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Synopsis:
Discover 7 chart patterns that are key predictors of direction in any market. Plus simple, surefire steps for: Determining market direction; Recognizing winning chart patterns; Mastering money management techniques--setting Profit Targets, Stop Loss levels and Risk/Reward ratios for every trade; Making Support & Resistance, Trendlines, Gaps, Fibonacci Retracements and other amazing technical analysis tools easy to implement. Whether youre an active trader or occasional investor, if you confirm your entries with these simple patterns, youll be light years ahead of the average investor.
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Jacket Description:
"After studying the markets for 20+ years, I have come down to these 7 patterns as the key predictors of direction, in any market . . .if you confirm your entries with these simple patterns, you'll be light years ahead of the average investor."
-Ed Downs, CEO and Founder,
OmniTrader by Nirvana Systems
It's a fact: The most successful traders use technical analysis and chart patterns almost exclusively. Why? Because chart patterns work. They consistently-and accurately-help determine when to get in and out of the market for maximum profit-taking and loss avoidance. But which patterns should you use? Which are the most effective?
OmniTrader founder Ed Downs now reveals the 7 best choices in his concise, powerful new booklet. Downs cuts to the chase, paring the list down to the most potent, consistently on-target chart patterns you need to know-whether you're an active trader or occassional investor.
Plus-Downs shares simple, surefire steps for...
- Determining market direction
- Recognizing-and benefiting from-winning chart patterns
- Mastering money management techniques-including setting Profit Targets, Stop Loss levels and Risk:Reward ratios for every trade
- Making Support & Resistance, Trendlines, Gaps, Fibonacci Retracements-and other amazing technical analysis tools easy to implement
It's a compact, to-the-point guide from the award-winning OmniTrader developer.
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Table of Contents:
Preface 9
Introduction
Different Charts and How to Read Them 13
Chapter 1
THE POWER OF TECHNICAL ANALYSIS 15
Trading vs. Investing: Choose One and Profit From It 15
The Power of the Short Side 20
$10,000 to $1 Million in One Year 23
Do Technical Analysis and Charting Work? 26
The Formula for Success in Trading 27
Summary 28
Chapter 2
THE SEVEN CHART PATTERNS FOR SUCCESSFUL TRADING 29
Computers Can't See Everything 29
Chart Patterns 30
Chapter 3
CHART PATTERN 1: Support and Resistance 31
Chapter 4
CHART PATTERN 2: Trendline Break and Reversal 35
Chapter 5
CHART PATTERN 3: Saucer Formations 39
Chapter 6
CHART PATTERN 4: Fibonacci Retracements 43
Chapter 7
CHART PATTERN 5: Gaps (Breakaway, Measured, Exhaustion) 45
Chapter 8
CHART PATTERN 6: Volume Climax, Volume Trend 47
Chapter 9
CHART PATTERN 7: Consolidations (Flags and Triangles) 51
Summary 54
Chapter 10
PREDICTING MARKET DIRECTION 55
About SignalWatch.com 55
Why the Dow? 56
Consolidations Are Magic! 57
What Will the Dow Do Tomorrow? 59
Chapter 11
TRADING THE MOVES WHILE MINIMIZING RISK 61
The Golden Exit Rule 61
Setting Stops to Minimize Risk 62
Maximizing Profits on Every Trade 65
Put the Odds in Your Favor! 68
Closing Thoughts 70
Trading Resource Guide 71
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