In order to extract the most benefit from my reading I’m always armed with a pen and paper to enable instant capture of any epiphanies received throughout the book. Sometimes I simply copy my favorite phrases or insightful gems included by the author for easy retrieval. After reaching page six of Technical Analysis Using Multiple Timeframes and discovering I had already written a page of notes I knew I had a good book.
Instead of following in the footsteps of so many other technical analysis books and highlighting the plethora of price patterns cropping up in the charting arena, Brian Shannon takes the discussion to much deeper levels. The goal of his book “is to bring you a solid understanding of market dynamics so you can develop your own market edge based on a comprehensive understanding of market structure.” And bring it he does.
The initial pages illustrate the unique advantages to technical analysis including its all encompassing and superior nature. In it I discovered one of the better definitions of technical analysis I’ve heard:
Please understand technical analysis is not about memorizing patterns. It is rather about understanding the motivations of participants so you can anticipate their next moves based on historical cyclical precedents… and then take advantage of that knowledge.
Within the first six chapters readers are taken on an in-depth tour through the market cycle. With Brian as their guide readers learn not just the structure of each stage, but also the underlying psychology and motivations of participants. Of everything covered in the publication I found this portion to be the most valuable. Following the discussion of the market cycle, Shannon delves into other charting concepts like trends, volume, support-resistance, and moving averages. Readers already well versed in charting will find some overlap between what’s included in this book and what is found in other popular technical analysis books. But, in all honesty I don’t see how a writer gets around this if the intent is to provide any type of comprehensive picture of the technical analysis world.
All told, I consider the book a worthwhile addition to my library. Traders interested in Technical Analysis Using Multiple Timeframes can get more information using the link below:
Disclaimer: I do receive a referral fee for purchases of Technical Analysis Using Multiple Time Frames through Tyler’s Trading
