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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.
- Sales Rank: #388946 in Books
- Published on: 2012-01-24
- Original language: English
- Number of items: 1
- Dimensions: 9.55" h x 1.40" w x 7.70" l, 2.86 pounds
- Binding: Hardcover
- 576 pages
From the Inside Flap
The key to being a successful trader is finding a system that works and sticking with it. Author Al Brooks, a technical analysis contributor to Futures magazine and an independent trader for twenty-five years, has done just that. Over the course of his career, he's 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.
Divided into four comprehensive parts, Trading Price Action Reversals 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, it touches on some of the most essential aspects of this approach as well as several other important topics, including:
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The various types of reversals, their specific characteristics, and how to select the proper ones
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Capturing profits by successfully trading the "first hour," or more accurately, the opening range of a day session
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Using price action to effectively incorporate options into your trading strategies
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Guidelines that can help keep traders on track and put them in a better position to make more informed trades and trade management decisions
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Specific price action setups that new traders should focus on
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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. For your convenience, a companion website, which can be found at wiley.com/go/tradingreversals, contains all of the charts provided in the book.
Trading is a rewarding endeavor, but it's hard work and requires relentless discipline. To succeed, you have to stick to your rules and avoid emotion—and you have to patiently wait to take only the best trades. Trading Price Action Reversals, the final piece of this three-book set, will help you achieve this goal. With this guide, and the other two books in the series, you'll discover how to develop the patience and discipline to follow a sound system, and reap potentially huge financial rewards in the process.
From the Back Cover
Praise for Trading Price Action Reversals
"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 guide-lines, he has allowed basic common sense to once again rule how real traders should approach themarket. 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
Over 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.
About the Author
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.
Most helpful customer reviews
11 of 11 people found the following review helpful.
Incredible Book, Extremely Detailed!!
By Jason Andersen
I've read Al Brooks' book called Trading Price Action Reversals, and it is easily the most detailed book that I've read on the topic of reading price action. This is not an easy read on the subject of price action, and it is a PhD level dissertation on the topic. The book is so detailed, just like the Trading Ranges and the Trends books, and it will be slow and clumsy to read, so take your time. It could easily take a month to read this book, but it will explain so much that it will pay for itself almost immediately. I do have some pointers on how to streamline the reading process (and it IS a process with Al Brooks' books!).
1) Get a highlighter pen and highlight tips and observations, but not individual chart information. For example, on page 137 you should highlight, "Spikes are tests of the strength of both the trend and countertrend traders", but do not highlight "In Figure 4.8, the bar 1, bar3, and bar 6 bear spikes...". If you were to highlight the detailed information from each chart you would go crazy and the books would be a coloring book filled with bright yellow highlighter pen, and you could go blind from that!!
2) Study the SPY/ES charts, and review Al Brooks' videos on YouTube.
3) Trade and review each setup on the chart. After reading any of Al Brooks' material, put the book down for a month, and then re-read it. This time just read the highlighted portions of the book. The book will be far more easily understood after you study SPY/ES charts and then pick up the book for a second time.
4) After reading and highlighting Al Brooks' book, you should then print out charts that you will likely trade. To study the charts, print them at random. For me, I trade the SPY, so I printed out random SPY charts from the last two years, and I printed out 2-Day charts with 5 Minute candles. You'll want to print out two day charts, since the previous day's price action influences the current trading day's price action.
5) Once you have a pile of 2-Day 5 Minute candle charts, cover up the second day with a sheet of paper so that you can't see it. Slowly move the sheet of paper to view each candle, one at a time, like you would see the trading day unfolding in real-time. Now verbalize each bar that you slowly expose, and write down your observations about each candle. Draw trend lines, wedges, and failed final flags as they are exposed by moving the paper slowly to the right. Draw long and short entries and stops, and record your results. This could take a while detailing what you see on each candle, but that will change the better you get. It took me 2 hours to get through my first chart like this. Do one of these each day. Don't worry, it gets faster!!
6) Review your detailed chart observations. You'll be amazed how much data you can pull out of each candle. Save your charts and your data, and pretty soon you'll have a whole pile of your own data and trade setups, Al Brooks style.
My only real complaint about the book is that you don't get an independent diagram about what a failed final flag failure looks like, and it took a while to be able to visualize that pattern, and a few others.
I've been trading the stock market since 1987, and these books answered a lot of questions right away, and helped my trading immensely. Reading price action has never been easier!
Other resources you might want to consider would be Gap Edge Trading, as I made plenty of money trading in their chat room, and so have a lot of other people.
Good luck and nail some reversals!!
5 of 5 people found the following review helpful.
A real trader's book!
By Brian D. Babiak
This book is well-written, honest, and insightful. It's a real trader's book. It's not cohesive per se, or selling some cheesy "system" which wouldn't work anyway. It's more like having lunch with a successful trader and soaking up the "vibe" and attitude by osmosis. He really gives you a good sense of how to "see" the chart and manage your emotions and risk, without ever actually come out with a list of bulleted points to follow, It's very subtle and breezy, and has a real trader's vibe to it. Not for the beginner however. If you, like me, have been trading for over a decade, you will probably enjoy it greatly, otherwise, it would be too overwhelming and formless to be of value for you quite yet. I hope there are more of these advanced trader books to come!
2 of 2 people found the following review helpful.
Must have one!
By Timothy
Must have one! The first book was with the same title "Trading Price Action" published a couple of years ago where Al tried to put so much information that hardly fit into. This book is a part of three books TPA: Trends, Trading Ranges, and Reversals. The first part that is may be 15-20 pages is the same in all three books and the rest if different. I am very thankful to the author on his time it took to put all his observations into his last three books. The title says bar by bar analyzing and this is exactly how it is in the book. The book printed in a very good big format where you can see every detail of the chart. Most of charts are very recent. Al provides a very good conclusion of what is happening behind every bar and the idea of what possibly will be next. All three are extremely helpful books!
See all 33 customer reviews...
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