The classic book on technical analysis is a must read but not before the books by Murphy and Meyers. Edwards and Magee’s book is widely considered the “Bible” of technical analysis. A much better description would be the “ouiji board” of technical analysis. The sections on chart patterns are original and creative but most of the ideas presented are misleading and fallacious. A few of the flawed concepts that have been accepted as gospel are; 1) Fundamental Analysis doesn’t work and will just muddle your thinking. 2) All price movement iis the result of a preponderance of either supply or demand. 3) Everything is reflected in a stocks price, therefore there is no need to do a fundamental analysis. The book is well worth reading in order to understand how many technical analysts approach the markets and lose money but can be a very dangerous read for the unwary
