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Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious Trader

ISBN: 978-1-118-06661-4
576 pages
January 2012
Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (1118066618) cover image
A detailed guide to profiting from trend reversals using the technical analysis of price action

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, trading ranges, and transitions or reversals (the focus of this book), this three book series offers access to Brooks' successful methodology. Trading Price Action Reversals reveals the various types of reversals found in today's markets and then takes the time to discuss the specific characteristics of these reversals, so that you can use them in your everyday trading endeavors. While price action analysis works on all time frames, there are different techniques that you can use in trading intraday, daily, weekly and monthly charts. This, among many other issues, is also addressed throughout these pages.

  • Offers insights on how to handle volatility and sharp reversals
  • Covers the concept of using options when trading certain charts
  • Examines how to deal with the emotions that come along with trading
  • Other books in the series include Trading Price Action Trends and Trading Price Action Trading Ranges

If you're looking to make the most of your time in today's markets the trading insights found in Trading Price Action Reversals will help you achieve this goal.

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Acknowledgments xi

List of Terms Used in This Book xiii

Introduction 1

PART I Trend Reversals: A Trend Becoming an Opposite Trend 35

CHAPTER 1 Example of How to Trade a Reversal 73

CHAPTER 2 Signs of Strength in a Reversal 79

CHAPTER 3 Major Trend Reversal 83

CHAPTER 4 Climactic Reversals: A Spike Followed by a Spike in the Opposite Direction 111

CHAPTER 5 Wedges and Other Three-Push Reversal Patterns 151

CHAPTER 6 Expanding Triangles 181

CHAPTER 7 Final Flags 189

CHAPTER 8 Double Top and Bottom Pullbacks 217

CHAPTER 9 Failures 225

CHAPTER 10 Huge Volume Reversals on Daily Charts 257

PART II Day Trading 261

CHAPTER 11 Key Times of the Day 263

CHAPTER 12 Markets 271

CHAPTER 13 Time Frames and Chart Types 273

CHAPTER 14 Globex, Premarket, Postmarket, and Overnight Market 287

CHAPTER 15 Always In 293

CHAPTER 16 Extreme Scalping 317

PART III The First Hour (The Opening Range) 331

CHAPTER 17 Patterns Related to the Premarket 353

CHAPTER 18 Patterns Related to Yesterday: Breakouts, Breakout Pullbacks, and Failed Breakouts 357

CHAPTER 19 Opening Patterns and Reversals 373

CHAPTER 20 Gap Openings: Reversals and Continuations 395

PART IV Putting It All Together 401

CHAPTER 21 Detailed Day Trading Examples 403

CHAPTER 22 Daily, Weekly, and Monthly Charts 415

CHAPTER 23 Options 431

CHAPTER 24 The Best Trades: Putting It All Together 455

CHAPTER 25 Trading Guidelines 527

About the Author 541

About the Website 543

Index 545

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AL BROOKS is a technical analysis contributor for Futures magazine and an independent day trader. His approach to reading price charts was devel-oped over two decades in which he changed careers from ophthalmology to trading. Brooks graduated from The University of Chicago Pritzker School of Medicine in 1978 and received a BS in mathematics with honors from Trinity College in 1974. His website, brookspriceaction.com, outlines his trading approach and views as well as hosts a subscription-based daily trading chat room in which Brooks talks with other traders about the market.

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