Getting Started in Chart Patterns

( 3 )

Overview

Your plain-English guide to understanding and using technical chart patterns

Chart pattern analysis is not only one of the most important investing tools, but also one of the most popular. Filled with expert insights and practical advice from one of the best in the business, Getting Started in Chart Patterns, Second Edition helps new and seasoned traders alike profit by tracking and identifying specific chart patterns.

Substantially revised and...

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Overview

Your plain-English guide to understanding and using technical chart patterns

Chart pattern analysis is not only one of the most important investing tools, but also one of the most popular. Filled with expert insights and practical advice from one of the best in the business, Getting Started in Chart Patterns, Second Edition helps new and seasoned traders alike profit by tracking and identifying specific chart patterns.

Substantially revised and expanded, this new edition stay true to the original, with author Thomas Bulkowski's frank discussion of how trading behavior can affect the bottom line. Interwoven throughout the technical presentations are fascinating anecdotes drawn from the author's quarter-century as a professional trader that vividly demonstrate how one of the best in the business leverages the power of chart patterns.

  • Includes additional charts for ETFs and mutual funds
  • Introduces more than 40 key chart formations, as well as trading tactics that can be used in conjunction with them
  • Supplies actual trades, with their corresponding dollar amounts

If you're looking to gain a better understanding of this discipline, look no further than the Second Edition of Getting Started in Chart Patterns.

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Product Details

  • ISBN-13: 9781118859209
  • Publisher: Wiley
  • Publication date: 4/21/2014
  • Series: Getting Started In..... Series
  • Edition number: 2
  • Pages: 368
  • Sales rank: 581,208
  • Product dimensions: 6.10 (w) x 9.20 (h) x 1.00 (d)

Meet the Author

THOMAS N. BULKOWSKI is a successful investor with twenty-five years of experience trading stocks. He is also the author of Trading Classic Chart Patterns and Encyclopedia of Chart Patterns (both from Wiley), as well as a contributing writer for Active Trader; Stocks, Futures & Options; and Technical Analysis of Stocks & Commodities magazines. Before earning enough from his investments to "retire" from his day job at age thirty-six, Bulkowski was a hardware design engineer with the Raytheon Company and a senior software engineer for the Tandy Corporation.

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Read an Excerpt

Getting Started in Chart Patterns


By Thomas N. Bulkowski

John Wiley & Sons

ISBN: 0-471-72766-0


Chapter One


The Smart Money's Footprints

Jake was here to rob me.

How he got near my office undetected was anyone's guess, but my hand shot to one of the panic buttons I have hidden. I didn't press it; something held me back. He reminded me of Clint Eastwood with white hair, tall and thin, yet with an inner strength stronger than granite and a dimple that etched his chin when he smiled.

"Sorry about that," he said. "I didn't mean to startle you. I'm Murphy. Jake Murphy."

His name meant nothing to me. My finger caressed the sandpaper top of the panic button, shaking slightly, my body tense, adrenaline pumping-my breath a pressure cooker waiting for release.

"Have you ever heard of Murphy's Law?" He smiled and pointed a finger at himself. If he was telling the truth, I was going to trade the opposite of everything he did. "I e-mailed you last week about learning to trade."

I started breathing again. My hand went to my chest and felt for my heart, but then a polite tone and a flashing green symbol on the computer screen caught my attention. I held up my fist, index finger extended.

Wait one ...

Jake froze.

My hand returned to playing the keyboard, dancing over it with the skill of an accomplished musician.

Thirty seconds later, having relieved someone of several thousand dollars, I looked back at Jake. "Please." I waved him to the chair beside mine, seated at the feet of computer monitors staring at us like eyeballs. I had a special air-conditioning system installed just to keep those eyeballs and their bodies from frying. Computers are the cooking utensils of a trader.

"I'm not trying to embarrass you Jake, but I want the truth. Did you use stops on every trade?"

He paused for a moment, and his face took on the color of a stop sign. "No." His voice sounded apprehensive, in contrast to the Clint Eastwood growl through clenched teeth that I expected.

"Did you buy near the yearly high to surf upward momentum?"

He shook his head.

"Did you look at the market averages and industry-related stocks before trading to see which way they were headed?"

He looked down but said nothing.

I felt like I was questioning my own father, but this torture chamber had no bright light shining in his eyes, just padded chairs like those in a NASA control room. "Forget it," I said touching his shoulder and then pointing at the computer eyeballs staring at us. "What do you see?"

