By Larry Pesavento
The most effective books i have learn introducing Fibonacci degrees, Gartley and butterfly styles or even the fundamentals of cash administration, buying and selling plans and day-by-day routine.
This ebook is a needs to learn for all starting technical chart development traders.
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Additional info for Trade What You See: How To Profit from Pattern Recognition
Sample text
You are looking for the most common repetition in that stock or market. If you trade a particular time frame such as a 5-, 15-, or 30-minute chart (it does not matter which time frame you trade), you want to look for the repetition on that time frame. Using a 30-minute chart as an example, the easiest way to find the harmonic numbers is to look for and mark in (such as with a line drawing tool) the most common or repetitive swings. The chart can also be printed out and the swings drawn in by hand.
618 retracement of the AD swing. 50 to 1 point away to try to ensure a fill. 618 retracement. Occasionally the market may trade just at but not through the price, and it will be up to the individual trader’s discretion how to handle these situations. We prefer to exit if the price is traded at, even if it means slightly less profit. We don’t want a winning trade to turn into a losing trade. Risk-Free Trade Once a profit is realized on the first part, the stop-loss order is then moved to the breakeven point.
C04 JWPR033-Pesavento (Wiley Trading Series) August 14, 2007 13:3 50 Char Count= TRADE WHAT YOU SEE PSYCHOLOGY OF THE AB=CD PATTERN Classic crowd psychology also forms the legs of the AB=CD pattern. There are two mechanisms that make the market move up and down—more buyers or more sellers; this is the ultimate greed barometer. Since fear is a stronger emotion than greed, markets tend to go down faster than they go up. Price action in any actively traded market can be broken down into three steps: 1.