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

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.

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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:

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.

Posted in Book Reviews, Charts Rock!, Cool Products

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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?

  • 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?

  • 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?

  • 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!

  • 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.

  • 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,

  • 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,

  • http://www.timothysykes.com timothysykes

    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

  • http://www.timothysykes.com timothysykes

    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

  • http://kenr0966@gmail.com Kenneth Rosenberg

    ncey making me rich

  • http://kenr0966@gmail.com 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

    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.

  • 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, 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.

  • 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

  • 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.

  • 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

  • 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?

  • 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.

  • 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.

  • 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.

  • http://www.timothysykes.com timothysykes

    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

  • http://www.timothysykes.com timothysykes

    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?

  • 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

  • Dan

    HTOG.OB esay 100% coming

  • http://www.timothysykes.com timothysykes

    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

  • http://www.timothysykes.com timothysykes

    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

    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

  • 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.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

    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

  • http://www.timothysykes.com timothysykes

    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

  • http://www.timothysykes.com timothysykes

    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

    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

  • 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.

  • 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.

  • http://www.investorslive.com investorslive

    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

  • http://www.investorslive.com investorslive

    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.

  • 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.

  • 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.

  • 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!?!

  • 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.

  • 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

  • TomT

    let see if REDF can crash today.. lol

  • http://www.timothysykes.com timothysykes
  • http://www.timothysykes.com timothysykes
  • hacker2005xp

    Just finished reading this awesome book! And now it’s nr.1 on my shelf! strongly recommed it to all!

  • 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.

  • 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.

  • http://www.timothysykes.com timothysykes

    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

  • http://www.timothysykes.com timothysykes

    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

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  • Jerry Zoom

    htog.ob up more than 100% today it was a nice cup and handle break out

  • 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.

  • 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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