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Encyclopedia of Chart Patterns [Hardcover]

Thomas N. Bulkowski
4.2 out of 5 stars  See all reviews (28 customer reviews)

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Encyclopedia of Chart Patterns Encyclopedia of Chart Patterns 5.0 out of 5 stars (2)
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Book Description

Jan. 20 2000 Wiley Trading (Book 90)
Technical chart analysis has never been easy. It has, however, been historically successful, and well worth the added effort for dedicated investors who want to presage what a stock will do next and regularly beat the markets.

Encyclopedia of Chart Patterns represents the next step in technical analysis. This definitive text details over 50 chart patterns that signal whether a stock is in bullish, bearish, or neutral mode. It identifies each chart pattern, explains how and why each chart was formed, and where it will go next. You simply filter the information through your own trading style a nd strategy, watch for the optimal entry and exit points, and trade the market s with skill and confidence.

The step-by-step chapters in Encyclopedia of Chart Patterns reveal for each pattern:

*Results Snapshot -- At-a-glance data on chart appearance, average rise or decline, failure rate, and price prediction accuracy
* Broad introduction to the pattern Identification Guidelines
* Characteristics to look for and why
* Focus on Failures: What failed patterns look like, why they failed, and what to do
* Statistics: The numbers, and what they tell you
* Trading Tactics: Implementation strategies for maximizing profit while minimizing risk
* Sample Trade: The chart pattern in action,with hypothetical trades using real data

With the proper knowledge and understanding, chart pattern analysis can be one of today's easiest to use 'investing tools.' Encyclopedia of Chart Patterns presents the technical analysis tools, then reveals the secrets, such as average failure rates, most likely gain or loss, volume trends, and surprise findings as you use the tools to build a portfolio of wealth. Th e result is today's most valuable technical analysis reference, one that will save you critical time in identifying chart patterns and increase your likelihood of buying near the price bottom and selling near the top.


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Review

"A great achievement that fills a void for everyone who uses charts. Bulkowski has taken an intelligent and thoughtful approach to producing a practical guide to evaluating chart formations." -- Perry Kaufman, Author of Trading Systems and Methods, Third Edition

"Encyclopedia of Chart Patterns is a book I have wanted to see published for many years. It brings together the patterns found in many diverse charting methods and adds the valuable dimension of performance statistics, trading tactics, and behavioral characteristics of each pattern. It is a valuable contribution to existing literature on charting and should be considered an indispensable reference by any serious chart trader." -- Edward D. Dobson, President, Traders Press Inc

"Having worn out my 1948 first edition of Edwards and Magee's Technical Analysis of Stock Trends, I thought I knew a lot about chart patterns. Thomas Bulkowski's Encyclopedia of Chart Patterns showed me how much more there is to learn. Meticulously researched, complete, and insightful, the Encyclopedia has earned a permanent place on my trading desk as a highly valued resource." -- Thomas A. Bierovic, Manager, Strategy Testing & Development, Omega Research, Inc

"Not since Edwards and Magee has someone put together so comprehensive an assemblage of market behavior expressed graphically. That you also get a solid statistical assessment of the results of these chart formations is an unexpected and invaluable bonus. No chartist should be without this book." -- John Sweeney, Interim Editor, Technical Analysis of Stocks & Commodities

From the Inside Flap

Technical chart analysis has never been easy. It has, however, been historically successful-and well worth the added effort-for dedicated investors who want to presage what a stock will do next and regularly beat the markets. Encyclopedia of Chart Patterns represents the next step in technical analysis. This definitive text details over 50 chart patterns that signal whether a stock is in bullish, bearish, or neutral mode. It identifies each chart pattern, explains how and why each chart was formed, and where it will go next. You simply filter the information through your own trading style and strategy, watch for the optimal entry and exit points, and trade the markets with skill and confidence. The step-by-step chapters in Encyclopedia of Chart Patterns reveal for each pattern:
* Results Snapshot-At-a-glance data on chart appearance, average rise or decline, failure rate, and price prediction accuracy
* Tour-Broad introduction to the pattern
* Identification Guidelines-Characteristics to look for and why
* Focus on Failures-What failed patterns look like, why they failed, and what to do
* Statistics-The numbers and what they tell you
* Trading Tactics-Implementation strategies for maximizing profit while minimizing risk
* Sample Trade-The chart pattern in action, with hypothetical trades using real data
With the proper knowledge and understanding, chart pattern analysis can be one of today's easiest to use "investing tools." Encyclopedia of Chart Patterns presents the technical analysis tools, then reveals the secrets-such as average failure rates, most likely gain or loss, volume trends, and surprise findings-as you use the tools to build a portfolio of wealth. The result is today's most valuable technical analysis reference-one that will save you critical time in identifying chart patterns and increase your likelihood of buying near the price bottom and selling near the top.

