Books on trading and Profitunity strategy by Bill WilliamsIn this article, I will share books that were useful for me in the process of studying trading and the Profitunity trading strategy by Bill Williams.
Bill Williams "Trading Chaos 1 and 2" ♡
The first and third books by Bill Williams contain complete and up-to-date information on the Profitunity strategy. The second book "New Trading Dimensions" is intermediate and less relevant.
The book Trading Chaos 1 includes trading psychology (an integral part of trading), the basics of understanding the markets, candlestick patterns (divergent bars and determining the trend based on a pair of bars, the market facilitation index, volume and squat bar), Elliott waves (characteristics, determining waves using the MACD 5/34/5 indicator, an analogue of the modern Awesome Oscillator, and the Fibonacci ratio), fractals, trading in waves (impulses 1-3-5 and ABC correction). And also very important topics — how to work with your internal structure and how our brain functions (Chapter 11).
The book Trading Chaos 2 (co-authored by Bill Williams' daughter Justine Gregory) includes a description of the Alligator indicator in combination with the Awesome Oscillator, divergent bars and fractals. And also tools for working on yourself - morning pages (Chapter 13, from the book by Julia Cameron "The Artist's Way") and autogenic training for traders by Johannes Schultz (Appendix 3).
Tom Hougaard "Best Loser Wins" ♡
The book greatly expands the perception of markets, the approach to trading and deeply describes the psychology of trading.
The book was first published in 2022 and perfectly complements the books by Bill Williams.
John J. Murphy "Technical Analysis of the Futures Markets"
A basic book on classical (linear) technical analysis, which also contains up-to-date information on Elliott Wave Theory in addition to the corresponding section in the book by Bill Williams "Trading Chaos 1".
Alexander Elder "Trading for a living" (How to Play and Win on the Stock Exchange)
A book on the psychology of trading and classical chart analysis, includes a detailed description of popular indicators and a description of the basic strategy "Three Screens" (analysis of the chart on the senior and junior timeframes), as well as an important topic "Risk management".
Steve Nison "Japanese Candlesticks"
A basic book on classical candlestick (bar) analysis.
Thomas DeMark "Technical Analysis - a new science"
Constructing trend lines based on the support price minimums and maximums described in the book led me to search for an indicator that displays such bars, as a result, I first became acquainted with the Bill Williams Fractals indicator, even before I became acquainted with his strategy.
Theodore Dreiser "The Financier" ☽
A novel published in 1912 based on the life story of the American millionaire Charles Yerkes (1837-1905). The book shows how the financial and economic environment surrounding the main character (Frank Cowperwood) already from childhood forms in him the psychology of a businessman and stock dealer...
Robin Sharma "The 5 AM Club" ☆
This book is not about trading, but about healthy habits. But for me the book became useful, including in trading, because I made the following conclusion for myself - it is important to rest (take breaks) every day, and not only on weekends and vacations. And it is worth starting with the fact that after waking up there is free time (about 1 hour) before business activity begins, i.e. either wake up earlier, or move all things forward, so that you can start your day easily. And taking breaks in trading is very important, so I recommend paying attention, for example, to the algorithm for removing limitations using neurographics.
(◉ ‿ ◉) There are many good books, as well as good strategies, but I am sure that only independent deep study, practice, good concentration and self-control will allow you to find your own understanding of the markets and your own approach to successful trading.
Stockexchange
SET Index Thailand Long-term Idea investment opportunity
Thailand Consumer Morale Lowest
Bank of Thailand Holds Rates Steady
Thailand Inflation Rate Accelerates
Thailand Business Morale Edges Higher
Thailand Manufacturing Expands for 1st Time in 10 Months
Thailand Retail Sales Growth Tumbles
Thailand Private Investment Rebounds High
Thailand Personal Spending Rebounds High
Thailand Industrial Output Unexpectedly Rebounds
Thailand Jobless Rate Highest in Quarters
$HOOD FINDS FOOTING AMIDST BULL MARKET$HOOD:1D
Long-term Fib Retrace from ATH.
Short-term Fib Extension from January 2024 lows.
Top indicator = Relative Strength Index (RSI)
Middle indicator = On Balance Volume (OBV Oscillator)
Bottom indicator = Directional Movement Index (DMI)
VWAP from highest high (yellow)
After coming out of a protracted, multi-year basing (blue), upside price momentum looks to be waning with bearish price to RSI divergence (violet) forming on the 1D time frame.
