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May 10

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Book Review : Forex Patterns and Probabilities : Ed Ponsi

Spent a couple of nights over the weekend reading this book, and rather wish I hadn’t.

The topics covered in the book are legitimate, but either I have read it all before in which case I wasn’t learning anything new or (and I think this was in the most part), what was covered was too light in detail and not convincing enough.

The strategies covered are poorly explained and in my view he uses too many indicators in his trading. One chapter it’s a ATR and Bollinger Band Combo, the next RSI is the flavour, then the pattern strategies of flags and pennants that I have never found to be consistent enough to work profitably. All of his trade examples are on Daily Charts which is not what I bought the book for.

There are also a few contradictions in the book. e.g. He describes his Boomerang trade where he goes for a quick 15 pips on an opening market fake breakout – fair enough. yet later in the book under the chapter “playing the forex field” he says that aiming for 10-20 pips is essentially not a high probability trade and too higher risk. In this section I think he wrongly (in my view) confuses probabilities and risk/reward when discussing the issue regarding spreads and lower pip targets.

For me this is neither a beginner, intermediate or advanced book on Forex Trading. My view is give it a miss – mine is going back to Amazon!

Book Review : Forex Patterns and Probabilities : Ed Ponsi

Book Review : Forex Patterns and Probabilities : Ed Ponsi

Jimmy

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