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Thursday, April 19, 2007

Day & Swing Trading

Technician's Guide to Day and Swing Trading by Martin Pring is a good introductory book on technical analysis. The book starts off with chapters like Peak-and Tough Analysis, Support and Resistance, Trendlines, which give readers a background on how to indentify trends.

This book also discusses technical analysis in the form of price patterns, significance of gaps, moving average, bollinger bands and oscillators such as RSI, MACD, ROC etc and Pring's own proprietary KST (Know Sure Thing)indicator. Pring talks about where to place stops and shares street smart trading tips such as using intermarket relationship as a catalyst in the last 2 chapters of the book. A quiz is found at the end of the book, together with his KST formulas. This book also comes with a CD, which, in my opinion contains more or less the same content as what you have read on the book.

Two key take-aways for me from this book. One of them is the One and Two Bar Patterns, because I recognize there's room for improvement my identification of reversal bars. Second take-away is integrating oscillators, moving average and the parabolic indicator, to which Pring devoted one whole chapter on. The key take-away is not so much on the indicators themselves, but rather how to integrate them. Dr Brett has also often talk about the importance of integrating pieces of information to make trading decision to improve the probability of success.

I must add that the chapter on Where and Where Not To Place Stops was disappointing. The chapter was too short and not specific enough for one to learn exactly where to place a proper stop. But otherwise, this is a good introductory technical analysis book that doesn't contain too much jargon.

Grade: B


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