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Technical Analysis: Power Tools for Active Investors Paperback – 21 Mar 2005

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Product details

  • Paperback: 264 pages
  • Publisher: Financial Times/ Prentice Hall; 1 edition (21 Mar. 2005)
  • Language: English
  • ISBN-10: 0132930048
  • ISBN-13: 978-0132930048
  • Product Dimensions: 17.3 x 1.5 x 23.6 cm
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (4 customer reviews)
  • Amazon Bestsellers Rank: 826,787 in Books (See Top 100 in Books)
  • See Complete Table of Contents

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Product Description




"The best investment book of the year"




"Wisdom gained from three decades of studying stock markets and creating timing indicators is what you will find in Gerald Appel's latest book. ... This book is a master technician's superb source of well-crafted ideas for timing indicators."

                                            --George A. Schade, CMT

From the Back Cover

Unlike most technical analysis books, Gerald Appel's Practical Power Tools! offers step-by-step instructions virtually any investor can use to achieve breakthrough success in the market. Appel illuminates a wide range of strategies and timing models, demystifying even advanced technical analysis the first time. Among the models he covers: NASDAQ/NYSE Relative Strength, 3-5 Year Treasury Notes, Triple Momentum, Seasonality, Breadth-Thrust Impulse, and models based on the revolutionary MACD techniques he personally invented. Appel covers momentum and trend of price movement, time and calendar cycles, predictive chart patterns, relative strength, analysis of internal vs. external markets, market breadth, moving averages, trading channels, overbought/oversold indicators, Trin, VIX, major term buy signals, major term sell signals, moving average trading channels, stock market synergy, and much more. He presents techniques for short-, intermediate-, and long-term investors, and even for mutual fund investors. --This text refers to an out of print or unavailable edition of this title.

Inside This Book

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This book, Technical Analysis, is meant for every investor who has been hurt trusting his brokerage firm, trusting his friendly mutual fund manager, or trusting the latest hot guru. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Customer Reviews

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Most Helpful Customer Reviews

10 of 10 people found the following review helpful By RAJ Jennings on 9 July 2006
Format: Hardcover
This is not a book for a total new comer because it is very detailed for its size. This is a great book which has a lot of detail which at times can be over whelming I had to read some sections again. The MACD indicator is very good although it must be used in conjunction with other things of course. I loved the book and his triple MACD strategy claims to have made 30% a year in backtesting. Appel is very clear and I strongly recomend this book for a overall introduction to technical analysis which may lead to further investigation to specific tools.
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2 of 2 people found the following review helpful By John Hemsley on 29 Jan. 2010
Format: Hardcover
This book should help any technical analyst to get a good handle on the MACD indicator that Gerald Appel invented. Understandably, he devotes a significant chunk of the book to this indicator and its interpretation. The rest of the book, I found a little lack lustre, as if it was added as padding for the main thrust of the MACD.

J Hemsley
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By Adam Smith VINE VOICE on 15 Mar. 2011
Format: Hardcover Verified Purchase
This book covers relative strength indicators, chart patterns, Moving averages, rate of change, seasonal investing ....and more, including MACD. The discussion on MACD alone is worth the price of the book in my view. It is much much more than a discussion of crosses above and below the signal line. Get advice from the guy who invented it! It also covers trading channels and ends with a chapter on Putting it all together, or how to organise your market strategies. Its very good stuff, from a market professional, and I highly recommend it. The chart illustrations are very clear and easy to follow, unlike many trading books today, which can often be sloppy, ill defined, and hard to read. I pull this off the shelf again and again for frequent refreshers.
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1 of 1 people found the following review helpful By Glen Borrell on 5 Nov. 2009
Format: Hardcover
Really enjoyed reading this book. Helped with understanding and clearly explains all the concepts.
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Most Helpful Customer Reviews on (beta) 19 reviews
35 of 35 people found the following review helpful
30 years of wisdom in one setting 9 July 2005
By Robert Kargenian - Published on
Format: Hardcover
For novices interested in technical analysis, there is so much material here it might seem overwhelming. But believe me, the effort at exploration is worth it. I've been successfully applying Appel's work since 1984, and this all-encompassing treatise was like looking over his shoulder, soaking in his 30 years of wisdom on the markets.

I was especially interested in the section on the relative strength comparing the performance of the NYSE to the NASDAQ. This area of the book alone is worth the price of admission.

Professionals in the field are likely to be familiar with most concepts in the book. But over the years, I've found many misapply the use of MACD, an excellent indicator Appel invented which has become a staple in technical analysis. All would be advised to read how Appel uses his own invention.

