(NOTE: This book should be read together with these other books:
in that precise order, all by Vladimir Poltoratskiy. The one your viewing now is the fourth of the series. The first three introduce the strategy for the 1 hour charts; the fourth adapts the strategy for the 5 minute charts. Of course you can only read one of them to have a taste of the ST Patterns strategy, but in order to successfully apply it to the real world, I think you’re gonna need to eventually read his other books. That’s why the following review applies to the four books, because I think they conform a whole.)
The first time I read these books I hated the books and the author :). In my opinion, the biggest critique that can be done to these three books is the barrier of language. Sometimes, I don’t completely understand what he’s trying to say. (My native language is not English either, but I think I have a good reading level). Having said that, even from the first read, I knew there was something important to these books. Otherwise, I wouldn’t have read them three or four times each, highlighting and taking notes. Well, after studying thoroughly his books, my view has completely changed. Now I see that this trading strategy, despite its complexity, is pretty well explained by the author and is exactly what I was looking for: a complete set of objective instructions to open, manage and close trades without second guessing, without the subjectivity found in other strategies. Furthermore, Mr. Poltoratskiy has been really helpful and kindly answered each and every question I had (no less than three different emails). He even replied to my emails on the same day.
The strategy revolves around the formation of corridors on the trading chart. From the different levels of those corridors, you open, manage and close your positions. Those formations develop different kinds of patterns on the chart, and that can become somewhat complicated. I won’t lie, I don’t think this strategy is the best one for the complete novice. However, I am pretty much a beginner in trading and I think I have achieved a decent grasp of this strategy. But, to achieve that goal I’ve needed to study these books for three weeks or more. They are short, yes, but they are dense too. You can clearly see all the work the author has put on them. So, if you are comitted and put the hours you can master this strategy too.
To be fair, I still haven’t tested sufficiently the strategy. The little backtesting and demo trading I have done so far seems promising, though.
What can be improved by the author? If I was the author, I would do two things: first, I would find an expert Russian-English translator and would rewrite some passages of the books. They are completely understandable, but the language can be polished up and clarified in some passages. And second, I would collect all three books in just one. One complete, unified, structured, 150-200 page book where you can find the complete strategy. Even if he charged $40-50, it would be worth it.
This fourth book adapts the main strategy to the 5 minute charts, which allows you to apply this strategy to intraday trading. The results claimed by the author are astonishing. My little experience with the strategy is confirming his claims. Let's see how it goes from here.
(reviewed 7 days after purchase)