Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications Hardcover – Jan 1 1999
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About the Author
Murphy is a professor of English at Brigham Young University.
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Top Customer Reviews
In the past 2 decades, many on Wall Street have come to believe that technical analysis of stock charts is one of those tools. Having worked in the financial services markets since 1987, I do believe that technical analysis can be a helpful tool. And if you are looking for a definitive source of TA, then look no further.
Technical Analysis of the Financial Markets by John Murphy covers all the basic aspects of TA: philosophy, chart construction, fundamental vs. technical analysis, trends, major technical pattern recognition, moving averages, oscillators, times cycles, computer trading systems and much more. He also covers different methods of charting, including bar, point and figure and candlestick (be aware that most of the analysis techniques he presents apply to bar charting, not PnF or candlestick).
What I like most about the book is that it written clearly, simply and logically. It uses many graphical examples that SHOWS the reader what to look for. It does not rage on about the merits of TA (which many investors feel is complete hooey) but how to apply basic (and sophisticated) TA techniques. I use TA frequently in my business and find that it helps me manage my client's portfolios more effectively, especially when it comes to SELLING a position, whether to lock-in gains or limit losses.
If you are a TA convert, or if you have an interest in learning more about it, this book is a useful guide and should be purchased. Today, it remains one of the few investment reference books that I keep in my office.
As someone who basically introduced intermarket analysis to the broad technical analysis community, John has watched markets move one another since the late 1970s and documented the whys and whatfores and then carefully recorded his thoughts for the benefit of the rest of us.
Technical Analysis of the Financial Markets is without a doubt one of the best introductions and general discussions of technical analysis on the market today. It has been recognized by the Market Technicians Association and International Federation of Technical Analysts as such and is required reading for both the Chartered Market Technicians designation from the MTA and the Diploma of International Technical Analysis by IFTA. In fact, their required reading lists are great places to get ideas on which books the professionals are reading!
But it is a book that is not only for those new to trading and technical analysis. It is for everyone and anyone dedicated to improving their investment or trading returns by getting the right information direct from the source. It is a book I have read multiple times and will read again this year.Read more ›
There is some criticism that the question of 'does technical analysis work' is not answered. This is true, and i'm thankful for it; rehashing age old arguments isn't fit for a book of this nature. Most of the evidence suggests technically based methods are about the same as market returns -- but with significantly less volatility. That is, on a risk adjusted basis, they outperform.
This is a recommended book to start your learning process. Not all of it is good, and it should not be taken on face value, but a basic understanding of TA can be very useful. I'd read this after you read a Tharp or Elder, as Murphy does not deal too extensively with risk management, except in very general ways near the end of the book.
If insiders, funds, analysts, or pro-traders are trying to get in or out of a stock, their trading agenda has an affect on the volume, price, open and close. These trades expose patterns which are logged and computed in different ways by the various indicators. This in turn affects the direction and signals given by those indicators. In other words you are analyzing the past to gain a perspective on the future.
TA used with fundamental knowledge of a company or industry can lead to better timed and more profitable trades. There is a lot to learn and the learning never stops. Indicators respond differently in rising markets than they do in falling markets or sideways volatile markets.
Nothing is ever guaranteed, but with this book you can learn what the charts are saying and that may help you to become a more profitable trader/investor.
Most recent customer reviews
Easy read for beginners, would recommend it for those new to trading.Published 1 month ago by C. Heslep
This book is a must for anyone that wants to begin to learn the art and science of technical analysis. Read morePublished 3 months ago by Ajbinder Sull
Fantastic book to guide you in the financial market. I had an older version in other language, so now I have a latest version.Published 5 months ago by Amy
After having read a number of books dedicated to ''Techincal Analysis (TA)'', this is the one I would strongly recommend as a first read. Read morePublished 16 months ago by Pierre LeBlanc
They weren't wrong. If you own only one book on TA, it should be this one. Critical material for any investor's bookshelf.Published on May 6 2014 by R Freeman
This is a good book for stock market beginners. It explains the basics of stock market investing, how to identify trends, support lines etc. Read morePublished on Aug. 7 2013 by FABs
Yes, I agree with many of the comments below; this book, and the workbook that is usually attached as a set, serve as one of the best introductions to the study of technical... Read morePublished on April 24 2009 by James DiCenzo
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