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It takes a lot of work and special insights to
come up with a new indicator in today's market. Float analysis meets these conditions.
Starting from a few references found in Ganns work, Woods has extended them into a
system of three trading indicators that add a new dimensions to market analysis. His
intention is to measure the impact of cumulative float turnover and its relationship with
price breakouts from consolidation and accumulation patterns.
It starts with a common sense idea that when
the total number of shareholders change then the new share holders bring different
expectations to market activity. This can lead to powerful changes in the direction of the
The explanation of the indicators and
theoretical process behind them is clear and well illustrated by step by step explanations
using clear charts. From the initial discovery, Woods details a further 10 lessons, or
conclusions. There are 10 examples of each collected at the end of the book.
With any new indicator there is a tendency to
show how it fits all conditions, rather than to admit that it does not easily fit some
trading conditions. The bulk of his analysis makes clear and common sense, but there are
some applications which are a little more doubtful. I feel they stretch and squeeze market
activity to fit the indicator. This does not detract from the usefulness of the initial
work on defining bottoms and tops, and the way turnover analysis is a useful method of
understanding price extension activity.
The book is well written and clearly explained.
Float analysis clearly has a place in trading and technical analysis and this is the book
that leads the way. This is a good idea, well explained. It is particularly relevant to
understanding the way the float concept is used in the construction of GCIS indexes.
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