Chart Your Way To Profits: The Online Trader's Guide to Technical Analysis (Wiley Trading) (Hardcover)

by Tim Knight (Author)
Key Phrases: price pane, supporting trendline, former support line, Aug Sep Oct Nov Dec, Candidates Long, Day Streaming (more...)

Editorial Reviews

Product Description
Chart Your Way to Profits shows you how to harness the technology available on www.prophet.com to analyze markets and make informed trading decisions. It discusses the fundamentals of technical analysis and shows you how to design your own charts and indicators in a way that enables you to easily monitor the markets and make solid trading decisions.

From the Inside Flap
Making money in today's markets isn't easy, but with the right approach, you can succeed. No one knows this better than author Tim Knight, who has been charting and trading the financial markets for more than twenty years. During this time, his passion for the markets led him to create Prophet.net—a Web site containing an innovative array of technical analysis tools—which has been consistently ranked the number one site for technical analysis by Barron's and Forbes magazines.

Now, in Chart Your Way to Profits, Knight shows you how to use the powerful technology available online in conjunction with technical analysis to analyze markets and make the most profitable trading decisions possible.

Written in a straightforward and accessible manner, Chart Your Way to Profits covers a lot of ground with respect to technical analysis and charting. You'll be introduced to the charting tools ProphetCharts and JavaCharts, so you can discover how to perform your own analysis with the help of hundreds of real-world examples. Along the way, you'll also become familiar with some of the most important rules of sound trading.

Filled with in-depth insight and practical advice, Chart Your Way to Profits also:

• Examines a variety of chart types currently available, how to size and arrange them, and the differences in charting stocks, options, indices, and other financial instruments
• Discusses the mechanics of managing watch lists—as well as chart styles—and how to use them effectively
• Highlights essential indicators, including moving averages, Bollinger bands, the parabolic stop and reversal (PSAR), and moving average convergence divergence (MACD)
• Explores numerous analysis methods for financial charts, such as saucers, multiple tops and bottoms, trendlines, channels, and Fibonacci studies
• And much more

Consistent analysis produces consistent profits. And through the ups and downs of financial markets, technical criteria and charting allow traders to be completely objective in their assessment of price action, while leaving emotion out of the decision-making process. Chart Your Way to Profits can help you do the same, as it shows you how to combine technical analysis with powerful online tools to achieve trading success.

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Product Details

• Hardcover: 432 pages
• Publisher: Wiley; annotated edition edition (March 5, 2007)
• Language: English
• ISBN-10: 0470043504
• ISBN-13: 978-0470043509
• Product Dimensions: 9.1 x 6.2 x 1.6 inches
• Shipping Weight: 1.4 pounds (View shipping rates and policies)
• Average Customer Review: 4.4 out of 5 stars See all reviews (69 customer reviews)
• Amazon.com Sales Rank: #60,327 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

22 of 26 people found the following review helpful:

5.0 out of 5 stars Finally, a desktop reference on charting that I can use/understand, March 15, 2007

By	David P. Hart "dhart_1951" (Austin, TX USA) - See all my reviews (REAL NAME)

I found out about Tim Knight's new book, "Chart Your Way To Profits: The Online Trader's Guide to Technical Analysis", from reading his blog (which by the way REALLY ROCKS). And, boy am I glad I found this book. It would not have appeared on my standard Amazon lists, so I figure this is fortune (i.e., $$$$) calling.

I've skimmed the book, and found lots of topics of interest. As an INVESTools student, I have already been using the new ProphetCharts charting software for about 3 months. I thought I knew how to use it. I'm finding features of the software I didn't know existed (I won't bore you with my lack of knowledge, get the book and see for yourself).

And I'm already getting a feel for how a professional trader uses charts. This is the real reason I got the book. Reading Tim's blog every day, he includes a LOT of relevant charts, but little reasoning about "why he created the chart the way he did". Reading his book is becoming a desk reference, helping me to understand why he created the chart the way he did, which is also helping me create my charts.

This is a must-have book for any INVESTools student, ar any investing student that wants to start "playing like the big boys". It is an easy reading book, filled with examples and ideas. There is even a little humor, which makes remembering the concepts easier. I'm going to read this an hour every night, but not before bed (it would keep me up, and make me want to go to the computer and try some of the charting techniques on some of my current trades).

19 of 23 people found the following review helpful:

5.0 out of 5 stars Get Technical with Tim, March 12, 2007

By	Leisa D. Deffenbaugh (Quinton, VA) - See all my reviews (REAL NAME)

(From Page 141)

"When prices violate a trendline, however, it should normally be heeded. To illustrate this point imagine yourself driving a car down a deserted highway. Since you want to understand the concept of trendlines well, you decide to not look at the road ahead but simply open your door and keep your eye on the median line. You have no idea how the road will twist or turn or whether it will continue straight. . .For a while, the yellow line whizzes by more or less in the same place. It sometimes move a little away from the car, but it soon returns to be just outside the driver's door. Suddenly, the median line moves underneath your car, disappearing from sight. You'd better look up quick to see what's happening, because the road must be turning!"

The above is the kind of zippy and delightful writing that you will be reading if you purchase this book. I know that if I'm in this car, I want Tim in the passenger seat providing useful advice for the profits and potential pitfalls ahead. He's the first to say that technical analysis is not a be all end all and provides appropriate cautionary advice. The book has a pleasing conversational tone that de-mystifies technical analysis.

I'm not a trader, nor am I an expert in technical analysis. But, I am an investor who wants useful tools in my arsenal. Technical analysis is one such tool. Beginners will find this book accessible with Tim's straightforward and engaging writing style. If you are a user of Prophet.net (which I am not), you will find many tips on using this service. For non-users, you can skip over these brief sections and immediately dive into the meat and potatoes with lots of gravy.

[...]

5 of 5 people found the following review helpful:

5.0 out of 5 stars Should be required reading for Prophet/Thinkorswim users, July 14, 2008

By	D. Mason (San Francisco, California) - See all my reviews (REAL NAME)

I'm an active sell-side options trader and came across this book almost by accident. It is very well written and filled with lots of current examples of the most common and reliable chart patterns. I have no connection to the author or company, but I have a retail account at Thinkorswim and find the Prophet charts excellent, even as a more advanced trader.

The book should be required reading for anyone that uses Prophet charts, as the book lists lots of suggested settings which are only relevant if you use the product. Specifics aside, it is still an excellent book and much easier to read than most of the other ones out there, charting can be a very dry but important subject to study, this book is highly recommended for the beginning and intermediate technical trader.

Good stuff.