Technical Analysis: Power Tools for Active Investors (英語) ハードカバー – 2005/3/21
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FROM STOCK TRADER'S ALMANAC 2006:
"The best investment book of the year"
FROM SFO MAGAZINE, (www.sfomag.com)
"Wisdom gained from three decades of studying stock markets and creating timing indicators is what you will find in Gerald Appel's latest book. ... This book is a master technician's superb source of well-crafted ideas for timing indicators."
--George A. Schade, CMT
I also read some other chapters, but not full book. And I found it easy to read and understand.
I think this book worth to read, don't miss it.
The clues are
1. Hints at not waiting for the MACD lines to cross to start buying
2. A calculation of MACD Histogram that is different than most, but not all, charting websites and software
3. Suggestions on circumstances to slow down and sometimes skip MACD sell signals
Experienced traders may spot the differences between Appel's approach in this book and what is often bandied about regarding the MACD. I think it would have been even more helpful if the author had addressed the differences and pointed out any common misconceptions directly. Having done some backtesting of the MACD, I think the book needs more specific, objective details on how to anticipate MACD lines crossing and recommendations for using the MACD histogram or Appel's histogram, as I have come to call his way of plotting it.
I reckon that reading the book years ago and thoroughly understanding the nuances of how Gerald Appel uses the MACD would have helped me, especially in 2007. Since then, I've seen the value of backtesting. The good news is that many sections of this book show historical test results. However, I was a little disappointed not to find backtesting results for the MACD in this book. Test data is rarely included in trading texts so it is probably a bonus to get the data that is presented in this book.
The author emphasizes synergy and gives specific instructions for using other market-timing power tools -- along with the MACD and sometimes even without the MACD. In fact, the MACD is only one chapter. But MACD is why I came to the book and I suspect many other readers do the same, so that's where I focused most of this review.
Besides the MACD, the book has instructions on key indicators of market internals and health. It also gives rules of thumb for estimating duration and extent of market moves, using chart patterns, and it covers moving average channels.
Bottom line: Worth reading to get the benefit of the experience of Gerald Appel, the man who invented the MACD and has seen a lot more than the current boom/bust cycle.
I bought the book because I wanted to read something about MACD, from the guy who came up with the idea. There are so many ideas out there and I have found it useful to let the inventor himself speak for his idea - rather than getting somebody else's rehash of the idea.
If you want to get a feel for MACD book is okay. There are some other ideas in book as well, but how many ideas do you need? I would not recommend the book for those ideas. Another reviewer pointed out that his newsletter is quite poorly ranked. That is also something to take into account when reading random ideas.