Table of Contents
Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Australia and Asia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers professional and personal knowledge and understanding.
The Wiley Trading series features books by traders who have survived the markets ever changing temperament and have prosperedsome by reinventing systems, others by getting back to basics. Whether a novice trader, professional or somewhere in-between, these books will provide the advice and strategies needed to prosper today and well into the future.
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Foreword
I met Robert Miner not long after the market crash of October 1987. I reluctantly went to a trading conference in downtown Chicago where he was one of many speakers. I was reluctant to attend the conference because I had recently lost my cushy job at the Chicago Mercantile Exchange where I had been managing a floor trading operation, working with institutional clients in the financial futures markets. Fortunately, I decided to attend the conference, which ended up opening the door to whole new career in the trading industry.
I had heard about Fibonacci retracements before, but only as they were applied to the price axis of the market. I remember the exact area of the room where I sat when Bob gave his presentation and illustrated, among other things, a very simple example of Fibonacci applied to the time axis of the market. I swear it was just like the proverbial light bulb went on above my head, and part of me knew that this was the key to my future. It was an aha moment.
I was so fascinated by Bobs presentation, I made my way over to his booth in the expo hall and told him how much I enjoyed his presentation. This led to shooting a couple of games of pool over cocktails, and that was the beginning of our friendship that has lasted over the years.
When I started studying Bobs work, I was so fascinated that I would work on my paper charts with a pencil, calculator, and proportional divider every chance I got. I did not own a computer at the time. Through this almost daily ritual with my hand updated paper charts, I would prove to myself how powerful were the strategies he taught. I started sharing some of my results with some friends and clients. It worked so well, some of them started offering to pay me for my analysis. I studied everything Bob had to teach over the years and perfected my trade strategies. All this eventually led to opening my own market analysis and trade recommendation business, Synchronicity Market Timing.
Without Bob Miner, I would not be enjoying the very successful career I have today. Most of what Ive learned about technical analysis and trade strategies, I learned from Bob. I am forever grateful for what he has taught me over the years as I can truly say I love my work, and they even pay me for doing it!
Thanks Bob!!
Carolyn Boroden
aka FibonacciQueen, www.fibonacciqueen.com
Preface
High Probability Trading Strategies is one of the few trading books from which you can learn a complete trade management plan from entry to exit.
If you are a new trader or one who has not yet found consistent success in the business of trading futures, stocks, or forex, you will learn specific trade strategies, from how to identify high probability trade conditions, to the specific entry and stop price, through exit strategies that are designed to maximize the gain from any trend. If you are an experienced and successful trader, I know that you will recognize several key strategies to incorporate into your existing trade plan that should immediately increase your success.
Ive been teaching these strategies for over 20 years to traders around the world. Ive refined and simplified the strategies over the years to get to the core of the most important information a trader needs to make a trading decision and manage the trade. The combination of book and CD will provide more information in a better learning environment than I can offer in an expensive weekend workshop.
You will learn my unique approach to the four main factors of technical analysis, including Multiple Time Frame Momentum setups and the one main guideline to recognize the pattern structure of trends and corrections. Plus you will learn my Dynamic Price and Time Strategies to identify in advance the probable price and time targets for trends and corrections. You will learn two powerful and logical objective entry techniques and how to manage a trade for short- and intermediate-term gains through the trade exit in any market and any time frame. Ive also devoted an entire chapter called Real Traders, Real Time (Chapter 8) with trade examples submitted by my past students, who show how they apply every day the strategies you learn in this book to markets from around the world.
The video CD takes the learning experience to a much higher level than any book is able to do on its own. In the video CD, you will see more examples of how to apply the High Probability Trading Strategies for many markets and time frames in bar-by-bar and step-by-step recordings. Be sure to read the book first, cover to cover, before watching the video CD. The CD material assumes you have learned the techniques and strategies taught in the book.
Im sure High Probability Trading Strategies and the accompanying video CD will become one of your most important trading reference materials. It may even become the complete trading plan you have been looking for to manage trades from entry to exit for any market and any time frame.
PART ONE
High Probability Trading Strategies for Any Market and Any Time Frame
CHAPTER 1
High Probability Trade Strategies for Any Market and Any Time Frame
This book is unique. Unlike most trading books, it will teach you a complete trading plan from entry to exit. Not a few well-chosen examples of isolated trade setups and strategies, but exactly how to recognize optimal trade conditions, objective entry strategies with the exact entry and exit price, and how to manage the trade with stop-loss adjustments to the trade exit.
The majority of trading books focus on a few techniques and show a plethora of carefully chosen examples to support whatever is being taught. Some of the phrases often used are You could have bought around here or taken profit around here; depending on whether you are a conservative or aggressive trader, you could do ... (this or that); markets usually fluctuate around the volatility band, which is a good place to buy or sell; and lots more nonspecific statements.
Brokers dont take orders around this or that price level. They only take specific price orders. There is no such thing as a conservative or aggressive trader. There are only traders who either follow a trading plan or dont. To maybe do this or that around a volatility band or any other indicator or chart position is not a trade strategy. A trade strategy is a specific action to take, including the specific buy and sell price. In other words, worthwhile instruction will teach you exactly what to do and how and when to do it.
