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It is difficult to decide how useful this book
is. It is certainly a good introduction for people new to the idea of technical analysis
and charting. It is a guidebook that surveys the field, with frequent references to its
big brother book, Technical Analysis of Stock Trends. In this sense it is not useful, and
disappointing. There are many sections where I felt that a few more paragraphs would have
explained the subject matter more adequately. Taking a short cut reference to the senior
edition of the book left me feeling a little cheated.
The book does not quite stand on its own feet.
It is relatively comprehensive in its coverage of basic chart patterns and some of the
more popular types of technical indicators. Comprehensive but incomplete is a better
summary as readers turn the page looking for a more complete discussion only to find a
blank page and a new, short summary chapter covering a different aspect. For instance the
Chapter enticingly titled The Magee Method is one and a half pages long and includes some
ideas and concepts which deserve more detailed treatment. They do not get this in the
following four page update on the Magee method.
Experienced traders looking for deeper insights
into Magees work are unlikely to find it in this book. Despite this, the book brings
together some of the key elements of Magees approach in a more concise way. To find
the same information from the big brother edition takes much more time and effort. In this
sense the book is a handy reminder, or reference point. It is not, however, a short cut
where the trader can avoid reading the larger companion volume.
The extracts from some of Magee's letters are
an interesting glimpse into the practical application of his approach.
I found this book stood in the shadow of the
classic work. It never satisfactorily emerged from this shadow, despite employing more
recent chart examples, and up to date commentary and applications. I found Magees
book, Analyzing Bar Charts for Profit to be more concise and useful.
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