Inside This Book (Learn More)
First Sentence
Price trend is downward, leading to the formation. Read the first page
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Concordance
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Front Cover | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

Most helpful customer reviews
2 of 2 people found the following review helpful
3.0 out of 5 stars Mark Twain said it best Jan. 29 2003
Format:Hardcover
There are many flaws to this book & most of them Bulkowski admits. The first is the sample is cherry picked based on fundamentals which TB never gives out. The second is that while TB is obviously familiar with stats (he mentions the terms freq distribution & population enough that at least a passing idea of them is true) he dwells on the sample of 500 stocks over 5 years and gives us a population of X. Well that's a bit bogus as most PATTERNS take longer than a day to create (forget this hanging man thing, it's minor) so if you average out the span of a pattern creation, which is the true size of a sample not the one day of data, that he is using. Finally this books data was from only one market, a baby bull market, whether the stats quoted would hold up in a bear or a mature bull is questionable. I for sure wouldn't be able to extrapolate that based on what's given.
I'd recommend the source instead, Edwards & Magee, Technical Analysis of Stock Trends & for those interested in indicators/gann/elliott waves, Connie Browns Aerodynamic Trading.
On the plus side, it is very complete though the kook-sounding review about trendlines and support has a point; a lot of TB's work could have been done with Fib Retracement levels. Still if you are really into patterns you cannot pass it by though realize it's a starter in your analysis not a complete foundation. The 'Sample Trade' section is a real waste; there is not enough information other than pattern formation for you to do your own analysis. If you read the Identifcation section and the first summary paragraph you probably have gotten all you need out of the 46 chapters and saved yourself a lot of time.
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2 of 2 people found the following review helpful
5.0 out of 5 stars Very indepth and good use of statistics June 18 2003
By A Customer
Format:Hardcover
As a trader myself I am always on the lookout for books and materials that do not tout get rich quick strategies. Mr. Bulkowski takes a very methodical and usefull approach in collecting many common and some exotic chart formations and then documenting how identify, trade, and ultimately reveal their statistical performances. One feature I found pricesless was the visual index in which you can match a formation visually and then figure out what it is called to read more about it. I highly recommend this book for people who are looking for a excellent chart formation book.
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3.0 out of 5 stars All his statistics are worthless April 22 2002
By A Customer
Format:Hardcover
You can't go ahead and analyze chart patterns without first looking at the trend line channel. Violation of these support and resistance are essential to chart analysis. Simply ignored in this book.
Furthermore, although his statistics is not supported by mentioning the name of the program he used. Exhaustive testing have already been done with different results than what appears in his book. For example, his method, buying at the lower right shoulder of head of shoulder formation produced the worst results, much better results where obtained waiting for the break of the neck line and the symetry of the shoulders.
Technically outdated. To say that one web site use artificial intellegence and neural network (over ten years of testing) to evaluate the quality of the trend on a scale of 1 to 6. Similar formation have different quality evaluation. For example, if you test those charts patherns in a rising trends, you will get different quality evaluation results than those in falling trend channel. That is also ignored his book. All his statistics are worthless. He should write the program that is already written on this web site ... and back test it and do neural network analysis before writing and formulating trading techniques
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5.0 out of 5 stars THE Best book on Chart Analysis Dec 12 2000
Format:Hardcover
Whether you are a novice or experienced technician, the Encyclopedia of Chart Patterns is a much needed reference.
I have read many of the "best" books on Technical Analysis, and ALL of them pass off unsubstansiated market folklore as competent, rigorous analysis. This book actually makes an attempt to prove some of its claims with evidence, making it a stand head-and-shoulders (forgive the pun) above the rest.
Bulkowski does an excellent job of describing various formations, providing performance statistics, such as percentage of correct and failing trades, average gains (or declines) and most likely gains or declines.
