Sam Shenker's Free Fire Zone
Date: October 25, 2005 14:00GMT 10EST
Expert: Sam Shenker, Technical Currency Analyst of FXCM
- Ask the Forex Expert!!
- All you technical doubts and queries solved
Who is Sam Shenker?
Sam Shenker is a Technical Currency Analyst for Forex Capital Markets (FXCM). Sam is the author of the Daily and Weekly Technical Research reports at FXCM. His reports include: Daily Technicals, Daily Crosses and the Weekly Chart Analysis. Prior to joining FXCM, Sam spent a number of years on Wall St and has traded many different products, including: equities, equity derivatives and futures. He also specialized in research and analysis of high yield bonds, corporate bankruptcies, restructurings, reorganizations and venture capital. He holds a Bachelors degree in Finance and Business Management from Pace University and is an active currency trader. Sam is frequently quoted on FXStreet, and his research can be found daily on Bloomberg.
- Ask the Forex Expert!!
- All you technical doubts and queries solved
All you technical queries answered by our Technical Analyst.
Please ensure you kepp questions coming in to enhance the quality of the session.
ChatMaster (Oct 25, 2005 10:12:04 AM)
Today I am delighted to welcome back our good friend and guest speaker Sam Shenker Technical Analyst of FXCM
ChatMaster (Oct 25, 2005 10:12:49 AM)
Remember Todays its OPEN forum Please start posting questions now!!
FXstreet Moderator (Oct 25, 2005 10:13:49 AM)
Lets get right to it..
Sam (Oct 25, 2005 10:14:11 AM)
Thank you for joiining me today for this open forum
Sam (Oct 25, 2005 10:14:25 AM)
Please feel free to ask questions
FXstreet Moderator (Oct 25, 2005 10:15:43 AM)
Thank you Sam , Lets go to questions now..
0mar (Oct 25, 2005 10:15:53 AM)
do you in optimization? how often should one check/revise one's indicator parameters?
Sam (Oct 25, 2005 10:16:10 AM)
Revision is an ongoing process as any strategy requires constant updating to keep up with changing market conditions
Sam (Oct 25, 2005 10:17:21 AM)
Also when it comes to optimization I like the old saying do not fix until its broken
traderdesk (Oct 25, 2005 10:17:46 AM)
Hi, I am a trader that uses momentum strategies off of the weekly and 4 hour charts. How do you determine profitable exits (Fib's, S/R, MA's, etc) on these timeframes?
Sam (Oct 25, 2005 10:18:28 AM)
Its up to the individual trader to set the parameters for the trade but if you are using the 4 HR and weekly to trade I advise to add a daily time frame to the mix
Sam (Oct 25, 2005 10:18:58 AM)
Also exits can be determined on a risk/reward ratio such 3/1
Sam (Oct 25, 2005 10:19:28 AM)
I use potential S/R to enter and exit the trade
toasi (Oct 25, 2005 10:20:13 AM)
Hi. in Your opinion, which is the shortest timeframe one can trade in successfully?
Sam (Oct 25, 2005 10:21:17 AM)
It all depends on a personalty of a trader, I'm a long term trader and my trades can last weeks and months, the shortest time frame is nothing less than 15 minutes for forex trader as anything less is subject to a large amount of "noise"
kiwiflier (Oct 25, 2005 10:21:58 AM)
Hi, as most indicators post and adjust as a result of price action, do you have any thoughts on good leading indicators
Sam (Oct 25, 2005 10:22:52 AM)
Since all of the indicators work of price the only leading indicator I found is to be the price itself, when I trade I use the current price as a proxy for future direction
Boykie (Oct 25, 2005 10:23:27 AM)
Where do you think the dollar will go with Bernenke ?
Sam (Oct 25, 2005 10:23:45 AM)
Given my longterm projections I believe we might see a parity within 2 years on EUR/USD
FXstreet Moderator (Oct 25, 2005 10:25:09 AM)
Any more questions please post now... Sam will attempt to answer them Today is Open forum remember..
traderdesk (Oct 25, 2005 10:26:38 AM)
Would you be inclined to agree that on the weekly charts for the EUR/USD this week is shaping up to be either a retracement or the start of the new trend(bull euro market)? If so how did you come to that bias?
Sam (Oct 25, 2005 10:27:30 AM)
Its a retrace toward 1.2250 level, because the pair remains within a large channel and unless the channel is violated the downward bias remains in a long-term
Boykie (Oct 25, 2005 10:27:50 AM)
Please explain "price as proxy" in a previous answer.
