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Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading) [Hardcover]

Al Brooks
4.2 out of 5 stars  See all reviews (12 customer reviews)
Price: £50.00 & FREE Delivery in the UK. Details
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Book Description

22 May 2009 Wiley Trading (Book 416)
A completely original approach to trading using price bar charts In Reading Price Charts Bar by Bar, Al Brooks–a technical analyst for Futures magazine and an independent trader–demonstrates how the information gleaned from this method can significantly enhance trading returns, while minimizing downside risk. Written with the serious trader in mind, this book reveals how to read the information content of every bar on a price chart, and manage trades all day long. It also provides a unique understanding of how to visualize entry and exit points as markets are trading in real–time. There is an important niche in technical analysis and price action: the bar–by–bar analysis of price charts. Brooks shows readers how to take advantage of the information this approach offers, and make great trades along the way. Al Brooks, MD (Roseville, CA), is a technical analysis contributor to Futures magazine and an independent day trader. His approach to reading price charts was developed over a 20–year period in which he changed careers from ophthalmology to trading. He graduated from the University of Chicago Pritzker School of Medicine and received his BS in mathematics with honors from Trinity College.

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Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading) + Trading Price Action Trading Ranges: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading) + Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious Trader (Wiley Trading)
Price For All Three: £115.00

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Product details

  • Hardcover: 432 pages
  • Publisher: John Wiley & Sons; 1 edition (22 May 2009)
  • Language: English
  • ISBN-10: 0470443952
  • ISBN-13: 978-0470443958
  • Product Dimensions: 23 x 15 x 4 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (12 customer reviews)
  • Amazon Bestsellers Rank: 367,126 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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From the Inside Flap

While complex strategies and systems maywork for some traders, understanding price action is all you really need to succeed in this arena. Price action analysis is an effective app–roach to trading today′s markets—whether you′re involved in stocks, futures, or options. It allows you to focus on the process of trading without being overwhelmed by a complicated collection of trading techniques. And while this method may appear elementary, it can sig–nificantly enhance returns as well as minimize downside risk. One way to apply price action analysis to your trading endeavors is with chart patterns. Nobody understands this better than author Al Brooks, a technical analyst for Futures magazine and an independent trader for more than twenty years. Brooks discovered ten years ago that reading price charts without indicators proved to be the most simple, reliable, and profitable way for him to trade. Mastering that discipline is what made him consistently successful in trading. Now, with Reading Price Charts Bar by Bar, Brooks shares his extensive experience on how to read price action. At the end of the day, anyone can look at a chart, whether it is a candle chart for E–mini S&P 500 futures trading or a bar chart for stock trading, and see very clear entry and exit points. But doing this in real time is much more difficult. Reading Price Charts Bar by Bar will help youbecome proficient in the practice of reading price action—through the use of trendlines and trend channel lines, prior highs and lows, break–outs and failed breakouts, and other tools—and show you how this approach can improve the overall risk–reward ratio of your trades. Written with the serious trader in mind, this reliable resource addresses the essential elements of this discipline, including the importance of understanding every bar on a price chart, why particular patterns are reliable setups for trades, and how to locate entry and exit points as markets are trading in real time. Brooks focuses on five–minute candle charts to illustrate basic principles, but discusses daily and weekly charts as well. Along the way, he also explores intraday swing trades on several stocks and details option purchases based on daily charts—revealing how using price action alone can be the basis for this type of trading. There′s no easy way to trade, but if you learn to read price charts, find reliable patterns, and get a feel for the market and time frame that suits your situation, you can make money. While price action trading doesn′t require sophisticated software or an abundance of indicators, this straightforward approach can still put you in a better position to profit in almost any market. Reading Price Charts Bar by Bar will show you how.

From the Back Cover

While new technology and complicated theories promise to take your trading to "the next level," the truth is that long–term success in this field is rooted in simplicity. That′s why Al Brooks has created Reading Price Charts Bar by Bar . With this book, Brooks—a technical analyst for Futures magazine and an independent trader—demonstrates how applying price action analysis to chart patterns can help enhance returns and minimize downside risk. Along the way, you′ll discover the importance of understanding every bar on a price chart, why particular patterns are reliable setups for trades, and how to locate entry and exit points as markets are trading in real time. Throughout these pages, some of the most useful tools for deciphering price action are covered in detail, including: Trendlines and trend channel lines Prior highs and lows Breakouts and failed breakouts The size of bodies and tails on candles The relationship between current bars to prior bars And much more Learning what the market is telling you can be difficult, but with the right approach, you can achieve this goal and capture consistent profits in the process. Reading Price Charts Bar by Bar has all the information you need to succeed at this endeavor and will put you in the best position possible to make the most of your time in today′s turbulent markets. Praise for Reading Price Charts Bar by Bar "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 ofwww.SpeculatorAcademy.com and author of Trade Like a Pro and Winning the Trading Game "Al Brooks is a trader′s trader. He understands the focused energy it takes to be successful at trading and works long, hard hours in front of the computer screen to beat the markets. In his first trading book, he outlines, selflessly, his strategy step by step. A doctor and educator in his previous life, he uses his eye for detail and transfers lessons he learned in training himself on the art of trading to the written page. For those who are willing to delve into the details of day trading and dedicate the time and energy to do it seriously and most likely profitably, Al Brooks′s book Reading Price Charts Bar by Bar , is a must–read." — Ginger Szala , Publisher and Editorial Director, Futures magazine

