WOMEN IN FOREX
whose tendency to sell bonds in the 100’s of lots had lost the company a great deal of money, and within 3 weeks we were all made redundant. I had already secured a job at Midland Bank, which had the biggest presence and most volume on our trading floor. I loved every minute, and was soon on the phones advising clients of chart points, Fibonacci retracements and everything to do with charts. I did not just read books on the subject, but spent hours, days, months with screens, working out these levels for myself.
money trading bonds, something
I also started making the Midland
chart, in my mind’s eye I still see those bond pit traders all bellowing and shoving each other in their struggle to get out of the wrong way positions.
MG: Can you tell us when and how
you came to have students/followers? Can you recall a particular one who really impressed you?
CH: In my early days of trading and helping set up technical analysis
CH: A chart is a chart is a chart,
as far as I am concerned. Every market has its own little ways, but I am as happy charting currencies as I am oil futures.
MG: What are your
If I needed to recruit a trader I would definitely go for a woman rather than a man
Treasury department noticed. Tey invited me to help start up a technical (T/A) trading desk. It was a wrench leaving LIFFE aſter 5 years, but I knew that bigger and better things awaited me.
MG: What aspects of Technical
Analysis are the most appealing to you? Is it the visual aspect of price patterns or the crowd behavior behind it?
CH: Well, price patterns reflect
crowd behavior and the best lesson was seeing it in the flesh on the floor. You knew by looking at the scuffle and behavior of the pit traders whether the market just moved 10 pips. To me, it was something obvious which has stayed with me for all these years. Even to this day, when I look at a
I spent many hours, weeks, months
with this young lad before he finally got it and, I have to say, he progressed to become head of research at a major bank. Every time I see him on CNBC I feel a burst of pride at how far he’s come from that young shy awkward boy all those years ago.
But I have worked with and trained a lot of the most fantastic technical analysis of today. I am proud of every one of them and I feel I contributed to at least a part of their love of charts.
desks in banks, I remember my boss pointing me to a young, be-speckled lad who had not done well on the Forex trading desk. I was told my group were his last hope of staying in the dealing room.
favorite technical indicators? Have you kept the same favorites throughout your career or have they changed over time?
CH: Obviously in my business
there are different flavors of the month... every other month. I have always kept abreast of all the T/A theories, new and old. I learned Candlestick charts at Nomura bank in 1987, then later Elliot Wave, Dow Theory, Market Profile, you name it. I have always returned to my favorite theory - KISS, Keep it Simple and Stupid. Charts are there to make us money, you shouldn’t need a doctorate to understand them.
Markets retrace from significant points, so Fibonacci
levels are a
must. Markets go from bullish to bearish in a short time so stochastics are useful. And moving averages, just because I like them. Those are the 3 I use. I have
FX TRADER MAGAZINE July - September 2011 59
FX MG: How do you feel forecasting
currency movements as opposed to the kind of price movements in futures contracts that you used to begin your career?
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