"Diary of a Professional Commodity Trader" - 2nd best ever

Diary of a Professional commodity Trader - Number 2 trading book ever





All technical analysis traders have heard of Technical Analysis of Stock Trends by Edwards and Magee, and many consider it the "bible" of pattern trading.

I've been trading markets for almost 30 years and I still refer back to Edwards and Magee.
Until now I'd considered the second ranked trading book to be "Trading for a Living by  Alexander Elder, followed closely by "Reminiscences of a Stock Operator". But I've just bought myself a traders book for Christmas which I now consider sits firmly at number two.

If you trade using charts, and particularly use pattern recognition, then you must read and keep in your library,  Diary of  a Professional Commodity Trader by Peter L Brandy. It was published in 2011 but I hadn't come across it until now. I don't know Peter personally, I just commend him for what he has produced and recommend his book to serious traders.

See just some of the comments about the book below:

"We've all read about the high rollers who go boom and bust, but this book is different. Packed with straightforward prose, practical knowledge and honest counsel, Diary of a Professional Commodity Trader delivers far more than the title promises. Peter Brandt methodically explains what no one has before: how a dedicated individual can trade for a living. If that is your destination, this is your ticket. "
- Robert Prechter, Elliott Wave International


"This book is insanely great. The refreshing clarity this book brings to the table is brilliant. I think this is an amazing, excellent book, one that could help a whole new generation of traders."
-Jack Sparrow

"This is the most honest trading book of the last decade. Peter tracks recent trials and tribulations on his path to success dating back to the 1980s. He shares numerous insights into the emotional and technical challenges of trading, right down to his track record over the years. Peter candidly documents a recent trading period. His ultimate success reflects the importance of staying true to a process while still allowing flexibility to modify rules as market conditions change. Anyone desiring longevity in the business really needs to read this book."
- Linda Raschke, trader, President of LBRGroup, Inc., and co-author of the best selling book, Street Smarts-High Probability Short Term Trading Strategies.

EUR/USD long-term trend change

EUR/USD looks to have made a long-term trend change to the upside. A likely Head and shoulders bottom sets the potential for a rise to at least 1.4200. A clean upwards neckline break 3 weeks ago looks valid although the right shoulder is a little unsymmetrical in comparison to the left shoulder. A move back inside the neckline and certainly a fall below the right shoulder would invalidate the bullish view.

A pull-back to the 1.3130 to 1.3160 level is possible an would be a buying opportunity with stops below the right shoulder.

USD/JPY Bullish long-term

If you trade long-term then USD/JPY provide the opportunity 3 weeks  ago to take a bullish stance for a large upside move.

USD/JPY finally broke up through a massive head and shoulders bottom formation with a weekly close above a neckline at 83.50. This invalidated the possibility that action since early 2011 had been a triangle continuation. It coincides with the BOJ putting the money printing presses in high gear which never bodes well for a currency's value.

The minimum upside count from this formation is around 92.00. It looks due for a bit of a correction in coming weeks though with a key reversal on Friday signalling a probable short-term consolidation. A possible downside target is firstly 85.00 and at the outside 83.00 the original breakout point of the H&S. So best to wait for the consolidation to play out and wait for a breakout from that for a resumption of the bull trend.