Of the hundreds of trading books I've read over the years, this is one of the most practical. There are lots of good books on trading, but most of them deal with theory and principles…and illustrate them with the proverbial "well-chosen example" to fit the theory. Most offer little practical, useful advice on how to actually trade.Only a few books out there deal with trade setups…and this is one of the best in my opinion. It is self-published by the author, Suri Duddella, who, as a serious full-time trader, is well qualified to offer trading advice.
Any time I see a book from an actual trader who has actually "walked the walk", I consider it more meaningful and worthy of serious consideration than one from a "sidelines" analyst. It's easy to "paper" trade and do well…but only because one's emotions are not involved. Once they are, it is a different ball game; believe me.
After trading for decades, I've come to the conclusion that analysis of price action and learning how prices typically behave, as well as the patterns they typically form, is, by far, the most important factor that will contribute to a trader's success. Indicators can be helpful, but most of them are derived from price, which is, by far, the most important indicator. Two sayings come to mind that have become the cornerstone of my own trading philosophy: "Trade what you see, not what you think"…and "Opinions are often wrong…markets never are."This book deals solely with price action and how to trade it…and therein lies its value. It is clearly and concisely written, and it describes each of 65 price patterns with clear and precise trading techniques for each pattern. It describes many new and complex patterns that you will not have read about in the standard texts on charting (such as Edwards and Magee, Bulkowski, et al), and they are explained and illustrated very well. These are given some nifty new names, such as the "bullish bat", "inverse dragon", "three valleys and a river" and the like. Standard patterns are also covered, which include the Gartley patterns, the "butterfly", pivots, Elliott Wave, Fibonacci-based patterns and opening range patterns, as well as patterns popularized by Crabel.
What sets this book apart and makes it so useful and valuable is that it gives exact rules on how to trade each pattern. It gives precise entry, exit and stop recommendations and instructions. It is full of practical advice from a seasoned trader. Other authors writing on chart patterns drown you in words but without offering practical advice.
Dudella gets right to the point -- the entry, the exit, where to put your stop and so on. The rules are clear and precise. It deals only with price and does not cloud the picture with dozens of indicators, focusing only on price action and patterns. It gives clear insights on exactly when to trade and when not to trade…and advises trading only when the pattern is clear.
This book is easy to read, understand and use. I believe that the setups it teaches would apply to virtually any actively traded market and to any time frame from intraday to weekly. As it is said of this book, "Don't just read it…make money with it!" It receives my highest recommendation. Don't make the mistake of omitting it from your trading library if you are a serious trader.
Review by
Edward Dobson, President
Traders Press, Inc.
Greenville, SC
It is not easily available from standard sources, and may only be obtained from the author or on www.traderspress.com. Complete details and table of contents may be found there.
