Essentials of Technical Analysis for Financial Markets
Comprehensive, accessible guide to technical analysis and market trading strategies Essentials of Technical Analysis for Financial Markets is an all-encompassing handbook on navigating the financial markets successfully using technical analysis. Clearly written, easy-to-understand, and straightforward, this guide focuses on the key information needed by traders and investors to take on any financial market effectively. Easy-to-use, at-your-fingertips information on using technical analysis to trade all major financial markets Explains how to navigate the markets successfully, including the top techniques for entries, exits, and risk management Straightforward descriptions of proven technical trading methods and strategies Filled with technical analysis insights, charts, and examples With financial markets in "roller coaster" mode, technical analysis offers a unique advantage for managing risk and finding high-probability trading opportunities. Packed with insightful tips and guidance, Essentials of Technical Analysis for Financial Markets provides proven trading strategies from one of today's top technical strategists.
Preface xiii Acknowledgments xvii 1 Introduction to Technical Analysis: Pursuing Profit in the Financial Markets 1 What Is Technical Analysis? 2 Technical versus Fundamental 2 Methods 5 What to Expect 5 Summary 9 2 The Story of Technical Analysis: From the Japanese Rice Markets to Dow Theory to Automated Trading 11 The Beginning: Japanese Rice Markets 12 Dow Theory 14 Charting 17 Elliott Wave 18 W. D. Gann 20 Indicators 20 Trend Followers 22 Market Technicians Association 23 Technical Analysis Today 23 Summary 24 3 The Power of Technical Analysis: Principles of Price Action 27 Introduction to Price Action Concepts 28 Components of Price Action 29 Summary 32 4 The Basics of Technical Analysis: Bars, Candlesticks, Lines, and Point and Figure 33 Bars and Candlesticks 34 Line Charts 37 Point-and-Figure Charts 38 Summary 40 5 The Heart of Technical Analysis: Uptrends and Downtrends 41 Introduction to Trend 42 Effect of Time Frames on Trend Determination 50 Parallel Trend Channels 52 Trend Lines 54 Summary 55 6 The Soul of Technical Analysis: Support and Resistance 57 Introduction to Support and Resistance 58 Support Becomes Resistance Becomes Support 60 Summary 64 7 Primary Drawing Tools: Trend Lines, Trend Channels, and Horizontal Support and Resistance 65 Introduction to Drawing Tools 66 Static Support and Resistance 67 Dynamic Support and Resistance 72 Horizontal Support and Resistance Lines 78 Trend Lines 81 Parallel Trend Channels 87 Summary 89 8 Chart Patterns: Bar Shapes and Candlestick Formations 91 Introduction to Chart Patterns 91 Continuation Bar Patterns 93 Reversal Bar Patterns 102 Gaps 106 Candlestick Patterns 110 Single-Candle Patterns 111 Multiple-Candle Patterns 116 Summary 118 9 The World of Moving Averages 119 Introduction to Moving Averages 119 Moving Average Crossovers 123 Moving Averages as Support and Resistance 131 Summary 134 10 Key Technical Indicators and Oscillators 135 Introduction to Indicators and Oscillators 135 Key Indicators 139 Key Oscillators 148 Summary 159 11 Fibonacci and Elliott Wave 161 Fibonacci Theory and Methods 161 Elliott Wave Theory 170 Summary 175 12 Point-and-Figure Charting 177 Introduction to Point and Figure 177 Point-and-Figure Patterns 181 Point-and-Figure Price Targets 188 Summary 190 13 Volume 193 Introduction to Volume 193 On-Balance Volume 196 Tick Volume 198 Summary 199 14 Technical Trading Strategies: Practical Applications 201 Introduction to Technical Trading Strategies 202 Moving Average Crossovers 203 Breakout Trading 212 Trend Trading 224 Range Trading 238 Price-Oscillator Divergences 244 Oscillator Trading 249 Fibonacci Trading 254 Positive Expectancy 256 Summary 258 15 Risk Control and Money Management 261 Introduction to Risk Control and Money Management 262 Stop-Losses 263 Reward:Risk Ratio 266 Maximum Allowable Loss 269 Multiple Fractional Positions 271 Diversification 273 Summary 273 Index 277
JAMES CHEN, CTA, CMT, is Chief Technical Strategist at FX Solutions, a global leader in foreign exchange trading. An expert on technical analysis and financial market trading, he is also a registered Commodity Trading Advisor (CTA) and a Chartered Market Technician (CMT). Mr. Chen contributes daily and intraday technical analysis to key financial media, is a frequent speaker at trading seminars, and has authored numerous articles on trading strategies and technical analysis in major financial publications. His previous book, Essentials of Foreign Exchange Trading (Wiley), has become an industry-standard guide for currency traders.
Praise for Essentials of Technical Analysis for Financial Markets "A serious, workmanlike book, a terrific introduction to technical analysis. Chen offers beginners a clear sample of methods and techniques from which a reader may choose in what to specialize." —Dr. Alexander Elder, www.SpikeTrade.com, author of Trading for a Living "Wiley's Essentials Series promises need-to-have fundamentals for professionals. With James Chen's new book, it now delivers some need-to-have technicals as well." —Robert Prechter, Jr., founder/President of Elliott Wave International, Publisher of The Elliott Wave Theorist "Trend trading technical analysis is the most important lesson for all investors and Essentials of Technical Analysis for Financial Markets is a great start. If you choose to ignore technical analysis, I guarantee a lifetime of very difficult money-making." —Michael Covel, author of Trend Following and The Complete TurtleTrader Think of this as financial market technical analysis 101 A valuable resource for traders at all skill levels, Essentials of Technical Analysis for Financial Markets equips you with the knowledge you need to analyze any major financial market. This accessible guide to the art and science of technical analysis points you to a wealth of essential methods for identifying potentially high-probability trading opportunities. Focusing on the key information you'll need as a trader or investor, author and leading technical strategist James Chen helps you take on any financial market effectively, manage risk, and target profitability. Take a look inside this indispensable book for world-class guidance on: How you can pursue profit in the financial markets using technical analysis Principles of price action analysis and trading Charts—including bars, candlesticks, and point and figure The key concept of trend Support and resistance Making the most of financial drawing tools, chart patterns, indicators, and other essential elements of technical analysis Top technical trading strategies, risk control techniques, and money management concepts Need the ultimate quick-start guide to technical analysis in the financial markets? Essentials of Technical Analysis for Financial Markets explains it all in a way that helps you hit the ground running and take your financial destiny into your own hands. Discover how technical analysis can dramatically improve your potential for success in trading and investing Understand the essential tools and methods of technical analysis to trade in any major financial market, including stocks, bonds, futures, and forex Explore the specific strategies technical traders use to make trading decisions and stack the odds in their own favor
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