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The Art and Science of Technical Analysis: Market Structure, Price Action and Trading Strategies 1st Edition

4.6 out of 5 stars 58 customer reviews
ISBN-13: 978-1118115121
ISBN-10: 1118115120
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Editorial Reviews

From the Inside Flap

Trading is a tough endeavor. And while it's difficult to derive a method that generates superior risk-adjusted profits in today's extremely competitive markets, it's even harder to successfully apply such a method in actual trading. The approach found in The Art and Science of Technical Analysis—one which, in many ways, challenges the traditional thinking of technical analysis—can help you achieve this goal.

Written in a straightforward and accessible style, this book breaks away from many of the standard trading books that have come before it. The Art and Science of Technical Analysis doesn't detail a rigid system to be strictly followed, nor does it present a group of setups and patterns that can be quickly assembled by a trader. Rather, it provides comprehensive coverage of the issues you need to be aware of in order to capture consistent profits from technically motivated, directional trading.

Based on nearly two decades of author Adam Grimes's experience as a trader, analyst, and systems developer, this reliable resource contains valuable insights for both individual and institutional traders, and has been designed with both established and aspiring traders in mind. Divided into four informative parts, it skillfully:

  • Explores some of the probability theory supporting the concepts of successful trading, examines a specific approach to chart reading that builds the foundation for a deep intuition about price patterns in markets, and provides an overview of the Wyckoff market cycle
  • Offers an in-depth look at the underlying foundation of price movements through coverage of trends, trading ranges, and the transitions from one to the other
  • Outlines specific trading patterns and examples of those patterns; advocates a specific way of looking at indicators and other confirming factors; addresses the importance of sizing trades and managing positions; and calls attention to the various risks associated with trading
  • Focuses on the elements of trader psychology, from cognitive biases to issues of emotional control, and lays out the challenges that developing traders usually face

Rounding out this discussion are three information-packed appendices. The first is a trading primer that will be useful for developing traders or managers who don't have a familiarity with the language used by traders. The second expands on some specific details and quirks of moving averages, the MACD, which are used extensively in other sections of the book. And the last appendix contains a list of trade data used in the performance analysis found in Part Four.

What you need to succeed in today's markets is a verifiable edge. The Art and Science of Technical Analysis will give you that edge and put you in a better position to improve your overall trading performance.

From the Back Cover

This book, written for both the self-directed and institutional trader, explores the tools and techniques of discretionary trading—the art of trading. Not just a collection of trading patterns and ideas, this is a book that looks deeply into the art of technical analysis, and gives traders the tools and techniques they need to profit in today's competitive marketplace.

Divided into four informative parts, this reliable guide shows traders how to incorporate a rigorously researched trading methodology into a discretionary framework. Along the way, you'll learn a method of looking at charts that focuses on the supply/demand dynamics that move all markets, specific trading patterns the author has used profitably for over a decade, and psychological techniques to deal with the stresses of trading. You will also come to a new understanding of the role risk management and position sizing play in the trading process, and dive into the path of growth and trader development that leads a trader from beginner to professional.

Created with the serious trader in mind—whether individual or institutional— The Art and Science of Technical Analysis puts the author's approach in perspective and will put you on a path to consistent profits. Topics covered throughout the book include everything from the foundations of technical analysis and market structure to trading strategies, indicators and other confirming factors, sizing trades and managing positions, and tips for evaluating your performance and growth as a trader.

Engaging and accessible, The Art and Science of Technical Analysis—along with its informative appendices—will give you the edge needed to improve your trading endeavors.


Product Details

  • Hardcover: 480 pages
  • Publisher: Wiley; 1 edition (July 3, 2012)
  • Language: English
  • ISBN-10: 1118115120
  • ISBN-13: 978-1118115121
  • Product Dimensions: 7.4 x 1.6 x 10.3 inches
  • Shipping Weight: 2.2 pounds (View shipping rates and policies)
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (58 customer reviews)
  • Amazon Best Sellers Rank: #112,939 in Books (See Top 100 in Books)

