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Reading Price Charts Bar by Bar: The Technical Analysis of Price Action for the Serious Trader (Wiley Trading) |  | Author: Al Brooks
Publisher: Wiley
Category: Book
List Price: $75.00
Buy New: $41.15
as of 7/31/2010 13:11 CDT details
You Save: $33.85 (45%)
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Rating:  47 reviews
Sales Rank: 27545
Media: Hardcover
Pages: 432
Number Of Items: 1
Shipping Weight (lbs): 1.6
Dimensions (in): 9.5 x 6.4 x 1.8
ISBN: 0470443952
Dewey Decimal Number: 332.632042
EAN: 9780470443958
Publication Date: May 4, 2009
Availability: Usually ships in 1-2 business days
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Product Description
While new technology and complicated theories promise to take your trading to "the next level," the truth is that long-term success in this field is rooted in simplicity. That's why Al Brooks has created Reading Price Charts Bar by Bar. With this book, Brooks—a technical analyst for Futures magazine and an independent trader—demonstrates how applying price action analysis to chart patterns can help enhance returns and minimize downside risk. Along the way, you'll discover the importance of understanding every bar on a price chart, why particular patterns are reliable setups for trades, and how to locate entry and exit points as markets are trading in real time. Throughout these pages, some of the most useful tools for deciphering price action are covered in detail, including: -
Trendlines and trend channel lines -
Prior highs and lows -
Breakouts and failed breakouts -
The size of bodies and tails on candles -
The relationship between current bars to prior bars -
And much more Learning what the market is telling you can be difficult, but with the right approach, you can achieve this goal and capture consistent profits in the process. Reading Price Charts Bar by Bar has all the information you need to succeed at this endeavor and will put you in the best position possible to make the most of your time in today's turbulent markets. Praise for Reading Price Charts Bar by Bar "Al Brooks has written a book every day trader should read. On all levels, he has kept trading simple, straightforward, and approachable. By teaching traders that there are no rules, just guidelines, he has allowed basic common sense to once again rule how real traders should approach the market. This is a must-read for any trader that wants to learn his own path to success."
—Noble DraKoln, founder ofwww.SpeculatorAcademy.com and author of Trade Like a Pro and Winning the Trading Game "Al Brooks is a trader's trader. He understands the focused energy it takes to be successful at trading and works long, hard hours in front of the computer screen to beat the markets. In his first trading book, he outlines, selflessly, his strategy step by step. A doctor and educator in his previous life, he uses his eye for detail and transfers lessons he learned in training himself on the art of trading to the written page. For those who are willing to delve into the details of day trading and dedicate the time and energy to do it seriously and most likely profitably, Al Brooks's book Reading Price Charts Bar by Bar, is a must-read."
—Ginger Szala, Publisher and Editorial Director, Futures magazine
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| Customer Reviews:
Showing reviews 1-5 of 47
 Really Really Hard Read July 21, 2010
David Tawil
1 out of 2 found this review helpful
This is probably the best book I've seen for price action traders but its really a difficult read. No book should be published this way. My suggestion if you do end up buying this book is to make a copy of the glossary section and refer to you as you begin reading. I would recommend the book if you don't mind reading it over and over to understand what the author is saying. I really hope they publish a second volume and make things easier to understand.
 Good materials but very painful to read !!! July 6, 2010
NYCproptrader (New York, NY United States)
1 out of 3 found this review helpful
I am a trader and I use fundamental and technical analysis to trading. I thought this book could be a really good reference material on trading. I am knowledgeable with technical analysis (TA) and I have read so many different books on trading and TA. Unfortunately, the author is using his own definitions instead of using commonly accepted definition which is given by the Market Technician Association. It is very frustrating to read page by page with run-on sentences and his own definition for candle chart reading. E.g. he uses small body candle as doji. The definition of a doji is when a candle makes a cross which means the open and close are at the same level. There are many examples in which he uses doji (fig 1.2) to describe small body candles. These candles are not dojis. They are small body candles and hammers. Reading this book confused me since I have to learn the author's definition of a very basic concept. It is like reading a book in English with German grammar. Very frustrating and annoying. He also uses another terminology such as "Up Down Twin" which is basically a Two reversal bars or candles as described in Martin Pring or Steve Nison's book. So, I would suggest the author to get a reputable editor for the second edition of the book and use the commonly accepted definition from Steve Nison's Japanese Candlestick Charting Techniques. Too bad that the materials of this book are not user friendly reading materials. You need to understand his definition before you can read his materials. Therefore, I only give 2 stars for writing this book. I appreciate what he is trying to do but it doesn't help if not many people could benefit from it.
