer of the Year" in 2004. This report, in Spiegel, should be read by every investor, especially those that don't believe the dollar is on rocky ground. You can read the entire story at this link:
http://www.spiegel.de/international/0,1518,440054,00.html

But if you don't have time, you can read the most important paragraphs of the article at Chuck Burtler’s site THE DAILY PFENNIG at this link: http://www.dailypfennig.com/

Greetings to all of the family,

Christoph Lahrs
Albany, California

Thanks!

Peter,

Not all bad member news on the USD/CAD. I attended Chris Lori's Sydney seminar and I am up to CD #11 of 12 on his great course. This has been a great help. I was tempted to buy the USD/CAD a few days ago and got out with a 1 pip loss at 1.1251 and used my Technical Analysis to wait a few days following Chris' approach to "stalk a trade".

So today (Thursday 26 Oct) with Chris’s advice of "stare the bald faced candle in the face", and with your words "if you see railway tracks - fill your boots" I decided it was time. I hesitated for a few minutes and missed the absolute bottom of the day by 2 pips. Using Chris’s approach, your trendlines and pivots I monitored the trade all the way up to 1.1300 and got 65% sold at 1.1292 - it came back too fast to react.

Next time I'll have a limit set at key resistance, an improvement on the trade I knew beforehand I should have done. Oh well. Next time.So now, I have 35% of my position sitting there with a 50+ pip buffer, and a stop slightly above my buy point. Even if between now and 2007 I get stopped out it will still give a profit. Great feeling to think it could be generating some cash every day from now on.

So now, I have 35% of my position sitting there with a 50+ pip buffer, and a stop slightly above my buy point, even if between now and 2007 I get stopped out it will still give a profit. Great feeling to think it could be generating some cash every day from now on.

You probably were early with the calls on the USD/CAD, but we ARE supposed to be grown-ups, not spoon fed children and we should be making our own decisions. So with a topped up account and a safe long term position in place, it feels great.Thanks the "big flick" hasn't gone on, but I feel it is close. I started learning your course way back in March 2005, dabbling and studying, and busy, but now putting it together.Hang in there Peter.

Kindest Regards,

Peter Winch

ADVANCED FX COURSE – FIBONACCI EXPLANATION

Dear Peter,

I am halfway through my 12 CDs of the Pro Trader Advanced FX Course, so am in the middle of the training on Fibonacci. Firstly, can I just say that so far Chris Lori is presenting an excellent course, very professional, detailed and explicit; makes the cost of the course seem incredibly good value!

In the Fibonacci section Chris gives the ratios he uses and tells traders to research where they come from if they want those intricate details. Although I have used Fibonacci for years, I never understood or researched where some of the more obscure ratios (0.236, 0.764, 0.786, 1.272 etc) came from, so I googled it.

The following link is a nice short, to the point explanation for those traders who would also like to know and understand this information: http://www.fibonaccisolution.com/fibonacci_ratio.htm

I am now looking forward to the rest of the CD course and your announcement of the next London course that Chris said is probably the 3rd weekend in January! Can't wait to attend the course and to be able to meet Chris Lori in person!

Kind regards,

David Lewis
Stroud, UK