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Non-Tech : Technical Analysis a la Edwards and Magee
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To: Jim Roof who wrote ()3/21/1998 8:35:00 PM
From: NW_Trader   of 40
 
Jim:

Thanks for starting this thread.

A good foundation in reading charts is essential for TA, however IMO too many are enamored with the gee-whiz, zip-bang of indicators (especially now with desk top computers that can instantly draw more indicators than you could hand plot in a week) and seduced by trying to find a holy grail that will produce riches without thought or risk. Like you, I bought E & M some time ago and have read and reread it.

Another companion volume on my desk is J. Murphy's TA of the Futures Markets. If you've not read it, don't avoid it because of the title thinking that it's a book on trading futures contracts. Like E & M, Murphy's tome is a seminal work on chart analysis and also includes P&F charting, and some indicators. Don't get me wrong; I have a use in my toolbox for various indicators to quickly "see" stock action. But as price (high, low, open, close) and volume are the foundations for indicators, being able to read charts directly is more "real time" like you said.

I've yet to really get into candlesticks and keep meaning to read Nison's books - perhaps on my next vacation from trading. Meanwhile, I'll try to contribute here from time to time. How do you want this thread to develop? Discussion of stocks to go long or short on based on their chart patterns? Do you use MS or WoW or TC 2000 or some other charting software? ( I use WoW.) Developing scans based on chart patterns would be of interest, though there are several threads for the specific software and for indicators already.

Again, thanks and let's see where this goes.

Peace and Justice --- Patrick
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