It is about business strategies for underdog, for which it carries substance for beginner traders who want to become successful in trading one day because retail traders are the underdogs in the game of financial markets.
Ms. Smeets’ great presentation of scientists and media mistakes of mixing up correlation with causality. It is what I warned traders and quants to-be all the time – if you do not know what causes the correlations, expect the statistical biases may disappear fasting than you think.
The book addresses Forex exclusively. While he claims that the methods “are applicable to all markets,” I disagree. Markets have some general similarities, but they also have prominent differences. I think his methods would work on the S&P, but they almost certainly work better on Forex which I don’t trade. I nevertheless recommend this book for a serious trader’s library, although not as heartily as I had originally thought.
Understanding Price Action: Practical Analysis of the 5-Minute Time Frame
Written by Bob Volman
Light Tower Publishing, 2014.