Description
William McLaren – Foundation for Successful Trading
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The foundation analysis is divided into five chapters.
Pattern is of critical importance and is designed to give you a comprehensive understanding of the different types of trends. Our basic purpose in this business is to find the start of a trend and stay with that trend until it becomes “at risk” of completing. We must therefore have a thorough understanding of the counter trends (sell offs in an up trend and rallies in a down trend) which conform to those specific types of trends. This knowledge allows you to safely enter trends with limited risk to capital and alerts you to a possible change in trend.
Volume is the driving power behind the markets and shows whether supply and demand are increasing or decreasing. Volume can be used to confirm the significance of price levels and the termination of trends and counter trends.
Momentum can be described as the velocity of price in any given direction. Its value lies primarily through an understanding of patterns of trends.
Wave structure is the number of drives and reactions to a trend. This can be very helpful in determining when a trend is at risk of completing.
