Bill Mclaren- Foundations for Successful Trading
Once that skill is accomplished, then other techniquessuch as Gann or Elliott wave principles can be quite helpful. However, until one masters the art of trading from a bar chart, those techniques can be damaging. Gann and Elliott principles set up probabilities and to be successful one must be able to qualify those probabilities. This can be accomplished with a “strong foundation of trading”. The purpose of this bookis to develop this foundation. Of course, anyone who has traded for a few years understands that hope, fear and greed are our greatest enemies and I will spend time throughout this text discussing that subject. You will also learn to trade your knowledge and not the market. The mindset of trading a market could force you to attempt to trade or position every movement the market makes and that is a mistake. There are many ways to analyse a market but we must keep it simple and apply the proper weighting to the points of analysis. We will analyse pattern, which includes momentum. We will analyse volume, the driving force behind the markets, and wave structure or the
number of drives up or down to each wave of movement. This can be helpful in determining if the trend in force is at risk of ending. We will determine the price level for support or resistance, which can be calculated very precisely.
1-Patterns of movement.
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