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Markets in Profile: Profiting from the Auction Process [Hardback]

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  • Formāts: Hardback, 224 pages, height x width x depth: 231x163x22 mm, weight: 402 g, Drawings: 5 B&W, 0 Color; Screen captures: 77 B&W, 0 Color
  • Sērija : Wiley Trading
  • Izdošanas datums: 06-Mar-2007
  • Izdevniecība: John Wiley & Sons Inc
  • ISBN-10: 0470039094
  • ISBN-13: 9780470039090
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  • Bibliotēkām
  • Formāts: Hardback, 224 pages, height x width x depth: 231x163x22 mm, weight: 402 g, Drawings: 5 B&W, 0 Color; Screen captures: 77 B&W, 0 Color
  • Sērija : Wiley Trading
  • Izdošanas datums: 06-Mar-2007
  • Izdevniecība: John Wiley & Sons Inc
  • ISBN-10: 0470039094
  • ISBN-13: 9780470039090
Citas grāmatas par šo tēmu:
Markets in Profile explores the confluence of three disparate philosophical frameworks: the Market Profile, behavioral finance, and neuroeconomics in order to present a unified theory of how markets work. The Market Profile is an ever-evolving, multidimensional graphic that gives visual form to the market's continuing auction process, revealing the myriad underlying dynamics that influence market activity. Behavioral finance posits that investors are driven more by emotional factors and the subjective interpretation of minutia than by "rationality" when making investment decisions. And neuroeconomics is the study of how investor psychology permeates and affects the financial markets. Mr. Dalton explicates the ways in which irrational human behavior influences the market's natural auction process, creating frequently predictable market structure, which results in opportunities for investors to ameliorate risk. The book will improve investors ability to interpret change in markets, enabling better, more confident investment decisions.
Preface xi
Acknowledgments xix
CHAPTER 1 The Only Constant 1
The Creation of ERISA
4
The Rise and Fall of Relative Performance
4
The Fall of the Great Bull
6
The Rise of Absolute Return
7
Succeeding in an Absolute Return Market Environment
8
Pure, Unbaised Information
10
People Change Markets, Markets Change People
13
CHAPTER 2 Information 15
Fundamental Information
16
Rational or Irrational?
18
Market-Generated Information
19
The Auctions
20
Fair Value
21
Market Profile Fundamentals
22
Authors' Note
22
Demystifying Market Behavior
27
CHAPTER 3 Timeframes 29
Breaking Down Market Timeframes
31
Scalper
32
Day Trader
32
Short-Term Traders
32
Intermediate Traders/Investors
33
Long-Term Investors
35
Your Timeframe Is your Strategy Cornerstone
39
CHAPTER 4 Auctions and Indicators 41
The Search for Value
42
Concept Review
45
Key Market-Generated Indicators
48
Perfecting the Art of Visualization
56
CHAPTER 5 Long-Term Auctions 59
Auctions in Action
60
The Compound-Auction Process
61
The EBB and Flow of Balance
62
Where Do Trends End and Brackets Begin?
64
Clarity in the Maelstrom
66
The Big Picture
68
Asymmetric Opportunities and Risk
72
Long-Term Strategy Development
74
Assembling the Big Picture: Context within Context
75
CHAPTER 6 Intermediate-Term Auctions 77
Convergence and the Bracketing Process
77
Defining the Intermediate Term
79
The Transition from Bracket to Trends
80
The Transition from Trend to Bracket
82
The Convergence of Intellect and Emotion
85
Accelerate the Learning Process
86
Prelude to a Sea Change
87
Hear the Bells A-Ringing
94
Countertrend Auctions
94
The Quest to Do Better than "Normal"
96
Oh, the Difference a Few Points Makes
97
CHAPTER 7 Short-Term Trading 99
Analyzing Short-Term Markets
101
Common Mind Traps
104
When and Where to Look for Short-Term Trades
105
Opportunities Around Intermediate-Term Brackets
106
Technical Indicators
106
Your Own Worst Enemy: Your Brain
110
Seeking the "Exceptionally Tasty Patterns"
112
All Prices and Opportunities Are Not Equal
116
Ongoing Forensic Investigation
121
Looking for the All-Important Reference Points
124
Never Bea Laggard
129
A Golden Opportunity
130
Fade the Extremes, Go with Breakouts
132
"The Expert Reasons Contextually"
137
CHAPTER 8 Day Trading Is for Everyone 141
What's a Day Trader to Do?
142
What You Don't Do May Be More Important than What You Do
145
The Real World in Action
146
Top Down
152
Lack of Conviction
152
Flight to Safety
153
Inventory Imbalances
154
Correction of Inventory Imbalances
155
Trend Traders' Trap
157
Market Condition
158
Yesterday's Trade
162
Example 1
162
Example 2
165
Example 3
167
Trader Checklist
170
The Market Is Open
171
Open-Drive
171
Open-Test-Drive
175
Open-Rejection-Reverse
178
Open-Auction
181
Day Trader's Checklist
181
Example 1
183
Example 2
185
Example 3
188
Practice, Practice, Practice
190
CHAPTER 9 Profiting from Market-Generated Information 193
Timeframe Diversification
194
The New Paradigm
196
Appendix A: Market Update 199
About the Authors 201
Index 203


JAMES F. DALTON has been a pioneer in the popularization of the Market Profile, a unique method of identifying trading/investment opportunities. Most recently, Mr. Dalton was director of research for managed accounts at UBS Financial Services. He began his career in the investment industry as a broker with Merrill Lynch and Shearson Lehman. ROBERT BEVAN DALTON is a freelance writer and creative director for a variety of agencies, organizations, and nonprofits in the great northwest.

ERIC T. JONES has observed markets and investors throughout his twenty-three years of developing investment products and leading investment manager research teams.