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Tramline Trading_ A practical guide to swing trading with tramlines, Elliott Waves and Fibonnaci PDF

236 Pages·2014·12.05 MB·English
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Preview Tramline Trading_ A practical guide to swing trading with tramlines, Elliott Waves and Fibonnaci

Table of Contents Cover Publishing details Follow us, add us, like us The Tramline Trading Alert Service About the author Acknowledgements Preface Introduction Part 1: The Tramline Trading Method Chapter 1: My Charting Methods 1.1 Support and resistance 1.2 Trendlines 1.3 My favourite chart patterns 1.4 Momentum Chapter 2: Charting With Tramlines 2.1 Drawing tramlines and the Tramline Trading Rule 2.2 How to find the best tramlines 2.3 The Prior Pivot Point (PPP) 2.4 Will the market change trend at a tramline? 2.5 Tramline trios 2.6 Setting protective stops with tramlines 2.7 When tramlines cross over – the Chinese hat 2.8 Using the third tramline to set a price target Summary Part 2: How To Trade The Tramline Method Chapter 3: Trading With Tramlines, Fibonacci and Elliott Waves 3.1 The Tramline Trading Rules 3.2 Trading the tramline break 3.3 Trading the head fake 3.4 Trading the wedge 3.5 Trading the “V” 3.6 Trading the kiss and scalded cat bounce 3.7 How to use Fibonacci levels 3.8 Using basic Elliott Wave Theory concepts 3.9 Context is key Summary Chapter 4: My Five Best Trade Setups 4.1 The A-B-C setup 4.2 The tramline break and kiss 4.3 The Fibonacci 62% retrace 4.4 The tramline bounce 4.5 The third wave Summary Part 3: My Trading Diary Introduction to my trading campaigns in gold and the Dow The Gold Campaign The Dow Campaign My Eleven Commandments Resources Add to your Harriman House trading library Diary of a Currency Trader Supertiming: The Unique Elliott Wave System Publishing details HARRIMAN HOUSE LTD 3A Penns Road Petersfield Hampshire GU32 2EW GREAT BRITAIN Tel: +44 (0)1730 233870 Email: Follow us, add us, like us www.harriman-house.com www.twitter.com/harrimanhouse www.facebook.com/harrimanhouse www.linkedin.com/company/harriman-house The Tramline Trading Alert Service Many books on trading the financial markets leave you high and dry after you have finished reading. I decided to change all of that. With my Tramline Trading Alert service, you can follow what I am doing as I analyse promising trade setups. My plan is to issue from three to five email Alerts a month, with each Alert containing several trade setups. I will cover all major currency crosses, major stock indexes, gold, interest rate futures, and an occasional individual share. As you receive my Alerts, you will see my top trade setups come to life. This is like having me look over your shoulder as you study the markets! Visit tramlinetradingalerts.com for more information and to sign up for the Alerts. About the author John trained as a physicist and holds a PhD in Physics from the University of Toronto. He worked for a time for NASA in Washington D.C. in the Manned Mars Exploration Team. After leaving, he discovered the financial markets and has been involved with them on and off for over thirty years. John was a Commodity Trading Advisor for a period at a Los Angeles commodities trading firm. He has started and sold several real businesses, and now devotes full time to training, writing, trading and consulting on the markets. John is Editor of MoneyWeek Trader, an email service aimed largely at UK- based spread-betters. He also operates his personal blog at tramlinetraders.com. Acknowledgements I wish to gratefully thank all of my early-year school teachers who helped shape my life, all the while suffering my in-born contrarian nature. My very first school report at the tender age of five definitively stated: “John is very erratic.” I have been striving to rein in the most extreme manifestations of this trait ever since. In the same spirit, I wish to thank all of those many traders who extracted my trading tuition fees from my early accounts. I’m sure they did not realise it, but they were performing a great service to me. Perhaps those very same traders went through an identical process themselves and considered their success also was based on their own early expensive lessons. Is there anything new under the sun? But my most vivid trading lesson was given to me by Mark – a fellow commodity broker – who managed to short the S&P on the Friday before 19 October 1987. When the market opened on Black Monday with a huge gap down, he added to his shorts. By the close of trading, his $30k account had swelled to over half a million dollars. In 1987 that was real money! However, when the market started up on Tuesday he kept shorting on the way up. This was a fatal mistake, because the market recovered so far that he was wiped out. So, thanks Mark, for having taught me that when I have a massive windfall profit, it is best to take at least some of those profits off the table. Also, I learned then that it is fatal to fight the market, no matter how strong your belief. A further early lesson was provided by another former colleague, Peter, who taught me that the art of market forecasting is a vastly different skill from that of trading. Peter was an excellent predictor of trends, but constantly lost money when he traded. This was because he did not have the courage of his convictions at the right time and was always getting in too late just before a big counter-trend move. Both Mark and Peter were futures brokers at the same commission house in Los Angeles where I cut my trading teeth. This gave me the invaluable opportunity of observing at first hand the many destructive habits that some of the firm’s customers were prone to. That was yet another lesson I learned – that trading is unlike a more conventional activity, such as being a doctor or lawyer. So my thanks to all of these customers who showed me that I had better get a proper understanding of how the markets really work, which is still today appreciated by only a fraction of people. Finally, while writing this book I had the loyal companionship of my Jack Russell Dixie, who provided critical approval of all I wrote. All she asked in return was a daily walk at 9:30 am, prompt.

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