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Practical Pattern Recognition for Trends and Corrections

ISBN: 978-1-118-02635-9
May 2012
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Praise for High Probability Trading Strategies

"Robert Miner's new book should be on the 'must have' list for any trader. One of Robert's unique and practical concepts is his Dynamic Time Strategy to project market reversals in any time frame. After a twenty-five-year friendship with Bob, I can honestly say that he is a consummate market timer."
—LARRY PESAVENTO, tradingtutor.com

"Robert Miner's comprehensive price, pattern, time, and momentum strategies amply demonstrate he is a master technician and trader. This is a must-read for anyone interested in the practical application of Elliott Wave, Fibonacci, and Gann trading techniques."
—KERRY SZYMANSKI, trading analyst/broker, La Canada Capital Management

"Bob Miner has been my mentor for years and continues to educate me in a no-nonsense fashion. This new book should help the trader refine his trading entries and create a viable trading plan. I am grateful for everything I've learned from him over the years!"
—CAROLYN BORODEN, Synchronicity Market Timing, LLC, www.fibonacciqueen.com; and author of Fibonacci Trading

"This book is a major contribution to both the understanding and application of complete trade management. The book teaches the trader crucial aspects about the market that are essential for long-term success in the markets."
—SANDY JADEJA, Chief Market Strategist, Head of Global Training, ODL Markets

"High Probability Trading Strategies is a practical no-hype guide to doing what is necessary for lasting success as a trader. Robert offers those who are committed to learning to trade well both good advice and the specific details often overlooked by other authors and educators."
—RON ROSSWAY, President, Denver Trading Group

"Robert shook up the trading scene with his first book, Dynamic Trading, which was honored as our 'Book of the Year' in 1997. His new book, High Probability Trading Strategies, is equally worthy and a must-read for all serious traders."
—FRANK ANTHONY TAUCHER, author of The Supertrader's Almanac/Commodity Trader's Almanac

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Foreword ix

Preface xi

PART ONE High Probability Trading Strategies for Any Market and Any Time Frame 1

CHAPTER 1 High Probability Trade Strategies for Any Market and Any Time Frame 3

Any Market, Any Time Frame 4

Conditions with a High Probability Outcome 4

Leading and Lagging Indicators 5

What You Will Learn in This Book and CD 6

Let’s Get Started 8

CHAPTER 2 Multiple Time Frame Momentum Strategy 9

What Is Momentum? 11

Multiple Time Frame Momentum Strategies 12

The Basic Dual Time Frame Momentum Strategy 12

Momentum Reversals 14

Most Price Indicators Represent Rate-of-Change 15

Momentum and Price Trends Often Diverge 16

How Dual Time Frame Momentum Strategies Work 19

Which Indicators to Use for Multiple Time Frame Momentum Strategies 31

What Are the Best Indicator Settings to Use? 36

Dual Time Frame Momentum Strategy Rules 43

Dual Time Frame Momentum Strategy Trade Filter 46

CHAPTER 3 Practical Pattern Recognition for Trends and Corrections 49

Why Is It Important to Identify a Trend or Correction? 50

Simple Pattern Recognition Based On Elliott Wave 52

Trend or Correction: The Overlap Guideline 52

ABC and Away We Go 58

Complex Corrections 64

Overlap Is the Key to Identify a Correction 66

Trends and Five-Wave Patterns 67

Greater in Time and Price 75

Fifth Waves Are the Key 77

Momentum and Pattern Position 79

Momentum and Pattern Not Enough 82

CHAPTER 4 Beyond Fib Retracements 83

Internal Retracements and Corrections 84

Alternate Price Projections Qualify Internal Retracements 89

More Alternate Price Projections 92

External Retracements Help Identify the Final Section of a Trend or Correction 96

Pattern Price Targets 99

Price, Pattern, and Momentum 106

No Excuse 108

CHAPTER 5 Beyond Traditional Cycles 111

Time Retracements and Corrections 112

Alternate Time Projections Narrow the Time Retracement Range 114

More Time Factors 117

The Time Target Zone 118

Time Bands 128

More Time Factors 135

Conclusion 137

CHAPTER 6 Entry Strategies and Position Size 139

Entry Strategy 1: Trailing One-Bar Entry and Stop 140

Entry Strategy 2: Swing Entry and Stop 150

Position Size 158

Conclusion 162

CHAPTER 7 Exit Strategies and Trade Management 163

Multiple-Unit Trading 164

Risk/Reward Ratios 165

Exit Strategies 166

Trade Management 168

Trade Only the High Probability, Optimum Setups 197

PART TWO Trading the Plan 199

CHAPTER 8 Real Traders, Real Time 201

Adam Sowinski (Slorzewo, Poland) 202

Jagir Singh (London, United Kingdom) 206

Cees Van Hasselt (Breda, The Netherlands) 214

Kerry Szymanski (Tucson, Arizona) 218

Derrik Hobbs (Warsaw, Indiana) 222

Carolyn Boroden (Scottsdale, Arizona) 227

Jaime Johnson (Encinitas, California, and

Bogata, Columbia) 231

Chapter Summary 234

CHAPTER 9 The Business of Trading and Other Matters 237

Routines and Trading Records 237

Why Traders Win or Lose 239

Technology, Trading Time Frames, Markets to Trade, and Leverage 242

Trade for Points, Not for Ticks 244

You Can’t Buy Success 244

You CAN Be a Successful Trader 245

More Bar-by-Bar Entry to Exit Trade Examples 247

Glossary 249

Bibliography 261

About the Author 263

Index 265

About the CD-ROM 271

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ROBERT C. MINER has been a leading trading educator for more than twenty years and publishes daily reports on the Forex, stock, and futures markets. He speaks around the world on trading and has written for a wide variety of trading publications. Miner has been named "Guru of the Year" and is a first-place winner of a major brokerage company's annual real-time trading contest.

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