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Sentiment Indicators
Renko, Price Break, Kagi, Point and Figure - What They Are and How to Use Them to Trade
Abe Cofnas (Author)
9781576603475, Wiley
Hardback, published 27 July 2010
288 pages
23.1 x 15.5 x 3.3 cm, 0.476 kg
A practical guide to profiting from the proper use of sentiment indicators In Sentiment Indicators, noted trading expert Abe Cofnas draws on his own trading and training experience as he shares his knowledge about the latest techniques and strategies for using Renko, price break, Kagi, and point and figure tools to successfully analyze all markets. Written with the serious trader in mind, Sentiment Indicators offers key information on these potential-filled tools and how to use each in shaping trading strategies. Along the way, it provides a practical overview of how to implement these little-known indicators and why each can enhance your trading endeavors. From historical context and Robot Trading alerts to the critical factors of a trading system, Sentiment Indicators presents a proven approach to trading that will help you identify conditions that have a high probability of profit.
Acknowledgments x Introduction 1 The Decision Path of the Trader 3 1 The Geometry of Emotions and Price Action 9 Building Investor Emotional Intelligence 13 2 Price Break Charts: Key Concepts 15 High-Probable Entry Conditions 16 What are Price Break Charts? Basic Concepts 20 Reversal Distances: A Key Metric 31 Consecutive High and Low Close Sequences 32 Is the Reversal Serious? 36 3 General Trading Strategies for Applying Price Break Charts 39 Trading in the Direction of the Trend after a Counterreversal Block 39 Join the Trend after the Appearance of the First or Second Reversal Block 42 Fibonacci Resistance Confirmation 43 Countertrend Scalper 44 Always-In Strategy 45 Flip-Flop Reversal Entry 45 Momentum Trading—Six-Line Break 47 Price Break and Volume Data for Equity Charts 48 Multiple Setting Intervals and Price Break Charts 50 4 Applying Price Break Charts to Markets and Data 53 S&P 500: Price Break Chart Patterns Using the Day Chart 53 Crude Oil and Price Break Charts 54 Microdetection of Sentiment Reversals—The Use of Price Break Charts for Momentum Trading 57 Price Break and Tick-Level Price Action 59 Six-Line Breaks and Fibs 59 5 Channel Patterns, Cycles, and Price Breaks 61 Cycles and Price Break Charts 63 6 Multiple Market Applications of Price Break Charts 65 Contemporaneous Visual Correlation of Instruments 65 Volatility and Price Break Charts 69 Price Break Charts and Sentiment Data: Innovative Applications 72 Price Break Charts and the Global Financial Crises 76 7 Price Break Charts and Option Trading 91 Selecting Direction with Price Break Charts 91 Selecting the Strike Price 92 Risk Reversal Price Break Charts Analysis for Currency Traders 95 Price Breaks and Currency Volatility Smiles 98 8 Renko Charts Revived: The Microdetection of Sentiment 105 What is Renko Charting? 106 Tactical Trading Rules for Renko Charts 112 Key Components of a Renko Charts Trade 113 Step 1: Renko Chart Setting Sizes and Time Intervals 115 Step 2: Select Chart Time Interval: Use Three Time Intervals 120 Step 3: When a Trade Enters the Average Target of Profitability, Turn On the Renko Charts 121 Time and Bricks 122 Renko Charts and Economic Data Release Trading 124 Using Renko Charts to Enter Positions 129 Renko Charts in Multiple Markets 132 Renko Charts and Six-Line Break: Tools for the Scalper 132 Renko Bricks at the Tick Level 138 Renko and Volume 138 9 Kagi Charts: Waiting for the Turn of Sentiment 141 Kagi Chart Basics 141 Buy and Sell Signals with Kagi Charts—When Yin Turns to Yang 146 Kagi Charts: The Keys to the Turn of Sentiment 148 Quantifying Kagi Charts 151 Kagi versus Candlesticks—Which is Better? 152 10 Point and Figure Charts 155 How Point and Figure Charts Work 155 Variations in Settings in Selected Markets 162 Combining Chart Types 170 11 Integrating Price Break, Kagi, Renko, and Point and Figure Charting 183 Using the Price Landmark Matrix 183 12 New Directions in Sentiment Analysis: Charting Words 227 Decreasing Frequency Comparison 234 13 Beyond the Trend: Cycle Indicators Independent of Time 251 Cycle Detection and Projection 252 Epilogue 265 Index 267
Subject Areas: Finance & accounting [KF]