No book is perfect--I could think of a number of ways to improve the it: 1) some stats on inter-rater reliability--could several chartists see these formations using these rules, and do they come to the same conclusion (bullish, neutral, bearish)? 2) Do chart patterns work better on different types of stocks (large vs. small cap) or sectors 3) how important is the market (or sector) trend when evaluating a pattern? Should bearish patterns be given less weight in a rising market? Testing the patterns over several market cycles would also help. The scope for creative, individual research is endless.
I would hope this book sets a new standard in the technical analysis literature--actually trying to provide some quantitative evidence for theories.
Market technicians, who are always looking for respect from fundamentally oriented traders, should follow Bulkowski example and become more scientific in their approach.
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5.0 out of 5 stars Finally... Sept. 23 2000
Format:Hardcover
After reading Tom's article in the recent Technical Analysis of Stocks and Commodities magazine, I knew I had to see his book. Finally it seems that someone is actually testing chart patterns for success/failure rates.
While his definitions for the patterns and for the failure rates are subjective, they are at least consistent and allow for a base line for comparison with any future studies. This, in itself, sets it apart from anything previously published. With definite rules, one can't look back at a pattern in hindsight and claim something different (as is too common among chartists).
I'd still love to sit and pick his brain over some specifics, but I see it as a tremendous leap in the level of what is available on chart patterns and their predictability.
The amazingly low failure rates listed on some of the patterns are based on entry *after* a breakout of the pattern. The "too good to be true" aspect of this is then greatly tempered by the relatively great distance this puts one from the recommended "stop" levels.
It will take some testing of my own to learn what kind of "expectancy" can be dragged out of these numbers. It will also be fun to learn whether the stats hold for intraday charts.
His emphasis on the rates of "pullbacks" and "throwbacks" (and definitions of same) was a surprising and valuable bit of added information. With the right indicators, this knowledge just might find one some significantly safer entry points with closer stops.
One thing that stumps me is the absence of the opening prices on the bars of the charts. Did I detect a bias against candlesticks?
I haven't been at this long enough to have enough data to even know if this charting and technical analysis stuff can really be made to work long term, but this book should at least make it a lot more fun to find out. Sure must have been a lot of work.
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Most recent customer reviews
2.0 out of 5 stars method of trading successfully
is not found here. Wordy beyond tears. Could have easily been 100 pages instead of 600. A mere pretender to the classic by Magee and Edwards. Read more
Published on June 10 2004
1.0 out of 5 stars Verbose
This one is a comnplete snoozer-- you'll quickly realise that the author knows how to type, but does he know how to write? Read more
Published on March 29 2004 by Michael Soucie
5.0 out of 5 stars Outstanding Source of Information
This book definitely serves it's purpose. I'm not sure how anyone could give it less than 5 stars. Of those who rated it lower, they seem to want someone to give them "The Holy... Read more
Published on April 16 2003
4.0 out of 5 stars Lots of Info.
There was a lot of stuff in this book I didn't need to read, but I suppose it would help out other people. I just got it for the last 5 pages! Read more
Published on Dec 14 2002 by Scott Knudsen
5.0 out of 5 stars Absolutely, positively, essential reading.
For years the "experts" have been regurgitating the same old stuff with respect to chart patterns, "This is what a double top looks like; This is what a pennant looks like; yada... Read more
Published on Sept. 8 2001 by "msdemail"
5.0 out of 5 stars The Bible of Chart Patterns
This is the ultimate book. The chart patterns are very profitable. Use them and make real money!!
Published on June 11 2001
3.0 out of 5 stars Not sufficient testing to produce reliable trading methods
500 stock charts or 2 years are not sufficient to produce reliable trading rules. Its rather absurd. Read more
Published on April 16 2001
3.0 out of 5 stars Put it to the test, secone review
If you use Bulkowski Head and Shoulder trading tactics ( page 273) you will be disappointed. Computer testing (1968 - 1986) produced low profits of only 8. Read more
Published on March 26 2001
5.0 out of 5 stars The best book on chart patterns
All 43 chart patterns. One chapter for each type. Well organized and easy to read. Every chapter describes Upside Breakouts, Downside Breakouts, Tour, Identification Guidelines. Read more
Published on March 6 2001
5.0 out of 5 stars excellent book, the ultimate
I have been trading formation from this book and I have made a lot of money so far. I recommend this book for beginners and advanced students.
Published on Jan. 27 2001
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