Magazine article Modern Trader

Sniper Trading: Essential Money-Making Secrets for Trading Stocks, Options and Futures

Magazine article Modern Trader

Sniper Trading: Essential Money-Making Secrets for Trading Stocks, Options and Futures

Article excerpt

Sniper Trading: Essential Money-Making Secrets for Trading Stocks, Options and Futures

By George Angell John Wiley & Sons Inc. New York (2002) 242 pages, $40

Reviewed by Leslie N. Masonson

Trading is a hard way to make a living, but thanks to Sniper Trading, new and experienced traders can put the odds in their favor. In the past few years, I've read more than 100 trading-related books, and this is one of the top 10 from the standpoint of content and usefulness.

Sniper Trading contains five information-packed chapters that spell out Angell's trading, philosophy and approach. Angell first reviews the basics of trading including what floor brokers know, limit and stop orders and the importance of understanding market patterns. Angell writes that a trader probably will not succeed unless he understands three market patterns:

1. Time and price - patterns repeat in time frames and magnitudes.

2. Support and resistance - buy and sell zones created by prices that rise and fall to specific levels.

3. Day of the week - specific days have particular intraday patterns that need to be understood.

The heart of the book (50%) covers these market patterns. Angell gives 17 rules for using time and price patterns, providing one-, five-, 10and 15-minute S&P 500 stock index futures charts pinpointing retracement levels, equilibrium points (momentary resting points) between the first and second leg moves and projected price targets. Angell shows how to calculate the second leg in time based on the length of the first leg of the move as well as how to determine the buy and sell point near the equilibrium point. U.S. Treasury bond five- and 15-minute charts also are provided. The charts cover three-fourths of a page and are easy to read; 27 candlestick charts in the chapter make sure the reader understands the key points.

For the second pattern, Angell provides four key calculations and how to use them to determine support and resistance levels. The key numbers include rally number, decline number, buying-high number and buying-under number. …

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