Financial guru and blogger Brian Shannon just recently released his brand new book, Technical Analysis Using Multiple Timeframes and sent me over me a copy to review. Considering stocktradingtogo.com is all about stock education, tips, tricks, and strategy the book is a great fit as ties in technical analysis, strategy, and education all into one package.
The book does a very good job of breaking down the basics of technical analysis and gives example after example of how to practice what Brian preaches. It dives into the essentials and branches off into all the detail an investor needs to know to be successful.
The highlight chapter for me personally was 8 where Brian breaks down trends which is my all-time favorite investment strategy. The chapter alone had 14 different fully colored stock charts all highlighting different aspects of trend trading. He starts with the basics, “…an uptrend is marked by a stock that makes higher highs and higher lows, while a stock in a downtrend makes lower highs and lower lows.” Then Brian moves into explaining what makes a trend successful and how to use multiple time frames to your advantage. The flow is very easy to follow and even being a trader for over six years I still learned something new.
Later in the book Brian hits on another fantastic topic, profit vs loss ratios, and closes the book with several pages of just trading tips and truisms and a simple chapter, “Putting it all Together.”
Technical Analysis Using Multiple Timeframes is a book that should be on every trader’s shelf, especially when just starting out. The facts, examples, and abundance of knowledge will have me referring back to it page for page in the future. You can learn more about Brian and his book on the site and be sure to check out his blog, Alpha Trends for daily technical analysis videos.