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Summary: Learn from the guy who taught Edwards and Magee
Review: Finally available to the rest of the world, this classic is easily the best book on classical technical analysis available. Although it is more than 70 years old, the complete and descriptive discussions of how and why reversal and continuation patterns work are as valid now as they were then. Without Schabacker, there'd be no Edwards and Magee, Elliott, Murphy, or even Poser.
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Summary: Technical Analysis' Pioneering Vision
Review: Richard Schabacker, in this pioneering book, presents the art and science of technical analysis as an organized subject. In 13 chapters, he discusses important reversal formations, minor reversal formations, major continuation formations, intermediate patterns and phenomena, trend line action, support and resistance levels, measuring rules and formations and trading tactics. First published in 1932, the book gives equal weight to a formation's potential and its flaws and warts. Originally devised as a practical investment course, it still sparkles with application today. Despite today's modern computer methods of interpreting price and buying trends, an investor or trader must still master the basics and there is no finer place to begin than this former Forbes financial editor's ground-breaking work.
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Summary: Chart reading, anyone?
Review: So you want to learn on how to read charts... This is the one for you then! A little dense sometimes due to it's completeness on patterns, but it's all there, really. Won't teach you on how to make a trading system, but if you?re into discretionery trading systems you?ll love this one. I haven?t found a reversal pattern that's not on these pages, and if you want to know about continuation patterns, they're all almost there too. I recommend this book for beginners as for experienced traders. This is one of those books I keep next to my trading desk!
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Summary: Chart reading, anyone?
Review: So you want to learn on how to read charts... This is the one for you then! A little dense sometimes due to it's completeness on patterns, but it's all there, really. Won't teach you on how to make a trading system, but if you're into discretionery trading systems you'll love this one. I haven't found a reversal pattern that's not on these pages, and if you want to know about continuation patterns, they're all almost there too. I recommend this book for beginners as for experienced traders. This is one of those books I keep next to my trading desk!
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Summary: Epic for its time
Review: The ironic thing is, you couldn't tell it was written in 1932 or 2002 .. the techniques are identical to basic TA today , even the psychology section about cutting losses and trading with the trend sound familiar. Certainly revolutionary when it came out, it's somewhat dated now and a bit wordy. Anyone familiar with chart patterns - h&s, wedges, flags, triangles, trendlines will likely find nothing new in this book. Also, the explanations are a bit wordy .. though I suspect this was necessary when no one was familiar with it. I give it 3 stars for content and another for the fact that it was written in 1932. However, an advanced trader will find this book useless other than for sentimental curiosity.
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Summary: Gotta Start Somewhere
Review: Very good and thorough. If you've had no technical analysis experience, this won't go over your head, and it won't bore you to death if you're somewhat familiar. Somewhat out of date in that it was written in the 30's, but the charts and formations it highlights are eerily valid, relevant, and applicable today as it was back then so you KNOW it's been time tested. Stocks don't chart any differently today than they did back then. Advanced technicians wouldn't like it...doesn't go into the "data" side of technical analysis as in ADX, MACD, RSI,...etc. But about a good a starting point as you're going to find. A great foundation builder.
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