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Jim....
Hurray for you!! On my desk I have an Edwards and Magee that I bought in
1964, the 14th edition. It is in my humble opinion the best book written on
basic technical analysis and I still refer to it. Most books today seem to
focus on a sure-fire method or gimmick to trade the markets. It has been my
experience that the only ones making the money on a regular basis are the
various authors.
I concur with your thoughts on chart patterns. It is nice to know that I am
not the only "smoking jacket" type out here. I use a very similar approach
in my investing. It is kinda slow but it plugs along and has been quite
successful.
Many moons ago I too did some "tape reading." But as time went on and the
volume increased and the tape trades got shortened, I gave up. It was
extremely difficult to be successful in tape trading, but for those who had
the knack or touch, good money was made. I must admit though, that I did not
have that talent.
I thought one of the best old time technical analysts was Bob Farrell, now
retired (but sometimes active) from Merrill Lynch. As a matter of fact, most
of my old hand-made charts and those made by customers and friends were given
to him.
Please excuse my dreaming backwards....
Jerry
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