SECRETS On Building a Consistently Profitable Trading Method, PRICE ACTION Based Only...
Traders, are you EXTREMELY serious
When to be prepared for a trade entry (using price action) and the reasons behind that choice?Understanding why you are losing in trading classic candlestick patterns (and how to turn losing trades into winning ones by using simple techniques and signals);Understanding the roles of technical analysis using multiple timeframes in saving you from losing trades;How to identify the trend accurately and quickly?How to analyze and what to expect/wait for when the market moves in an unclear direction?How to apply the “less is more” principle in trading?How to get rid of negative emotions (anxiety, hesitation, greed, etc) during trading?
If your answer is “YES” to these questions, then this book is for you – where I am going to reveal my secrets in reading market movements and patterns that took me a lot of time to research, detect, optimize, and apply effectively.
Inside this book, I am uncovering exactly what I have been implementing in the past years to make my trading a consistently profitable venture.
What you would learn in this edition
Understanding the deepest roots of failure via analyzing wrong thoughts and actions that losers often have;How winners perform using proper mindsets and techniques in trading with no tense or stressed feelings;Understand the art of technical analysis using multiple timeframes in price action trading via a lot of real trade examples;How to determine the trend and trend reversal by combining the most efficient price action techniques?How to determine support/ resistance in connection with market structures;How to identify a potential market reversal with three key criteria in market structure analysis;When you should sit on the sidelines and what you should do during those times?How to make the best use of pin bar trading in combination with price action secrets?How to use engulfing patterns the most effectively based on the 3MS principle?How to avoid traps in double top/bottom trading and how to prepare for potential profits;The seven-step success formula in trading;
And much, much more...
Would you like to explore all the reversal trading secrets that took me not less than five years to master?
Scroll up and click the "Buy Now With 1-Click" button.
One of the most important aspect of trading is knowing the market structure i.e. the primary trend. Rest of the patterns and indicators are only secondary. Using price action, the author has covered how to read the market structure and time your trade right.
Explained very well with examples. This book is a must read.
Rules to find Market structure change and their explanation with examples are good. But not much explanation about Entry, stop loss and exit 🥴.
TIPS:
1. Timeframes:
Weekly (even monthly) - understand the big picture of the market Daily chart - to catch the best trade setups in the market 4H chart (sometimes 1H chart) - to find entry and stop levels
2. Risk to reward ratio - ideally 1:3 (1:4 or 1:5 is even better; but not less than 1:2 or 1:1.25)
3. Never trade any pattern unless it is present in support/ resistance areas.
4. Don't risk more than 2% of your trading capital in each trade and don't risk more than 6% of your capital per month.
Trend determination: (weekly and daily charts are the best)
For an uptrend - At least ONE higher high and TWO higher lows (upcoming higher low tends to touch the newest high on the chart)
For an downtrend - At least TWO lower highs and ONE lower low (upcoming lower high tends to touch the newest low on the chart)
Criteria for market reversal:
1. The prices (candlestick pattern) need to be presented on a key support and resistance area. (COMPULSORY).
2. There is a change of the market structure (COMPULSORY). (3MS principles)
UPTREND TO DOWNTREND:
Firstly, the market fails to create a higher high. This (not any other criterion) should be the very first sign of signaling the tiredness of buyers on pushing the price higher.
Prices break the last low in the initial uptrend.
The market successfully creates two lower highs in the new downtrend, and the second high must not be higher than the last low in the previous uptrend
DOWNTREND TO UPTREND: (vice versa)
3. only for trading reversal candlestick pattern:
In this case, the pattern itself must carry a clear sign of a turnaround in connection with market structure analysis (this is also not explained well)
(engulfing, pin bar, double top/bottom patterns - when these patterns present at key support or resistance area in weekly or daily chart, check market structure change (3MS principles) in daily and 4H charts)
Entry - after retest forming 2nd lower high (author could have explained it little more) or break of trend line (4H) or break of both horizontal support line and cross trend line (4H)
Stop loss - just above nearest resistance (X1 or K) or few pips above last higher high
Frank Miller presents an exceptionally useful collection of ideas and methods for novice to journeyman traders. The brevity of his book results from the conciseness of his composition; there is very little fluff. I held back a star only because there are a number of places in the text that could use some additional wordsmithing for clarity and elimination of minor errors — but it is quite readable as it stands.
Most of these types of books are insulting basic without actually giving actionable guidance. They're trying to sell you an expensive with precious little or completely over whelming incohesive direction. Not this book, seven important ideas and how to implement them at 930 EST.
Highly Recommended, especially to novice to intermediate traders
I wish I read this book earlier. Read this book and heed Miller’s words of wisdom. The first chapters deal with the psychological aspects of trading and they are invaluable. Last chapter is about risk management which is just as important.