Candlesticks, Fibonacci, and Chart Pattern Trading Tools: A Synergistic Strategy to Enhance Profits and Reduce Risk
Filled with in-depth insights, helpful charts and graphs, and practical real-world examples, Candlesticks, Fibonacci, and Chart Pattern Trading Tools reveals how correctly combining these different strategies can give you a noticeable edge in challenging market times–regardless of whether you are a short-term or long-term trader–and improve your chances of success under a variety of market conditions.
The first two chapters of Candlesticks, Fibonacci, and Chart Pattern Tools briefly set forth the psychology and philosophy of successful trading. In Chapter 3, we introduce the basic concepts of the Fibonacci analysis, candlesticks, and chart patterns. Experienced traders can skip these preliminaries and go on to Chapter 4, where we explain how to apply different trading concepts.
The PHI-ellipse is discussed in Chapter 5. We show how it can be successfully applied to real-time intraday trading. Although the WINPHI program can work with intraday ASCII data as well, it is very slow. The interested trader can go to our Web site (www.fibotrader.com) and sign up for a free trial period, to obtain an online trading experience. We do not offer fully automated trading approaches, but we introduce readers to some new ways to approach the market.
Finally, in Chapter 6, we combine concepts to demonstrate that traders can improve their profit chances while reducing their risks. Although the fascination as well as the beauty of graphic trading tools lies in watching their development from day one, it is difficult to have the discipline to wait until Fibonacci price or Fibonacci time goals are reached. Succumbing to the temptation of taking profits a little bit earlier or placing protective stops a little wider could dilute the trader’s overall performance profile.
- TRADING PSYCHOLOGY AND INVESTOR BEHAVIOR
- THE MAGIC FIGURE THREE
- BASIC PRINCIPLES OF TRADING STRATEGIES
- APPLICATIONS OF TRADING STRATEGIES
- MERGING CANDLESTICKS, 3-POINT CHART PATTERNS, AND FIBONACCI TOOLS