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Technical Analysis of Stock Trends: 9th edition Hardcover – Apr 11 2007


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Product Details

  • Hardcover: 832 pages
  • Publisher: AMACOM; 1 edition (April 11 2007)
  • Language: English
  • ISBN-10: 0814408648
  • ISBN-13: 978-0814408643
  • Product Dimensions: 24.1 x 16.7 x 4.6 cm
  • Shipping Weight: 1.4 Kg
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Bestsellers Rank: #278,640 in Books (See Top 100 in Books)
  • See Complete Table of Contents

Product Description

Review

..".worth a space on every technican's bookshelf." -"Technically Speaking" (Market Technicians Association monthly newsletter), May 2007

About the Author

Robert D. Edwards and John Magee wrote the original edition of Technical Analysis of Stock Trends. Magee is considered the father of technical analysis, while Edwards was a pioneer in pattern formation and trend analysis. W. H. Charles Bassetti (San Geronimo, CA) is Adjunct Professor of Finance and Economics at Golden Gate University and a former executive in the options and commodities trading industries. He was both a student and client of John Magee.

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Most helpful customer reviews

Format: Hardcover
The book is brilliantly written for almost any audience.

It provides an intuitive understanding on how patterns and trends are developed.

Not only is this book any interesting read for investors looking for a competitive advantage, but it is also an interesting read from a psychology perspective.

Humans are such habit forming creatures, it is only natural to find structure in something seemly random.
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Format: Hardcover Verified Purchase
Nice book, long reading though. Excellent and useful source of information helping to better understand the psychology of the markets.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 16 reviews
41 of 43 people found the following review helpful
Not just updated, completely new and must have... April 28 2007
By Mike Carr, CMT - Published on Amazon.com
Format: Hardcover
If Edwards and Magee wrote the bible of technical analysis in 1948 when they first published "Technical Analysis of Stock Trends." then why do we need a Ninth Edition of their classic? This question was foremost in my mind as I began reading this recently released version of a book I spent many hours with as I prepared for the CMT exams. After reading all 832 pages, I realized that in many ways, the financial markets, and technical analysis, are finally maturing to the point where we can fully grasp the significance of what was first written almost sixty years ago. With a focus on pragmatic portfolio theory, editor Charles Bassetti significantly contributes to the technical analysis body of knowledge especially related to tactics, and has created a book worth a space on every technician's bookshelf.

In this edition, Bassetti delivers much more than an update - it's actually a new book. He focuses on strategies for increasing profits:

* The basics of traditional chart analysis are clearly presented, just as Robert Edwards meant for them to be. In keeping with the practice of earlier editions, Bassetti retains the original charts showing examples of patterns from the 1940s and earlier. He also includes more than two dozen new charts, demonstrating that the same old patterns still work today. The detailed discussion of the market psychology that forms these patterns may stimulate modern analysts to program the patterns.

* Adds a comprehensive explanation of Magee's "basing points" procedure for setting initial and trailing stops on any position. Bassetti adds a chapter and charts to clarify this powerful concept, which in itself is worth more than the cost of the book.

* For what may be the first time, Bassetti provides an annotated chart of the Dow, combining an in-depth discussion of Dow Theory with a visual history of the signals. We've all seen tables showing the sell signal in Oct 1929 or the buy signal in late-1990 which lasted more than seven years, but the chart erases any doubt that Dow Theory is a valuable timing tool. Creating a comprehensive source on the Dow Theory, he also includes an overview of Robert Colby's method to automate the signals.

* Provides a link to [...] which offers downloadable material that supplements the text. As one example, readers can download pdf files of the Dow Theory signals for closer examination.

* Offers new perspectives on short-term and futures trading. The extensive new material on commodity trading, including a complete trading plan, was not addressed in previous editions.

Bassetti also ensures the reader understands the similarities between Magee's Sensitivity Index and Modern Portfolio Theory's Beta; and the striking resemblance of Magee's Composite Leverage to the financial engineering concept of Value at Risk. Readers of previous editions may not have realized that Magee developed these concepts decades before Nobel Prize-winning work was undertaken in these areas. Magee wrote in the language of the trader (semi-log charts), rather than the academician and his ideas have been overlooked by economic theorists.

