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Book Review: Either Read Technical Analysis Using Multiple Timeframes By Brian Shannon Or Lose Money Trading

Posted by timothysykes on Mon 30th of Jun, 2008 06:23:54 PM
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The vast majority of finance books written in the last decade are complete and utter shit. (I know this, you know this, hell, even our joke of an industry itself knows this, but nothing’s changin’ anytime soon cuz shitty books still make money due to the financial miseducation of the general public aka Watch TV and you won’t get rich, you’re just gonna get fat…or fatter!) Because they are written by marketers, fee-earners aka scum suckers, frauds, talking heads and sugarcoated / generalized to the point where we find our once great profession near-dead last in understandability/openness/excitement and widespread profitability.

Given these dark times, there are only a few wise choices—my book An American Hedge Fund (total openness/understandability) a few others, none of which come to mind right away, and these lists (HERE and HERE) of my 20 favorite finance/business books.

So you can imagine my surprise/delight when I discovered Brian Shannon’s (Alphatrends.net) debut book Technical Analysis Using Multiple Timeframes to be the single most accurate/honest/understandable book on charting since Steve Nison’s classic: Japanese Candlestick Charts.

That’s right, I want you to pick up a copy right the hell now and read in awe as Shannon explains how it’s not just about memorizing chart patterns—anybody who tells you that is a typically useless finance freak—it’s infintely more important to understand how variables, players and emotions align to create shockingly similar, repetitive, and, more importantly, predictable chart patterns.

Students of my Pennystocking DVD know this concept to be the main point around which I base my trading and what I go to great lengths to explain—at times better than others—Shannon pulls it off rather succinctly and effortlessly using graphics like these:

24 psychologylongts Book Review: Either Read Technical Analysis Using Multiple Timeframes By Brian Shannon Or Lose Money Trading

126ts Book Review: Either Read Technical Analysis Using Multiple Timeframes By Brian Shannon Or Lose Money Trading

134ts Book Review: Either Read Technical Analysis Using Multiple Timeframes By Brian Shannon Or Lose Money Trading

and then picking them apart, one variable at a time so the reader gets a total education in the differences between all the patterns.

More importantly, Shannon delves into the steps necessary to make sure you stay disciplined—whether that means cutting losses quickly, using stop losses, waiting for pattern confirmation etc.—and that’s the kind of stuff at which most traders—me included—suck aka it’s crucial to learn this stuff if you hope to be a successful trader.

God friggin love Shannon for putting together this 184 page MUST READ, being an infinitely better trader than me as his focus is not these little 5-20% gains (yeah TIMalert subscribers today on CNEH, detailed post coming tomorrow, whaaaaaat!), wanting and teaching others to want larger, longer-term gains on larger/more liquid names than PennyStocking. If he made a DVD of his strategies, it’d probly be called StockCharting because at that he is a master teacher.

So, you poor people, continue learning PennyStocking and expand your horizons with Shannon’s awesome charting book. Hell, it might even teach you a thing or two about PennyStocking itself as there are a great any overlaps. You middle-class people: learn it all, you’ve got the money and opportunity to really get ahead and make your non-trading friends look like dumbasses. And you rich people—understand technical analysis is not some crazy science, it’s life…cuz it’s based in human psychology and more importantly, and, more importantly, stop being so goddamn stuck up–money doesn’t make you any better, in most cases, it makes you far worse!

In short, you need to read this book (click HERE to see the entire website dedicated to it) , if you don’t, you’re just ignoring a greatly useful resource and that’s not cool.

Disclosure: I’m a Shannon affiliate so part of your purchase will go to help my sushi habit and I’m damn proud to have finally found a friggin finance product worthy of my unabashed-promotional-at-all-times-big-mouth…aka I’ll never promote anything this hardcore that I really don’t believe to be useful/helpful/worth its cost many times over.

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  • balls...or just plain nuts...
    I signed up to covestor! My screen name is "3WishFund." Does anyone get that obscure reference?
  • newty25
    Anyone like HTOG as a play tomorrow?
  • Tony Ellis
    Just ordered the book. Can't wait to read on the beach next week!

    Anyone along for the ride on GETG?
  • Evan
    Balls,

    'Working Trash'- can't believe I've never heard of this movie before (had to Google it) Very timely with Carlin's recent passing. I'll be watching you on covestor- all the best!

    Tim- I leave Thursday instead of Wednesday now for the Amazon. It would be awesome to get the book in time for the flight!
  • balls...or just plain nuts...
    Yeah, Carlin is a favorite of mine. And that has always been one of my favorite movies (kind of corny, be warned), one of Ben Stiller's early roles.
  • Mike_13th
    Tony,
    Yeah,great heads on GETG!

    Tim,
    Took CNEH for $2490.
    Called/bought on the hod vol spike Friday before most anyone saw it:
    (Jun 27-09:55) 13th_FLOOR: CNEH pop
    "(Jun 27-09:56) 13th_FLOOR: CNEH vol spike.

