Price Action Trading has been written for anyone wishing to day trade, using a discretionary method, rather than a mechanical system. It is a learning tool which should commend itself to the experienced trader, as much as to someone new to this business.
Introduction:
This book is about day trading. Using the price action itself, rather than any of the usual array of indicators based on it. The US 30-year Treasury Bond Futures is the favoured instrument – the T-Bonds, as they are commonly called. There are good reasons for choosing this instrument to learn to trade – one being that they do not require a detailed knowledge of bonds themselves. The other attractions, whether you are a beginner or a seasoned veteran, are to do with liquidity, range, behaviour, patterns and the price action displayed at the key support and resistance points it encounters.
Most days the T-bonds offer trading opportunities which can be taken within a money management environment that can give you an edge for profit – and this book has been designed to show you how to do just that. Fully illustrated with charts taken from a live trading screen and displayed in exactly the way you would have seen them for yourself, on your computer monitor. What you see is not just what happened, in detail, but also clear evidence of just how you could have profited yourself from each trading situation.
Contents:
- Establishing a home-based trading business
- Choosing your markets
- Setting the scene
- Before the market opens
- The Fibonacci legacy
- Pattern recognition and price action
- Formations, First Fridays and other phenomena
- Risk/Reward ratio
- Low-risk learning
- Doing it all off PAT!