If you are on the lookout for some trading ideas to simplify your analysis and refine your approach, The Playbook is for you.īy requesting this free eBook, you agree to let us email you about future Harriman House offers and offers from carefully selected third parties. This alleviates many of the big mistakes traders make, such as over-trading and cutting winners too early, or sitting in losing trades too long. The key benefits of both playbooks are that they give you a well-defined plan to follow. Again, basic technical analysis tools are employed, including measured moves, box theory and A-B-C waves. You will learn simple and highly effective tools for spotting high probability entries and exits for trades. The second trading plan - the swing trading playbook - describes effective ways to identify the trend, how to find ideal spots to enter trades in the direction of the trend, and also how to identify signals that warn of potential trend failure or reversals. Alongside the ten day types, the simple technical analysis tools of support and resistance and measuring market volatility are employed. You are shown how to determine what day type is in progress by studying that day's open and gap, and then high probability and low probability price action for each day type are given. Between these ten daily setups, every single scenario is accounted for. The first of these two plans - the day trading playbook - is based around ten different daily situations that can occur in the futures market. Michael Gouvalaris describes two straightforward trading plans that eschew complicated indicators and focus on probable outcomes. Hard work and screen time is down to you, but The Trading Playbook will guide you towards simplifying your trading and thinking in terms of probabilities. Hard work and screen time - put in the effort to build up your trading experience. Probabilities - take trades where the odds are in your favour. Simplicity - focus on price action alone. The message of The Trading Playbook is to forget all of this and concentrate on three solid foundations to improve your trading performance: Many search for the latest new indicator that will give them an edge, or a new trading strategy to deliver bigger wins.
Traders have a tendency to over-complicate.
Patterns developing with new highs or lowsĮxample 4: Interest rates and bond prices (TNX and TLT)Įxample 5: Historical Dow Jones Industrial Average Benefits of a 1-to-2 risk-to-reward ratio
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