Trading Price Action Reversals [Hardback]
Technical Analysis of Price Charts Bar by Bar for the Serious Traderby Al Brooks
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Description of Trading Price Action ReversalsOver the course of his career, author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for more than twenty–five 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 examined an essential array of price action basics and trends in the first book of this series, Trading Price Action TRENDS; provided important insights on trading ranges, breakouts, order management, and the mathematics of trading in the next book, Trading Price Action TRADING RANGES; and now moves on to discuss trend reversals, day trading, daily charts, options, and the best setups for all time frames in this third, and final, book of the series, Trading Price Action REVERSALS.
Page by page, Brooks skillfully addresses how to spot and profit from trend reversals - which offer an excellent risk-reward ratio - using the technical analysis of price action. Along the way, he touches on some of the most essential aspects of this approach as well as several other important topics, including the various types of reversals, successfully trading the opening range of a day session, price action setups that new traders should focus on, and much more.
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.
Press and Industry Reviews"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 road map 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
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About Al BrooksAL BROOKS is a technical analysis contributor for Futures magazine and an independent day trader. His approach to reading price charts was developed 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.
Contents of Trading Price Action ReversalsAcknowledgments
List of Terms Used in This Book
PART I Trend Reversals: A Trend Becoming an Opposite Trend
1. Example of How to Trade a Reversal
2. Signs of Strength in a Reversal
3. Major Trend Reversal
4. Climactic Reversals: A Spike Followed by a Spike in the Opposite Direction
5. Wedges and Other Three-Push Reversal Patterns
6. Expanding Triangles
7. Final Flags
8. Double Top and Bottom Pullbacks
10. Huge Volume Reversals on Daily Charts
PART II Day Trading
11. Key Times of the Day
13. Time Frames and Chart Types
14. Globex, Premarket, Postmarket, and Overnight Market
15. Always In
16. Extreme Scalping
PART III The First Hour (The Opening Range)
17. Patterns Related to the Premarket
18. Patterns Related to Yesterday: Breakouts, Breakout Pullbacks, and Failed Breakouts
19. Opening Patterns and Reversals
20. Gap Openings: Reversals and Continuations
PART IV Putting It All Together
21. Detailed Day Trading Examples
22. Daily, Weekly, and Monthly Charts
24. The Best Trades: Putting It All Together
25. Trading Guidelines
About the Author
About the Website