    Took $2150 from my LUNA alert last night here and also alerted scam scheme fraud RNN here,got $1950 from that short

    RNN looks like a ss&f.

    Symbol change,
  • awesome mike, but def. dont think being early on a stock like CNEH is a good thing....i've been watching it for weeks, but iw anted a breakout before pulling the trigger...for those of us part0-timers that kind of key is crucial
  • Kenneth Rosenberg
    ncey making me rich
  • Mike_13th
    Well Tim,I see your point but early has worked for me.
    I use a tight mental and if I'm wrong then I jump in the second time if I get a signal and the odds are excellent I'm right that time.

    Early sure worked good for me on FRGY,in at .011 and adding on the way up.
  • Mike_13th
    And the thing is with CNEH is why wasn't it a b/o at 10 a.m but it was way later in the p.m. when the price had only moved about 4 cents?
    Just puzzles me.
  • YngvaiMalmsteve
    Hey, Mike, I think Tim is referring more to the pattern day trader rule. With that stupid rule, small-account traders can't frequently re-enter positions, so sometimes it's better to wait until the last hour of trading to see if a breakout is confirmed.
  • YngvaiMalmsteve
    Hey, Tony, I completely missed GETG today. I can't believe it, too, as that had been #1 on my breakout watchlist. I had just too many plays I was trying to watch this morning and I ended up missing it.

    CSGH is on my breakout watch list. It's a Lebed pump too.
  • Dan
    Hey Tim, what do you think about HTOG.OB its breaking out. I'm in and holding. Think we will get a follow threw tom.

    Thanks Tim
  • Rambone
    In reference to CNEH. Tim was waiting for a record close above 4.50 on CNEH before he entered into a long position to confirm the breakout and potential next day morning gap.

    Everyone plays these different. There is no right or wrong way as long as you make profit with your style of trading.
  • Mike_13th
    CNEH ran to that "record" close of 4.50 you speak of from 40 cents in 5 weeks last August!
    I KNOW that it CAN run.
    My point was the risk/reward was great on it when I entered at 9:45.
    That's all
  • Tony Ellis
    Mike...nice play on FRGY. Think it's got another run like in FEB?
  • newty25
    Mike,

    You picked up FRGY on Wednesday on that vol spike for .11 and held it? That was a great play. You are 'da man!

    I tried signing up for ST to get the HOD tool and it was a real pain. I ended up getting an error and let it go. I might have another crack at it later.
  • Tony Ellis
    YNGAVI...I miss good ones all the time. Just be patient and wait for the right set-up. I just stalk the HIGH/LOW LIST until I see a stock I like hit.
  • yes yngvai and rambone--timalerts is ideally for small account holders who need guidance on when they should use up a precious trade...not gonna send out a illion alert for every potential scalp, gotta focus on when these stocks prove they can move 10-20% within a few hours/days
  • Tony Ellis
    Tim, can you day trade in an IRA if it's over 25K? I have an IRA that I started with $11,500 and it closed today at $23,500. Am I going to be able to break out of daytrading prison?
  • Dan
    HTOG.OB esay 100% coming
  • no idea tony, i know u cant short sell cuz IRA and margin don't mix

    Dan, HTOG is a piece of shit, dont bring it up again
  • Tony Ellis
    Never mind, Must be a margin account to day trade. I have the worst headache from reading that shit! T+3 settlement applies.
  • Tony Ellis
    DAN, stick to quality stocks like GETG...lol
  • Dan
    tim watch tom. HTOG.OB up big tom. just like you called mvby a piece of shit sold for a 90% in 2 weeks. Watch and learn Kid. end of the week it will be at 0.15
  • Dan
    tim watch tom. HTOG up big tom. just like you called mvby a piece of shit sold for a 90% in 2 weeks. Watch and learn Kid. end of the week it will be at 0.15
  • Dan, it could move 20,400% tomorrow and i still wouldnt care cuz its chart says nothing to me....dont be a random pennystocker, u'll live an unhappy life
  • be-the-ball
    Tim,

    I signed up for Timalerts about 5 hours ago, but haven't received any kind of confirmation email?
  • be-the-ball
    got the email, thx
  • YngvaiMalmsteve
    Dan, why are you so sure HTOG will be up to .15? It's a random spike in a downtrending chart. I will say it does have a G/STEPS pattern setup right now but it's going to have to break 1 cent to fill that pattern.

    You say you "called" MVBY. MVBY was also a random spike. You're odds are 50/50 on those. You'll be right sometimes and wrong other times. Same with HTOG. You've got no edge with HTOG. HTOG has a 50% chance of increasing tomorrow and a 50% chance of selling off tomorrow. Selloff may be more likely because of all the bitter shareholders Tim talks about on those long-term downtrending charts.
  • Congrats on a big day Tim, talk about a lot of visitors to the site!!

    Heres my scans: http://www.investorslive.com/blog

    the last two are for tomorrow

    keep it up, nice call CNEH
  • SamuraiRat
    heh, i like those charts.
  • Mike_13th
    I can't take credit for finding FRGY in the first place at that low price of .011.

