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Trade What You See: How To Profit from Pattern Recognition Hardcover – November 2, 2007
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From the Back Cover
"Larry Pesavento and Leslie Jouflas, the quintessential traders of chart patterns and the techniques of past masters of technical trading, have put together a compilation of their studies. Their experience extends over forty years. This book covers the essence of chart patterns trading plus the mental preparation necessary for successful trading. There is something in this book for both the beginner and experienced trader. Highly recommended."
—John Hill, President, Futures Truth Co.
"Pesavento's innovative work has been an invaluable part of our firm's technical approach. This book covers new ground and should be in every serious trader's library."
—Craig Columbus, President and Chief Market Strategist, Advanced Equities Asset Management
"Larry Pesavento and Leslie Jouflas have done a brilliant job with this book. Whether you are a professional or novice, this is a must-read book to gain more confidence in trading."
—Dickson Yap, Publisher, The Trader's Journal magazine
"An in-depth conversation on overall trading knowledge, even for the advanced traders!"
—Dar Wong, Acute Precision & Studies Research Inc.
"Excellent book on pattern recognition technical trading—well written and thorough with plenty of good illustrative charts."
—Mark Douglas, author, The Disciplined Trader and Trading in the Zone
Top Customer Reviews
As another review of this book has pointed out, the section "Learning to Recognize Trend Days" is very valuable. This section can be helpful to any trader to take advantage of trend day opportunities. The section is invaluable for countertrend traders who have not yet developed a strategy to recognize and trade trend days. At the very least, simply identifying a trend day can keep a countertrend trader from getting caught in low probability trade situations. Jouflas takes you through multiple steps of a trend day enabling a trader to more easily assess what is happening.
Disclosure: I have followed both Leslie Jouflas and Larry Pesavento for several years. Even so, in reading this book, I found myself brushing up on some areas. Especially the "Trend" section.
After trading for a few years, i've come to the belief that the simplest chart patterns are the best and you can find just about any pattern on a chart if you squint hard enough.
The authors would point out "ABCD" patterns after they have formed.
Perhaps the book was just poorly written but i just dont see the book helping any beginners and very few experienced traders.
"Trade What You See" covers in detail how to reduce the risk of losses through the use and placement of stops while minimizing the risk on any given trade. Throughout the book the writers are very careful to point out the pitfalls of trading and how to avoid large losses. The authors cover in detail a sound money management system and place it as the major key to becoming a successful trader. This is why this book is very well done.
There is no hype, just a pragmatic, objective approach to stock trading. Anyone who trades stocks or commodities needs a copy of this book. The book is very useful not just for "day" traders, but long term investors who want to know when to buy and sell stocks and avoid large losses. Even for a person who trades on fundamentals this book is an important guide.
If you purchase this book and follow the provided money management principles, you will certainly minimize your risk of incurring large losses in the stock market. This is why I found this book superior to other books I have read on stock trading.
Although previous works provided more examples, the chart examples in "Trade What You See" include better notes and instructions for reducing subjectivity when trading patterns. Traders who use computer-generated signals, such as what oscillators provide, will be rewarded with insight into what the markets are really doing when those mechanical signals fail. I believe Chapter 10 "Learning to Recognize Trend Days" will be valuable for trading recent market volatility.
Pesavento and Jouflas are successful traders with web sites that offer mentoring. Jouflas' TradingLiveOnline.com also provides daily trades based upon these patterns. (Disclosure: I subscribe to her site.) The best review I can give "Trade What You See" is to simply quote John Hill's endorsement on the back cover: "Highly recommended."
It's usually the soft spoken guys that really know what is going on in the market -- and when they speak you should listen. Was listening to a radio interview with another great market technician, Bennett McDowell - he wrote "The ART of Trading" The ART of Trading: Combining the Science of Technical Analysis with the Art of Reality-Based Trading (Wiley Trading) -- McDowell was on the "Financial Wisdom" radio show on [...] the other day because Gabriel Wisdom, the host, was so impressed by how McDowell called the same decline on Friday, October 3rd, 2008 -- also right on the money.
What Gabe Wisdom said in his interview with McDowell is that he also had Pesavento on his show earlier, calling the same decline, and Pesavento was hesitant to make the call on air -- since he didn't want to concern the listeners. And that is the challenge for these guys that make these calls -- they see what their analysis tells them, but don't want to overly alarm the general audience.
Pesavento uses Astrology and Pattern Recognition to make his market calls and McDowell uses Elliott Wave and his ART, Applied Reality Trading, software to make his calls. Both are based on technical analysis, which some folks still are afraid to embrace. But, now more than ever, the average trader AND investor must start to learn how to use these techniques. Now more than ever we all need as much ammunition as we can get to work through the existing economic downturn.
Best not to rely solely on your financial advisor and/or broker, and instead take your finances into your own hands. Pesavento's book and his approach to pattern recognition will teach you how to do just that. Recommended reading.
Most Recent Customer Reviews
Excellent book!! Take your time reading and understanding it!!Published 1 month ago by RONNIE R. SMITH
Great for someone who wants to get a beginners teaching of patternsPublished 5 months ago by taltima
It is one of those books you either love or hate. No middle ground. I"m actually an avid reader and I didn't bother to finish this. Read morePublished 11 months ago by Almost satisfied
Should be required reading. You'll only help yourself.Published 17 months ago by FY Woodwerks, Inc.
This is a perfect book for the novice!! WARNING: you must have a basic knowledge of what forex is. In other words you must know the basics. Read morePublished 17 months ago by Verle J.
If you want to be a master Trader you must know how to read candle stick patterns .This book covers all the basics, now go out there and trade now. Read morePublished 21 months ago by Peter Guzman