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The Trader's Book of Volume: The Definitive Guide to Volume Trading Hardcover – February 8, 2011
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From the Back Cover
Volume does more than measure the number of shares changing hands between market participants. When you learn to interpret volume into trading signals, you can read the mood of the market, discover great new trading strategies, and put price changes into context.
Providing an abundance of facts and data to confirm the power of volume in forecasting price action, The Trader's Book of Volume arms you with volume-based techniques and strategies for:
- Assessing the strength of trends
- Identifying volume patterns that signal trend reversals
- Selecting the right indicators, oscillators, and time frames
- Detecting trends across broad markets
- Developing Tactical Volume Overlays for timing and short-term trading
About the Author
Mark Leibovit was a member of the Chicago Board Options Exchange, a former “Elf ” on Louis Rukeyser’s Wall Street Week television program, and a frequent guest on PBS Market Monitor’s The Nightly Business Report. He developed the Volume Reversal Indicator and newsletter in 1979, the latter evolving into the popular Web site VRTrader.com, where he currently serves as Chief Market Strategist. Timer Digest named Leibovit the number-two Market Timer and the number-two Gold Timer for the ten-year period ending in December 2009.
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If I had not of in my eagerness started highlighting the book I would have sought a refund. I managed to finish the book but after about 150 pages I realized I had made a mistake. One of the reviewers "The Duke" has written a very good review and I echo most of what he has written. Though The Duke recommends the book for beginners I personally would say this book is very dangerous for beginners. Trying to trade off any of the trading setups in this book highlighting the different indicators is I feel a mistake. Only someone who has gone down the road sees the perils this book would have for a beginner as is. Remember first and foremost trading is done from the "hard right edge" of the chart not in the middle. If you do purchase this book or any other trading book keep that in mind as to the worth of what you are seeing.
Mr. Leibovit covers almost all of the different volume indicators and it was nice to see this collection ni 1 place which offers trading setups for them. I had actually started a list of the problems with his example trade setups but there were too many issues and the examples occupy most of the 400 page book. Though sometimes the only difference between examples is the indicator length, like a 5day followed by a 10day. The one I found most amusing was the 21d MoneyFlowIndex. The example shows the MFI giving 1 signal in ~2 years and if you didn't wait an additional 6 weeks to enter then you would have been down about 20% before the market turned in your direction.
As far as Mr. Leibovit's own Volume Reversal indicator I saw after I had purchased it a performance review of his indicaotr which can be found on the net. The conclusion was "It appears that Leibovit's success depends on his good judgement based on his long experience, rather than on any simple mechanical interpretation of this indicator." I see his book in a similar vein, taking anything directly from his book and trying to apply it without additional confirmation tools is asking for trouble. Why he didn't give clearer, more exact entries/exit signals while composing a 400 page book was frustrating for me.
Books regarding volume I would recommed are:
Value In Time by Pascal Willian
Investing with Volume Analysis: Identify, Follow, and Profit from Trends by Buff Pelz Dormeier
as for people who are interested in volume i would say go a head and read it along with pascal work VALUE in Time, they did added to my experience in trading.
The author presents the popular belief that strong volume in the direction of the trend confirms it and that week volume during corrections means the trend will resume. I don't believe in at least the past 3 years that this statement has held up well. There has been many low volume rallies that lasted for extended periods of time. Additionally the author's own examples had many flaws. He would show that volume is supposedly decreasing on a correction by connecting two volume spikes and then state that the volume is decreasing. But the volume is increasing if you look at it generally or look at the period's MA. The two spikes are a phenomenon of their own. The book has many examples were the volume pattern is questionable at best. He also delves into the classic chart patterns like head and shoulders and talks about how volume contracts in the right shoulder but in real life there are so many head and shoulder patterns were volume doesn't confirm them. I want to state that I have been actively trading for 10 years now. If you are a beginner, this book may be a useful read for you.