The Art & Science of Technical Analysis

Adam Grimes 지음

Wiley 2012년 05월 31일 출간

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A breakthrough trading book that provides powerful insights on profitable technical patterns and strategiesThe Art and Science of Technical Analysis is a groundbreaking work that bridges the gaps between the academic view of markets, technical analysis, and profitable trading. The book explores why randomness prevails in markets most, but not all, of the time and how technical analysis can be used to capture statistically validated patterns in certain types of market conditions. The belief of the book is that buying and selling pressure causes patterns in prices, but that these technical patterns are only effective in the presence of true buying/selling imbalance.The Art and Science of Technical Analysis is supported by extensive statistical analysis of the markets, which will debunk some tools and patterns such as Fibonacci analysis, and endorse other tools and trade setups. In addition, this reliable resource discusses trader psychology and trader learning curves based on the author's extensive experience as a trader and trainer of traders.Offers serious traders a way to think about market problems, understand their own performance, and help find a more productive path forwardIncludes extensive research to validate specific money-making patterns and strategiesWritten by an experienced market practitioner who has trained and worked with many top tradersFilled with in-depth insights and practical advice, The Art and Science of Technical Analysis will give you a realistic sense of how markets behave, when and how technical analysis works, and what it really takes to trade successfully.

목차

Preface xiAcknowledgments xvPART I The Foundation of Technical AnalysisCHAPTER 1 The Trader&'s Edge 3Defining a Trading Edge 4Finding and Developing Your Edge 7General Principles of Chart Reading 8Indicators 12The Two Forces: Toward a New Understanding of Market Action 13Price Action and Market Structure on Charts 15Charting by Hand 28CHAPTER 2 The Market Cycle and the Four Trades 31Wyckoff&'s Market Cycle 32The Four Trades 40Summary 45PART II Market StructureCHAPTER 3 On Trends 49The Fundamental Pattern 49Trend Structure 51A Deeper Look at Pullbacks: The Quintessential Trend Trading Pattern 65Trend Analysis 77Summary 95CHAPTER 4 On Trading Ranges 97Support and Resistance 97Trading Ranges as Functional Structures 113Summary 120CHAPTER 5 Interfaces between Trends and Ranges 121Breakout Trade: Trading Range to Trend 122Trend to Trading Range 134Trend to Opposite Trend (Trend Reversal) 137Trend to Same Trend (Failure of Trend Reversal) 143Summary 145PART III Trading StrategiesCHAPTER 6 Practical Trading Templates 149Failure Test 150Pullback, Buying Support or Shorting Resistance 154Pullback, Entering Lower Time Frame Breakout 162Trading Complex Pullbacks 165The Anti 170Breakouts, Entering in the Preceding Base 174Breakouts, Entering on First Pullback Following 181Failed Breakouts 183Summary 186CHAPTER 7 Tools for Confirmation 189The Moving Average&m-The Still Center 190Channels: Emotional Extremes 195Indicators: MACD 202Multiple Time Frame Analysis 213CHAPTER 8 Trade Management 231Placing the Initial Stop 232Setting Price Targets 235

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저자(글) Adam Grimes

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ADAM GRIMES is the CIO of Waverly Advisors, an asset management and risk advisory firm headquartered in New York. He began his career as an independent trader focused on agricultural and currency futures, and moved on to manage a successful private investment partnership. Grimes#39;s experience as a trader covers futures, equities, currencies, and derivatives, in time frames ranging from intraday to multi#45;month swings. Though he is primarily a discretionary swing trader, his methodology rests on a firm foundation of statistical and quantitative research. Grimes holds an MBA with an emphasis in finance and market microstructure, and has worked for a number of private investment firms, as well as having spent several years at the New York Mercantile Exchange.