Trading Price Action Trends: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Anglais) Relié – 30 décembre 2011
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Description du produit
Présentation de l'éditeur
The key to being a successful trader is finding a system that works and sticking with it. Author Al Brooks has done just that. By simplifying his trading system and trading only 5–minute price charts he′s found a way to capture profits regardless of market direction or economic climate. His first book, Reading Price Charts Bar by Bar, offered an informative examination of his system, but it didn′t allow him to get into the real nuts and bolts of the approach. Now, with this new series of books, Brooks takes you step by step through the entire process.
By breaking down his trading system into its simplest pieces: institutional piggybacking or trend trading (the topic of this particular book in the series), trading ranges, and transitions or reversals, this three book series offers access to Brooks′ successful methodology. Price Action Trends Bar by Bar describes in detail what individual bars and combinations of bars can tell a trader about what institutions are doing. This is critical because the key to making money in trading is to piggyback institutions and you cannot do that unless you understand what the charts are telling you about their behavior. This book will allow you to see what type of trend is unfolding, so can use techniques that are specific to that type of trend to place the right trades.
- Discusses how to profit from institutional trading trends using technical analysis
- Outlines a detailed and original trading approach developed over the author′s successful career as an independent trader
- Other books in the series include Price Action Trading Ranges Bar by Bar and Price Action Reversals Bar by Bar
If you′re looking to make the most of your time in today′s markets the trading insights found in Price Action Trends Bar by Bar will help you achieve this goal.
Quatrième de couverture
Praise for Trading Price Action Trends
"Al Brooks has written a book every day trader should read. On all levels, he has kept trading simple, straightforward, and approachable. By teaching traders that there are no rules, just guidelines, he has allowed basic common sense to once again rule how real traders should approach the market. This is a must–read for any trader that wants to learn his own path to success."
Noble DraKoln, founder, SpeculatorAcademy.com, and author of Trade Like a Pro and Winning the Trading Game
"A great trader once told me that success was a function of focused energy. This mantra is proven by Al Brooks, who left a thriving ophthalmology practice to become a day trader. Al′s intense focus on daily price action has made him a successful trader. A born educator, Al also is generous with his time, providing detailed explanations on how he views daily price action and how other traders can implement his ideas with similar focus and dedication.?? Al′s book is no quick read, but an in depth roadmap on how he trades today′s volatile markets, complete with detailed strategies, real–life examples, and hard knocks advice."
Ginger Szala, Publisher and Editorial Director, Futures magazine
Over the course of his career, author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for more than twenty years, has found a way to capture consistent profits regardless of market direction or economic climate. And now, with his new three–book series which focuses on how to use price action to trade the markets Brooks takes you step by step through the entire process.
In order to put his methodology in perspective, Brooks examines an essential array of price action basics and trends in this initial book. Page by page, he skillfully addresses how understanding price action and effectively reading price charts, bar by bar, can help you follow unfolding trends usually initiated by institutions and allow you to profitably piggyback onto their trades by setting up early entries with tight stops. Throughout the book, Brooks focuses primarily on 5 minute candle charts all of which are created with TradeStation to illustrate basic principles, but also discusses daily and weekly charts. And since he trades more than just E–mini S&P 500 futures, Brooks also details how price action can be used as the basis for trading stocks, forex, Treasury Note futures, and options.
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Meilleurs commentaires des clients
Fini les indicateurs techniques et statistiques retardés qui repeignent (l'auteur utilise juste une EMA 20 dont vous pourrez vous passer à mesure que vous développerez votre propre style), il faut apprendre à lire le prix en temps réel.
Dernier point : on parle ici de véritable PA, pas des bidouilles que vous trouverez sur internet genre pinbar et urban tower. Les débutants vont gagner un temps précieux (stop à la recherche chimérique du holy grail !) et les traders avancés vont comprendre ce qu'on entend par "maîtriser son trading". Bien sûr, cette approche complète demandera plus de travail à fournir, en comparaison avec l'empilement d'indicateurs techniques.
Vraiment le top !
Commentaires client les plus utiles sur Amazon.com (beta) (Peut contenir des commentaires issus du programme Early Reviewer Rewards)
A lot of muppets out there will criticise Al because he speaks tin vague terms (ie usually) and doesn't give you a complete trading system. I also hear criticism that Al must not be a profitable trader because he spends his time writing books. My gut feeling (which could very well be totally wrong) is that Al is an extremely skilled and insightful trader who has such a deep understanding of markets compared to most professional traders (I have worked on several trading desks and can definitively say I have never met any bank or hedge fund trader who has even a shred of the insight that Al provides in his books...not saying they aren't out there, but they are RARE) and I also get the impression he is a bit arrogant and wants to be worshipped as a Guru...AS HE WELL SHOULD BE!
His 3 volume set has changed my life. It is true that Al doesn't give you a trading plan on a silver platter. He does however give the serious student of his works the knowledge to understand how markets function and how to spot high probability setups, whether scalps or swings.
It is up to the reader to build his own trading system around Al's methods if the reader is so inclined. I personally don't scalp and only focus on trades where my reward is 2x risk. I have done extensive backtesting on my carefully selected setups from Al's teachings on my favourite currency pairs..all my backtesting is done by hand, and I only look for great looking textbook setups. I am not a programmer and have no idea how to do this other than manually, but I actually think doing it manually is best since it helps me tune in even more with the market.
Once you have a clear grasp of what Al is teaching, you have at your disposal a lot of different price action setups and a zillion and one financial instruments out there to trade them on. Why not backtest your various system ideas on different instruments and see what works? The sky is truly the limit.
