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The Art and Science of Technical Analysis: Market Structure, Price Action and Trading Strategies, by Adam Grimes
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A breakthrough trading book that provides powerful insights on profitable technical patterns and strategies
The Art and Science of Technical Analysis is a groundbreaking work that bridges the gaps between the academic view of markets, technical analysis, and profitable trading. The book explores why randomness prevails in markets most, but not all, of the time and how technical analysis can be used to capture statistically validated patterns in certain types of market conditions. The belief of the book is that buying and selling pressure causes patterns in prices, but that these technical patterns are only effective in the presence of true buying/selling imbalance.
The Art and Science of Technical Analysis is supported by extensive statistical analysis of the markets, which will debunk some tools and patterns such as Fibonacci analysis, and endorse other tools and trade setups. In addition, this reliable resource discusses trader psychology and trader learning curves based on the author's extensive experience as a trader and trainer of traders.
- Offers serious traders a way to think about market problems, understand their own performance, and help find a more productive path forward
- Includes extensive research to validate specific money-making patterns and strategies
- Written by an experienced market practitioner who has trained and worked with many top traders
Filled with in-depth insights and practical advice, The Art and Science of Technical Analysis will give you a realistic sense of how markets behave, when and how technical analysis works, and what it really takes to trade successfully.
- Sales Rank: #85121 in Books
- Published on: 2012-07-03
- Original language: English
- Number of items: 1
- Dimensions: 10.30" h x 1.56" w x 7.40" l, 2.20 pounds
- Binding: Hardcover
- 480 pages
From the Inside Flap
Trading is a tough endeavor. And while it's difficult to derive a method that generates superior risk-adjusted profits in today's extremely competitive markets, it's even harder to successfully apply such a method in actual trading. The approach found in The Art and Science of Technical Analysis—one which, in many ways, challenges the traditional thinking of technical analysis—can help you achieve this goal.
Written in a straightforward and accessible style, this book breaks away from many of the standard trading books that have come before it. The Art and Science of Technical Analysis doesn't detail a rigid system to be strictly followed, nor does it present a group of setups and patterns that can be quickly assembled by a trader. Rather, it provides comprehensive coverage of the issues you need to be aware of in order to capture consistent profits from technically motivated, directional trading.
Based on nearly two decades of author Adam Grimes's experience as a trader, analyst, and systems developer, this reliable resource contains valuable insights for both individual and institutional traders, and has been designed with both established and aspiring traders in mind. Divided into four informative parts, it skillfully:
- Explores some of the probability theory supporting the concepts of successful trading, examines a specific approach to chart reading that builds the foundation for a deep intuition about price patterns in markets, and provides an overview of the Wyckoff market cycle
- Offers an in-depth look at the underlying foundation of price movements through coverage of trends, trading ranges, and the transitions from one to the other
- Outlines specific trading patterns and examples of those patterns; advocates a specific way of looking at indicators and other confirming factors; addresses the importance of sizing trades and managing positions; and calls attention to the various risks associated with trading
- Focuses on the elements of trader psychology, from cognitive biases to issues of emotional control, and lays out the challenges that developing traders usually face
Rounding out this discussion are three information-packed appendices. The first is a trading primer that will be useful for developing traders or managers who don't have a familiarity with the language used by traders. The second expands on some specific details and quirks of moving averages, the MACD, which are used extensively in other sections of the book. And the last appendix contains a list of trade data used in the performance analysis found in Part Four.
What you need to succeed in today's markets is a verifiable edge. The Art and Science of Technical Analysis will give you that edge and put you in a better position to improve your overall trading performance.
From the Back Cover
This book, written for both the self-directed and institutional trader, explores the tools and techniques of discretionary trading—the art of trading. Not just a collection of trading patterns and ideas, this is a book that looks deeply into the art of technical analysis, and gives traders the tools and techniques they need to profit in today's competitive marketplace.
Divided into four informative parts, this reliable guide shows traders how to incorporate a rigorously researched trading methodology into a discretionary framework. Along the way, you'll learn a method of looking at charts that focuses on the supply/demand dynamics that move all markets, specific trading patterns the author has used profitably for over a decade, and psychological techniques to deal with the stresses of trading. You will also come to a new understanding of the role risk management and position sizing play in the trading process, and dive into the path of growth and trader development that leads a trader from beginner to professional.
Created with the serious trader in mind—whether individual or institutional— The Art and Science of Technical Analysis puts the author's approach in perspective and will put you on a path to consistent profits. Topics covered throughout the book include everything from the foundations of technical analysis and market structure to trading strategies, indicators and other confirming factors, sizing trades and managing positions, and tips for evaluating your performance and growth as a trader.
Engaging and accessible, The Art and Science of Technical Analysis—along with its informative appendices—will give you the edge needed to improve your trading endeavors.
About the Author
ADAM GRIMES is the CIO of Waverly Advisors, an asset management and risk advisory firm headquartered in New York. He began his career as an independent trader focused on agricultural and currency futures, and moved on to manage a successful private investment partnership. Grimes's experience as a trader covers futures, equities, currencies, and derivatives, in time frames ranging from intraday to multi-month swings. Though he is primarily a discretionary swing trader, his methodology rests on a firm foundation of statistical and quantitative research. Grimes holds an MBA with an emphasis in finance and market microstructure, and has worked for a number of private investment firms, as well as having spent several years at the New York Mercantile Exchange.
Most helpful customer reviews
48 of 50 people found the following review helpful.
Great Book. A Worthwhile Read and Will Be Useful as a Reference Tool.
