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Technical Analysis of the Financial Markets

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From how to read charts to understanding indicators and the crucial role of technical analysis in investing, you won’t find a more thorough or up-to-date source. Revised and expanded for today’s changing financial world, it applies to equities as...
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Decent review of major chart patterns
Read this book to learn more about technical analysis of stock trends, and although it did the job of teaching me the patterns I quickly learned that these patterns arent as reliable and a new trader may want to believe. In the end, the technical analysis in this book will help you define support and resistance, and the trader must then use those levels to make decisions from there. The big GAP to successful trading appears to be going from finding the patterns to taking the correct trades. New traders would be encouraged to find knowledge about the latter.

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JulianSalma13 Las Vegas, NN

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Technical trader
Good book for the beginners as well as the advance traders. which focus on understanding charts.

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Invest123 racine, wisconsin

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Learned alot
I learned alot from this book, this book has alot of useful information to any investory trying to make a killing in this market

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Sosadeville orange, Florida

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Cornerstone
There is little doubt that Murphy is the one of the founders and most successful educators out there. If you read nothing else, this book is a must for TA. While others might be more helpful in putting it all togerther, this is the Encyclopedia Britannica of technicals. All of the latest technnology is discussed and examples provided. With this book, John Murphy made an outstading contribution to TA and we are the beneficiaries.

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A comprehensive technical analysis textbook
This is more of a technical analysis textbook than a trading guide on how to use technical analysis in actual market situations. I recommend that you use this book to familiarize yourself with the different technical indicators discussed, which to the book's credit are quite comprehensive.

Once you have grasped the concepts in thes book , it is then useful to supplement it with other books, one of which I reviewed previously which is quite helpful for beginners. If you are a more experienced trader you will need to look for books that discuss how to assemble a trading system using combinations of technical indicators

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JS68 Cowley, Oxford

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Great book written in plain english
Since I can remember, I have looked at charts in investment newsletters and other places and thought "how does he see that?" or "why does he say that?". This is a great book for me because it's written in plain english and is easy to follow. He doesnt make you bleary with deatails - giving just enough to convery the info without wearing you out. Great reference - it sits on my desk.

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MrMacnanimous Slough, Berkshire

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Good Even for a Random Walker
This book is a very well written introduction to the Technical Analysis of the financial markets. It covers a lot of ground and for a text book style layout, it is surprisingly easy to read. Murphy starts with a solid introduction including the philosophy of technical analysis and a defense against the criticisms from academics and followers of the Random Walk Theory. The meat of the book is a comprehensive treatment of the core components of technical analysis including Trendlines, Reversal and Continuation Patterns, Moving Averages, and Oscillators. The author continues to dig deeper with Point & Figure Charts, Japanese Candlesticks, and Eliott Wave Theory.

As a big fan of Malkiel's "Random Walk Down Wall Street," I started reading this book with some healthy skepticism. While I was not converted to the chartist's philosophy, I felt like I did pick up some tools that could still be useful in a buy-and-hold strategy.

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Catchmy22 Albany, NY

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An excellent reference - well worth the investment
It is entirely possible to spend more time reading trading books than doing any actual trading. This is one of the few books that will remain on my bookshelf and I highly recommend it FOR WHAT IT IS INTENDED - an excellent reference on technical analysis (TA).

What I was looking for was something to provide clear, concise descriptions on various technical indicators across all types - trend analysis, price patterns, candles, oscillators, etc. And Murphy not only does this well, but his work provides enough information that I do not see the need for another book on TA on my bookshelf, even though I know that other very good books are available (e.g. Pring). But this one is enough for me. It is well organized and indexed so that I can rapidly look up something while I am setting up trades and get the basic info that I need.

One surprise was how well written the book was and how much I enjoyed reading it. I expected a dry reference book but instead found an excellent and engaging read, perhaps with the exception of the chapter on point and figure which was not up to the rest of the book. (If you are completely new to TA, you might find it less entertaining, but in comparison to the dry tome that I expected when the monster-sized book arrived, Murphy is remarkable in his ability to convert most TA topics and examples into 'normal' English.) He also is not a proponent or zealot about any one indicator type, which I appreciate. He does a good job of describing each within the context of its value without trying to convert anyone to any specific indicator. As I do not believe in magic bullets in trading, I appreciate his straightforward approach.

Let me also note what this book is NOT so that you do not buy it for the wrong reasons:

a) As you should gather from the above, this is not a trading system. Murphy will not tell you which indicators to use most or in which combinations to produce the best results. He will provide insight into many indicators and classes of indicators but he is NOT trying to convince you to use any specific indicator in any specific way. So he doesn't try to convince you of WHAT to use, just helps you understand WHEN, WHY and HOW each indicator type is used by various traders.

b) Also, this is NOT intended to be the complete, in depth statement on any of the topics covered. For example, his section on Candlestick formations is simple, clear and includes many examples, but it is undoubtedly not the same as picking up Nison's works on Candlesticks. Similarly, you can find many books dedicated to Elliot Waves, Fibonaccis and other topics. Murphy provides the basics, but do not expect as thorough an explanation or justification as a dedicated book would provide. Then again, expect a dedicated book to try and convince you why its particular system or method is so much better than any other, something that Murphey will not try to do to you!

c) Finally, this book is NOT intended to convert people who do not accept TA into believers. Frankly, it is much easier to get most people to accept that `fundamental analysis' affects a stock's value and price, but it is harder for most to understand and accept that simply analyzing the stock's price and related indicators can predict future moves. Murphy's opening chapters include some simple basic background on TA, but verbal explanations have limited value in convincing a pure `fundamentalist' that properly used technical analysis works. The only way to break down this barrier, IMO, is simply to learn and use various indicators for a while to begin seeing how predictive they can be. Murphy does not try to convert - he simply provides a learning reference. From there, anyone using TA needs to practice to become proficient.

So, in summary, I highly recommend buying this book for what it is intended to be - a reference book on technical analysis. It does this job excellently.

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BigBenjamins Newport, South Wales

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