Pattern Recognition and Trading Decisions (McGraw-Hill Trader's Edge)

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Product Description

Success in technical analysis is all about recognizing, and quickly acting on, patterns of market behavior. Pattern Recognition and Trading Decisions shows active traders how to realize when a pattern is developing, distinguish between a genuine pattern and a misleading series of events, and apply this recognition for success in specific trading situations. A how-to guide that steers clear of difficult calculations and formulas, this dynamic book--from an author tabbed "far ahead of anyone else" by technical analysis guru Martin Pring--is destined to be on the desktop of every serious technical trader.

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Pattern Recognition and Trading Decisions (McGraw-Hill Trader's Edge) Review

First, the book is mistitled. Why is a chapter of the book devoted to "Introductory Fundamental Analysis"? Unfortunately, the contents are a hodgepodge of misleading and sometimes laughable technical analysis. For example, on page 161 in the middle of the book, the author states "In an established uptrend, short-term moving averages are above long term." This is a prime example of a shockingly dumb observation, and you're already halfway through the book! The book has no coherence with brief forays into Elliott Wave, linear regression, etc. -- all ultimately unenlightening.

Here's another example of absurdity regarding a trader's portfolio. "If you are happy to rely on the ad hoc diversity that is likely to accrue anyway from having a portfolio and wish to use strategies based on "feel," then judgments about the content of a portfolio may not involve calculations." Anyone know how to program a strategy based on "feel"?

The flowchart on page 324 starts with "Trawl: look for criteria of interest; ensure that minimum acceptable criteria are satisfied. If so, continue down the flow chart." Next step: "Can the instrument be exploited for an adequate profit?" Next step: "Yes". Thanks Sherlock.

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