Average Reviews:
(More customer reviews)Do I feel illuminated by the knowledge of volatility cycles in the market I have read about in the book? Hardly, though I have to admit it's one of the most important points you can learn from this book. Indeed, to me, the most important lessons I have drawn from this book are:
1) the utility of standard deviation in particular stages of the trend, with the application of Bollinger Bands as much as a stand-alone indicator, as a guide of the strength of the trend (however, I prefer to watch price against 34 periods, instead of the proposed in the book 14 and 50 periods),
2) the application of a 200-period CCI, (however, while testing, I have found 220 periods to be working even better as a clear distinction of the trend direction, with a band of +/-30 around 0 level),
3) the importance of watching the retracements as the levels, where the institutions have to add to their positions,
4) rules of trading discipline (at the end of the book).
Other than that the book is way too long, riddled with errors (like a 'principal' instead of a principle etc.), repetitions, empty phrases and irrelevant information. The valuable information could easily be contained in max 100 pages instead of 466. It feels like reading the authors thoughts as they were coming without much care for eliminating the repetitions, dead-ends etc. The last chapter is completely unrelated to the core of the book and complicated to the point of utter uselessness. In the text about the Andrews Pitchforks the readers are misinformed about the 'Schiff Parallel Lines", which - based on the illustrations - should actually be called the Sliding Parallels - simple parallel lines of the median line and its parallels. The very name 'Schiff' (after the name of one of Dr. Andrews students) should only be applied to other types of pitchforks, which have not been covered in the book. However, the book can't be described as boring, it contains interesting parallels and parables, but other than that and the few gems for traders, it's just largely reading for reading.
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