Reading Price Charts Bar by Bar : The Technical Analysis of Price Action for the Serious Trader

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  • Format: Hardcover
  • Copyright: 2009-05-04
  • Publisher: Wiley
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While new technology and complicated theories promise to take your trading to "the next level," the truth is that long-term success in this field is rooted in simplicity. That's why Al Brooks has created Reading Price Charts Bar by Bar.With this book, Brooks-a technical analyst for Futures magazine and an independent trader-demonstrates how applying price action analysis to chart patterns can help enhance returns and minimize downside risk. Along the way, you'll discover the importance of understanding every bar on a price chart, why particular patterns are reliable setups for trades, and how to locate entry and exit points as markets are trading in real time.Throughout these pages, some of the most useful tools for deciphering price action are covered in detail, including:Trendlines and trend channel linesPrior highs and lowsBreakouts and failed breakoutsThe size of bodies and tails on candlesThe relationship between current bars to prior barsAnd much moreLearning what the market is telling you can be difficult, but with the right approach, you can achieve this goal and capture consistent profits in the process. Reading Price Charts Bar by Bar has all the information you need to succeed at this endeavor and will put you in the best position possible to make the most of your time in today's turbulent markets.Praise forReading Price Charts Bar by Bar"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 ofwww.SpeculatorAcademy.com and author of Trade Like a Pro andWinning the Trading Game"Al Brooks is a trader's trader. He understands the focused energy it takes to be successful at trading and works long, hard hours in front of the computer screen to beat the markets. In his first trading book, he outlines, selflessly, his strategy step by step. A doctor and educator in his previous life, he uses his eye for detail and transfers lessons he learned in training himself on the art of trading to the written page. For those who are willing to delve into the details of day trading and dedicate the time and energy to do it seriously and most likely profitably, Al Brooks's book Reading Price Charts Bar by Bar, is a must-read." -Ginger Szala, Publisher and Editorial Director, Futures magazine

Author Biography

Al Brooks is a technical analysis contributor to Futures magazine and an independent day trader. Changing careers from ophthalmology to trading twenty years ago, he discovered consistent success and profitability as a trader once he developed his unique approach to reading price charts. He graduated from the University of Chicago Pritzker School of Medicine and received his BS in mathematics with honors from Trinity College.

Table of Contents

Prefacep. xiii
Price Actionp. 1
Trend Bars and Doji Barsp. 7
Bar Basics: Signal Bars, Entry Bars, Setups, and Candle Patternsp. 11
Signal Bars: Reversal Barsp. 13
Signal Bars: Other Typesp. 17
Outside Barsp. 36
The Importance of the Close of the Barp. 42
Exchange Traded Funds (ETFs) and Inverse Chartsp. 45
Second Entriesp. 46
Late and Missed Entriesp. 49
Trendlines and Trend Channelsp. 51
Trendlinesp. 51
Micro Trendlines: Small, Steep Trendlines in Strong Trendsp. 55
Horizontal Lines: Swing Points and Other Key Price Levelsp. 61
Trend Channel Linesp. 63
Dueling Lines: Intersecting Trendline and Trend Channel Linep. 68
Trendsp. 71
Two Legsp. 75
Signs of Strengthp. 76
Common Trend Patternsp. 81
Trend from the Openp. 82
Reversal Dayp. 86
Trend Resumption Dayp. 86
Trending Trading Range Daysp. 88
Tight Channels and Spike and Channel Bull or Bearp. 91
Stairs: Broad Channel Trendp. 95
Pullbacksp. 99
First Pullback Sequence: Bar, Minor Trendline, EMA, EMA Gap, Major Trendlinep. 101
Double Top Bear Flags and Double Bottom Bull Flagsp. 104
EMA and Gap EMA Pullbacksp. 108
2 HM: If Away from EMA for Two or More Hours, Then Fade EMA and First EMA Gap Barp. 110
Trend Day 11:30 Stop Run Pullback to Trap You Outp. 112
Counting the Legs of a Trendp. 114
High/Low 1, 2, 3, and 4p. 118
Variations of High/Low 2 Setupsp. 128
Three Push Pullbacksp. 132
Trading Rangesp. 137
Tight Trading Rangesp. 138
Barb Wirep. 142
Middle of the Day, Middle of the Rangep. 148
Big Up, Big Downp. 150
Trading Ranges Setting Up Trend Reversalsp. 152
Breakoutsp. 155
Breakout Entries in Strong Trendp. 156
Breakout Pullbacks and Breakout Testsp. 158
Magnetsp. 165
Measured Moves Based on the First Pullback (AB = CD)p. 165
Measured Moves on Breakouts Based on Thin Areas and on Flagsp. 167
Reversals Often End at Signal Bars from Prior Failed Reversalsp. 171
Other Price Magnetsp. 172
Trend Reversalsp. 175
Trendline Breakp. 184
Trend Channel Line Failed Breakouts: Climaxes, Parabolas, and V Tops and Bottomsp. 187
Signs of Strength in the First Leg of a Reversalp. 188
Trends Reverse with a Test: Either an Undershoot or an Overshootp. 190
Double Top and Bottom Pullbacksp. 202
Climax: Spike and Trading Range Reversalsp. 207
Climax: Three Pushes and Wedges (Trend Channel Line Overshoots and Reversals)p. 210
Expanding Trianglesp. 215
Minor Reversals: Failuresp. 221
Failed Signal and Entry Bars and One-Tick Failed Breakoutsp. 222
Failed High/Low 2p. 226
Failed Higher High and Lower Low Breakoutsp. 229
Failed Trendlines and Trend Channel Linesp. 234
Failed Reversalsp. 239
Failed Final Flags: Tight Trading Rangep. 243
Failed Final Flags: Huge Trend Barp. 245
Failed Wedgesp. 247
Failed Scalps: Five-Tick Failed Breakouts and Failure to Reach a Scalper's Profit Targetp. 251
Day Tradingp. 255
Selecting a Marketp. 256
Time Frames and Chart Typesp. 258
Globex, Pre-Market, Post-Market, and Overnight Marketp. 267
Scalping, Swinging, Trading, and Investingp. 269
Always in the Marketp. 273
Have at Least Two Reasons to Enter a Tradep. 275
Entering on Stopsp. 277
Protective Stops and Getting Trapped In or Out of a Tradep. 281
The First Hourp. 289
Patterns Related to the Premarketp. 291
Patterns Related to Yesterdayp. 292
Trend Bar on Gap Open: First or Second Barp. 302
Gap Openings: Reversals and Continuationsp. 303
Trend from the Open or Trend from the First Barp. 305
Third Bar of the Day and the 15-Minute Closep. 310
Strong Trend Bars in the First Hour Often Predict Strength Later in the Day in the Same Directionp. 311
Opening Patterns and Reversalsp. 313
Double Bottom and Double Top Flagsp. 317
Trading Range Breakoutsp. 319
First Pullbackp. 321
Detailed Day Trading Examplesp. 325
Daily, Weekly, and Monthly Chartsp. 331
Huge Volume Reversalsp. 343
Optionsp. 347
Best Tradesp. 353
Major Reversalsp. 357
Minor Reversal Scalps during Trading Range Daysp. 368
Pullbacks in a Strong Trendp. 369
Intraday Stocksp. 374
Trading Guidelinesp. 381
Glossaryp. 387
About the Authorp. 395
Indexp. 397
Table of Contents provided by Ingram. All Rights Reserved.

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