Before there were statistically based technical analysis books like Campaign Trading by John Sweeney we got the list of market trading systems by Gerald Appel. One reason I recmmend this book is that it provides a historical prospective on systems in general. Mr. Appel discusses for each system the logic why the system works. One important lesson is that markets change systems that had worked either stop working or must be modified to address those changes.
One system involved the use of odd-lots stock data with the premise that an increase in the number of amateurs or novice traders would be reflected in odd lot purchases. After the advent of mutual funds, ETFs and decimalization you can see why this indicator has less value in providing a measure of the "non-smart" money.
Bottom Line: If you are interested in systems, indicators and market techniques this book is a classic tome to provide you with a good foundation. Do not expect to find indicators/systems to use today - see Mr. Appel's more recent books for that purpose.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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