He put on reading glasses and his head moved closer, examining every pixel, and then he backed away. The glasses disappeared into his pocket so quickly that I knew the specs were more than just a tool. An embarrassment, perhaps? A sign that he was growing older and refusing to accept it? I discarded this clue about Jake Murphy.

"You're looking at the smart money. They know everything there is to know about that stock or any stock. Yet they have a weakness. Do you know what it is?"

He raised his eyes in thought and then snapped them back level. But he said nothing.

"They can't hide their tracks." I pointed at one monitor. "Those tracks are not squiggles on the screen. They're footprints of the smart money. String enough footprints together and they form chart patterns. Those chart patterns give buy and sell signals. If you trade using those signals, you can make money." I leaned back in my chair, hands clasped behind my head, eyes cycling between Jake and the monitors, scanning for trading signals. "You do want to make money, don't you?"

His eyes lit up and he nodded.

"What's your story?"

He cleared his throat and leaned forward in the chair. "I'm a self-employed engineer nearing retirement, and I trade between jobs. I started trading using fundamental analysis, but when the fundamentals said 'buy,' nothing happened to the stock for months or even years. I got tired of waiting. I started looking at technical analysis. I tried moving averages. I tried Elliott wave. I tried cycles and candlesticks and indicators and black box systems. Nothing worked.

"I want to afford health insurance. I want to have enough money to feel secure in my retirement. It's not hard to meet expenses. They're everywhere!"

Then Jake dropped his eyes and turned away. I knew he wasn't telling me everything.

(Continues...)



Excerpted from Getting Started in Chart Patterns by Thomas N. Bulkowski Excerpted by permission.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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Table of Contents

Ch. 1 The smart money's footprints 1
Ch. 2 Trading psychology 5
Ch. 3 The truth about trendlines 15
Ch. 4 Support and resistance : the most important chart patterns 33
Ch. 5 Special situations 49
Ch. 6 The top 10 performing bottoms 73
Ch. 7 Common patterns for the toolbox 123
Ch. 8 Event patterns : what they are and how to trade them 185
Ch. 9 Busted patterns : making money by trading failure 215
Ch. 10 More trades : putting it all together 239
Ch. 11 The art of trading : checklists 261
Ch. 12 Crunching the numbers 279
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Customer Reviews

Average Rating 2.5
( 3 )
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Sort by: Showing all of 3 Customer Reviews
  • Anonymous

    Posted June 18, 2013

    Hidy

    What up

    Was this review helpful? Yes  No   Report this review
  • Posted July 12, 2012

    This is a very disappointing book. By the time I got to page 18

    This is a very disappointing book. By the time I got to page 18 I wanted to throw it out the window! Why? Because the author uses this fictitious person, a guy named "Jake," for some completely stupid attempt at levity, I suppose, or maybe the author is making a similarly stupid attempt at the ancient technique of dialogues. In any event, "Jake" falls on his face and so does this book. In several places, the book seems to contain useful information, or it seems to be leading up to useful information when this idiot fictitious character shows up again and completely obscures the point being made. Yuck. I don't think I am going to be able to continue reading, maybe skimming would be better; NO, there is Jake again. What an ass.

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  • Anonymous

    Posted December 24, 2008

    I Also Recommend:

    Good for beginners maybe, but Bulkowski's other books are much better

    This is a good basic introduction to using chart patterns as a stock trading tool. Unfortunately I can't recommend it, because there are several other books I consider better and more complete. I also found the fictional newbie trader, who constantly demonstrates what not to do, annoying and not very useful.<BR/><BR/>Instead of this lightweight material, I recommend reading:<BR/><BR/>1) "Way of the Turtle", by Curtis M. Faith. It's a great book about the methods and psychology of trading.<BR/><BR/>2) "Fooled by Randomness" and/or "The Black Swan", both by Nassim Nicholas Taleb. Both are vastly entertaining and thought provoking.<BR/><BR/>3) Bulkowski's "Encyclopedia of Chart Patterns", "Encyclopedia of Candlestick Charts", and "Trading Classic Chart Patterns"<BR/><BR/>Faith and Taleb will give you a good introduction to the mindset of successful traders and the reality that none of us are really half as smart or half as much in control of things as we think we are. Then the three Bulkowski books (or any one of them) will put a wealth of statistical data and specific methods at your fingertips for quick reference or in-depth study.

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