Customer Reviews

7 Chart Patterns That Consistently Make Money

5 star:		(4)
4 star:		(0)
3 star:		(0)
2 star:		(2)
1 star:		(4)

 

 

This book (really a pamphlet - only 42 pages) shows examples of basic chart patterns such as trendline breaks, cup and saucer, retracements, gaps, consolidations, etc. The description of each one is very brief. You can usually get the same information for free by attending a charting lecture at your local investment club.

On the other hand, it is brief, concise, and a good primer for someone just beginning to look at the world of technical analysis.

I agree whole-heartedly with the writer above who stated that this book is simple but gets right to the point. These are the basics, of course you want to build on it by reading other books, but you will rarely find this much helpful imforation in so few pages. (While curious about his software (Omni-trader) I don't think I would leave Tradstation for anything else.)I've read hundreds of books on trading and sometimes I have to put everything aside and review the basics and this book is quick at hand. If you master his simple techniques and use good money management you will be a successful trader. I'm sure many traders want to feel what we do is far more sophisticated but it doesn't have to be. That's the point. Don't stray far from the basics taught here.

GAD

GAD

This book covers only the basic of basics. It does not even begin to teach you how to recognise the patterns that the author skims over.

Be prepared also to read about the virtues of the trading system that the author is subtly marketing - they are not unique! For the price you pay for this 'brochure', you will gain much more from one of John Murphy's or Vic Sperandeo's books.

I worked for the author. I think the most telling point is he does not trade. He sells software and writes books for you to trade but very rarely executes trades himself. That should tell you a LOT.

This 88 pages brochure, that includes 18 pages of advertises, does not worth anything. The author is definitely out of touch with the reality of trading. All the information in this book (and much more) one can find on internet free and in much detail from real traders. Do not waste your money on it! The book has a very impressive Contents sheet but that is all. If you want to return it, it will cost you more than the book it self.

Ed's trading booklet is an outstanding collection of perfectly illustrated classic chart patterns that will serve as a great reference for any trader. This booklet contains the essential techniques that Ed uses everyday in his market analysis. Short but concise.

... I wasn't happy with the software design or signals, but when the data download software stopped working only months after I bought the product making it useless, they told me they didn't know how to fix it? and I would have to "upgrade" for more money, eventually they kept all the product cost without resolving the problems and ignored all my correspondence. I am a Tradestation Easy Language expert, I have been trading and investing now for over ten years including consulting with online sites, and I know for myself how important it is from the very start to cut losses, but just as importantly to cut costs, because reality check, I never found any "system" in my own exhaustive testing that works consistently well. So if I could do it all over, as Trader Vic Sperandeo points out, capital preservation is bottomline crucial for success, I would buy absolutely nothing except a few good inexpensive books with all of the core technicals and fundamentals thoroughly covered. A somewhat useful free book is Charlie Wright's "Trading as a Business" from Omega Research, customer support has always been acceptable to me, and my brother likes his Supercharts software, a relatively inexpensive way to test ideas and find out there is no "system." This "Seven Chart Patterns.." book was mailed to us free of charge by the way and I think it is worth reading for free, probably by contacting Nirvana Systems, but I will personally never do business with them again. "Piranha" Systems demonstrated to me through their business character and my bad experience just how much they support, value, and respect me the customer.

This book doesn't ramble, and instead cuts right to the chase. It features basic, straightforward rules for watching chart patterns. No frills, no bs, just the basics. I gave it 5 stars because this is what investment books should be like. I've seen other financial books with tens times the number of pages, but only one-tenth the info.

If you track charts, this book is a must.

7 Chart Patterns is an advertisement for their black-box trade idea generator. The software they are selling is about $1,500 plus data feed. If you are going to trade based on chart patterns, the software would save you time. I tried to trade from technicals in the charts for about 3 years with no success so I did not think that method was for me. This book did not change my mind on that. However, it does give a good, although brief, overview of the patterns that it does cover, so if you've never looked at technical charting before, it is a good intro to it. If you are familiar with support and resistance, cup and handle, and the like, don't waste your time.

Ed Downs has found the "Holy Grail" to profitable trading! If you are not using chart patterns to make your trading decisions then you are put at a disadvantage to the traders that are using chart patterns. Chart patterns "show" the psychology of the market!

Ed Downs has recently just released a software module that has automated the process of finding the 7 patterns in his book . . . this again has given me an advantage by allowing me to do a quick scan over the world of stocks and future contracts looking for the best opportunities with the least amount of risk. You can see this new 7 pattern software module at Ed's website at http://www.omnitrader.com/omnitrader/Addons/cprm.htm

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Here's a few lines from Ed's website-

NEW Chart Pattern Recognition Module . . . Finds and Displays the 7 Chart Patterns that Consistently Make Money.

After many man-months of development, I am thrilled to release our new Chart Pattern Recognition Module. Powered by this amazing add-on, OmniTrader 2005 quickly identifies the best patterns to trade and ranks their performance on a simple scale from 1 to 5. Now all OmniTrader users can see ALL 7 CHART PATTERNS displayed in their charts and apply the Power of Patterns to their trading!

See the 7 Chart Patterns Come Alive in OmniTrader

The significance of this new Chart Pattern Recognition Module is enormous. No other trading software does a robust and complete job of pattern recognition. Not only have our researchers solved the pattern recognition problem, the new module is tremendously affordable when purchased with the upgrade. Supercharge your trading with OmniTrader and the power of Chart Pattern Recognition!

New Focus List

Perhaps the most powerful single feature of the Chart Pattern Recognition Module is the enhancement to the Focus List. At a glance, you can tell if a given OmniTrader signal is confirmed with a Chart Pattern-You get the best of both worlds-the ability to confirm signals with patterns AND the ability to find the most powerful patterns on their own.

When the ToDo List runs through your list of symbols and finds all chart patterns in the data, it also calculates relative performance of the patterns and converts this information into a strength rating from 1 (low) to 5 (high).

The Pattern Tutor

The educational benefit offered by the Pattern Tutor is enormous - you will quickly understand why (for example) consolidations and saucers are so powerful and predictive in certain market conditions. This will in turn help you confirm your trades more quickly and lead to higher profitability in your trading.

A FABULOUS learning tool. The Pattern Tutor lets you quickly review examples of any pattern in your data. Just click the arrows to see the next example of the pattern that was selected.

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Thanks Ed for creating such a great product.