This book is a quick argument for short-term contrarian trading in the stock market, backed by a zillion pages of data (that nobody is going to do more than flip through and glance at a page here and there). It does makes a good argument, however.
To follow the conclusion in your own trading you will be buying after the market sells off and selling after it rallies. I actually developed and published a simple system based on these principles using Bollinger Bands and betting on reversals when price hits the outer band and stalls the next day (without bursting through it). It works well most of the time, especially in non-trending markets.
The problem with the book is it's failure to follow through with any suggestions for rule-based systems based on it's conclusion. OK, bet on reversals - when do you place a trade? While the market is still moving or after it stalls? How much of a move does it need to be before entering a position? Is it applicable to all time frames? When do you take profits?
Markets move and then correct in waves 95% of the time. Marcel Link concludes in his excellent book "High Probability Trading" that betting on the smaller-wave corrections just isn't worth it in the long run and you are better off betting on waves in the direction of the bigger trend. I tend to agree.
This book is way, way, waaayyyy overpriced for what it is. That being said, it is the best 1-star book I have read.
For me, books are either a 1 star, 3 star, or 5 star. The 5-stars are the classics that are too good to ever remove from your bookshelf, like many of the books I recommend at winningfinancialstrategies.com. The 3-stars get sold on ebay when the bookshelf overflows. The 1-stars go to Salvation Army.