Best book on technical analysis for beginners

Discussion in 'Technical Analysis' started by roniy1985, Feb 27, 2012.

  1. From the guy who hired and helped others to help starving people.
     
    #31     Mar 2, 2012
  2. look, you said the "eyeball strategy" was a crapshoot....but that's how it's done. There are no hard and fast rules. It takes thousands of hours to get it. Think of the old pit traders you read stories of. They would see, hear and smell fear and greed around them all day. When it was time to act, the best just knew it and did what they had to do. It's no different with a computer, you watch the numbers/the charts/whatever and if your good you just know when you have to act.
     
    #32     Mar 2, 2012
  3. bizhobby

    bizhobby

    Bill, don't you think price action patterns would be of much greater value if you apply an estimate of their probability in the current market conditions?
     
    #33     Mar 3, 2012

  4. Damn, my cover has been blown.
     
    #34     Mar 3, 2012
  5. Price action is a farse because no matter what plots anything can happen.

    Everything fails and works so much its almost like random.

    In fact, it also chops a great deal, which adds to the trader damage, the end result is horrible, except the gurus post their history charts making it look simple.
     
    #35     Mar 3, 2012
  6. The HFT I used to know made average >$30,000 per day. His ROI was in the thousands of percent per year. Then, other automated trading systems caught up with him. His profits fell, then his firm stopped trading.
     
    #36     Mar 3, 2012
  7. I'll add to this.

    If you see a double bottom fade it, has a better chance of breaking, thats how useful this "price action" is. The more I study the more convinced I am, that most double bottoms break and most double tops end the same.

    Just try to shoot in favor of the trend, very important, because whatever is going higher has a greater chance of going higher, and vice versa
     
    #37     Mar 3, 2012
  8. Here is my bookmarks , they are far better than reading any book IMHO.No book will cover so much.It is about the realities of trading.

    Enjoy.
     
    #38     Mar 4, 2012
  9. Tech analysis of financial markets my J. Murphy.

    Honestly, investopedia will tell you all this stuff for free. It's all the same information.

    How many ways can you describe a rising/falling wedge?..how many different ways can you describe a flag, pennant, or triangle pattern?...

    You don't need to spend money bro.
     
    #39     Mar 4, 2012
  10. xiaodre

    xiaodre

    I read the Dormier book. It's not good. It's not specific enough. His overarching theme seems like common sense, which is basically - big money players cannot hide their volume tracks, but there are serious issues with the way he tries to interpret those volume tracks.

    I could go into way too much detail ripping his theory apart on specific pages where I took issue with him, but it would be a waste of my time. If you want to read the book, I encourage you to do that, but check it out from the library, or download the pdf if there is one. But don't buy it.
     
    #40     Mar 4, 2012