    As I've mentioned quite a few times in my chat it was Chartinator over at WealthUniversity on Ihub that brought this to my attention.
    Muddy linked to that site many months ago after seeing just some awesome calls he had made and I follow it frequently.
    Chart stopped in our chat last Monday and said he liked it alot and that it looked ready to go.
    And it was and it did.
  • Tony Ellis
    Mike...sure you can take credit for FRGY. You had to pull the trigger. I'm subscribed to WeatlhUniversity and didn't.
  • balls...or just plain nuts...
    Still holding 1000 CNEH from 4.64! Another beautiful gap up this morning!?!
  • Rambone
    QTWW under 3 in pre-market on earnings loss from AH yesterday. Lots of downside to go. HBAN and ABAT two others that have broken support. I don't think either one will hold up in this market. All 3 plays potential to drop $.50 plus today.
  • TomT
    let see if REDF can crash today.. lol
  • hacker2005xp
    Just finished reading this awesome book! And now it's nr.1 on my shelf! strongly recommed it to all!
  • SteveinFL
    Why do we never get to ever know if these authors make money trading? can we just see 5-10 years of profits/losses before we drink the kool aid and buy a book? can i sell the golden shovel and never show that i ever found gold with it? tim are you getting a kick back from promoting this? so hacker let's see if you make money and then will you blame this book if you don't? probably not, which to me means sucker times 2.
  • uhhh steve, shannon was the most profitable trader at his firm...he holds sold out seminars for thousands of dollars, u can see his videos every day, he makes good calls...and yes i get a piece of this, i'm an affiliate as i wrote in the post...lesson: you should probly learn to read/do research before u even think about trading
  • Jerry Zoom
    htog.ob up more than 100% today it was a nice cup and handle break out
  • jake_wvu
    I went to mr. shannons blog and it looked like he was super bearish today near the lows, sold the rally, and then bought near the highs? what kind of book of this? i need an edge, not being a sheep that gets slaughtered.
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Start Here

Who Is Timothy Sykes And Why Should I Care?

See Tim's full bio HERE. Tim turned a few thousand dollars into a few million by taking small gains time after time on hundreds of volatile penny stocks, discovering that his trading strategy, while consistently successful, works best for those with smaller accounts.

Determined to teach others this PennyStocking trading strategy (learn more HERE), he went back to his original $12,415 roots (already $58,000+ even though the stock market has crashed) to show everyone how to turn thousands into millions, even while having a life (somewhat) and making plenty of mistakes. Currently he is the #1 ranked trader out of 25,000+ on Covestor)

How Can I Consistently Make Money In The Stock Market?

Hard work, Determination and Know How.

Hard work to learn how the greatly misunderstood niche of penny stocks provides opportunities every now and then on which you should pounce.

Determination to seek those probable profits out and know how in order to actually profit from them.

Long story short, wait for stocks that are extremely volatile - for whatever reason - and then aim to take small profits (between 10 and 50% within a few hours, days or weeks) here and there, either from betting on higher or lower prices (yes, you can make $ betting on lower prices, it's called Shortstocking (learn more HERE).

Why Penny Stocks?

As Tim explains in several ALL-NEW instructional DVDs (see them HERE) and in over 2000+ blog posts, penny stocks are the most hyped and corrupt niche in the entire investment world. These two qualities make them the easiest to profit from (legally) because the vast majority of people who play penny stocks are suckers and all-around ignorant people. If you have any intelligence whatsoever, you have a clear advantage and it's like playing basketball against mental midgets.

Where Do You Find Stocks To Trade?

This is the #1 FAQ (see more HERE) and it is answered in THIS instructional DVD.

Of course, that's just a brief introduction - to receive a full education, there is Tim's book An American Hedge Fund which is the story of his remarkable rise and lessons learned.

To truly increase your odds at profit, Tim has designed an entire set of detailed instructional DVDs, covering all the variables that amount to over 24 hours of instruction (see them all HERE)!

TIM Trades

View All
Date Stock Buy Sell Net
Nov 6 QXM $4.31 $4.80 $1936
Nov 4 COT $8.66 $8.88 $642
Nov 4 QXM $4.61 $4.89 $822
Oct 30 DDRX $25.70 $26.53 $812
Oct 29 CTDC $4.00 $4.42 $781
Oct 26 AWSL $3.24 $4.10 $2516
Oct 23 RODM $5.27 $5.23 $301
Oct 22 AMLM $2.69 $2.97 $820
Oct 22 USEG $6.12 $6.09 $85
Oct 20 CBOU $8.93 $9.06 $243
Oct 16 VRMLQ $16.79 $18.65 $2773
Oct 13 YONG $11.05 $11.66 $1202
Oct 13 NPHC $0.59 $0.71 $583
Oct 12 IMGG $0.60 $0.70 $682
Oct 9 ZAGG $5.50 $6.10 $2380
Oct 7 GVBP $0.03 $0.27 $702
Oct 1 NPHC $0.70 $0.85 $1482

Total: $92,304 (644%)