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Title: Technical Analysis of Stock Trends by Robert D. Edwards, John F. Magee ISBN: 0-8144-0373-5 Publisher: AMACOM Pub. Date: May, 1997 Format: Hardcover Volumes: 1 List Price(USD): $75.00 |
Average Customer Rating: 4.33 (24 reviews)
Rating: 3
Summary: Thorough, slightly boring and expensive
Comment: Edwards and Magee is considered one of the bibles of technical analysis. While it covers the basics well (head and shoulders tops, etc.), the shear number of not so well known patterns can be overwhelming. I would doubt most people could (or would) finish this book. It's more of a reference book. John Murphy's Technical Analysis of the Futures Markets is a much better choice. Murphy covers trendlines, patterns, stochastics, Elliot Wave, money management and a host of other technical topics. Don't be fooled by its title -- it's quite applicable to stocks.
Rating: 5
Summary: Still the classic
Comment: The Greek philosopher Heraclitus once observed that it is impossible to step in the same river twice. By that statement he meant, seemingly, that everything is in a state of change. Hence, if Greg Louganis decided to jump off a diving board into the Mississippi River, he would never be able to plunge into the same water molecules more than once. By the time he attempted his second jump, the water which gave way during his first dive would be a long way down the river on its route toward the Gulf of Mexico. Accordingly, Heraclitus's analogy, one could argue, is applicable to the study of securities markets: although companies have traded their stock on exchanges for decades, even centuries, the stock markets themselves are always in flux because participants--investors, as well as the companies themselves--are constantly leaving and entering the game. Robert Edwards' and John Magee's classic TECHNICAL ANALYSIS OF STOCK TRENDS was written fifty years ago, long before such hallowed American companies as Microsoft, Dell, or Cisco Systems were in existence. Although the stock markets are indeed "rivers of change," it is clear that this book remains the standard guide for investors and traders who believe that technical analysis is an effective approach to predicting the future behavior of stocks. Modern readers should be aware, however, that too many of the charts in the book are from obscure, even defunct, companies from the 1940's; the appendix "Updated charts through 1996" is helpful but out of place in the back of the book. These charts, rather, should be placed in the text of the book in order to illustrate the book's key principles. Those interested in applying technical analysis to the future markets should also consider Jack Schwager's recent guide to technical analysis. It would seem impossible, though, that those still interested in trading stocks technically could avoid reading Edwards's and Magee's useful volume, a guide that remains a constant in a world of change.
Rating: 2
Summary: Definitely a classic, but not one in the top "buy" list
Comment: Written in the 20's, this book is at least five decades ahead of its time, discussing detailedly about Dow Theory, chart patterns, volume, support and resistance etc in the demand and supply context, at a time whilst most people focused solely on company/accounting data specific fundamental analysis. However, though market psychology doesnt change, technology and the speed and means of information distribution do, leading to shorter business cycles and thus trends, inevitably attacking the weakest link of the Dow Theory which is that confirmation of the primary and long term trend almost always come too late. The situation is even worse in that "traps" in trend following are so frequent in today's highly competitive market when power traders with the help of deteriatives fully exploit the stop loss orders of mass investors.
I dont mean to undermine the value of this book. Nevertheless, considering the high price of the book and the long time to read it through, there are many alternatives that cover TA wider and deeper. This book can be a very exhaustive reference book in chart patterns. It just cannot provide a compeat course on TA. The new appendix of MACD, Stochastics etc is adequate but far from sufficient. Afterall, TA is just a tool for money making. There's no point not to take a more productive route to achieve the goal.
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Title: Technical Analysis from A to Z, 2nd Edition by Steven B. Achelis ISBN: 0071363483 Publisher: McGraw-Hill Trade Pub. Date: 02 October, 2000 List Price(USD): $39.95 |
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Title: Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications by John J. Murphy ISBN: 0735200661 Publisher: Prentice Hall Press Pub. Date: 04 January, 1999 List Price(USD): $80.00 |
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Title: Reminiscences of a Stock Operator by Edwin Lefèvre, Marketplace Books ISBN: 0471059706 Publisher: John Wiley & Sons Pub. Date: 11 May, 1994 List Price(USD): $19.95 |
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Title: Japanese Candlestick Charting - Second Edition by Steve Nison ISBN: 0735201811 Publisher: Prentice Hall Press Pub. Date: 30 October, 2001 List Price(USD): $90.00 |
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Title: Trading for a Living: Psychology, Trading Tactics, Money Management by Alexander Elder ISBN: 0471592242 Publisher: John Wiley & Sons Pub. Date: 08 March, 1993 List Price(USD): $75.00 |
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