NASDAQ:HOOD volume flows as measured by on-balance-volume (OBVOSC_LB, middle indicator) are extremely constructive and posting historically high levels from price inception at initial IPO.
Given the strength of the bullish trend as measured by the directional movement index (DMI, bottom indicator) price is well cushioned to withstand a pullback and remain positively trending.
EWT counts are speculative and intended as a theoretical guide rather than an absolute path. The 3rd wave up could have the momentum to reach the 1.382(22.51) before meeting an increased potential for pullback into the 4th wave. The VWAP from ATH (yellow) is roughly in confluence with the 0.786 (15.81) and provides an impulsive shelf of support for a retrace as long as price were to consolidate above these respective levels.
The next level of downside support would be the 0.5(13.57) price level and while a breach of this particular level would not invalidate the count by dipping below 2 (10.38) it would invalidate my thesis and close the trade.
Upside price target for a 5th wave would be a 23% move to the upside with consolidation above the longterm Fib level of 0.786 (23.54) by end of July 2024. The secondary, 'reach target' sits 41% percent above current levels at the short-term 1.786 (27.00) Fib level. I would like to see this 1.786 (27.00) level taken out before end of November, 2024.
NOT FINANCIAL ADVICE.
Breakout Soon ->Trend
Its in a strong uptrend for now, and its at a very crucial zone to break ascending triangle pattern. Get ready for some gains here.
Chart Pattern
From 15th August 2023 we are seeing its been trading in a tight range, and now its ready to explode most likely to the upside from here. I am targeting 3.10 zone in mid to short term.
Hit like & follow guys ;)
Still TryingDFM is been slow lately, I was expecting DFM would be the best performer because the market got many IPOs and DFM will directly benefit from it. But to my surprise it still below 2.0 I guess its under performing. This stock should de above 5 after so many new listings in the market, also the turnover & volume of the market have significantly increased which is positive for DFM.
Hit Like & follow guys ;)
Is the Tadawul All Share Index (TASI) overdue for a correction?The Tadawul All Share Index (TASI), which tracks the performance of all stock listed on The Tadawul, has recorded a 30.34% increase since the beginning of 2021.
However, the TASI is sitting at a peak level, which appears to be a repetition of the previous boom and bust cycle. The TASI was in a comparable position in late 2014 and late 2007, before wiping out more than half its value over the proceeding months. If past performance is any indicator, the TASI might be overdue a correction.
About the Tawadul
The Tadawul (TADAWUL) is the only licensed Stock Exchange in Saudi Arabia, the largest Stock Exchange in the Middle East, and the twelfth largest in the world by market capitalisation. According to Statista, The aggregate market cap of the 200 companies listed on The Tadawul is approximately US $2.6 trillion (July of 2021).
Contributing to an outsized portion of The Tadawul’s market capitalisation is Saudi Aramco (TADAWUL: 2222), the fourth-largest company in the world (market cap as of Sept 2021, US ~$1.9 trillion). Perhaps unsurprisingly, a vast swath of the listings on The Tadawul are companies concerned with crude oil and chemical products. Saudi Basic Industries (TADAWUL: 2010) is the Exchange’s second-largest listing, with a comparatively modest market capitalisation of US $99 billion.
Financial institutions and banking groups help to diversify the offerings of the Stock Exchange. The Exchange’s former largest listings, Al Rajhi Banking & Investment (TADAWUL: 1120) and Saudi National Bank (TADAWUL: 1180 ), are currently the third and fourth largest with market caps between US $70 and US $80 billion.
AMANAH POTENTIAL BREAKOUT IF BREAK HIGH AMANAH has a long breakout story.
Because of the good fundamental performance, AMANAH still has a big space for moving up.
So, if it breaks high with volume - BUY
Although the win/loss percentage is very indecisive, risk-reward is good.
Stop-loss suggestion tight- 3.50 loose- 3.36
BAC : Formation and possible fall analysisBAC weekly chart
Retreat can be expected up to 25.80 support
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
I'm sorry for the impaired expression..Just watch the chart, not what I write. :)
PS make sure you give me a like, If you LIKE this analysis .... If you like most of my analyzes, FOLLOW me .
PAYPAL GOING LONG!Paypal GOING LONG?
I'm expecting some bullish action on this stock guys, going up to highs of 88.00.
We now have the potential to exceed highs of 84.00 having said this, I genuinely believe that we could reach highs of 92.00 or even higher.
Let's just pay attention to our volume as we're approaching highs of 86.00 if prices break this level with convincing volume, then we could bounce/penetrate our 84.00/92.00 Target!
TP: 84.00/92.00