By A Benincasa
I liked this book a lot. I have followed the author's writings since his days at "SMB Capital". His new work is at adamgrimes.com/blog. In my opinion, all of the author's work is worth reading. The book, "The Art and Science of Technical Analysis", is pretty hefty at over 400 pages. For me, there is a TON of relevant information within this book, so much that it's difficult to review, but I'll try.
The author starts right in with an explanation of "Expectancy" and "Market Edge". What, in the author's opinion, defines a "trader's edge"? It's made clear in the book that the opinion is that market's, MOST of the time, are very efficient. The reason I emphasize "most" is because it's the opinion of the book that edge is defined as being aware of the moments when the market is NOT efficient and in that zone is where trading edge exist. This concept is covered in the first 5 pages and the remaining 400+ pages the attempt is made to present or make clear when markets are not being efficient. The author states early on that psychology is important and critical, but one can have the best mental attitude and emotional discipline and yet, without an edge, he/she will lose. The bottom line, as stated directly in the book, is that one MUST have edge, a clear statistical edge, and if this doesn't exist, everything else is futile. This entire book is about creating that edge.
Charts are broken down at first by showing simply swing pivot points. Then the moves within the swing are broken apart. Then the author gets into multiple time frame trading. How the higher time frame "controls" the lower time frame. I do a LOT of this in my own trading and it's very interesting. None of this is new per se, it's the author's approach that is new. I think what I'm trying to say is that we might know about multiple time frame trading, but if someone enables us to see something we haven't seen before then I think this is worth the time.
The author then gets into the "Wykcoff Market Cycle". There are 4 parts to this cycle and most traders I'm sure are aware of "Accumulation", "Markup", "Distribution" and "Markdown". Most traders are aware of this but it's the interface between the end of one cycle and the beginning of another on which the book concentrates. The author states that it's the miscalculation of these phases where losses and dangerous trading situations exist. A considerable amount of time is spent on deciphering these transition modes. These insights, for me, were new, interesting and seem valid.
The next part of the book is on "Market Structure". The first stop within this section is "trends". The author talks about what defines a trend and talks at length about trend trading, but also in this section "range trading" is discussed. The author states that failed breakouts are one of the most common patterns in trading. How to determine a failed breakout from a "legitimate" breakout is very difficult but I really believe that the author's insights into this area of trading can be very helpful.
As you go deeper into the book you see, and the author explains, there are 4 types of trades. There is trend continuation, trend termination, support and resistance holding and support and resistance failing. Now, these are the 4 types of basic trades but there are countless permutations of these formations. Each of these 4 types of trades is more appropriate during one market cycle then another. It can get confusing. This book does a more than adequate job at clarifying these trades.
The next part of the book gets into "Practical Trading Templates". In this chapter/section the author list trading patterns, or rather potential trading patterns. There's a lot here, but essentially there are Primary and Secondary patterns. The Primary trades are breakouts, pullbacks and trades from "failures".
The author then devotes a chapter to "Tools For Confirmation". This chapter I liked a lot since one of my several weaknesses as a trader is staying with the trade to fruition. I especially like his analysis of multiple time frame confirmations. I like the concept of paying attention to the highest time frame and then going down from the top.
There is an entire chapter on Risk Management.
In the appendix the author analyzes certain indicators, one of them being the MACD. He states that any trader should know his tools inside and out. They should know how the tool was designed and exactly what it is and what it's intended to be. I use MACD in my trading and I'm guilty of the exact type of ignorance about which the author speaks. I read this segment many times and I think it's excellent.
All in all, this is a meaty book and I read it twice. I'm still re-reading certain parts and I took a lot of notes and underlined a lot of points. I don't write many reviews and as far as trading books go my feeling is that they are long on price and short on relevance. I don't feel that about this book at all. The points are presented in a unique way and I like that. It makes me think about trading differently and enables me to see something I've looked at many times in a different way. That is certainly worth the price of a book. I'm working with some of the points and it will take some practice. In my opinion, this is definitely a worthwhile read. The author's blog is also a worthwhile read. Hope this helps.
7 of 7 people found the following review helpful.
Adams book is by far the best I have read in putting the market in context ...
By John D.
Been trading for about 4 years and have read numerous books, watched webinars and took classes. Although there is a lot to learn and absorb, the main problem I have encountered is an organized and logical presentation of trading concepts. Adams book is by far the best I have read in putting the market in context where I can make sense of the trading puzzle.
His teaching of random markets, (the majority of times), with how to recognize supply and demand imbalance opportunities,(at certain times), is an eye opener. My trading has improved immensely and for the first time I have a sense that consistent profitability in the market is possible with identifying, under-standing and internalizing your "edge".
There is a saying, "When the pupil is ready the teacher will appear". If your ready, Adam Grimes is a great teacher. I highly recommend this book.
6 of 6 people found the following review helpful.
Could be the best primer on Technical Analysis ever written...
By Sean Purtill
Grimes provides nothing less than a complete methodology for analyzing price action. His book is exhaustive and rigorous but organized in such a meticulous manner that there's refreshing simplicity to his presentation, which is just crystal clear on every topic. Grimes is willing to acknowledge and confront the issue of randomness with careful consideration, which I think is something most traders would often rather not acknowledge. It's alarming how frequently EMH is either ignored or casually dismissed in trading literature. The very notion of price randomness was a full-on system-shock to my psychology early in my trading days. If you are new trader, deal with it, and deal with it early. This book will hep with that and will absolutely refine your thinking. It's a gift and it may frankly be the best primer on Technical Analysis ever written. I have never read anything better.
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