Finally, I would like to say to Al: Thank you for taking the time to write the 3 greatest masterpieces ever published in the history of mankind.
Open a chart, e.g. a daily candlebar chart of AAPL. Then apply Bollinger Bands, then moving averages (SMA/EMA), then Stochastics, then MACD. Oh my... What are you looking at now? Exactly!!! You're looking at the indicators while you need to be looking at the chart itself, the patterns, the candle types, e.g. dojis, hammers, etc. The chart generally tells you everything you need to know, e.g. who's in control: bulls or bears, where the institutional buying / selling pressure is, important S&R levels, and so on.
This is not the easiest book to read. Every chapter usually has a chart followed by lots of text explain it, so you'll be going back and forth between the chart and the text. The author recommends printing out the charts separately and has those charts on his website.
That being said, it's still the best book I've seen so far on price action and it has helped me a lot.
Five stars easily.
While not (at all) the first to focus on detailed price action, as claimed in the promo hype, Brooks may be the first to write such an in-depth treatise based mainly on Emini 5 minute bars. Most of us find interpreting and scalping in such an arena too expensive, noisy and frenetic for the long haul. Price action patterns there MUST have different meaning than say it's own daily or weekly time frames and surely compared to currencies, a commodity exchange or daily stock markets. Discussion of "openings" and "closing" of little intra-day bars when a market was in fact OPEN has to be taken with grains of sea salt. Yet the remarkable, fascinating thing, is how much predictive (and un-predictive) price-action behaviour DOES hold true across time frames, markets and history. Despite scale and other real differences in what is going on, trading is what it is, does what it does and as a result, looks like what it looks like. Except for a go at SPY you won't see this sailor tacking intraday Emini waters. But no matter your domain or time scale, if you do trade actively on price action, you will quickly recognize much behaviour and the relevance of everything covered (and repeatedly re-covered).
His explanation of MOTIVES behind the moves range from frank realism to utterly fanciful. He explains, as precious few do, how the automated algorithms behind the Big Boys' programs (from HFT to long term movers), now dominate the action most everywhere (I suppose you could escape THEM by impersonating shark food in the small penny stock ponds - what could go wrong?). He also speaks realistically of the countless forces, reasons and reasoning that mush together into the unknowable blending of dynamic markets. Yet other times he lapses into goofy explanations: Some little move on the chart was because "Everyone" knew there was now a 60% probability of a measured move from the 5 minute signal bar that just crossed The moving average" kind of hokum. There is also the usual simplistic "Bull vs Bear" conventions ad-nauseam. Brooks however teaches that his and anyone's tautology are conjecture. Their accuracy in the end, irrelevant. If they help you make sense and cents, good enough. Whatever floats your boat. What matters most out on quick moving water is not WHY the wind is thus but what you DO about it. His rants against newscasters' compulsive need to attach "reasons" and "expert" TV pundit's predictions is fun. Summarized in the scientific definition of news in the glossary: "Useless information".
His coverage on how active traders RESPOND to what is happening is usually straight up realism. In this first book, HOW to trade these common technical setups WISELY is frankly explained much better or more succinctly elsewhere. Such as in the reduced to essentials, carefully nuanced, much more terminology restrained prose of Adam Grimes. But, no matter. In Brooks there is UNCOMMON attitude and appreciation towards setups in general not often seen in print anywhere.
Reviewing "Trades About the Happen" by Weis, I lamented they never quite do. No one can EVER fault Brooks on that score! An unfair parody of Brooks would paraphrase him as declaring all bars and all moves (yes even at the 5 minute level) are, at one and the same time, their own trends, trading ranges, pullbacks and breakouts. And should be traded accordingly! And are. Left for you (with more help promised in the later 2 books) is the task of judging when the all important "trader's equation" as he puts it, justifies YOUR participation.
The charts behind the many bar-by-bar commentaries in all 3 books are made available online at Wiley. There they can be referenced onscreen or printed. This eliminates the page flipping that eventually dooms such discussions in other works. Nice.
Despite foggier than needed terminology and the dubious value of SOME of the classical TA concepts coached, I would have given this first of the trio 4 stars. Pretty good in this genre. A star must come off however for that editing. The entire "trilogy", honed down to 1 book would have had a shot of being a true blockbuster. Trilogizing it may be a Wiley marketing ploy but it actually obscures the author's value. A mass left bloated is just harder to digest properly. Perhaps keeping to the budget, time and energy available, Brooks did his utmost ("Damn it Jim, I am a Trader not an Editor"). Though not for novices (mainly because of these difficulties), the actual messages are not rocket science. He is actually a good writer and there much trading wisdom shared here. I would not let obscurity challenges deter you from exploring these Brooks. Having repeat feelings of deja vous is hardly the worst thing to befall one in trading lit. Take notes of new ground and use your own radar.
See shorter (over lapping but higher rated) review of book 2. Book 3 - in the mail. Sail on!
Additionally some sections and paragraphs just seem to be in the wrong place, as an example, shaved bars (p.106) are discussed as if it's a continuation pattern for a trend but it is in a larger section discussing reversal bars and patterns - I did not understand that one first time round reading the book and I still don't understand it second time reading the book, at least second time round I sort of understand what a reversal is and what a continuation pattern is and that this paragraph does not make sense in the larger context of what is being discussed; who knows maybe I'm picking up something useful after all with a lot of hard work and frustration... It could have been better.