The Rapid Fire Swing Trader ebook is nothing more than recycled Connors/Rasche stuff. Just buy the old TASC articles. It's also discussed in a few books as well by same authors. Save your $49.95. I think you may even be able to download that article for free somewhere... I didn't raise a stink about the ebook when others were first asking about it because they were advertising here. When I asked the seller of the ebook if he realized what he was peddling was already published by Connors/Rasche he gave me some BS about how other customers are making a killing with the method. Imagine if I took just ONE well known technique (like standard Stochastics or RSI) and made up some glorified marketing about how it's a great technique and then marketed it. That's what this guy did. It came out right at the height of "swing trading" being so in vogue. Heh, there's nothing wrong with slick marketing. Some people are very good at selling ebooks. Reminds me of the old Windsor ads I'd get in the mail. CAVEAT EMPTOR. P.S. All you have to do is read the ad and realize that the marketing material is 100x more glamorous than the content. Remember that the usability of the content is inversely proportional to the # of buzz words used in the marketing material. P.P.S. I emailed Stephen Pierce and challenged him on his book. Here is an email I sent to Pierce on the book a year ago. I left out some non-important and privacy-related comments. P.P.P.S. Stephen Pierce responded to my email saying I didn't know what I was talking about, that I obviously needed to review all the charts, and that the ebook only included ONLY ONE reference to a long-term chart. Of course, my criticism in Pierce showing long-term charts was the weakest of the other criticisms. What he was doing was showing salient examples of perfect swing-trade charts that resulted in large long-term moves, but in reality if you happened to be in the trade you would've only picked up the first 3 days of the move (his rules say exit on 3rd day) which may or may not have been profitable. Of course, he didn't respond to my other comments. I sent a follow up letter, that he didn't respond to:
Hello everyone I could not help but chirp in. I wanted to get a refund for my ebook and it took me a complaint to the Michigan BBB to get it. When I had bought the ebook, Pierce was touting Todd of the infamed brokerage house as his brokerage of choice. Check all the sites that Pierce runs, all with major hype and aggressive advertisement peddling products and subscriptions. To summarize, buyer beware!! Good luck
Has anyone tried out this one from www.indexadjust.com? Or is this just another copy of some other book I can refer back to again too?
This is just another MONGOMATH site. For the avoidance of doubt, if ANYONE is thinking of purchasing ANYTHING trade-related from ANY of these loonies, then DON'T. Buy a reputable book instead - there is a thread on books to avoid - study that first. Last resort - give the money to EliteTrader instead - sponsor a section or something - at least they provide a useful service!. Don't just throw it away on a bunch of lazy s.o.b's who never could and never will trade!
This book can be summarized in ONE sentence. Take all NR4/IB trades in direction of the breakout. That's it my friends. The author never responded to my claim that he is simply reselling a concept established by Connors and Rashke in TASC articles and their book.
Well sort of, the method also includes the use of the Historical Volatility Ratio. But that idea too was the addtional work of Raschke/Connors. And I emailed Pierce as I said I would earlier in this thread and he did not reply to me either. Disappointing siince he had replied to earlier correspondence.
for the perfect avoidance of doubt, maybe you should provide a 1 sentence definition of narrowing range and inside days...? just a thought.
There's plenty of trading literature on the topic out there. Pretty common stuff so I'll let the newbies do their own research.
Sunday morning and the Christmas season - a day for worship and a time to celebrate the birth of Jesus... for those who are inclined to do so. I will never understand an unwillingness to help. Maybe it's from the path to success one had to travel. Maybe it is based in the attitude that "I started from nothing and I made it on my own" that makes a person unwilling to help others. Maybe it's a matter of treating others the way they were treated. Anyway, it is not the way I operate so here is a definition of NR4 and Inside Day. And you can find more information all over the web by searching the same. A narrow range day is a day whose trading range is less than the previous day. The NR4 then means today's trading range is less than the 3 previous days before it. An inside day is when the high of today is lower than yesterday's high, and the low of today is higher than yesterday's low. So all of today's range occured within yesterday's range. Both events demonstrate decreased volatility which is presumed to imply pending increased volatility. The Historic Volatility Ratio brings into view those prices that have had decreasing volatility over a period of time. Typically these three things combined will produce on a chart the congestion patterns of flags, pennants, and the various forms of triangles.