<s> TRADINGTHEROSS HOOK
 
by JOE ROSS 
 
 
 
Table of Contents
Table of ContentsForewordAcknowledgementsPrefaceIntroductionCaution
Chapter 1
The Path
Does This Sound Hard to Believe?The Bottom Line in TradingWhy Do You Trade?
The True Wealth PrincipleLet's Set the StageManagementCapitalization
Lot Size
Prices
Orders
Philosophy
Conclusion
Chapter 2
How It Started
1-2-3 Highs and Lows
1-2-3 Lows
The Meaning of a 1-2-3 LowThe Meaning of a 1-2-3 High1-2-3 Highs
| Discover the Hook
An Evolution
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3839Chapter 3 41 Chapter 10 119
 
 
 
 
Identifying the Ross Hook 41 Stops 119What Causes a Ross Hook? 46 Where Do You Place the Stop? 119Ross Hook Definition 49 j General Considerations 119; Specific Considerations 120Chapter 4 51 i Mechanical Systems 124: The Need for Automation 125_ Identifying the Trend 51 Placing a Loss Protection Stop 131The Rule 51 Using Natural Support and Resistance 131An Important Concept 53 i Advantages and Disadvantages of Natural Stops 134136E Chapter 5 59 139Identifying Congestion 59 Chapter 11 149Chapter 6 68 Placing Objective Stops 1497 Cost Covering Stop 149Trend Reversals 68 Small Profit Stop 150Full Profit Stop 151Chapter 7 76 Trailing Stops 151Other Considerations 156Conceptual Processes 76 Profit Objectives Using Points 156Anticipating Hooks 76 Using Fibonacci Expansion Objectives 156Anticipating Correction 79 Placing a Profit Protecting Stop 159pating Correction Length 79
pating Trend Resumption 79 Chapter 12 162
- Trading Anticipation 80 |i Filtering The Ross Hook 162; Chapter 8 87 Confirmation Filters 164: 1 Figuring Tomorrow's Typical Price In Congestion 167: The Trader's Trick 87 uring Tomorrow's Typical Price In a Trend 168Trading Cycle 99 ; Tomorrow's Typical Price In an Uptrend 1684 Tomorrow's Typical Price In a Downtrend 170Chapter 9 101 Rules 174Warning 178
Continuing Our Analysis 101 4Hooks and 1-2-3's 114 Chapter 13 189Stochastics Filtering 189
The Process 190
 330
Chapter 14 222 Chapter 22Envelope Filtering 222 A Word to the Wise 330Variations 246Moving Average Bands 246 Chapter 23 332Chapter 15 249 Anticipating Hooks 332A Neat Trick 249 Chapter 24 338Chapter 16 258 Wrap-Up 338Bollinger Bands for Filtering Hooks 258 Appendix A 342Chapter 17 279 Listing of Charts 348Vanilla Hooks 279 Index 350Chapter 18 298Fine Points 298Chapter 19 306Plain Vanilla Money, Trade, & Risk Management 306Trade Management 306Risk Management 308Money Management . 309Chapter 20 311Don't Take That Hook 311A Market Becomes Too Volatile 312When Hooks Come Too Close Together 315When Volume Dries Up 316When a Hook Is Too Far Away 319Too Long a Time Period * 322Chapter 21 326Another Kind of Filter 326
 Foreword
In the short time that | have had the pleasure of knowing JoeRoss, | have come to realize the tremendous depth of wisdom thathe possesses — not only about trading futures, but about humannature and life itself.
It is truly a pleasure to have finally met someone of hischaracter in a profession that has so often been characterized asaden of thieves. His honesty, integrity, compassion for others, andlove for his fellow man is evident in everything he says and does.
This book is just another example of that fact. The straight-forwardness and simplicity of his manner will be evident to thereader with each and every word. You, my fellow trader, will cometo truly appreciate the wealth of this man's trading talents only afteryou have demonstrated your own wisdom by applying theknowledge that he has so graciously chosen to share with us.
The impact of this book on futures trading will, in my opinion ifapplied, set a new industry standard for trading excellence. | knowthat to Joe, this book has been a labor of love. His reward, though |know he seeks none, will in all probab ity be the fact that it willmore than likely become a classic in his own time,
 
