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Technical Analysis of Stock Trends
St Lucie Press (
January, 1998 )
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Grandpa is still my hero  |
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Technical Analysis of Stock Trends was a revolutionary book when it was first published. It was the first comprehensive work on technical analysis, at a time when technical analysis was considered an abstract art rather than a true science. It is so complete in its descriptions of the markets and how to trade them, that it has survived the greatest test of the literary world - time. It is without peer when described as the Bible of Technical Analysis. Anyone who is interested in market history, or the history of technical analysis, should read this amazing work. And anyone who is considering studying technical analysis or actually trading using TA, is also highly encouraged to not just read, but devour, this book. Now, Darwin was known for describing the process of evolution, and his attention would have been greatly stimulated by the world of technical analysis. This book was the first, but by no means the last. Mr. Murphys Technical Analysis of the Futures Market and Mr. Schwagers Complete Guide to the Futures Market are powerful additions to the rishness and wealth of information in the world of TA. But there can only be one original, one foundation, and that classic epic title belongs to Edwards & Magee.
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Still the classic |
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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, Heraclituss 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 Magees 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 1940s; 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 books key principles. Those interested in applying technical analysis to the future markets should also consider Jack Schwagers recent guide to technical analysis. It would seem impossible, though, that those still interested in trading stocks technically could avoid reading Edwardss and Magees useful volume, a guide that remains a constant in a world of change.
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The most orthdox princples in technical analysis |
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This is a painstaking research written by academics from New York Institute of Finance. The techniques discussed are objective, scientific and reliable provided that you are aware of the limitations. Unlike other books in this field, this book is more suitable for medium term investors, at least a few months.
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