LordsFinance.com

High Probability Trading Strategies: Entry to Exit Tactics for the Forex, Futures, and Stock Markets (Wiley Trading)

From Wiley

Author : Robert C. Miner
Binding : Hardcover
DeweyDecimalNumber : 332.64
EAN : 9780470181669
Edition : Har/Cdr
ISBN : 0470181664
Label : Wiley
Manufacturer : Wiley
NumberOfPages : 288
ProductTypeName : ABIS_BOOK
PublicationDate : 2008-10-20
Publisher : Wiley
Similar Products

Customer Reviews

Rating:
Summary: Excellent book on implementing Technical Analysis
Comment: This book is an excellent source for an intermediate student of Technical Analysis (TA). Having trading experience is a definite plus as well. What the author does, is describe the most important pieces of TA that you need to utilize in order to make a trade with a high probability of success. Having probability on your side gives you an edge, and this is everything in trading.

It has taken me several years of trial and error to determine what are the necessary forces in the market that determine whether to place a trade or not. The author has summed up the most important, and more importantly how to align them. The forces are Momentum (on dual time frames), Price Pattern, and Cycles (timing). Putting these together, gives the trader a great edge.

The only negatives are that he references his trading platform software more than is needed.

Overall however, a great book on how to actually implement all of that TA knowledge that you have accumulated over the years!

Rating:
Summary: Sound theory and interesting application of fibonacci price and time
Comment: After reading this book I believe I learnt a lot more about fibonacci clusters including price as well as time clusters to identify hgih probability pivot points not immediately obvious to untrained eyes. This book basically delivers on the titles name and Robert includes a useful cd which demonstrates in real time how the strategy might be used over various time periods from 5min to daily and weekly charts in various markets. All round I think this book is worth the purchase price as I already use fibonacci as part of my trading and it has outlined some areas and key fibonacci applications that I was not aware of, particularly how to identify in advance where not obvious potential support and resistance are for profit taking. Not to mislead anyone this book is not just about fibonacci techniques it also outlines how to use a DTOSC oscillator (a combination of RSI and Stochastic) although from what I have read, this is available only in Roberts own platform... which is not all that useful for someone who doesn't use it.... Despite Robert giving many plugs for his wonderful dynamic trader trading platform, I still think that any book you can learn something from is a good book... and this one will definately stay on the reference shelf for a while yet...
Rating:
Summary: Very dissappointed
Comment: Chapter 4 and 5 (Beyond Fib Retracements and Beyond Traditional Cycles) were written with Miner's Dynamic software in mind. Most (if not all) of his Fib strategy is proprietary software and cannot be duplicated in other trading and charting platforms. Without this ability, you really miss out on the meat of his strategy. I use thinkorswim and have chatted with the support folks who verified that they are not equipped for these techniques.

My recommendation would be to not buy this book unless you are also going to purchase Miner's Dynamic trading software.
Rating:
Summary: Miner's Book scores a definite success
Comment: I have not had the pleasure of meeting or being mentored by Mr. Robert Miner (except through his book + CD) so my advocacy of this book cannot match the adulation of Ms. Carolyn Boroden in the Foreword to the book. However, my review can be summarized in three words: "Buy this Book". It will be worth each one of the 7000 pennies you will pay.

Miner's trading strategy is based on the four technical factors: Momentum, Chart pattern, Price and Time.

Regarding (Price) Momentum, Miner's Dual Time Frame Momentum setup for a trade is a strategy that's easy to grasp and hence implement as part of a successful trading regimen. Miner uses traditional OHLC charts but I prefer Candlesticks. To learn more about Technical Analysis and Momentum indicators you may read the following well written Beginner/Intermediate level books: Constance Brown's `Technical Analysis Demystified' and/or Tina Logan's `Getting started in Candlestick Charting' and/or Toni Turner's `a beginner's guide to day trading on-line'.

Miner's elucidation of Elliott Wave analysis regarding Chart Patterns is succinct and elegant. Is the market (for the ticker you are considering) in a trend or correction, and what is the position of the market within the trend or correction? He provides simple, lucid and non-trivial explanations of a 3-Wave ABC correction, and a 5-wave 1-2-3-4-5 Trend.

Regarding Fibonacci Price retracement, Miner takes a paragraph to chide authors who dwell on the almost mystical power behind the powerful Fibonacci ratios, which he could have used to refer the reader to the excellent treatment of the subject by Constance Brown or the Fibonacci Queen Ms. Boroden's work.
But Miner's book would not be as interesting were he not true to his opinionated self. However, Miner's treatment of Fib-retracement is easily understandable, digestible and applicable to real trades. Time retracements are treated very similar to the price retracement and equally well done.

I commend the author for refraining from up-selling the Dynamic Trader software, although there were a few not-so subtle put-down of other software charting tools.

The one place I must take exception to Miner's writing is the oft-repeated use of `High Probability' (starting with the title). He could not mean a probability of greater than 50% (as many might expect high to mean better than half), since he states `the best professional traders rarely have a greater than 50% win record' (Position Size, p158). He goes on to say, 'If you get good at trading, you will have around a 30 to 40% win percentage'. Since the title of the book includes `high probability' it behooves Miner to address this question explicitly, rather than simply proclaim this or that is a high probability scenario for successful trading. What is the `universe of possible outcomes' over which the entire probability is distributed? Etc. etc.

One suggestion to make the book more easily readable is to shrink the Figures (perhaps include more of the time axis on the left to achieve a better aspect ratio) so two figures can fit on a single page. This will avoid the need to read text on a page discussing figures 2 or 3 pages ahead. This is important because the visible figures on the same or opposite page illustrate diametrically opposite situation than the one in the discussion. (Example: Section on Complex Corrections and Figure 3.17.)

"Closing Range" does not appear to be a standard terminology (Investopedia does not cover that term). It is not defined by Miner, although the definition appears to be the lowest closing price of all bars of Wave 1 (which need not be the last bar for the wave).

In closing, this is the first investment/trading book I have read where the right side of bar charts is left blank, emphasizing that the future is unknown and unknowable, and decisions are made under uncertainty. I have felt the need for my own trading software (Fidelity's Active Trader Pro) to allow me to try `what if scenarios' and perhaps even simulate future chart based on past patterns. Perhaps Miner's work and charts will inspire other charting software implementers to recognize the importance of the future and make my wish come true.

Rating:
Summary: A Complete Trading Course
Comment: I love this book. It is a comprehensive and complete reference book for a professional trader. The author is very precise. The strategy is based mostly on the Elliott Wave Theory plus momentum trend, price, pattern and the right timing of an entry and an exit. Plus a CD with vidoes. Excellent!