4 Keys to Profitable Forex Trend Trading: Book Review by Kenny of Tradersdaytrading.com
Christopher Weavers 4 Keys to Profitable Forex Trend Trading gives the reader an in depth explanation of 4 simple, but very effective trend trading techniques. Although the author describes them as Forex trading strategies, as with virtually all technical analysis methods, these systems can also be used in a technical analysis study of almost any other financial market.
Forex is the largest financial market in the world, trend trading is one of the most profitable ways to trade, and the 4 keys described by the author are 4 of the rudimentary elements of technical analysis.
Combining all of those factors with his excellent explanation of the methods used in their practical application, and I am certain that Chris Weaver is bound to have a winner on his hands with this book, 4 Keys to Profitable Forex Trend Trading.
4 Keys to Profitable Forex Trend Trading
The 4 keys described in the book are actually very similar to some of the elements of a system that I have used in my Trend Trading tutorial on this site, however, Chris Weaver has done a far better job of describing them than I ever could.
Even if you have never drawn a trend line before, this manual will show you a simple strategy for how to draw simple trend lines and apply them successfully. The author takes you step by step through a system of drawing the trend lines, and how to find precise trade entries, targets and where to place your stop losses.
The second key is an extension of the first, where readers are shown how to use these simple trend lines from to create a price channel. Once again, readers are taken step by step through a system of drawing the price channels, how to find precise trade entries, targets and where to place stop losses.
This key involves another of my favorite technical tools, Fibonacci. This is actually a huge topic as there are various systems and methods of using Fibonacci in technical analysis. Chris?s third key more specifically focuses on Fibonacci retracements and his system for using these levels to find specific trading entries, targets and stop losses.
Symmetrical triangles, patterns created from converging trend lines. Once again, includes a very clear description of how to draw the converging trend lines, and how to use them to find precise trade entries, targets and stop loss levels.
4 Keys to Profitable Forex Trend Trading is an ideal introduction to anyone who is interested in learning the basics of trend trading whether it is in Forex, Stocks, Commodities or any other market. The 4 keys are fundamental elements of technical analysis and the book gives readers an excellent introduction to their practical application through some example trading strategies, backed up every step of the way with an abundance of graphical illustrations.
Although experienced chartists will recognize the methods used, Weavers 4 Keys to Profitable Forex Trend Trading does offer a reminder of how simple trend line analysis can be used to develop some highly profitable trading systems. However, beginners to technical analysis will undoubtedly be the ones who gain the most from this book.