I'd like to conclude with Joe's very own words from his firstbook, Trading by the Book — "To Learn You Must Want To BeTaught.” It is my belief that if you as a trader did not want to learn,you would never have invested in this book.
Now, please, for your own sake, allow yourself to be taught.You owe it to yourself to read his words and to follow in hisfootsteps.
Good luck and good trading.
Thank you, Joe!
Dr. John J. Kozma
 
Acknowledgements
Everyone who ever sets out to write what he or she knowsis invariably indebted to those from whom he or she has
learned.
| have many students, people who have read my books andteaching letters, and people | have taught in personconcerning the subject of trading futures. Some of them,knowingly or not, have been my teachers. Although | havelearned something from virtually every student | ve met, thereare some who have been particularly encouraging and uplifting,and who have had a definite influence on my life. They are,in the order | first encountered them:
Colonel Sandy Stith, U.S. Army retiredDr. W. Edward DaltonDr. Bruce RomanMr. Richard RedmontDr. Stephen SlaughterbeckMr. Kevin D. Armstrong
All are dedicated traders. | owe each of them more thanthey can ever know.
Although not a student of mine, and myself not a studentof his (we could not be further apart in our thinking and :approach to markets), | am in debt to Mr. Joe DiNapoli for being thefirst to relieve me of the terrible burden of hand marking my dailycharts, and for introducing me to the fact that there was such a
thing as daytrading.| am very much indebted to Mr. George Damusis, whoprogrammed Market Detective, the software that forever freed mefrom the need for a charting service of any kind, and which | still usefor my end of day analysis.
| am greatly appreciative to the people at BonnevilleTelecommunications, whose live data service is excellent, and which| highly recommend to anyone requiring intraday data. To my wayof thinking, Bonneville is the best deal in town, fast, accurate, andinexpensive.
| am thankful for Mr. Howard Arrington, whose superb Ensignsoftware has served me extremely well in daytrading. Many of thecharts you see in many parts of this book were created by theEnsign program, which represents an excellence matched by fewother programs.
| am equally grateful to the people at Apex, whose AspenResearch Group and Aspen Software are responsible for many of thecharts shown. The Aspen graphics are Outstanding, and thewonderful way the Aspen software manages data is a dream cometrue.
In the twenty-third chapter of the book, you will find chartsproduced by Bob Mc Cullough's Investograph Plus Special EditionRT software. This program has features and studies not found inany other existing software. While some concepts are not shownhere, Bob's program is well worth looking into.
| also appreciate the friendship and tremendous encouragement| have received from Dr. Bruce Roman, who wrote the Preface, andwho scrupulously edited the manuscript for this book.
My gratitude would not be complete without mentioning NealArthur Muckler, who has taught me that Patience is a virtue whichhas many rewards.
Finally, | wish to thank my friend Mr. John Kozma who wrotethe Foreword to this book, and without whose incredible visualacuity and affinity for detail along with a Passionate dedication toperfection, this book would not have been possible.
 
