Readers reviews of
The Secret of Candlestick Charting
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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.
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. Im off to buy The Secret of Writing
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