Charles Kirkpatrick II, CMT, and Julie Dahlquist, Ph.D., the authors, have decades of experience in using and/or teaching technical analysis on the college level.Their subject mastery is apparent in this well-written all-inclusive textbook , which is clearly and logically written.Each chapter builds on the knowledge learned in prior chapters. In addition, there is an extensive 18-page bibliography.This 672-page 23-chapter book is written in a college textbook style.For example, each chapter begins with a handful of objectives, followed by the subject matter including large easy-to-read charts and tables (many created using TradeStation charts and data from Ned Davis Research, Inc.), and ends with a conclusion section, as well as review questions.
In the introduction to the subject, the authors review the history of technical analysis, as well as the importance of trends, and the controversy surrounding the validity of the random walk hypothesis and the efficient market hypothesis.Next, the focus is on market indicators (Dow theory, market sentiment, market breadth indicators (ARMS Index, 90% down days, new highs and new lows, and percent of stocks above their 10 and 30 dmas), cycles and patterns, and fund flows into the market.Also reviewed are breakouts, stop placements, retracements, and moving averages.
There is an extensive review of chart construction, chart pattern analysis and trend confirmation using bar charts, candlesticks, and point-and-figure charts.Also covered is a discussion on cycles, Elliott wave, Fibonacci and Gann.Furthermore, there is a discussion of trading and investing and market and issue selection.A chapter on system design and testing, and money and risk management provides additional insight into the subject.
The knowledge imparted by this book can benefit financial professionals, individual investors, college students; financial journalists who want to learn the key concepts of technical analysis, and other interested parties. In addition, this book can also be used as a study guide for the Certified Market Technician (CMT) designation.
This book is substantial in content and a welcome addition to the field.Those wishing to increase their technical analysis knowledge even further, can read books by John Murphy, Greg Morris, Thomas Dorsey, Martin Pring, Steve Nison, and of course the joint work of Robert Edwards andJohn Magee.
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