Preface
The longer you have been trading futures, the greater will beyour capacity for appreciating this truly ground-breaking volume,Trading the Ross Hook. Why? Because you will have a/readyexperienced the utter depths of frustration, emotional as well asmonetary, attendant with ferreting out a workable, walkable path to
your futures pot of gold.
Using his discovery of the "Ross Hook" as the nucleus for histrading approach, Joe Ross goes beyond his admirable chart-readingabilities to include the pivotal, sine qua non of any successfu/business endeavor, money management.
The author has at last put meat on the bones of some of themost glibly, oft-repeated, yet never operationally-defined tradingaxioms. Most notably these include, "Cut your losses and let yourprofits run" and "Trade only with the trend.”
What you have in this book, dear reader, is a completelyintegrated trading methodology for the futures markets. Not one ortwo pieces of the puzzle, but rather the Big Picture. This allows themajority of you, for the first time, to become the artist rather than
the canvas.
| firmly believe that Trading the Ross Hook is the best bookever written on the subject of profitably trading futures. And that
includes "The Bible" (Technical Analysis of Stock Trends by Edwards
and Magee), on which I cut my own trading teeth.
There exists no better book for those who truly aspire tocomplete the metamorphosis from a futures participant to that of a
futures success.
Fortune hunters, your treasure map has arrived. ; But it remainsfor you to complete the journey. Read it, understand it and apply it.Transform those hitherto futures dreams into futures realities. And
may you never trade the same again.
Dr. Bruce W. RomanIntroduction
This book contains the ongoing conceptualization of the Rosshook.
The story of the Ross hook is an unfolding of conceptssurrounding its use. It is the evolution of a legacy. The beginningsof the hook were handed to me; | have developed it and continue todevelop it, and am now handing it to you, the reader.
The book is dedicated to a single market concept — the tradingof a price formation which has come to be known as the Ross hook.
It seems strange to write an entire book about such a simpleformation. Yet, as | endeavored to put down everything | knowabout trading Ross hooks, | realized | could never get it all in writing.There are always new ways to see things, always nuances in theways to trade.
Much of this realization has come to me as |"students trade the Ross hook.
ve watched my
How does one impart to others a lifetime of experience indealing with such a phenomenon?
| could talk and write about Ross hooks for days and weeksand never be able to impart the minutiae of detail that is involved intrading them.
Ross hooks are not an entity in and of themselves, they are anintegral part of market action. Much of what | see and act uponwhen trading them involves drawing upon many years of experiencetrading the Ross hook in relation to the overall action of the markets.
Yet, | must attempt in this book to set in stone those thingsthat | am able, so that others may benefit as | have.
My goal is to share with you what has been so profitable forme.
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Please carefully read and study the material | present here soyou can extract from it the greatest benefit Possi le. It is only withdiligent study of these concepts that you will be able to. corporatewhat | show you and make it a part of your way of trading, fitting inwith your own style and comfort level.
Surely you will find some concept sufficiently valuable forintegration into your own trading style.
Caution
Caution: There are parts of this book that are difficult tounderstand upon first reading. Itis a book meant to be studied. Theconcepts of identifying a trend and identifying congestion took manyyears to develop. Most will not be able to grasp these with just acursory reading of the text. In the past, | reserved these for myprivate seminars only. | am presenting them here in great detail for
the first time.
If you are not willing to commit yourself to diligent study of .this book, then you are wasting your time reading it. Conversely, ifyou are willing to thoroughly study what | present here, you will berichly rewarded. | have revealed more about trading in this one bookthan you will find in a dozen other books which purport to teach you
about trading.
11Chapter 1The Path
If you follow the simple path | map out in this book, you willhave in your possession a way to accumulate wealth trading in thefutures markets. You will have to work hard. However, your laborswill not be where most would expect.
When | followed this same path, | did not spend countlesshours backtesting systems. | did not spend weeks and monthspretending to trade. Instead, | spent much time, and still do, inperfecting my attitude and my approach to trading. | spent greatamounts of time in learning the discipline and self-control needed totrade realistically and profitably.
; As I've repeatedly stated in my other writings, trading is abusiness, and it must be treated and managed as a business.
By reversing the way that most traders approach their trading,| have managed to reverse the outcome. For most, their approachhas been disastrous.
How can my experiences help you?
Instead of trading with great risk, uncertainty, complexity, andconfusion in your trading, it is possible for you to begin to entertrades with a high probability for success. Mathematical, scientific,cyclical, and computerized approaches to the market are totallyunnecessary, as are those based on theory. If a high degree ofproficiency in mathematics and science were necessary to profitabletrading, there would be no way | could have accomplished a winningstrategy in the markets. The bottom line is that | am greatlydeficient in all but one of these areas, the computer, and my tradingapproach and style were developed long before | was ever able touse a computer in my trading.
 