A classic book is one that stands the test of time. No one can argue that Technical Analysis of Stock Trends fails in this regard. Patterns that worked a hundred years ago are still found in financial markets and they still work. The forecasting ability of patterns lies in their ability to document the history of human nature, which remains unchanged over many centuries.

Another feature of classic works is a unique style. Edwards and Magee filled their work with examples - current at the time of publication. They wrote with clarity and ease of style not usually found in textbooks. Their text was a practical "how to" manual that explained the "study of the action of the market itself" in concrete terms. It appealed to those seeking the Holy Grail on Wall Street, and to those serious students of the markets seeking an edge. In this new edition, Bassetti retains all of their style and introduces his own, which in all ways is similar to the original, but with a modern edge.

Bassetti believes that Magee's concept of basing points is worth a great deal of additional study. This is one of the most significant contributions he makes to the new edition, updating this section in the tactics to ensure that all traders understand this method of stop placement. His example is clear, and the reader can instantly implement this technique, which Bassetti thinks of as one of the most valuable in the book.

Some question whether classical chart reading is still a valid discipline in an era defined by cheap data, powerful scanning and backtesting software, instantaneous execution and quantitative analysis. After reading this book, you'll be left with a deeper appreciation of the value of chart reading and will become an even stronger proponent of technical analysis in modern markets.
12 of 13 people found the following review helpful
Edwards and Magee - A classic text for the professional and novice trader alike March 10 2008
By M.M. - Published on Amazon.com
Format: Hardcover
This book has transformed the way that I think about markets more than any other. There are so many nuggets buried in this book, I read it twice and I'm currently working through some sections for a third time. The basic premise of the book is that human behavior never changes and can be discerned through careful analysis of the tape. After trading billions of dollars in energy commodities I can honestly say that I have found premise of the book to be absolutely true! For those of you in the San Francisco Bay Area, I encourage you to consider taking the summer class at Golden Gate University taught by Mr. Bassetti, which teaches students how to build trading systems around the concepts presented by Edwards and Magee.
5 of 5 people found the following review helpful
The Classic Text on Chart Reading Feb. 8 2008
By R. Rold - Published on Amazon.com
Format: Hardcover Verified Purchase
Originally published in 1948, this book is absolutely one of the greats on technical analysis (i.e., using price action, volume and time). The authors claim that all a trader really needs to know is found in the charts. Fundamentals can be tossed aside. You just need to know how to interpret what the chart is saying and then act by taking a position.

But does this approach work? This will depend on the individual. For example, you and I can trade the same stock for 3 years applying technical analysis but the end result can very well be that one of us ends up with a big profit and the other a big loss. The reason is due to the following factors: which patterns to take, the spot where you get in, how far to let a position move against you, and where to take a profit. As you can see, technical analysis is somewhat subjective.

You probably know that there are no guarantees in the trading game. And chart formations are NOT infallible. All the stuff taught in this book will short circuit at one time or another causing a loss. You could even fall into a losing streak. Thankfully, the authors give fair warning about the dangers involved. But despite the unpleasant prospects, this book remains one of the very best places to learn the theory of technical analysis of charts. I recommend going with the 4th or 5th edition, that is all you really need to capture the essence of the material, plus, you'll save yourself a few bucks.
6 of 7 people found the following review helpful
The answer you're looking for is "Yes. Buy it." July 6 2009
By John W. Davison - Published on Amazon.com
Format: Hardcover
If you're reading this then you're probably skimming the reviews of this book in order to figure out if you should buy this book. The answer is yes. From what I, as a beginner, can tell, this book seems to be exactly what the other reviewers are calling it, _the_ traders bible.

As with any bible, if you are going to take short term trading seriously, (which you most certainly should), this book should not only be read, but carefully studied, and it's teachings analyzed and followed.
3 of 3 people found the following review helpful
Trader's Bible!! May 11 2012
By Anna Reisman - Published on Amazon.com
Format: Hardcover Verified Purchase
Great Book. I learned to hand chart over 40 yrears ago using this book as a reference. Teaches technical analysis to traders. This is my 3rd copy (I loan it out too much). At the age of 78 I still enjoy reviewing the subject matter!


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