Markets in Profile: Profiting from the Auction Process / Edition 1

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Overview

Fifteen years since publishing Mind over Markets—their seminalwork on markets and investor behavior—Dalton, Jones, andDalton have greatly expanded their scope, delving deeply into theways in which the auction process reveals the actions of allinvestor time frames. They believe that by understanding timeframebehavior through developing market structure, it is possible toidentify asymmetric opportunities that can ameliorate risk and helpensure financial dominance.

This book is a bold call to action for all investors—fromday traders through the longest-term individual investors, totraditional asset managers and hedge funds that control trillionsof dollars. It challenges serious traders, investors, andresearchers to reach beyond price-based market analysis andtraditional fundamental research for a more contextual approach . .. an approach that translates the principles of behavioral financeinto actionable reality by examining the relationship betweenprice, time, and volume.

The authors take a profoundly different approach toward thetraditional separation between day, short-, intermediate-, andlong-term investors, pointing out that even the longest-termprofessional investor is a day trader on the day they enter, exit,trim, or add to a position. Lead author Jim Dalton and coauthorEric Jones—having been heavily involved in selecting hedgefunds and traditional managers for a leading Wall Street financialservices firm—can attest to the importance of each basis pointof performance in a world where one quarter's results can triggerfinancial triumph or a quick exodus.

In May of 2006, two months before the book was to be deliveredto the publisher, the U.S. stock market broke eight percent in amatter of days—sending investors and the media into atailspin. The authors saw this as an opportunity to demonstratetheir theories in real-time, as opposed to cherry-pickinghistorical events that supported their claims. The event unfolds inChapter 6 and the authors offer sound advice and strategies on howto navigate market activity yet to unfold. The results aresummarized in the Appendix, which was written after the book wassubmitted to the publisher. You be the judge.

Filled with in-depth insight and expert advice, Markets inProfile teaches you the market's basic auction process, redefineshow to view and conduct research, separates the markets intodifferent time frames, illustrates the importance of inventoryimbalances, and, in sum, demystifies market behavior by showing youhow to organize the market's auction process in a scientific,systematic way.

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Product Details

  • ISBN-13: 9780470039090
  • Publisher: Wiley
  • Publication date: 2/9/2007
  • Series: Wiley Trading Series , #278
  • Edition number: 1
  • Pages: 224
  • Sales rank: 549,202
  • Product dimensions: 6.46 (w) x 9.09 (h) x 0.88 (d)

Meet the Author

JAMES F. DALTON has been a pioneer in the popularization ofthe Market Profile, a unique method of identifyingtrading/investment opportunities. Most recently, Mr. Dalton wasdirector of research for managed accounts at UBS FinancialServices. He began his career in the investment industry as abroker with Merrill Lynch and Shearson Lehman.

ROBERT BEVAN DALTON is a freelance writer and creativedirector for a variety of agencies, organizations, and nonprofitsin the great northwest.

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

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Table of Contents

Preface.

Acknowledgments.

CHAPTER 1 The Only Constant.

The Creation of ERISA.

The Rise and Fall of Relative Performance.

The Fall of the Great Bull.

The Rise of Absolute Return.

Succeeding in an Absolute Return Market Environment.

Pure, Unbaised Information.

People Change Markets, Markets Change People.

CHAPTER 2 Information.

Fundamental Information.

Rational or Irrational?

Market-Generated Information.

The Auctions.

Fair Value.

Market Profile Fundamentals.

Authors’ Note.

Demystifying Market Behavior.

CHAPTER 3 Timeframes.

Breaking Down Market Timeframes.

Scalper.

Day Trader.

Short-Term Traders.

Intermediate Traders/Investors.

Long-Term Investors.

Your Timeframe Is your Strategy Cornerstone.

CHAPTER 4 Auctions and Indicators.

The Search for Value.

Concept Review.

Key Market-Generated Indicators.

Perfecting the Art of Visualization.

CHAPTER 5 Long-Term Auctions.

Auctions in Action.

The Compound-Auction Process.

The EBB and Flow of Balance.

Where Do Trends End and Brackets Begin?

Clarity in the Maelstrom.

The Big Picture.

Asymmetric Opportunities and Risk.

Long-Term Strategy Development.

Assembling the Big Picture: Context within Context.

CHAPTER 6 Intermediate-Term Auctions.

Convergence and the Bracketing Process.

Defining the Intermediate Term.

The Transition from Bracket to Trends.

The Transition from Trend to Bracket.

The Convergence of Intellect and Emotion.

Accelerate the Learning Process.

Prelude to a Sea Change.

Hear the Bells A-Ringing.

Countertrend Auctions.

The Quest to Do Better than "Normal."

Oh, the Difference a Few Points Makes.

CHAPTER 7 Short-Term Trading.

Analyzing Short-Term Markets.

Common Mind Traps.

When and Where to Look for Short-Term Trades.

Opportunities Around Intermediate-Term Brackets.

Technical Indicators.

Your Own Worst Enemy: Your Brain.

Seeking the "Exceptionally Tasty Patterns."

All Prices and Opportunities Are Not Equal.

Ongoing Forensic Investigation.

Looking for the All-Important Reference Points.

Never Be a Laggard.

A Golden Opportunity.

Fade the Extremes, Go with Breakouts.

"The Expert Reasons Contextually."

CHAPTER 8 Day Trading Is for Everyone.

What’s a Day Trader to Do?

What You Don’t Do May Be More Important than What YouDo.

The Real World in Action.

Top Down.

Lack of Conviction.

Flight to Safety.

Inventory Imbalances.

Correction of Inventory Imbalances.

Trend Traders’ Trap.

Market Condition.

Yesterday’s Trade.

Example 1.

Example 2.

Example 3.

Trader Checklist.

The Market Is Open.

Open-Drive.

Open-Test-Drive.

Open-Rejection-Reverse.

Open-Auction.

Day Trader’s Checklist.

Example 1.

Example 2.

Example 3.

Practice, Practice, Practice.

CHAPTER 9 Profiting from Market-GeneratedInformation.

Timeframe Diversification.

The New Paradigm.

Appendix A: Market Update.

About the Authors.

Index.

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