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Winning trades can be yours, and you can consistently pilethem up if you will rigorously follow the simple, uncomplicated path
I'm going to reveal to you.
What | show will be conceptually easy. Yet it may be difficultfor you to do. I'm not going to promise that you'll have thediscipline to implement the techniques in this book, but if you dohave it or can develop it, it's hard for me to see how you can fail to
be a successful trader.
The best part is that trading can be as easy as lifting a fingerand turning off the switch of risk and uncertainty, and flicking on theswitch of simplicity and inevitable wins. The choice is yours.
You can choose to go from one complicated mathematicalconcept to another — continuing to lose as you try to force themarkets to fit into your preconceived notion of what they should orshould not do, or you can learn to simply read a market and let ittell you what it is going to do, and then go along for a profitable
journey.
Does This Sound Hard to Believe?
| assure you that what | will show in this book is totallygenuine, real and true. | have done it, and still am doing it.Others I've taught are doing it, right now, perhaps as you arereading this. It works!
The technique of the Ross hook, and the approach to tradeselection that | describe in this book, are based on sound, time-tested, fundamental rules for successful trading in the futuresmarkets. If you long for a way to simplify your trading life so thatyou can concentrate on the important jobs of taking control of yourtrading and yourself, if you want an exciting fresh start, then payclose attention to the concepts | will be revealing in this book.
If you desire to be honest with yourself, realizing that youcannot control the markets, and that when trading, the only thingyou can control is yourself, then the methods | show you w' | work
for you.
13If you want your trading to start compounding successes in asystematic, ever-growing fashion, but you recoil from risking tons ofmoney on the uncertainty and volatility of all futures markets, thenperhaps you've finally found the book you've been looking for.
If you never want to painfully look at yourself in the mirror —or confront your spouse and admit with reluctant shame, "Darling, |lost again today,” then the ins-and-outs of trading the Ross hookmay be the answer for which you've searched.
And if you hunger for the kind of money and leverage you canfind in the futures markets, yet you still want to be relatively safeand secure in how your margin account grows, then this approachwill change your life as a trader. My approach has already helpedmany of my students to become more successful. What | will beshowing you is a better, safer, more relaxed way to trade and yetstill make money in the futures markets.
This book, then, is the story of my discovery of the Ross hookand how almost anyone can achieve wonderful results trading in thefutures markets by using it properly. This book will tell you how youcan apply the marvelous concept of the Ross hook to your trading,beginning today. Along with the technique of the Ross hook, | willbe showing you numerous ways to filter your trading so that yourtrade selection will be vastly improved. Trading the Ross hook,together with fastidious trade selection, should bring a definiteimprovement in your success as a trader.
This is not a book for the raw beginner. It assumes you haveat least a basic knowledge of how to place orders, read a bar chart,and have a basic understanding of what the futures markets are, andhow and why people trade in them. It assumes you have at leastpaper traded futures, and you've seen or suffered the inevitablelosses that have been the nemesis of so many traders.
The Bottom Line in Trading
The bottom line in trading is love and hate.
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I've gone out on a limb with that statement. I've gone againstthe conventional wisdom. Although profit and loss are the financialbottom line for trading, profit and loss are not what trading is about!Profit and loss are important, but they are only secondary. They area measure of your ability as a trader, but they are not the bottom
| found out years ago that it's /ove and hate that drive thefutures markets and control your trading destiny. This will takesome explanation, so bear with me. | assure you, the rewards will
make it we// worth your while.
Why Do You Trade?
Ask yourself, "Why do | trade?"
The reason you trade is because you enjoy the results awinning trade can achieve. Wise trading can make you rich,multiplying your wealth many times greater than if you simply keepyour money in the bank, CD's, equities, or most other vehicles foraccumulating and building wealth. Let's face it, inflation and taxesconstantly gnaw at and erode your wealth. The leverage available intrading the futures markets gives your trading one of the highestprofit potentials of any money making vehicle available. The resultsof winning can be spectacular, and you love the idea and excitementof trading as well as the outcome. You thrive on the anticipation of
the "big” win.
You also like the notion that your money can work for you likea tireless machine, piling up riches day after day for as long as youtrade, making you richer and your life easier.
And while friends and relatives may lose their jobs, andprofessional and business prospects may diminish considerably, yourtrading prowess will always be there for you, an ever-loyal skill thatcan add immeasurable security and comfort to your life.
15You relish the thought that one day the yearly income you earnfrom your trading can even surpass the income you earn from yourwork which may have become tedious humdrum, and when thathappens, you will never have to work another day in your life exceptat the thing you love the most — trading. And your trading abilitywill enable you to keep on enjoying your efforts as a trader, makingthe big money so you can have the good, easy life.
Or, you may delight in the thought of enhancing yourretirement income, leisurely trading and bringing in additional fundsin the relaxed and enjoyable pastime you perceive trading to be.
You love the excitement of seeing a trade you've chosen zoomby scores of points, rolling up perhaps a year's worth of income onasingle position. Few experiences in life can surpass the thrill ofwatching your net worth soar higher so fast — and with so little
effort.
And while money certainly isn't everything, you cherish thefreedom that wealth affords — the ability to treat yourself and yourfamily to the better things of life: a fine home, a prestigious car,travel, and entertainment. You take pleasure in the thought ofbeing able to give to those in need, and to feel surrounded byfinancial security, knowing you can always afford the finest medicalcare for you and those you love, and you look forward to aretirement marked by complete financial independence so you canenjoy your restful years free of financial anxiety.
Such rich rewards make smart trading extremely important toyour future, don't they?
But following close behind your love for trading are the thingsyou dislike. You detest the risk of loss and the awful emotions thatlosses trigger. You detest the anger and self-blame you feel formaking a wrong trading decision. "How can / be so Stupid?" is atrader's most painful complaint. "When will / ever learn to do itright?" These are questions with no answers, yet will taunt youover and over again, never allowing you to forget that your hard-earned money is lost.
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You may be uncomfortable with the reality of the dozens oftrading choices all shouting out to be taken, all holding out thepromise that this is the one to take. Faced with so manypossibilities, you feel overwhelmed and certain you're not going topick the right one(s). Worse than that, you may try to take them all.
You don't like not having anyone you can really trust forobjective counsel. With brokers, you always wonder, "Are theyurging me to buy or sell for my benefit, or so they can make acommission today?" With advisers, you always wonder, “/s thisgoing to be a winning trade, or is this one a loser?" You wonder ifyou can take the heat of the adviser's stop loss, or conversely youwonder why the stop is so close to the price action, and you wouldlike to give the trade more room.
You hate the wild, unpredictable volatility of all markets. Yousometimes find yourself wasting so much mental energy wondering,"Where should | place the stop?" "Should | be increasing myposition?" "Should | move my stop now, or give this trade a littlemore room, or should | be getting out NOW/?" Those decisions arenot easily made. They make you uncomfortable. They challengeand test you, and put your trading fortitude on the line.
You sense from the depth of your soul that whatever youdecide, the market will almost certainly do exactly the opposite, as ifit takes a personal and perverse pleasure in trying to make you feellike a fool. And all this goes against the grain of an achiever likeyourself. In almost every other area of life you can feel in chargeand successfu/. But when it comes to trading, you wonder "Wilf /ever get it right? Can anyone?"
All these feelings add to your anxiety, often paralyzing yourability to reach decisions, and making trading an exasperating mix offeelings you love and feelings you hate. /s there any way out?
What if you could experience MOSTLY what you LOVE andavoid what you HATE? What if you could feel comfortable withyour trading? What if you could feel reasonably sure that the tradesyou are entering are the right ones? What if you knew where toplace your stop on every trade? What if you could pick a highpercentage of winners?
17What if you could actually achieve the dream of letting yourwinners run while keeping your losses small?
Early in my career as a trader, | realized the great emotionalstakes at risk for most traders. | decided to see if | could design apersonal approach to trading that would consistently give me onlythe experiences | covet while shielding me against the experiences |
loathe.Could it be done? How could | do it?
Actually it was simple, once | experienced a tremendouslyimportant insight.
Between the two emotions that continuously grappled for mytrading soul (my /ove of gain versus my hatred for loss), it was thehatred of loss to which | had to pay the greatest attention.
To understand why, all you have to do is realize a rule I'vecome to call...
The True Wealth Principle
This principle simply states that if you can consistently avoidlosses, you will not only feel much better, more comfortable and incontrol of your trading, but you will also automatically and inevitablygrow richer. How can it be any other way?
You see, trading money is rarely static. The money you tradewith proper selection works ceaselessly while in that trade, minuteafter minute, even overnight in some contracts, to multiply itself andmake you wealthier.
In fact, the only way you can stop money from multiplyingitself and relentlessly making you richer while in a trade, is to LOSEthat money.
Losing, invariably, is what most traders manage to do. That iswhen the entire magnificent and automatic process of buildingwealth breaks down — and it's why the majority of traders neverreally succeed at trading.
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t}i{i'{
 
