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Technical Analysis from A to Z
by Steven B. Achelis
Technical Analysis from A to Z
Steven B. Achelis
, Technical Analysis from A to Z
by Steven B. Achelis
PREFACE
Over the last decade I have met many of the top technical analysis "gurus" as well as
shared experiences with thousands of newcomers. The common element I've discovered
among investors who use technical analysis, regardless of their expertise, is the desire to
learn 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 Federal
Reserve reports to Fibonacci Arcs, but it is also evolving so quickly that anything written
today 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 on
technical analysis that serves the needs of both the novice and veteran investor. That is
what I have strived to create.
The first half of this book is for the newcomer. It is an introduction to technical analysis
that presents basic concepts and terminology. The second half is a reference that is
designed 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 considered
technical analysis just another 1960's adventure into the occult. Today, technical analysis
is accepted as a viable analytical approach by most universities and brokerage firms.
Rarely are large investments made without reviewing the technical climate. Yet even
with its acceptance, the number of people who actually perform technical analysis
remains relatively small. It is my hope that this book will increase the awareness and use
of 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 Z
by 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 and
shared 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" which
implies an equity) these investment concepts will work with any publicly traded financial
instrument in which an open market exists.
Similarly, I intermix the terms "investing" and "trading." Typically, an investor takes a
long-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
, Technical Analysis from A to Z
by Steven B. Achelis
PART ONE: INTRODUCTION TO TECHNICAL ANALYSIS
This introduction was written for investors who are new to technical analysis. It presents
the basic concepts and terminology in a concise manner. If you are familiar with
technical analysis, you will probably find the Reference the appropriate starting point.
• Technical Analysis
• Price Fields
• Charts
• Support & Resistance
• Trends
• Moving Averages
• Indicators
• Market Indicators
• Line Studies
• Periodicity
• The Time Element
• Conclusion
TECHNICAL ANALYSIS
Technical analysis
Should I buy today? What will prices be tomorrow, next week, or next year? Wouldn't
investing be easy if we knew the answers to these seemingly simple questions? Alas, if
you are reading this book in the hope that technical analysis has the answers to these
questions, I'm afraid I have to disappoint you early--it doesn't. However, if you are
reading this book with the hope that technical analysis will improve your investing, I
have good news--it will!
Some history
The term "technical analysis" is a complicated sounding name for a very basic approach
to investing. Simply put, technical analysis is the study of prices, with charts being the
primary tool.
The roots of modern-day technical analysis stem from the Dow Theory, developed
around 1900 by Charles Dow. Stemming either directly or indirectly from the Dow
Theory, these roots include such principles as the trending nature of prices, prices
discounting all known information, confirmation and divergence, volume mirroring
changes in price, and support/resistance. And of course, the widely followed Dow Jones
Industrial Average is a direct offspring of the Dow Theory.
Charles Dow's contribution to modern-day technical analysis cannot be understated. His
focus on the basics of security price movement gave rise to a completely new method of
analyzing the markets.
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