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Readers reviews of The Secret of Candlestick Charting

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Daryl Guppy

This is without a doubt the best Australian book on candlestick charting. It brings together the work of Steve Nison and Greg Morris and shows how it is applied in the Australian market. Instead of a mind numbing array of candlestick patterns Louise concentrates on the major patterns and formations which have provided consistent success in Australian markets.

 

She also details how she combines  these analysis techniques with other indicators and technical approaches. This adds to the analysis of trading opportunities, and provides a means of verification. The same combination of classic candlestick charting and modern technical analysis is used to manage the trades.

 

The book shows when to most effectively apply candlestick analysis, and when it is less useful. This is valuable because few techniques work consistently in all market conditions. Knowing when to apply them, and when not to, gives the trader an important edge. This is a very practical book on this specialist charting technique.

 

Claire Pontin

This is a very readable and informative book providing information on common candlestick patterns found in Australian stock charts. It is more than this, though.

 

Ms Bedford provides insight into the trading psychology behind the patterns in question — no doubt, a result of her experience in trading the Australian markets and her tertiary qualifications in psychology. Trading psychology is one of the three pillars to success in technical trading and this book provides some good grounding in market psychology for the novice and intermediate trader. It is refreshing to read an author who does not treat the chart pattern as the be all and end all — the pattern is a key to understanding market psychology.

 

Her explanation of the patterns is lucid and presented in a logical easy-to follow sequence, building from single-line patterns to two- and three-line patterns. She compares candlestick patterns to western bar chart patterns. Important trading concepts such as support and resistance, moving averages, trend lines, momentum indicators and breakouts are combined with candlestick analysis to provide some powerful clues for improving your trading performance. The final chapters bring it all together into some simple but effective trading strategies and seven golden rules. Buy it for this alone.

 

There is an awful lot of very sound practical advice jam-packed into this slim volume. I’m off to buy The Secret of Writing Options.

 

 

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