By Bob Volman
Knowing fee motion is a needs to learn for either the aspiring dealer who search to acquire a deeper realizing of what's typically known as "trading from the bare chart". With 1000's of examples commented on in nice aspect, Volman convincingly issues out that just a handful of expense motion ideas are answerable for the majority of fluctuations in any industry session—and that it takes logic, even more than mastery, to place those necessities to one's profit within the buying and selling game.
The energy of the booklet lies within the unprecedented transparency with which the options and buying and selling thoughts are positioned forth. in addition to supplying the reader a entire research on fee motion mechanics, incorporated inside is a sequence of six months of consecutive periods of the eur/usd 5-minute. Containing approximately four hundred absolutely annotated charts, this part by myself harbors an immense database of intraday research, now not present in the other buying and selling guide.
Written with a razor-sharp eye for useful element, but in a hugely absorbable demeanour, knowing fee motion breathes caliber from each web page and is certain to turn into a vintage within the library of any dealer who's eager about his education.
About the Author
Bob Volman (1961) is an self reliant dealer operating completely for his personal account. he's the writer of currency cost motion Scalping, a e-book largely acclaimed through energetic scalpers for its ingenuity and sensible usefulness, and in regular call for due to the fact its first book in 2011. realizing expense motion is his moment quantity on rate technical buying and selling, containing all of the insights and practicalities any dealer may ever wish to discover inside of a unmarried buying and selling consultant.
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Extra info for Understanding Price Action: Practical Analysis of the 5-minute time frame
Example text
This is not to suggest that some bars are not relevant. All of them are. But there's little point in busying ourselves with every skirmish in the chart. Always remember, it takes time for the market to set up a trade in high-odds fashion. Whether prices are currently trending or ranging, breaking away or pulling back, eventually things will work up to a boil ing point in almost any session; that's the time to sharpen up the focus. In Figure 3 . 2 , the activity caught between the two pattern lines, more than three hours worth of price action, was essentially the mar ket's way to absorb the bull rally that had protruded from the London Open at 09:00 ( 1 -3).
Should prices fail to recoup from the false high incident and instead face another bear break, as was the case below the level of 5, the market is sending out an even stronger message. To summarize on these theoretical yet very common examples, we could say that (a) a false break at the end of a swing in line with the dominant pressure could trigger a temporary correction (point 1); (b) a false break at the end of a correction could be a harbinger of the domi nant pressure to soon resurface (point 2); and (c) a break that is built up properly by the current dominant parties but fails anyway could be an indication of a more serious power shift ahead (point 4).
Furthermore, since the idea of superior and inferior moves is a matter of perception to begin with and highly depen dent on the time frame of choice, we may rightfully ask ourselves who is actually countering who at any moment in time in the bigger scheme of things. Naturally, it is always best to establish a view on these matters from one's own perspective and a trader's first task, therefore, is to recognize the line of least resistance in his chart. If there is dominance to be de tected in the current technical picture, any decent retracement within it is worthy of attention.