There's something for everyone in this book, novice and professional alike. Few have contributed more to technical studies and money management than Gerald Appel. Don't just put this on your bookshelf--read it, use it and learn from it. It will make you a better investor and trader.
34 of 35 people found the following review helpful
A good TA "and" trading book for relatively advanced players 11 Jan. 2007
By ServantofGod - Published on
Format: Hardcover
I am a mechanical trader using primarily trendline, MACD and Stochastics. That explains why I immediately picked this book up when the tagline "Inventor of MACD" on the front cover entered my eyes. Out of expectation, this book had only one (out of ten) chapter on MACD (but I did learn that the author used 6-19 and 19-39 other than 12-26 as parameters). The rest were on volume, moving average, oscillator type TA tools, plus strategies on fund selection and switching, and trading on seasonal+cyclical factors (Chapter 5 which I like the most, that he explained with solid data why the Nov-Jan period, the pre-election year etc are the best time to enter the market). As a trading book, this is relatively compleat and helpful, though I admit I am biased for my respect to the author. In short, recommended, particularly for those with certain trading experience + TA knowledge and want to acquire more for an edge.

p.s. As a VAS to you and a support to my review above, below pleaes find a summary of "Lessons I (the author) have learned during 40 years as a trader" in the last chapter.

- The news media tend to be the last to know and almost always tend to follow stock market trends rather than to lead them.
- There might be many benefits in attending lectures, meetings....but it is probably best to operate alone.
- It is best to keep your results and performance private.
- Human nature operate against good trading practices. Traders often tend to close out their strongest positions too early and maintain their weakest positions for too long.
- The name of the game is to make a good (but not unreasonable) return for your time and capital, not to feel smart.
- Dont confuse rising stock prices with being a financial genius.
- In-and-out trading will not be as profitable as well considered intermediate term trading.
- It is better to miss a profit than to take a loss.
- It is probably best not to operate at the market opening.
- Do not enter into an invested position without an exit plan
- It is much better to trade with no more capital than you can comfortably risk.
- Three consecutive successful trades makes us feel like a genius. That's when they get us.....
- Make note of some losing transactions....The stock market, at best, is a game of probabilities.
- Be free to simply stand aside until matters clarify.
73 of 83 people found the following review helpful
A rehash of old stuff! 29 May 2005
By Steven Phillips - Published on
Format: Hardcover Verified Purchase
If you are familiar with this author's previous works you will find very little in this book which is new. He discussed the "new low" filter and the several variants of his original MACD indicator more than twenty years ago. MACD was then, and is now, a lagging indicator with dubious utility.

The research that the author cares to share with the book's purchaser is largely stale-dated or inaccurate. For example, where Appel discusses a non-original indicator, such as VIX, he states that it gives only long-term indications and that it has not yet been determined how to use this working tool for shorter-term indications. In fact, VIX is one of the better intermediate-term working tools - you can prove this for yourself! Go to, run a weekly Sharp-chart of $VIX with a five week RSI. This 5 week RSI indicates bottoms in the weekly $SPX at readings in excess of 60, and tops in the $SPX at readings of 40 or below. Run a comparable chart for the $SPX and compare the weekly swing highs and lows with the 5 week RSI readings on the $VIX. You will find a quite good correlation! (Also, the weekly new low indicator can be used in the same manner to test for market bottoms - simply construct a 5 week RSI and see how well the market bottoms are pointed-out at readings in excess of 60.)

It is somewhat amazing to me how some authors repackage old stuff, which was only moderately useful when it was new, and sell it long after the point of diminishing returns has been passed. This is an OK book for someone just starting out in the markets - but I feel that there are many better ones available, such as by authors, John Murphy, Alexander Elder, and Van Tharp.
46 of 56 people found the following review helpful
Venerable But Misleading Advice 1 Oct. 2005
By Jerome Beck - Published on
Format: Hardcover
IMO this book's advice can prove costly.

But why not judge for yourself? For many years the author edited an investment news letter entitled Systems and Forecasts which his son now manages. Check out Hulbert's ranking of investment news letters to see how S&F has done compared to its competitors. Significantly, neither the book nor its jacket mentions the newsletter.

The accolades of othr writers on technical analysis reminds me of Arthur Koestler's old book called The Call-Girls (highly recommended and available through Amazon)about an inbred group of Academics who spend much of their time touting each others work. In this case I believe the homage is a gesture of respect to a technical anayst no longer young.

One among manny objections I have to this book it that it barely mentions that moving average indicators (like the author's MACD)

are meant for trending markets but usually don't work in trading markets- an oversight as easy to make as it can be expensive.

I have traded for over 20 years but strictly as a hobby.
22 of 26 people found the following review helpful
A Cornucopia for the Serious Trader 24 Aug. 2005
By Craig L. Howe - Published on
Format: Hardcover
If longevity is a key to greatness, Gerald Appel has achieved it. When I got into the business in the mid-seventies, he was an admired technical analyst. His publication, Systems and Forecast, was required reading. The inventor of MACD, he has lived to see his technique used by virtually every serious investor and trader; it is included in most trading programs.

With Technical Analysis, this accomplished technician and money manager, offers a complete course in forecasting future market behaving using cyclical, trend, momentum and volume signals.

His techniques are suitable for investors of all suits - be they short-, intermediate- or long-term. Even mutual fund investors will benefit.

It is rare that a successful money manager of Appel's stature shares his secrets with the public. If you are a serious investor or trader, you can only benefit from time spent with this master and his ideas.
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