High-Probability Trade Setups: A Chartist as Guide to Real-Time Trading
$23.87
High-Probability Trade Setups is about chart setups and how they can make you a more profitable trader. I have been involved in trading for a quarter-century, and during almost that entire time, I have used charts and technical analysis as the basis of my investing decisions. This book endeavors to show you meaningful, clear examples of the most powerful chart patterns so that you can commit them, and their importance, to memory.
Introduction:
Technical analysis is the study of past price movement for the purpose of predicting future price movement, which, if done correctly, can lead to substantial trading profits. The prices studied are typically those of financial instruments such as stocks, commodities, and foreign currencies. But no matter what market is being studied, the underlying principles are the same. Specifically:
- A price chart is the most perfect representation of the balance of buyers and sellers for any given entity.
- Prices tend to move in trends and patterns which, based on historical analysis, can lead to statistically meaningful probabilities of future price movement.
- The skilled examination of a price chart can guide a trader as to how long he should remain in a trade and when he should exit.
No matter what you trade, technical analysis can make you a better and more profitable trader. Price charts will consistently provide the most truthful picture that can be had of a tradable object, because everything that can be publicly known or speculated is already built into the graph. You will never get the same pure representation of a stock (or anything else) from a broker, a newsletter writer, or an analyst. A chart is as good as it gets. How much good that chart can do for you depends on your own skill and objective analysis.
This book has three principal purposes. First, it is intended as a solid introduction to the principals and philosophy of technical analysis. This chapter was a big step in that direction, and throughout the book you will find a lot of background about the why behind the patterns shown.Second, it is organized to be a teaching tool, presenting all the important patterns of technical analysis so that you can identify, interpret, and discuss with some familiarity any of the important graph types contained herein. The order in which you read these sections isn’t important, because each one stands on its own as an overview of the given pattern.
And third, it is meant to be an ongoing reference for you, long after you’ve completed reading it. If you think you spot a certain pattern on a chart, grab this book and refer to the appropriate section. Look at past examples and discern the similarities and differences to the pattern you are considering. Having reviewed this history, you can then decide if it still makes sense to take action.
Contents:
- A Primer on Chart Setups
- My Personal Trading Journey
- Ascending Triangles and Wedges
- Channels
- Cup with Handle
- Descending Triangles and Wedges
- Diamonds
- Fibonacci Fans
- Fibonacci Retracements
- Flags
- Gaps
- Head and Shoulders
- Multiple Tops and Bottoms
- Pennants
- Rounded Bottoms and Tops
- Support Failure
- Automatic Patterns
- Setting Stops
- On Being a Bear
- A Guide to Real-Life Trading
High-Probability Trade Setups: A Chartist as Guide to Real-Time Trading By Timothy Knight pdf
| Author(s) | |
|---|---|
| Format | |
| Pages | 368 |
| Publication Year | 2011 |
9 reviews for High-Probability Trade Setups: A Chartist as Guide to Real-Time Trading
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Raphael Perkins (verified owner) –
This book presents the popular patterns with tons of chart examples to support the explanation. Furthermore the author illustrates the psychology of investors going through each phase of the pattern formation. The book is a bible of patterns pure and simple and would be an excellent addition to both beginner and experienced traders. After reading this book you should become better in spotting formations and more confident in trading them. I would also strongly recommend to use the software mentioned in the book “Prophet Charts” and to follow Tim’s website at ([…]) where he posts priceless thoughts & recommendations on the current day to day market activity.
Ariel Cobb (verified owner) –
This guy loses money every day how can the book be any good . I have watched Tim Knight trade and lose money for three years now. Do your elf a favor and buy another book.
Kaydence Black (verified owner) –
This is an excelent book for the non-professional. It is very helpful and a very easy read. I gained a much better knowledge of trading stocks with this book.
Jazlyn Hebert (verified owner) –
I have been following Tim Knight for a few years now and his knowledge and instruction has improved my trading tremendously.
Everett Beltran (verified owner) –
I watch Tim everyday on tasty trade . I don’t agree with everything he says, but I find him entertaining as a permabear hoping Black Monday happens everyday. I enjoyed the book, though it is a bit bias toward downside set ups. I would caution those who attempt short in a bull market because there are fewer opportunities compared to the bull side.
Sage Ali (verified owner) –
You would expect that a book of this price point would create value for its readers. Unfortunately that is not the case. A worthless collection of charts that provide little insight into the world of technical analysis.
Knight has had one of the most published unsuccessful trading careers on the planet.
Michaela Nichols (verified owner) –
Pro
– interesting history of the author and Prophet Charts
– help with undocumented Prophet features
– useful discussion of going short vs. long
Con
– bulk of book is pictures of charts which illustrate set ups which turned out successful
– this is title of book, yet it is mostly content free
– no statistics to indicate the probabilities of set ups
– not even very clear on how to execute trades around them
Matteo Hawkins (verified owner) –
great book
Atlas Villarreal (verified owner) –
I follow Tim Knight, every day at tastytrade network. He doesn’t follow their mechanics, and that is ok. This book explains the rational behind patterns and simple rules to act upon. However, as it is clearly stated in the last chapters of the book, there isn’t a holy grail. Tim provides more tools, rules, approaches to improve our trading “art”, something we should be challenging, improving and executing every day. See him in action in the network, Tim is knowledgeable and entertaining, if you like sarcastic dry humor (I do), the book gives you the background. Enjoy it!