Technical Analysis books

[awllee]

Hi all again,

I've been hunting around for materials and I found two which look interesting.. they are a manual and a workbook both available from Amazon.co.uk

The first is one by Martin Pring, Technical Analysis Explained and the other by John Murphy, Technical Analysis of the Financial Markets.

Both have a supplementary workbook.. I was wondering whether anyone has read either and maybe have an opinion on them.

Thanks

AWLLEE

 

[ChartMan]

Murphy is a must. Keep it by your side at all times.

 

[awllee]

Thanks Chartman!

I noticed Murphy's book was last published 1998 but Martin Pring's book is updated and released in 2002...

 

[a320]

Both are very good, i personally like Martain Pring's book, many say Murphy's is the TA Bible and both are part of Society of Technical Analysis recommended reading list. I would also recommend Japanese candlestick Charting Techniques by Steve Nison & Fibonacci Applications and Strategies for Traders by Robert Fisher.

cheers a320.

 

[awllee]

What about the book by Achelis.. like a TA dictionary.. is that any good?

 

[Skimbleshanks]

I know there's a new edition of Achelis' book out. I have the previous edition and was quite disappointed with it. It tells you wonderful stuff about all the indicators - but doesn't go into how to use or interpret them. And that was precisely what I wanted to know!

Of course, the new edition could rectify this glaring omission (IMO).

 

[DaveJB]

Murphy -
good reference book, although I'd say that youll find 99% of the info free online at incrediblecharts or stockcharts. I still think the best little TA book I ever read was Jiler - support/resistance, what else do you need?
Achelis - a problem I found was that when I wanted the actual formula to concoct something it wasn't always there (personally I like to turn the formula into a sort of layman's 'how it actually works' - eg MACD, difference between 2 EMA's, EMAs give extra weight to latest info, shorter MAs react faster to change = quick reaction to trend change, the histogram reacts even quicker... not rigorous, and the signal line I left out, but it gives me an idea of the behaviour that can cause a move. I therefore dislike reading that 'the construction of this indicator is outside the scope of this book' or whatever the phrase is.... for a dictionary to say 'I won't tell you what that word means' seems a bit weak to me!
Jiler, Burke (P&F), Murphy.... those three cover all I really need on picking signals - this is only half the battle, position management is critical and I am still inclined to regard most of what I read on that subject with a somewhat jaundiced eye.

 

[Skimbleshanks]

I also have the Jiler book - it's great! It's the best I know of which concentrates on support and resistance and price patterns.

It was written in 1962 and the current version was printed in 1990 - therefore it looks dated, the charts are dated, and in general it looks as if it is a very dull and boring read. BUT it is a fascinating read, and at 200 pages (including lots of charts taking up a whole page) it is very succinct. As it was written before virtually all the indicators were developed, it doesn't cover them.

 

[Bill G]

I found the chapter on the 200 day moving average very good in Jilers book even more so if the market continues to rise .
Bill

 

[romany123]

M favourite TA book is Ian Copsey's Integrated Technical Analysis. it has the lot

 

[zambuck]

Hi following is my two bit worth...splendidly aided by Stella...not my wife....but the bottled version at Ruby M's...few on this site may know this place...!!!

Achelis's book does tell how to use the indicators etc.....i.e for example pick one - Demand index, the book mentions when and how you should use it...there are six rules for using it....so I am not sure what Skimbleshanks means when she says it does not tell how to interpret them...

I am using the second edition by the way....When Martin Stamp was asked by Alpesh Patel as to what would he consider as the best reading material for a budding TA, he mentioned Achelis's book....!!!

Murphy's book is the bible as it is the best....and yes Incredible Charts is another good source as well....but as I lead sad existence, I prefer a book that I can read on holiday by swimming pool rather then browsing the web pages...!!!!...yes I am sad...!!..but I have my moments..!!!

Pring's book is a good source for all those who want to become TA pathologists as it goes deeper into TA...he dwells on momentum and stays there for few hundred pages....but a very clinical analysis of TA...

For candle fobs two volumes of Nison you will ever need...

For P & F junkies....Kermit Zeig...Carroll D Aby jr and...if you want more, perhaps Michael Burke...and if you can get your hands on out of print Cohen (only one missing from my library)

Jiler's is also one of the best....200 MA article is the best...although I am not sure about that...the book was written in non computer days and the approach to TA was very different than it is now so I am not sure...

Edwards and Magee for TA purists...recommended by Jeremy Du Plessis (Indexia supremo) so I bought it...and has proved to be one of the the best...!!!

Also see the connection...Charles Dow laid the foundation for TA...in 1884 he made up an average of stocks and used it...in 1920 Richard Schabaker reopened the subject of TA..he collated, systemised and organised the technical methos..

In his final years he was joind by his brother in law Roberts D Edwards and carried forward the TA theory...He was joined by John Magee in 1942....he result is the book that is still avilable today...

I believe that you don't need anything more that this reading reference...