So this great principle of wealth teaches that the mostimportant secret of building a trading account is to avoid Josses. Ifyou do, your money will automatically and inevitably multiply. Itcannot do anything else.
So what? You've always known that, right? But sometimesthe simplest truths are the most profound. And this truth does haveprofound implications for how you should trade, as you'll soon see.
My approach has enabled me to trade with very low risk, oftenmuch lower than you can imagine. As you'll see in the remainingpages of this book, it's an approach that raises avoidance of loss tothe highest pinnacle of decision making. It's an approach whosechief characteristic is avoidance of overtrading and an almostfanatical avoidance of loss of capital. Perhaps most surprising of all,this approach, which has kept me very safe in the markets, has alsobeen unusually profitable year in and year out.
Trading the Ross hook using the filtering processes | will showyou, accompanied by the money management techniques | use, all inconjunction with the right mental attitude, has let me experiencemostly the things | LOVE, and very little of the things | HATE. It is asafety-first style of trading that allows me to sleep comfortably.
You might be wondering, "How can this be possible? How canany style of trading give me what | love about trading and eliminatewhat | hate about it?" |'ll be sharing with you how | employ the trueprinciple of wealth to do just what I've said. Here are some of thethings you will be doing if you learn to properly trade the Ross hook:
1. You will learn to protect your capital.2. You will greatly simplify your trading life.
3. You will not keep all your money in your marginaccount.
4. You will never again have to worry about what amarket is going to do.
195. You will enter trades when they have the highestprobability of being correct. You will be eclectic inyour trading, learning to take the best of the best, andprofit by so doing.
 
