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A completely original approach to trading using price bar charts In Reading Price Charts Bar by Bar, Al Brooks--a technical analyst for Futures magazine and an independent trader--demonstrates how the information gleaned from this method can significantly enhance trading returns, while minimizing downside risk. Written with the serious trader in mind, this book reveals how to read the information content of every bar on a price chart, and manage trades all day long. It also provides a unique understanding of how to visualize entry and exit points as markets are trading in real-time. There is an important niche in technical analysis and price action: the bar-by-bar analysis of price charts. Brooks shows readers how to take advantage of the information this approach offers, and make great trades along the way. Al Brooks, MD (Roseville, CA), is a technical analysis contributor to Futures magazine and an independent day trader. His approach to reading price charts was developed over a 20-year period in which he changed careers from ophthalmology to trading.He graduated from the University of Chicago Pritzker School of Medicine and received his BS in mathematics with honors from Trinity College.
Table of Contents
Preface xiii
Price Action 1 (50)
Trend Bars and Doji Bars 7 (4)
Bar Basics: Signal Bars, Entry Bars, 11 (2)
Setups, and Candle Patterns
Signal Bars: Reversal Bars 13 (4)
Signal Bars: Other Types 17 (19)
Outside Bars 36 (6)
The Importance of the Close of the Bar 42 (3)
Exchange Traded Funds (ETFs) and Inverse 45 (1)
Charts
Second Entries 46 (3)
Late and Missed Entries 49 (2)
Trendlines and Trend Channels 51 (20)
Trendlines 51 (4)
Micro Trendlines: Small, Steep Trendlines 55 (6)
in Strong Trends
Horizontal Lines: Swing Points and Other 61 (2)
Key Price Levels
Trend Channel Lines 63 (5)
Dueling Lines: Intersecting Trendline and 68 (3)
Trend Channel Line
Trends 71 (28)
Two Legs 75 (1)
Signs of Strength 76 (5)
Common Trend Patterns 81 (1)
Trend from the Open 82 (4)
Reversal Day 86 (1)
Trend Resumption Day 86 (2)
Trending Trading Range Days 88 (3)
Tight Channels and Spike and Channel Bull 91 (4)
or Bear
Stairs: Broad Channel Trend 95 (4)
Pullbacks 99 (38)
First Pullback Sequence: Bar, Minor 101 (3)
Trendline, EMA, EMA Gap, Major Trendline
Double Top Bear Flags and Double Bottom 104 (4)
Bull Flags
EMA and Gap EMA Pullbacks 108 (2)
2 HM: If Away from EMA for Two or More 110 (2)
Hours, Then Fade EMA and First EMA Gap Bar
Trend Day 11:30 Stop Run Pullback to Trap 112 (2)
You Out
Counting the Legs of a Trend 114 (4)
High/Low 1, 2, 3, and 4 118 (10)
Variations of High/Low 2 Setups 128 (4)
Three Push Pullbacks 132 (5)
Trading Ranges 137 (18)
Tight Trading Ranges 138 (4)
Barb Wire 142 (6)
Middle of the Day, Middle of the Range 148 (2)
Big Up, Big Down 150 (2)
Trading Ranges Setting Up Trend Reversals 152 (3)
Breakouts 155 (10)
Breakout Entries in Strong Trend 156 (2)
Breakout Pullbacks and Breakout Tests 158 (7)
Magnets 165 (10)
Measured Moves Based on the First 165 (2)
Pullback (AB = CD)
Measured Moves on Breakouts Based on Thin 167 (4)
Areas and on Flags
Reversals Often End at Signal Bars from 171 (1)
Prior Failed Reversals
Other Price Magnets 172 (3)
Trend Reversals 175 (46)
Trendline Break 184 (3)
Trend Channel Line Failed Breakouts: 187 (1)
Climaxes, Parabolas, and V Tops and
Bottoms
Signs of Strength in the First Leg of a 188 (2)
Reversal
Trends Reverse with a Test: Either an 190 (12)
Undershoot or an Overshoot
Double Top and Bottom Pullbacks 202 (5)
Climax: Spike and Trading Range Reversals 207 (3)
Climax: Three Pushes and Wedges (Trend 210 (5)
Channel Line Overshoots and Reversals)
Expanding Triangles 215 (6)
Minor Reversals: Failures 221 (34)
Failed Signal and Entry Bars and One-Tick 222 (4)
Failed Breakouts
Failed High/Low 2 226 (3)
Failed Higher High and Lower Low Breakouts 229 (5)
Failed Trendlines and Trend Channel Lines 234 (5)
Failed Reversals 239 (4)
Failed Final Flags: Tight Trading Range 243 (2)
Failed Final Flags: Huge Trend Bar 245 (2)
Failed Wedges 247 (4)
Failed Scalps: Five-Tick Failed Breakouts 251 (4)
and Failure to Reach a Scalper's Profit
Target
Day Trading 255 (34)
Selecting a Market 256 (2)
Time Frames and Chart Types 258 (9)
Globex, Pre-Market, Post-Market, and 267 (2)
Overnight Market
Scalping, Swinging, Trading, and Investing 269 (4)
Always in the Market 273 (2)
Have at Least Two Reasons to Enter a Trade 275 (2)
Entering on Stops 277 (4)
Protective Stops and Getting Trapped In 281 (8)
or Out of a Trade
The First Hour 289 (36)
Patterns Related to the Premarket 291 (1)
Patterns Related to Yesterday 292 (10)
Trend Bar on Gap Open: First or Second Bar 302 (1)
Gap Openings: Reversals and Continuations 303 (2)
Trend from the Open or Trend from the 305 (5)
First Bar
Third Bar of the Day and the 15-Minute 310 (1)
Close
Strong Trend Bars in the First Hour Often 311 (2)
Predict Strength Later in the Day in the
Same Direction
Opening Patterns and Reversals 313 (4)
Double Bottom and Double Top Flags 317 (2)
Trading Range Breakouts 319 (2)
First Pullback 321 (4)
Detailed Day Trading Examples 325 (6)
Daily, Weekly, and Monthly Charts 331 (16)
Huge Volume Reversals 343 (4)
Options 347 (6)
Best Trades 353 (28)
Major Reversals 357 (11)
Minor Reversal Scalps during Trading 368 (1)
Range Days
Pullbacks in a Strong Trend 369 (5)
Intraday Stocks 374 (7)
Trading Guidelines 381 (6)
Glossary 387 (8)
About the Author 395 (2)
Index 397
