Average Reviews:
(More customer reviews)I took a leap of faith and purchased this book since it was written by the author of "Generate Thousands in Cash on Your Stocks Before Buying or Selling Them" which has helped me achieve significant trading profits.
In contrast to the previous book which combines options with stock trading, this book discusses stock trading exclusively with a focus on strategies that can deliver substantial profits.
Even though I have been trading for several years and read many popular trading books, I can confidently say that this book contains an enormous number of trading setups I have not encountered before.
What intrigued me most is the use of unique, but readily available technical indicators, in creative combinations to determine the direction of a stock. Examples include (1) The use of the Mass Index in combination with the Money flow index to predict breakouts from consolidation patterns. (2) Using commonly available indicators to measure momentum shifts and anticipate a coming down reversal indicating when to sell. (3) A unique way of predicting a reversal from a precipitous fall using the channel width between two indicators combined with a third indicator as a trigger. This is an excellent way to find stocks to trade after a reversal from a market fall as the one we had recently. There are so many other innovative setups that I did not mention to keep this review at a reasonable length.
As a trader I depended mostly on using technical indicators and chart patterns to trade but totally ignored price action. I have read the book "Reading Charts Bar by Bar" by Al Brooks and even though I am an experienced trader, the concepts were difficult to implement in practice. In this book the author approaches the subject in a systematic way that lends itself to easy practical application. Several chapters were dedicated to reading charts using price bar sequences including: Signal price bars, price spikes, small range price bars, reverse price swings and price bar patterns. A separate chapter was dedicated to each of these subjects with examples from the author's recent trades.
This review will not be complete without mentioning the ingenious use of Fundamental and Technical indicators by applying the RESHE system at earnings time. This system identifies three common charts patterns when combined with the right technical and fundamental indicators can identify ten bagger stocks. I can say this with confidence since I have back tested several stocks that have made monster moves and found out that I could have spotted them in the early stages with this system.
While most books ignore when to sell, this book often gives multiple exit strategies for each of the methods used.
Based on my experience I can confidently say that, unless you are an options trader, this is an even better book than the author's first book.
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