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High-Probability Trade Set-Ups

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Table of Contents

About the Author xiii PART I An Overview 1 CHAPTER 1 A Primer on Chart Setups 3 The Bulls versus the Bears 4 Why Is a Prediction Valuable? 4 A Word on Shorting 6 Support and Resistance 7 What Happens When Prices Punch Through? 8 History Repeats Itself 11 When Patterns Work Together 13 How to Use This Book 14 CHAPTER 2 My Personal Trading Journey 15 Earliest Interest in the Markets 15 Beginning with the Crash 16 Technical Tools 17 Prophet s Beginning 18 The Internet Makes Its Appearance 18 Enter Alex and JavaCharts 19 Project Kandinsky 21 The Slope of Hope 22 Lessons Learned 22 ProphetCharts Lives 23 The Three Steps 24 PART II The Patterns 31 CHAPTER 3 Ascending Triangles 33 Definition of the Pattern 33 Psychology behind the Pattern 35 Examples 35 Summary 43 CHAPTER 4 Ascending Wedges 45 Definition of the Pattern 45 Psychology behind the Pattern 47 Examples 47 Summary 53 CHAPTER 5 Channels 55 Definition of the Pattern 55 Psychology behind the Pattern 57 Examples 57 Summary 68 CHAPTER 6 Cup with Handle 69 Definition of the Pattern 69 Psychology behind the Pattern 70 Examples 72 Longer-Term Examples 75 Summary 79 CHAPTER 7 Descending Triangles 81 Definition of the Pattern 81 Psychology behind the Pattern 83 Examples 83 Summary 89 CHAPTER 8 Descending Wedges 91 Definition of the Pattern 91 Psychology behind the Pattern 92 Examples 93 Summary 102 CHAPTER 9 Diamonds 103 Definition of the Pattern 103 Psychology behind the Pattern 105 Examples 105 Summary 110 CHAPTER 10 Fibonacci Fans 111 Definition of the Pattern 111 Psychology behind the Pattern 113 Examples 114 Summary 126 CHAPTER 11 Fibonacci Retracements 129 Definition of the Pattern 130 Examples 132 Summary 139 CHAPTER 12 Flags 141 Definition of the Pattern 141 Psychology behind the Pattern 142 Examples 143 Summary 153 CHAPTER 13 Gaps 155 Definition of the Pattern 155 Psychology behind the Pattern 157 Examples 158 Summary 174 CHAPTER 14 Head and Shoulders 175 Definition of the Pattern 175 Psychology behind the Pattern 176 The Importance of the Neckline 177 Examples 178 Summary 197 CHAPTER 15 Inverted Head and Shoulders 199 Definition of the Pattern 199 Psychology behind the Pattern 201 The Importance of the Neckline 202 Examples 202 Summary 215 CHAPTER 16 Multiple Bottoms 217 Definition of the Pattern 217 Psychology behind the Pattern 219 Examples 220 Summary 230 CHAPTER 17 Multiple Tops 231 Definition of the Pattern 231 Psychology behind the Pattern 233 Examples 233 Summary 241 CHAPTER 18 Pennants 243 Definition of the Pattern 243 Psychology behind the Pattern 244 Examples 245 Summary 253 CHAPTER 19 Rounded Bottoms 255 Definition of the Pattern 255 Psychology behind the Pattern 256 Examples 257 Summary 265 CHAPTER 20 Rounded Tops 267 Definition of the Pattern 267 Psychology behind the Pattern 269 Examples 270 Summary 278 CHAPTER 21 Support Failure 279 Definition of the Pattern 279 Psychology behind the Pattern 280 Examples 281 Summary 299 CHAPTER 22 Automatic Patterns 301 Patterns in ProphetCharts 302 Working with the Results 307 Pattern Failures 314 Putting the Patterns to Work 315 PART III Trading and You 317 CHAPTER 23 Setting Stops 319 General Guidelines 319 Below Support 320 Above Resistance 320 Above Trendline 321 Below Trendline 321 Most Recent Low 322 Most Recent High 322 Special Cases 323 CHAPTER 24 On Being a Bear 325 The Philosophy of Shorting 325 Practical Guide to Short Selling 326 Exchange-Traded Funds 328 Puts for Leveraged Profits 330 The Philosophy of Shorting 332 CHAPTER 25 A Guide to Real-Life Trading 337 Trading Rules 337 How to Open a Position 338 How to Hold a Position 341 How to Close a Position 343 Time and Money 343 There Is No Holy Grail 344 Closing Thoughts 345 Index 347

About the Author

Timothy Knight is the founder of Prophet Financial Systems (now owned by Ameritrade), which has been rated by Forbes and Barron's as the number one online site for technical analysis. He also operates a highly successful trading blog, Prior to starting, Knight was vice president of technology products for Montgomery Securities, where he helped develop PC-based trader workstations before the development of web trading. Knight has traded for more than twenty years, primarily using technical analysis and price charts. He is also the author of both editions of Chart Your Way to Profits (Wiley).

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