Introduction
The Journey Begins
UNDERSTANDING THE LANGUAGE OF CHARTS AND PRICE ACTION
Twenty-two years seems like a lifetime ago, but back then I did not know the difference between a stock and a bond. I had a successful business, which I had organized to pretty much run on its own with good employees to carry out the day-to-day work. I began to take an interest in the market as I looked for what to do with my business profits. This soon became an obsession to learn how the markets operated, which is not uncommon for those who are bitten by the market bug.
Learning or wanting knowledge about the markets can be like a drug you have to have. If you feel this way—and I hope that you do, because as a trader you must have a passion and hunger to learn, excel, and be good at anything you do—I believe that this book will answer more questions about technical trading than you could ever imagine. If you have been trading for a while with the typical tools, this book is likely to shake some strong beliefs that you now have about technical trading.
When I began my quest, things were much different from today. There was not much information available about the markets. Day trading, as we use the term today, did not exist for the masses yet and was a couple of years off still. Many things we take for granted today, like even an intraday chart, did not exist. You could not place a trade yourself. The trade had to be placed by a licensed person. The only method of learning at the time was by ...
