Technical Analysis and Stock Market Profits

By Raschke, Linda | Futures (Cedar Falls, IA), December 1998 | Go to article overview

Technical Analysis and Stock Market Profits


Raschke, Linda, Futures (Cedar Falls, IA)


Technical Analysis and Stock Market Profits

By Richard W. Schabacker

Pitman Publishing

128 Long Acre

London WC2E 9AN

451 pages, $65.00

Reviewed by Linda Raschke Students of classical technical analysis now have the opportunity to study the book that originally presented technical analysis as a totally organized subject. Richard Schabacker's outstanding technical work, Technical Analysis and Stock Market Profits, first published as a course in technical forecasting, is back in print.

Schabacker was the first to classify chart formations and categorize them into reversal, consolidation and continuation patterns (see "Listen To Daddy." Futures, November 1998). He also described trendlines, support and resistance levels, gaps and other areas of technical price action. This is a thorough expose of all the basic tools a technical analyst has at his disposal.

The reader's first impression might be that Schabacker's classification of chart patterns borders on overkill. In addition to all the well-known chart formations, the author identifies seven different types of triangles and splits hairs describing a common turn vs. a rounding turn. Still, the description of each pattern is quite complete, including accompanying volume characteristics to look for. By studying the numerous chart examples, all from the 1930s, it is easy to appreciate how little the markets have changed over the last 65 years.

After running through all the major and minor chart formations, the course moves to trendline use, gaps and the study of support and resistance levels. Lastly, Schabacker deals with false moves out of chart formations and "out-of-- line moves. …

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