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Title: Encyclopedia of Chart Patterns by Thomas N. Bulkowski ISBN: 0-471-29525-6 Publisher: John Wiley & Sons Pub. Date: 21 January, 2000 Format: Hardcover Volumes: 1 List Price(USD): $85.00 |
Average Customer Rating: 4.44 (25 reviews)
Rating: 5
Summary: Regarding inaccurate statistics
Comment: I don't even know Mr. Bulkowski, but I felt compelled to write this review. One particular reviewer points out a few apparent discrepancies in this 672 page volume of research. It does not matter whether you are an author or have been published in trading-related magazines.
The reviewer sarcastically poses that since the "rectangle bottom" stats on page 659 portray a zero faulure rate, that traders can get rich and never lose money!
If you truly read the entire text, including Mr. Bulkowski's opening remarks that define his fresh statistical-analysis approach, then everything falls into place.
Furthermore, the author addresses the "zero loss stat" for the rectangle formation on pages 440 and 444. He states that the "sample size" was small for this pattern and said: "Let me emphasize that because I did not find any failures of rectangle patterns with upside breakouts does not mean there are none."
This is a good and comprehensive book with a very fresh statistical approach for analyzing classic (and newer) bar chart formations. There is a wealth of information addressing each of the many patterns. It is offered up to the reader as copious amounts of quantified data that any trader/investor can draw from to incorporate into his or her own trading.
I too am an author, and I trade stocks full-time for a living. This book is a great resource and fits in the top 15 T.A. books of which I own roughly 300.
Yeah, he called a "dogi" a "hanging man." To me that doesn't detract from the other 671 pages.
Buy it, read it and use it!
Rating: 3
Summary: Mark Twain said it best
Comment: There are many flaws to this book & most of them Bulkowski admits. The first is the sample is cherry picked based on fundamentals which TB never gives out. The second is that while TB is obviously familiar with stats (he mentions the terms freq distribution & population enough that at least a passing idea of them is true) he dwells on the sample of 500 stocks over 5 years and gives us a population of X. Well that's a bit bogus as most PATTERNS take longer than a day to create (forget this hanging man thing, it's minor) so if you average out the span of a pattern creation, which is the true size of a sample not the one day of data, that he is using. Finally this books data was from only one market, a baby bull market, whether the stats quoted would hold up in a bear or a mature bull is questionable. I for sure wouldn't be able to extrapolate that based on what's given.
I'd recommend the source instead, Edwards & Magee, Technical Analysis of Stock Trends & for those interested in indicators/gann/elliott waves, Connie Browns Aerodynamic Trading.
On the plus side, it is very complete though the kook-sounding review about trendlines and support has a point; a lot of TB's work could have been done with Fib Retracement levels. Still if you are really into patterns you cannot pass it by though realize it's a starter in your analysis not a complete foundation. The 'Sample Trade' section is a real waste; there is not enough information other than pattern formation for you to do your own analysis. If you read the Identifcation section and the first summary paragraph you probably have gotten all you need out of the 46 chapters and saved yourself a lot of time.
Rating: 5
Summary: Very indepth and good use of statistics
Comment: As a trader myself I am always on the lookout for books and materials that do not tout get rich quick strategies. Mr. Bulkowski takes a very methodical and usefull approach in collecting many common and some exotic chart formations and then documenting how identify, trade, and ultimately reveal their statistical performances. One feature I found pricesless was the visual index in which you can match a formation visually and then figure out what it is called to read more about it. I highly recommend this book for people who are looking for a excellent chart formation book.
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Title: Trading Classic Chart Patterns by Thomas Bulkowski ISBN: 0471435759 Publisher: John Wiley & Sons Pub. Date: 29 March, 2002 List Price(USD): $69.95 |
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Title: Technical Analysis of Stock Trends, 8th Edition by Robert D. Edwards, John Magee, W. H. C. Bassetti ISBN: 0814406807 Publisher: Saint Lucie Press Pub. Date: 29 May, 2001 List Price(USD): $99.95 |
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Title: The Master Swing Trader: Tools and Techniques to Profit from Outstanding Short-Term Trading Opportunities by Alan S. Farley ISBN: 0071363092 Publisher: McGraw-Hill Trade Pub. Date: 13 December, 2000 List Price(USD): $55.00 |
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Title: Japanese Candlestick Charting - Second Edition by Steve Nison ISBN: 0735201811 Publisher: Prentice Hall Press Pub. Date: 30 October, 2001 List Price(USD): $90.00 |
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Title: The Encyclopedia Of Technical Market Indicators, Second Edition by Robert W. Colby ISBN: 0070120579 Publisher: McGraw-Hill Trade Pub. Date: 22 October, 2002 List Price(USD): $72.00 |
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