Often it's the latter, but once in a while you find something that really works.Ī slight warning, the way the book is written could be a bit better organized. This way I know if it really works or if the examples in the book were cherry-picked. I always find the best exercise is to learn a new concept and then find examples from my real charts. And that gave me the idea of starting a thread about it so that people reading the book can ask questions of each other and post examples. That's a big commitment so I plan to go little by little. I think it could easily take over 100 hours to learn the information in this book and if you want to master it then I think thousands. After I finished I realized that one needs to spend a lot of time really understanding the material and then try to apply it to your own charts. I followed his examples but I found myself just reading trying to finish the chapter. I read the first chapter and to be honest, it's quite a lot to take in.
So far it has been two profitable weeks for me.
Two weeks ago I started trading currencies "naked" (without any indicators). He finally concluded that it doesn't work and that one has to learn to trade the price action! If only I had found his book 2 years ago! But seriously I think everyone needs to start down that path (indicators & strategies) so that they can fully understand what's going on and the limitations of the indicator approach. He starts out with a story that's familiar to many of us, I know BigMike & I have taken the same path: He learned all the indicators and then spent years writing indicators and strategies to use them. I have not seen a better book on trading without indicators. And he does exactly what he says, he introduces some concepts and then goes by by bar through the chart looking at the bars.
The author trades ES on 5min chart with 20 EMA as his only indicator. Well I got it this week and I must say it's way more than I was looking for. "Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading)"Ī: Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading) (9780470443958): Al Brooks: BooksĪfter reading the description and the reviews, I decided it was exactly what I was looking for. In the Holy Grail thread Garry recommended this book:
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