Inside This Book (Learn More)
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

Most Helpful Customer Reviews
7 of 7 people found the following review helpful
5.0 out of 5 stars Value Beyond Words 24 Nov 2009
Format:Hardcover
This book is not an easy read, you have to be very focused and go very slowly to take in the mass of information that the author puts out in almost every sentence. I believe he has distilled 20 years of trading experience without reservations into this book.

The charts, and there are many, are a bit difficult to read but the publisher Wiley has made downloads available on their website, and reading the book while looking at an enlarged chart on the screen works well. Absolutely the best trading book I've come across.

For me, and others who may find this type of scalping style just what they are looking for to get profitable, the book has a value beyond words.
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5 of 5 people found the following review helpful
5.0 out of 5 stars Worth the work 18 Feb 2011
By PureSymmetry VINE VOICE
Format:Hardcover|Verified Purchase
Like the other reviewers have mentioned, this book is work. Real work. You must put the time and effort in to understand what this man is saying, keep at it and go over it repeatedly untill you understand the lessons contained within.

Its far from easy, but the majority dont do the necessary work to become skilled at this profession, they are the ones who provide liquidity and get eaten by the pros who do what it takes to become phenenomenal.

These methods work regardless of the time frames that you trade, the principles work.

If you are comitted to your goal of being a trader to be reckoned with, buy this book and master it.
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4 of 4 people found the following review helpful
4.0 out of 5 stars A tough but worthwhile read - not for beginners 14 May 2010
Format:Hardcover|Verified Purchase
Of all the trading books I have read this has by far the best information.
However it is also by far the most difficult to read.
Definitely not for beginners, seasoned traders will often have to reread sections
not only due to the complexity of the information but also because the author does not write in the clearest way nor define his (often interchangeable) terms.
Nevertheless if you already have a good foundation of trading knowledge and persevere I think there are golden nuggets in here.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Worth it's weight in £50 notes! 23 Feb 2012
Format:Hardcover|Verified Purchase
This is by far the best book on technical trading I've read. Brooks works from the notion that every bar on the chart is important, and reading what each one tells you will help you reliably and consistently identify high probability trade setups using nothing more than a few trendlines and the 20ema. Every page is crammed to bursting with information and Brooks makes no attempt to comfort the reader by making his explanations easy to follow - you have to work hard at sentence on every page to get the most out of it, and at times it's hard going, but it'll reward you with a much more in depth appreciation for the markets and where the money is. My understanding of charts and my confidence in placing trades based purely on price action has been transformed by this book.

The printed charts can be difficult to read as they're quite small, but you can download them all from [...] which makes them much easier to follow.

While the author trades predominantly US stocks and Eminis, his methods and analysis are applicable to all major markets including forex, indices, commodities and futures.

I absolutely love this book, and my copy looks ten years old because I'm in it constantly, underlining passages, making notes, sticking stickies into it and generally reading and rereading. If you work hard at it and give it the effort it deserves (nay, demands), it's a goldmine. Brilliant.
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1 of 1 people found the following review helpful
By Sparky
Format:Hardcover|Verified Purchase
As the other reviews indicate, this is a book that demands considerable effort from the reader.

Basically what the reader has to do is to do what an editor at Wiley should have done: reorganise the material, greatly shorten it, summarise the sense of what Al Brooks is saying (which I warn you is not easy; some passages almost defy comprehension) and print out larger charts (which you can download from Wiley's website.) Then, and only then, do you have the fantastic book that lurks within.

If you don't have time to do that, I suggest waiting for the 2nd edition, which hopefully will take on board the feedback from the first!
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1 of 1 people found the following review helpful
4.0 out of 5 stars Great story but badly written 27 Sep 2010
Format:Hardcover|Verified Purchase
Recently hospitalised for 3 days which gave me the opportunity to get through the worked examples in Chapter 15 alongside the charts (downloaded from Wiley) printed on A4. Now able to understand what Al is on about in the remainder of this book and in his webinars. He knows how to scalp. Very grateful to him for sharing his ideas. Likes to point out 3 or 4 reasons to enter any trade rather than focusing on the set up and key trigger. This complicates the story and clearly made it impossible for whoever proof read the work to have any idea what was going on, so he simply signed off the first draft and ran for the hills!
Managed to extract a few key elements from the book and traded them last week on CL, NG, GC, TF, 6B & 6E futures. 42 winning trades (average = 4.1 ticks), 12 loosing trades (average = 3.2 ticks).
Been in this game for 10 years and find it hard to believe anyone who claims to consistantly deliver better results than these.
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