Sam (Oct 25, 2005 10:28:51 AM)
Sorry its proprietary
0mar (Oct 25, 2005 10:29:14 AM)
do you incorporate cycle studies in your system? do you see turn in the near future for the US$ agains the majors?
Sam (Oct 25, 2005 10:30:03 AM)
yes I use longterm cycles to determined the overall trend and yes following the retrace i see 1.1300 on euro, 1.6600 on pound and 1.3600 on CHF
Adem (Oct 25, 2005 10:30:43 AM)
I think the Eur begin up trend. what do you think about that?
Sam (Oct 25, 2005 10:31:18 AM)
Everyone is entitled to thier opinion that is why we trade, the market is always right, it is the trader who is often not
Sam (Oct 25, 2005 10:33:40 AM)
Since there is no question I will share a trading secret with you
Sam (Oct 25, 2005 10:34:25 AM)
The most important aspect of trading is not setups, tools or indicators, its the trader
Sam (Oct 25, 2005 10:35:29 AM)
I found out no matter how good the trading system is, if the trader lacks self control than he or she is doomed from the start
Sam (Oct 25, 2005 10:36:01 AM)
the best way to learn how to trade is not only analyzing your winning or your losing trades
Sam (Oct 25, 2005 10:36:45 AM)
Its analyzing your own behavior when the trade occurs either good or bad
Sam (Oct 25, 2005 10:36:56 AM)
and never buy on the way down and sell on the way up
traderdesk (Oct 25, 2005 10:37:09 AM)
How accurate is FXCM SSI in forecasting changes in trends on the majors? Also can it be published daily?
Sam (Oct 25, 2005 10:37:27 AM)
Not very its a short term indicator
Sam (Oct 25, 2005 10:37:45 AM)
For daily request please ask Kathy Lien
0mar (Oct 25, 2005 10:38:03 AM)
do fundamentals affect your trading decision? how do u consider that investors continue to favor higher yielding US$ assets which has explained the $ bull run since January.
Sam (Oct 25, 2005 10:38:23 AM)
Yes I look at the yeild spreads and interest rate changes that actually take place
cmllm (Oct 25, 2005 10:38:39 AM)
It is possible to estimate the volume with an Indicator cocktail i.e. Momentum + xyz?
Sam (Oct 25, 2005 10:39:09 AM)
Well I'm yet to see any volume indicator so if it works email at email@example.com
rp (Oct 25, 2005 10:39:26 AM)
Could you comment on gold price shortterm/longterm. Thanks.
Sam (Oct 25, 2005 10:39:40 AM)
I think we will go above $500 an oz and long term $750
Boykie (Oct 25, 2005 10:41:27 AM)
What do you think of oil long-term?
Sam (Oct 25, 2005 10:41:29 AM)
18-24 month $30-35 per barrel
Sam (Oct 25, 2005 10:41:50 AM)
we need a clean break below 59 for oil to test the $50
FXstreet Moderator (Oct 25, 2005 10:42:59 AM)
Thank you very much for that, Sam
Sam (Oct 25, 2005 10:43:03 AM)
Thank you very much for joining me today for this open session until next time and good luck trading
FXstreet Moderator (Oct 25, 2005 10:44:09 AM)
If your question was not answered during the course of this chat, please contact Sam
FXstreet Moderator (Oct 25, 2005 10:44:13 AM)
DailyFX - Sam Shenker
FXstreet Moderator (Oct 25, 2005 10:45:58 AM)
Mechanical Trading Systems Expert: David Lyder, Co-founder of iExpertAdvisor, LLC,
FXstreet Moderator (Oct 25, 2005 10:46:06 AM)
Tomorrow at14:00GMT 10 EST
FXstreet Moderator (Oct 25, 2005 10:46:20 AM)
FXstreet Moderator (Oct 25, 2005 10:46:35 AM)
• Transcript request: Shenker18425 • Link: http://www.fxstreet.com/chat/transcriptrequest.asp
FXstreet Moderator (Oct 25, 2005 10:47:09 AM)
Premium Education session starting now
FXstreet Moderator (Oct 25, 2005 10:47:22 AM)
what is premium click here to find out?
FXstreet Moderator (Oct 25, 2005 10:47:41 AM)
FXstreet Moderator (Oct 25, 2005 10:47:50 AM)
See you all there
FXstreet Moderator (Oct 25, 2005 10:48:01 AM)
Thank you for your participation..