Technical Analysis from A to Zby Steven B. Achelis
Technical Analysis from A to Z
Steven B. Achelis
Technical Analysis from A to Zby Steven B. Achelis
PREFACE
Over the last decade I have met many of the top technical analysis "gurus" as well asshared experiences with thousands of newcomers. The common element I've discoveredamong investors who use technical analysis, regardless of their expertise, is the desire tolearn more. No single book, nor any collection of books, can provide a complete explanation of technical analysis. Not only is the field too massive, covering every thing from FederalReserve reports to Fibonacci Arcs, but it is also evolving so quickly that anything writtentoday becomes incomplete (but not obsolete) tomorrow.Armed with the above knowledge and well aware of the myriad of technical analysis books that are already available, I feel there is a genuine need for a concise book ontechnical analysis that serves the needs of both the novice and veteran investor. That iswhat I have strived to create.The first half of this book is for the newcomer. It is an introduction to technical analysisthat presents basic concepts and terminology. The second half is a reference that isdesigned for anyone using technical analysis. It contains concise explanations of numerous technical analysis tools in a reference format.When my father began using technical analysis thirty years ago, many people consideredtechnical analysis just another 1960's adventure into the occult. Today, technical analysisis accepted as a viable analytical approach by most universities and brokerage firms.Rarely are large investments made without reviewing the technical climate. Yet evenwith its acceptance, the number of people who actually perform technical analysisremains relatively small. It is my hope that this book will increase the awareness and useof technical analysis, and in turn, improve the results of those who practice it.
"Information is pretty thin stuff, unless mixed with experience."
-Clarence Day, 1920
Technical Analysis from A to Zby Steven B. Achelis
ACKNOWLEDGMENTS
The truth that no man is an island certainly holds true here. This book would not be possible without the help of thousands of analysts who have studied the markets andshared their results. To those from whom I have compiled this information, thank you.There are two people who have helped so much that I want to mention them by name.Without John Slauson's editorial and research assistance, this book would not have been published until the next century; And Denise, my wife, who has been an active participant in my work for more than a dozen years.
TERMINOLOGY
For brevity, I use the term "security" when referring to any tradable financial instrument.This includes stocks, bonds, commodities, futures, indices, mutual funds, options, etc.While I may imply a specific investment product (for example, I may say "shares" whichimplies an equity) these investment concepts will work with any publicly traded financialinstrument in which an open market exists.Similarly, I intermix the terms "investing" and "trading." Typically, an investor takes along-term position while a trader takes a much shorter-term position. In either case, the basic concepts and techniques presented in this book are equally adept.
"Words are like money; there is nothing so useless, unless when in actual use."
- Samuel Butler, 1902
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