Read Technical Analysis Using Multiple Timeframes By Brian ShannonAn instant modern stock market classic, this book by Brian Shannon AlphaTrends brings the stock market to life by teaching readers about stock market structure and the psychology of how price moves. The book is written for investors and traders alike of all skill levels. By understanding the people investors and traders and the mechanics behind the stock market, the author aims to help readers identify a trading edge regardless of your investment timeframe long term, active investing, swing trading, or day trading. This book also introduces readers to the art of trading, actually getting in the game. Readers will learn identify low-risk, high-profit trades followed by how to manage trades with risk management techniques.
In our recent post, Recommended Reading List : Technical Analysis Edition, we omitted one book from the list because it deserves its own post: Technical Analysis Using Multiple Timeframes by Brian Shannon: This is one of the best books on charts and trading out there. It comes from the highly successful trader and well known blogger Brian Shannon of Alphatrends. Highly recommended. The description: "The trend is your friend, but which one? Opposing trends can be found on various timeframes in the same stock, at the same time creating confusion and worse, unnecessary losses. Understanding market structure and trend alignment allows you to put emotions aside and focus on the right stocks at the right time.
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Well, I was able to sit down and write a brief but hopefully a helpful review. The book starts with a chapter on technical analysis which I recently listed as one of the 10 steps to profitable trading. He clearly identifies that technical analysis is not about memorizing chart patterns or funky images but about understanding the motivations of participants which may help in anticipating future moves. This is a game of anticipation more so than speculation if you play by a set of rules and attempt to do it professionally. Overall, Brain nails the point that technical analysis allows a trader to view the market with some type of clarity this may differ from one person to another — especially in multiple time frames. Very simple but true.