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A Complete Guide to Trading Profits
Item Number: 38
Author(s):
Synopsis: This is a superb book on charting principles, chart analysis, and the application of trading tactics to charts. It is the only text which discusses the blending of fundamental analysis with chart analysis, and for this reason alone is a valuable addition to every chart traders collection of literature. Description: The sections on high velocity stocks and on the art of trading breakouts are especially noteworthy. This book was one of Edward Dobson's favorites when he first read it around 1970. When it later went out of print, he felt it would be a shame for it to remain unavailable to the trading public. Traders Press has secured the right to reprint this valuable gem on charting. It is bargain priced, and a mandatory addition to your charting library. Table of ContentsSECTION I THE GROUNDWORK 1. Introduction 3 SECTION II CHART ANALYSIS 4. Getting The Message 35 SECTION III TRADING TACTICS 10. The Best of All Possible Worlds 117 Book Review:
This
is a marvelous book for new investors and traders in stocks. It provides
exceptionally well written and easy to understand coverage of the
theory and practice of technical analysis through charting techniques.
Unlike most books on technical analysis, which totally ignore the value
of fundamental analysis and its place in investment selection and timing,
this book emphasizes and advocates an approach which blends both forms
of analysis into a unified system which combines the best features
of both. Paris defines the purpose of the book, “to convince the reader of the need for technical analysis in short term trading; second, to acquaint him with the most important principles of technical analysis and, finally, to show him how to work this new system smoothly into the fundamental approach he has probably been using, and to ultimately blend both together into a workable system of short term trading which will prepare him for any trading situation.” Paris does a thorough job of explaining the basics of technical analysis, with primary emphasis on the construction, use, and interpretation of price charts and volume. Thorough coverage is given to such areas as short selling and the use of stop and limit orders. Major emphasis is given to chart analysis, including an explanation
of support and resistance, trend lines, gaps, and reversal and consolidation
patterns. The most valuable feature of the book, in my opinion, is that
it provides extensive guidance into the practical application of the
knowledge he imparts. Instead of just describing chart patterns such
as triangles, line formations, and trend lines, Paris offers very specific
guidance on exactly how he feels the reader should time his trades. The final section on trading tactics has extensive coverage on setting price objectives, dealing with breakouts, and on how to blend fundamental and technical analysis together into a combined, systematic approach to trading and investing. Paris offers no instruction or guidance on the use of fundamental analysis and assumes the reader’s familiarity with this approach. The coverage of technical analysis does not cover such price derivative studies such as stochastics, Bollinger Bands, RSI and the like, as the book was written prior to their advent into popular usage. No alternative methods of charting such as point and figure or candlesticks are explored. The entire focus is on the construction, usage, and interpretation of standard bar charts with volume. Despite these limitations and limitations, I feel that the clarity and thoroughness of the presentation make this book an excellent choice for newer traders, and a good lead-in to more difficult and advanced books on the same subject matter, such as Edwards and Magee’s Technical Analysis of Stock Trends. |
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Alexander Paris