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Complete
Guide to
Technical
Trading
Tactics
How to Profit Using Pivot
Points, Candlesticks &
Other Indicators
JOHN L. PERSON
John Wiley & Sons, Inc.
A
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Copyright © 2004 by John L. Person. All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or
transmitted in any form or by any means, electronic, mechanical, photocopying,
recording, scanning, or otherwise, except as permitted under Section 107 or 108 of
the 1976 United States Copyright Act, without either the prior written permission
of the Publisher, or authorization through payment of the appropriate per-copy fee
to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923,
978-750-8400, fax 978-646-8600, or on the web at www.copyright.com. Requests to
the Publisher for permission should be addressed to the Permissions Department,
John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax
201-748-6008.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used
their best efforts in preparing this book, they make no representations or war-
ranties with respect to the accuracy or completeness of the contents of this book
and specifically disclaim any implied warranties of merchantability or fitness for a
particular purpose. No warranty may be created or extended by sales representa-
tives or written sales materials. The advice and strategies contained herein may not
be suitable for your situation. You should consult with a professional where appro-
priate. Neither the publisher nor author shall be liable for any loss of profit or any
other commercial damages, including but not limited to special, incidental, conse-
quential, or other damages.
For general information on our other products and services, or technical support,
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Library of Congress Cataloging-in-Publication Data
Person, John L.
A complete guide to technical trading tactics : how to profit using pivot
points, candlesticks & other indicators / John L. Person
p. cm.
“Published simultaneously in Canada.”
Includes bibliographical references and index.
ISBN 0-471-58455-X (cloth)
1. Stocks—Charts, diagrams, etc. 2. Investment analysis. 3. Futures.
4. Options (Finance) I. Title.
HG4638 .P47 2004
332.63′2042—dc22
2003026687
Printed in the United States of America
10987654321
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Contents
Preface
ix
Acknowledgments
xv
CHAPTER 1 Introduction to Futures and Options:
Understanding the Mechanics
1
How the markets work, the elevator analogy, product for the times, important
terminology such as margin, contract specifications, and leverage
CHAPTER 2 Fundamentals:
The Market Driver
19
Supply and demand issues, economic growth and productivity effects, major eco-
nomic reports and their in role in market prices
CHAPTER 3 Technical Analysis:
The Art of Charts
33
Western-style bar charts and key reversals, point-and-figure charts that focus only
on price, market profiling, price and time analysis
CHAPTER 4 Candle Charts:
Lighting the Path
43
Enlightening charting technique and its colorfully named patterns—hammers,
stars, spinning tops, dojis, hanging man, and others—powerful reversal patterns,
reliable continuation patterns, key examples in the dollar and bonds
v
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vi
CONTENTS
CHAPTER 5 Chart Analysis:
Volume, Open Interest, Price Patterns
67
Volume and open interest rules for traders, M tops and W bottoms, trend lines,
measuring patterns, the head-and-shoulders, triangles, pennants and flags, dia-
monds, wedges, funnels, gaps, islands, rounded bottoms, oops signals, opening
range breakouts
CHAPTER 6 Pivot Point Analysis:
A Powerful Weapon
93
The pivot point formula for target trading, calculating support and resistance lev-
els, importance of multiple verification from several sources, the P3T trading tech-
nique, weekly and monthly charts and numbers, risk management techniques
CHAPTER 7 Day-Trading, Swing Trading:
Acting on Analysis
113
Trading to bounce off target numbers, calling tops and bottoms, weekly chart
magnets, harami cross and other candle clues to market reversals, pivot points
save the day, lining up the stars, the verify-verify-verify approach
CHAPTER 8 Technical Indicators:
Confirming Evidence
135
Moving averages and trends, simple rules with averages, tweaking and visualizing
MACD, stochastics, false signals, Gann’s key numbers, Fibonacci ratios and projec-
tions, time counts for cycles, Elliott wave and its clues
CHAPTER 9 Market Sentiment:
What Traders Are Thinking
161
Getting a market consensus from contrary opinion, Commitments of Traders
reports, margin rate changes, Market Vane Bullish Consensus report, put-to-call
ratios, volatility index (VIX), when the boat is tipping over, media effect
CHAPTER 10 Order Placement:
Executing the Plan
171
Importance of getting an order right, online platform concerns, impact of market
conditions on orders, 14 top order entry selections you need to know, orders in
after-hours trading, spreading concepts
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Contents
vii
CHAPTER 11 The Mental Game:
Inside the Trader
189
Conquering fear, learning discipline, improving confidence, suggestions for suc-
cess, I’ll-think-about-it syndrome, the paper trader, fear and greed factors, becom-
ing a specialist, setting up an investment diary, setting a positive mind frame,
dealing with adrenaline, establishing goals, positive affirmations, stress relief
techniques, rewarding success to build success
CHAPTER 12 The Tactical Trader:
Tips and Techniques That Work
203
Pyramiding approaches, scale trading, stop reversals, breakouts, momentum trad-
ing, the Friday 10:30 a.m. rule, stop placement near a magnet, trading multiple
contracts
CHAPTER 13 Options:
A Primer
217
What options are and how to use them with futures, simple puts and calls,
options premiums, the Greeks, comparison shopping, strangles and straddles,
eight top option spreads, delta neutral techniques
CHAPTER 14 Closing Bell:
My Top 10 List
235
What the experts suggest, top 10 trading thoughts, measuring success
Glossary
241
Bibliography
253
Index
255
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