Advanced Swing Trading : Strategies to Predict, Identify, and Trade Future Market Swings
Author: John Crane, Marketplace Books
List Price: $69.95
Our Price: Click to see the latest and low price
ISBN: 047146256X
Publisher: John Wiley & Sons (12 September, 2003)
Sales Rank: 13,565
Average Customer Rating: 4.36 out of 5
Customer Reviews
Rating: 5 out of 5
A "where the rubber meets the road " book!
I would like compliment Mr. Crane on the clarity with which he explains the "Action/Reactiion" phenomena in commodities and stocks. I have found this book to be most illuminating and it has greatly improved my understanding of the manner in which one should identify segments of a market move. I have studied the Delta system and learned from Joe DiNapoli and both are extremely good, but I can honestly say neither gives me the confidence and or the trigger points as well as this method. I find his unique method of combining Time, Price and Pattern can strengthen the predictability of future market moves. In my opinion this is probably the single best trading book I have ever read on technical analysis. It's a real "where the rubber meets the road" type book that I think most traders will find credible.
Rating: 5 out of 5
Excellent book for all traders!
Something I read, in the first part of this boo, really made me think. Mr. Crane said "If 80% of traders lose money, I don't want to look at the markets in the same way they do." All these years I have been studying and using the same indicators as everyone else, but I never really understood the market behavior...until I read Advanced Swing Trading. I found Elliott Wave to be confusing and Gann too subjective. While techincal indicators served me well, I was always entering the market late and exiting early. "Advanced Swing Trading" opened my eyes to a whole new understanding of how to trade the market. John Crane's method of projecting Time and Price, is precise and very easy to understand. And then he adds the confirming patterns to tie it all together. While I am primarly a short-term trader, I was amazed by the accuracy of the long-term projections as well. I have been trying to master the art of swing trading for the past two years and have had marginal success...until now. Since I learned to use John Crane's Reaction swing technique, the results have been stunning. I highly recommend this book to any trader, whether you look for long-term moves or short-term swing trades, this book has it all!
Rating: 2 out of 5
Overly Simplistic
I must say that the book is interesting and well written. Even better, it is not very long. My major problem with it, however, is that it is overly simplistic. In many ways it is similar to Elliot Wave Theory, for whatever value that may still have.The author takes a basic truism and extends it to illogical conclusions. As anyone who has ever looked at a chart will know, market trends are always marked by countertrend moves. For example, a stock may go up for two weeks, then suddenly go down for 3 days then go back up again. The auther calls this three day swing a reaction swing. So far so good.
He then espouses that, if you count back from the start of the reaction swing to the beginning of the trend, you will learn the exact number of days that the trend will continue after the swing ends, the "reversal date." Further, you can also learn the price where the trend will end or the next reaction swing will occur by subtracting the price at the start of the trend from the price at the start of the reaction swing. Adding that number to the price at the end of the swing will tell you the price where the trend will end or the next reaction swing will begin, and you already know the day on which it will occur.
Sorry, life is just not that simple. The diffieulty is demonstrated by the fact that even in the author's carefully selected examples, his "reverse count," the count back from the beginning of the reaction swing, often goes back to a differing places. Sometimes it goes back to the beginning of the previous reaction swing, other times to the beginning of the trend and still others to the beginning of a reaction swing in a previous trend.
As I read this book, I was often asking myself, without any apparant answers, "Why is he counting back to there?"
I've got to say that if this really works, I am extremely jealous because everyone except me is getting outrageously rich without doing any work. One can easily spot a "reaction swing" or countertrend movement. Image how great it would really be if all one had to do was wait a day or two into the main trend's resumption, and know with confidence that the new trend will last 11 days and will rise or fall respectively, esactly 10 points.
Anyway, if it works for you "Congratulations."
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