Candlestick Charting Explained by Gregory L. Morris
Candlestick Charting Explained — this book can be considered a holy book of the candlestick chartists. Despite its author confusing Jules Verne with H. G. Wells in the preface to this book, he knows a lot about candlestick patterns and all possible ways of their recognition. Japanese candlesticks are one of the simplest and yet powerful methods of technical analysis. The only problem that they bring to the chart analysis is the pattern recognition. Gregory Morris believe that recognizing the candlestick patterns is not that difficult and can be brought down to limited set of known patterns that must be applied minding the current market context. The book gives extensive examples for every chart pattern; the strength of each pattern is also described in accordance with other patterns. Pattern combinations are shown and explained too.
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Pivot points are one of the greatest tools of Forex technical analysis. I recommend using pivot point calculator to find out all sorts of pivot levels — including Tom DeMark’s, Woodie’s, Camarilla, etc.
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Phillip:
The information provided in this book is technically very sound and is also equally suited to short as well as long time frames. Those appreciating the Candle Chart method will find this book very interesting. The author employs a writing style which is easy to understand but at the same time effectively teaches methods to advanced trading.
17 November 2010, 8:25 amRyan:
In my opinion, as compared to other books, this book has been written in a very disappointing way. Evidently the author is quite well versed in the method of candlestick charting however his knowledge of the English language is not at all up to the mark and the book does not make for an easy and precise read.
17 November 2010, 8:25 amThere are many problems with the book. Some of them are:
1. The book is difficult to read and is a useless piece of text. The order of the chapters in the book is not in any sort of a sequence.
2. There are many difficulties regarding the written material. I was unable to find a properly written paragraph. A good author knows the sequence a reader follows as he reads, understands and interprets the technical data provided in the book. This author has no clue about it. When the 3rd edition of a book is released, you expect a few editions. This books 3rd edition has not even been slightly edited.
3. The writer seems to lose track of what he has written and more often than not seems to contradict what he himself stated a few pages back. This clearly proves that the editor just blindly gave the draft in for publishing without even bothering to read it once.
4. The author repeatedly brings up irrelevant things like Nison and bar charts. The unfortunate event of me buying this book wasn’t because I wanted to read what Nison thought. Nison has written many books of his own and I could have picked up one of those if I wanted to what Nison had to say. I may have to now. The author has wasted a lot of time on writing about the prevalence of candlesticks over bar charts. The readers are not bothered about that. If I bought this book I’m by default a person who prefers candlesticks.
5. The author repeatedly applies some strange technical term without even explaining what it is to the reader. He assumes that you know what he is talking about. Surely, his friends would be applauding him when he uses such terms with arrogance but the use of such a book meant for the average reader is absolutely uncalled for.
6. The book has a bountiful of errors, writing errors and errors of formatting.
The publisher inexcusably let this horrible book go for printing without even sparing it a read.
As I did not buy the e-book I pray I can return the book. The only thought I have is that I wish I had bought the hard copy. That way I would have paper to put in the fireplace in winter.
I urge you to take a stand for literacy and not purchase this jargon till the publisher actually comes out with something that has at least been adequately and edited with some experience.
Denny:
Regarded as a pioneer in the usage of candlesticks in charting stocks, Gregory L Morris, in his book, provides the reader with an excellent analysis of the many candlestick patterns. On page 316 of this book, he writes a wonderful line, “With computers there is no way to handle the subjectivity that classic chart reading offers”. However, in a self-contradictory manner, the 10th chapter of the 3rd edition of the same book is entirely reserved to the essentialities of the computerization of candlestick patterns by Ryan Litchfield. Due to such results, based on no factorial data, the candlestick patterns have been the subject of a lot of criticism. More so, on page 392, Litchfield writes: “Candlesticks have been allowed to proliferate without proper perspective”. Immediately after making the above statement, Litchfield proceeds to give some perspective of his own. After this, he proceeds to commercialize his work. The commercialization can be witnessed at http://www.candlepower6.com. It has nothing special about it as many other sites, like the one by Steve Nison who is another candlestick expert (www.candlecharts.com), provide similar content. Although later on the author does make an attempt to improve the reputation of the candlestick method due to the sheer subjectivity of the statistics it relies on.
17 November 2010, 8:26 am