Mostly about reading 5 min candlestick charts - be prepared to spend hours going through this interesting but poorly written boo June 30, 2010
Jackal (Singapore)
1 out of 1 found this review helpful
The book is focused on reading the 5 min chart on S&P500 futures. This makes the main target audience scalpers. The approach is discretionary (i.e. you need to use your judgment for entering a trade). I would think similar ideas can be applied to forex and stocks, but if you're not a day trader I don't think this book will be your cup of tea.
The content of the book seems quite novel. The approach is similar to the candlestick approach with two key differences: (1) Focus on understanding the pattern created by the candles as opposed to individual candles. (2) Attempt to tell a more sophisticated causal story of what is behind the price action. One could say that Nison's Japanese Candlestick Charting Techniques, Second Edition is more static (mostly focusing on individual candles) and Brooks's approach is more dynamic (and I would say advanced). My advice would be to read Nison's book first and then Brooks's book. My impression after checking Nison's and Brooks's websites is that the former is an educator and the latter a trader. Brooks's website builds on the book and provides useful extra information. Basically he gives a daily narrative on the 5 min candle chart of the S&P 500 futures. This is a good complement to the book.
NOW THE KEY PROBLEM: I'm not looking for high literature and I don't care about grammar mistakes at all. However, the author is very verbose, uses his own definitions (probably around 100 of them - only introduced in the text) and structures his material poorly. So you have to spend a considerable amount of time with the book. A lot of the struggle would have been avoided with a good editor. As it stands the book is REALLY BADLY WRITTEN and you have to SPEND HOURS just getting the basics. Whether it is going to be useful in the end is unclear, but the content seems promising.
I have written several short reviews on trading books. The best way is to compare the score on the books I've read. Many reviews on amazon.com are just glorious 5 star reviews. I use all five categories; sorry but everything isn't "great". Books rated 5 are very good. Books rated 4 are good solid books well worth reading. Books rated 3 can be bought by some people who read a lot or have very specific needs. Books rated 1 or 2 I would not recommend buying or reading. Naturally all in my humble opinion.
 Without a doubt the most advanced........ June 20, 2010
AvidReader
2 out of 2 found this review helpful
I wanted to rate this book one star....Taking off a star for pictures being slightly off, taking off a star for grammatical errors, taking a star off for price of paying for a poorly written book, and taking a forth star off for being poorly written. This book is 400 condensed pages and not big pages. This book should have been 500 pages and the page size of Robert c. Minors book, Dynamic Trading. This should have been a huge textbook, but instead it was a condensed 400 page book.
)Charts look they way they do <----not correct sentence
)Which is did <--- not correct sentence.
But, but, but, but..........but this book is simply the best of it's kind. You just won't find any better. This was my tenth book on technical analysis, so it was not impossible to understand, but it was hard. One of the main problems is that the author starts out talking about concepts he hasn't explained yet. He talks about this infamous High/Low situation for a 100 pages before doing a chapter on how to do High/Low counts. The High/Low subject isn't the only thing he does this with. So you are left with the choice of either bouncing around all the chapters, or reading the whole book through, then reading it a second time to see what you missed. I am almost done with the book and will very likely just start over from page 1 as soon as I am done.<------ Unfortunately it really is worth reading a second time, maybe even a third and forth.
This has happened to other authors in technical analysis, where they come out with a book people find flaws in, so they come out with a second and third. Eventually they get it right. There is no concept in this book that is flawed/wrong, and if you spend the time like I have to figure it out, then you will be greatly rewarded. The author just had a vision and didn't know any other way to explain it.
So 5 stars it is for being the best short term book ever written.
horrible explinations throughout, great material if you can dig it out June 16, 2010
dr scott (arcata, ca United States)
1 out of 2 found this review helpful
This has got to be the most convoluted, horribly written, most unbelievably complex explanation of trading ideas I have ever come across. The ideas and explanations presented in the book are never, never clear and almost seem to contradict themselves from page to page. I have been everywhere trying to figure out a precise explanation of a high 2, final flag, etc, cant do. The problem lies with the fact that when the there is an explanation in the back of the book about a certain type of set up, matching that explanation with a visual reality becomes a nightmare. The author seems to contradict himself at every turn, the visuals don't seem to match with the vague explanation, I feel lost. I am sure the author knows what he is referring to, but I feel like I am trying to decipher and figure the Rosseta stone. This is probably more the publisher's fault more than the author's. He is a trader, not a writer, not a teacher.
But, but, but...the information contained here within is the most amazing treasure trove you will ever find in books on trading. I am pissed because I am really not sure if what I am reading is what the author is trying to convey. I would rather spend time with my beautiful family instead of deciphering this tome. But I know here within are gems. So I persist, good luck.
Showing reviews 1-5 of 47
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