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This book has the capacity to be particularly useful. Instead it is repetitive and contains a significant number of reprints form his earlier excellent biography of Livermore. In this book the reader is entitled to expect a detailed explanation of Livermore’s trading methods in a way that will allow the reader to implement and test the ideas. Instead the book fails to explain the core issues of interest to the reader.


A key underpinning of the Livermore trading method is the use of  Pivotal Points. Although these are talked about, nowhere was I unable to find a working definition of these. The illustrations are also devoid of useful information. It is not explained how a pivotal point is defined in either chart terms, or in terms of the number tables that Livermore kept. The reader is unable to define how these pivotal points are calculated or established.


The discussion of One Day Reversals is interesting. It is unfortunate that the one day reversal bar identified in the chart example 4.17 does not actually meet the conditions described in the caption. The high of the current day is not higher than the high of the previous day.


There is some good general information in the book regarding trading strategies and tactics. Much of what is covered was significant in Livermore’s day because he was amongst the first to understand these relationships. Today many of the observations are more widely accepted. It doesn’t make them less significant, but there are less repetitive resources that cover the same ground.



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