6. You learn to read the market in such a way as tobe able to profit from the emotional drives of other
traders.
 
7. You will trade like the wise owner of a profitablebusiness — one who knows how to make a profit,and take it when it is available.
8. You will be able to utilize the Ross hook fordaytrading, position trading, or both. The time frameyou choose will be up to you.
Let's Set the Stage
At various points in this book | refer to the floor, operators,market movers, and insiders. By this | mean traders apart from thepublic. Insiders include floor traders, large traders, commercials, andmarket makers (operators). | always refer to the public as"outsiders." For the most part, that's you and me, and some of theprofessionals and commercials who trade off the floor.
Management
To those of you familiar with my trade, risk, and moneymanagement techniques, this section will be familiar.
This may sound strange to some, but it is my managementtechniques that have made successful most of the methods | haveused over the years.
| am an individual who thrives on variety. | become bored withtrading one method for very long periods of time. The longest | havetraded a particular method was for three years. That was at theoutset of my trading career. By the time the three years werecompleted, | was ready to go out of my mind with boredom.
pe a nr (
 
 
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Yet, during those three years, the discipline | developed bysticking to a single methodology was firmly cemented in place.Although occasionally | have strayed from that discipline, | havenever lost it. | have always been able to go back to it. My roots arefirmly grounded in it, and it has anchored my trading career to this
very day.
| have successfully traded many methods and, although themethods vary considerably one from the other, my managementtechniques have hardly changed at all since | first began trading.
| was taught to trade at least two contracts and preferablythree. The reason for this was to use one contract to cover costs,and then allow the other to ride to a reasonable profit level, if themarket would grant that.
| was taught never to try to take from the market, only toaccept what it so graciously gave me.
This differs considerably from the mind-set of most traderswho are driven by greed to seek to squeeze every last penny fromeach and every trade.
From the very beginning, | have traded no less than threecontracts. The three contract concept is as follows: One contract iscashed as soon as possible to at least cover costs. Sometimes thisproduces a small profit. Two contracts are then pulled up tobreakeven as soon as practical.
When the market yields a few more ticks, the second contractis cashed, thereby locking in some sort of profit for the tradingeffort. The third contract is held back at breakeven for as long aspossible to allow the trade the most room.
 
As profits are earned, a stop is trailed according to any one ofa number of acceptable methods. The stop is never allowed to doany worse than breakeven.
This management technique derives from a different attitudetowards the markets than is commonly taught and practiced by themajority.
21| have heard and read that a trader should learn to “love smalllosses."
Such an attitude is pure nonsense. My philosophy of trading isto learn to hate losses and reluctantly settle for break-even.
It yields a totally different result from learning to love losses.
The trader who learns to love small losses expects to get them,and so he does.
Conversely, the trader who learns to love to win, and at worstto break even, begins to manage his trades, risk, and money in such
a manner as to not lose.
There are two sides to the human brain. One side responds topositive suggestion, the other to suggestions phrased in thenegative.
A part of every trader's plan should be to program himself towin. "I will win" programs the positive side of the brain with the
mind-set needed to win.
"| will not lose" establishes the opposite