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Unlocking Wealth: Secret to Market Timing Paperback – January 5, 2007
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Swing trading is one of the hottest - and most effective - tools for today s active traders, and John Crane brings a fresh new perspective and a true trading edge to this important concept. ---Jonathan Dean, Vice President, FutureSource
We ve long touted the benefits of this powerful investment strategy at MrSwing.com, and John Crane s new work makes an excellent addition to the body of educational material available on swing trading. His cutting-edge techniques are right on the money. - --Larry Swing, MrSwing.com
We ve long touted the benefits of this powerful investment strategy at MrSwing.com, and John Crane s new work makes an excellent addition to the body of educational material available on swing trading. His cutting-edge techniques are right on the money. ---Larry Swing, MrSwing.com
About the Author
John Crane has been an active trader for decades, and is a founding owner of Traders Network-a firm providing both brokerage services and educational training products for today's intelligent investor. Articles on his trading concepts have been published in Consensus, Barron's, Technical Analysis of Stocks and Commodities as well as The Wall Street Journal, Investor's Daily, and Traders World. Having taught numerous seminars on technical analysis, he has also served as director of research and a contributing analyst for the Pacific Research Center. John served on the Board of Directors and as a president of the National Introducing Brokers Association. In addition, he is a developer of the Trade Simulator Pro and author of "A Traders Handbook: The Reversal Day Phenomenon" and "Advanced Swing Trading, Strategies to Predict, Identify, and Trade Future Market Swings". John is the co-editor of the Traders Market Views newsletter, now in its 18th year of publication. His market comments can be read nightly on the Reversal Date Worksheet.
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BUT THERE IS NO REASON TO GIVE 5 STARS!!! The edition is bad. The charts have poor quality. For example, I rarely could see the dates the author describes, and if you need to count trading days to forecast price and time, one of the main subjects of the book, this is a very important issue.
Also, some SETUPs are not crystal clear.
5 stars for content (I learned a lot with Mr. Crane);
4 stars for clarity;
2 stars for the edition.
John Crane's market timing approach is one of the most elegant futures trading methodologies I've seen. It focuses on market structure and using impulse and reaction swings to identify entry and exit points.
The basic component of the methodology is the Reaction swing--a counter-trend move--that is used to confirm a new trend and then identify a low risk entry point. Not revolutionary, but then John Crane uses a count back to a previous swing point to forecast the future turning point. Now that is new!
So the Reaction swing gives you the trend continuation entry point. The count back gives you the projected exit time. John Crane then goes on to show how the exit can be further refined with price projections. Lastly, a methodology for identifying and entering a trend reversal is discussed. This last part was missing from the original book "Advanced Swing Trading" and now with this, the methodology is complete.
The book is packed full of swing and day trading examples from both the futures and stock markets - and the accuracy of this timing technique is uncanny.
I read this book in search of methodologies to filter trades for the system I was using. The method is so powerful that I have now made Crane's approach my main strategy...and use a different methodology as a prefilter.
The book clearly describes two basic market structures (Trend Reversal and Trend Continuation). The appearance of these commonly found patterns usually reveals the true nature of the market...and future price at a point in time. Crane's methodology does not rely on optimization techniques, lagging indicators, general fundamental information, astrological events, or complex equations. It's pure market structure in a practical manner. Simple and elegant. The methodology gives you the ability to listen to what the market is saying about itself based on its own structure.
The core market structures explained in the book are nearly identical to patterns I have used successfully for years. The book taught me more about the nature of these patterns...and how to trade the patterns better. One of the most valuable things for me was Crane's methodology for managing trades that are in progress. Cutting losses early and letting profits run is easier said than done...until you read this book.
The methodology can be used with other trading strategies. I am combining Crane's methods with Hurst's cycle methods to increase the probability of trading in the correct direction. Either way...I find merit in using Crane's approach as a stand-alone system. You can use it without a computer - you don't have to buy expensive software to implement it - and there is little ambiguous about how it is used. It is now difficult for me to look at a chart without looking at it through Crane's eyes. The book may take a few days to read because it includes more trading examples than was probably necessary...but this can help to internalize the method.
This book gives me the edge I have sought for years. I can't imagine trying to manage a trade in the future without the precise knowledge of when and where price is likely to go....and reverse.
If you are looking for a trading approach that is practical and effective...or just looking to enhance a system that is already effective...I suggest you read this book.