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[...]... fail, traders need to be selective Day trading Now that readers understand price action, they can use it to trade The chapters on day trading, trading the first hour, and detailed examples show how Daily, weekly, and monthly charts These charts have very reliable price action setups Options Price action can be used effectively in option trading Best trades Some price action setups are especially good,... designing trading systems In other words, every pattern subdivides into standard price action patterns in smaller time frame charts, and trading decisions based on price action analysis therefore work in all time frames HOW TO READ THESE BOOKS I tried to group the material in the three books in a sequence that should be helpful to traders Book 1: Trading Price Action Trends: Technical Analysis of Price. .. they will do it only if there is a good price action setup Also, when they see a good price action setup, they start looking for indicators that show divergences, different time frames for moving average tests, wave counts, or Fibonacci setups to confirm what is in front of them In reality, they are price action traders who are trading exclusively off price action on only one chart but don't feel comfortable... need to understand scalping, swing trading, and scaling into and out of trades, as well as how to enter and exit on stops and limit orders The mathematics of trading There is a mathematical basis for all trading, and when you see why things are unfolding the way they do, trading becomes much less stressful Book 3: Trading Price Action Reversals: Technical Analysis of Price Charts Bar by Bar for the Serious... existence of trends and trading ranges Trends These are the most conspicuous and profitable components of every chart Book 2: Trading Price Action Trading Ranges: Technical Analysis of Price Charts Bar by Bar for the Serious Trader Breakouts These are transitions from trading ranges into trends Gaps Breakouts often create several types of intraday gaps that can be helpful to traders, but these gaps... to divide it into three separate books This first book covers price action basics and trends The second book is on trading ranges, order management, and the mathematics of trading, and the final book is about trend reversals, day trading, daily charts, options, and the best setups for all time frames Many of the charts are also in Reading Price Charts Bar by Bar, but most have been updated and the discussion... resistance Once the market breaks out and begins its move, it is often drawn to certain prices, and these magnets often set up reversals Pullbacks These are transitions from trends to temporary trading ranges Trading ranges These are areas of largely sideways price activity, but each leg is a small trend and an entire trading range is usually a pullback in a trend on a higher time frame chart Order and... pullbacks, those pullbacks behave more like trading ranges than like bear flags, and therefore a new low is an attempt to break below a trading range and the odds are that it will fail Every trading range is within either a bull or a bear trend Once the two-sided trading is strong enough to create the trading range, the trend is no longer strong, at least while the trading range is in effect There will always... despite most of today's volume being traded by computers Figure I.1 Price Action Has Not Changed over Time If everyone suddenly became a price action scalper, the smaller patterns might change a little for a while, but over time, the efficient market will win out and the votes by all traders will get distilled into standard price action patterns because that is the inescapable result of countless people... of a small trading range within a larger trading range For example, if the chart on your screen is in a trading range, and the market breaks above a small trading range in the bottom half of the screen, most traders will assume that the market is still within the larger trading range, and not yet in a bull trend The market might simply be forming a buy vacuum test of the top of the larger trading range . Cataloging-in-Publication Data: Brooks, Al, 1952– Trading price action trading ranges : technical analysis of price charts bar by bar for the serious trader / Al Brooks. p. cm. – (The Wiley trading series) “The first. Trading Ranges Chapter 21: Example of How to Trade a Trading Range Chapter 22: Tight Trading Ranges Chapter 23: Triangles Part V: Orders and Trade Management Chapter 24: Scalping, Swinging, Trading, . book covers price action basics and trends. The second book is on trading ranges, order management, and the mathematics of trading, and the final book is about trend reversals, day trading, daily