7 Chart Patterns That Consistently Make Money
By kelly price
This is one of those books that is an essential for all traders we all know technical analysis can work and forex charts are a great way to make money - but which 7 chart patterns consistently make money? That's the subject of this book and its essential reading for trader's both novice or pro.
Omni Trader founder Ed Downs reveals the 7 best formations and the reasons why.
What attracted me to the book was some of the chart formations he picked and saucer formations caught my eye.
When I first started trading 25 years ago, I used saucers as a cornerstone of my trading arsenal and still do - but how many traders use them today, or even know what they are?
Not many, yet it's a powerful formation and learning to use it correctly, is worth the price of this book alone.
7 Chart Formations for Profit
I personally don't agree with all his chart patterns (6 of them I do though!) but the book itself is a great idea and most of the chart patterns I have been using for years and they have consistently made me money too.
The book covers the following formations:
Support and Resistance, Trend line Break and saucer formations Fibonacci retracements gaps -breakaway, measured, exhaustion, volume climax, volume trends and consolidation patterns - flags and triangles.
An Under Rated Formation!
I found all the above interesting, helpful and informative and in addition to saucers liked his view on gaps. I love trading gaps; many traders hate them and think it's dangerous to trade them. I have always made money with them and learned something new from Ed Downs ideas on them.
Applying knowledge for Profit
Downs doesn't just share his info on the chart formations, he also goes into detail on how to spot the formations and profit from them using correct market timing.
The books also shows you how to Master money management techniques-including setting Profit Targets, Stop Loss levels and how to determine the risk/reward
for each and every, trading signal you place.
Today, traders don't want to just trade chart formations, there seen as old school by many - but there not.
We all know human nature is constant and this means that certain chart patterns repeat and repeat. Some of course are more reliable than others and this book tries to give you the best ones and how to make money from them.
Personally I liked 6 out of the 7 and gaps and saucers, I have used for years yet the book taught me new things about these chart formations and also gave me a greater insight into the others discussed.
Get this book - it's not strictly a currency trading book and is applicable to all traders.
Get 7 Chart Formations That Consistently Make Money and will find that your increased profitability will pay for the book in just one trade. A great book for any traders library.
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