More About the Author

Adam Grimes has 18 years of experience in the industry as a trader, analyst and system developer. Growing up in an agricultural community in America's Midwest, Adams first trading experiences were in agricultural commodities and futures. He then moved to currency futures, trading during the Asian Financial Crisis, and to stock index futures and individual stocks in 2001. His trading experience covers all major asset classes-futures, currencies, stocks, options, and other derivatives, and the full range of timeframes from very short term scalping to constructing portfolios for multi-year holding periods. Adam holds an MBA from The Ohio State University, and is currently Chief Investment Officer of Waverly Advisors, LLC, a boutique research and advisory firm for which he writes daily market commentary and trade notes. Prior to joining Waverly Advisors, Adam held the positions of VP of Quantitative System Development at Level Partners, LLC, Senior Analyst and Trader at MBF Asset Management on the New York Mercantile Exchange, and Chief Technical Strategist at SMB Capital. Adam is the author of The Art & Science of Technical Analysis: Market Structure, Price Action & Trading Strategies, published in 2012 by John Wiley & Sons. Adam is also a contributing author for several publications on quantitative finance and related topics, and is much in demand as a speaker and lecturer on the topics of technical trading, risk management, and system development.

Adam is also an accomplished musician, having worked as a professional composer, and classical keyboard artist specializing in historically-informed performance practices. He is also a classically-trained French chef, having served a formal apprenticeship with chef Richard Blondin, a discipline of Paul Bocuse.

Customer Reviews

Top Customer Reviews

Format: Hardcover
I feel the need to edit this review, to sort of set things straight with the benefit of a good deal of time to think about the book and about trading in general. This is not a pretty good book, it is a very, very book. I think when I wrote my original review I was a little amazed by my own success after a long period without much success at all. That review was probably more about me than about The Art and Science of Technical Analysis. Everything I said below is true. A book will not make you a trader. This particular book, though, can definitely and drastically shorten a trader's learning curve. It puts focus on the things that truly matter--it is a rigorous approach based on empirical data and on what really works. There are so many trading books our there and only a small percentage that are really and truly worth reading. This is one.

This book contains a lot of information that's helpful for traders--if you've ever bought a house, this book is like the realtor taking you on an area tour. Ok, now I know the neighborhood. It will not, and can not, make you a profitable trader, nor can any book. Believe me.

I trade for a living, which to me is the most amazing thing ever. I started trading towards the end of 2003, in the midst of the recovery from the dot com crash. I started out by going over and over the Investor's Business Daily top 100 stock list, thinking I was so very smart, as if no one had ever thought to do that, LOL. I lost 17% of my account in the first 2-3 weeks. Welcome to trading!

Over the next nearly 10 years I tried every indicator I could get my hands on. I was constantly looking through Stocks and Commodities magazine looking for that new indicator that would give me the edge I felt I lacked.
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Format: Hardcover Verified Purchase
I liked this book a lot. I have followed the author's writings since his days at "SMB Capital". His new work is at adamgrimes.com/blog. In my opinion, all of the author's work is worth reading. The book, "The Art and Science of Technical Analysis", is pretty hefty at over 400 pages. For me, there is a TON of relevant information within this book, so much that it's difficult to review, but I'll try.
The author starts right in with an explanation of "Expectancy" and "Market Edge". What, in the author's opinion, defines a "trader's edge"? It's made clear in the book that the opinion is that market's, MOST of the time, are very efficient. The reason I emphasize "most" is because it's the opinion of the book that edge is defined as being aware of the moments when the market is NOT efficient and in that zone is where trading edge exist. This concept is covered in the first 5 pages and the remaining 400+ pages the attempt is made to present or make clear when markets are not being efficient. The author states early on that psychology is important and critical, but one can have the best mental attitude and emotional discipline and yet, without an edge, he/she will lose. The bottom line, as stated directly in the book, is that one MUST have edge, a clear statistical edge, and if this doesn't exist, everything else is futile. This entire book is about creating that edge.
Charts are broken down at first by showing simply swing pivot points. Then the moves within the swing are broken apart. Then the author gets into multiple time frame trading. How the higher time frame "controls" the lower time frame. I do a LOT of this in my own trading and it's very interesting. None of this is new per se, it's the author's approach that is new.
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2 Comments 41 of 42 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
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Format: Hardcover Verified Purchase
Grimes' work, and make no mistake, this IS a "work", is as close to as good as it can honestly get in this genre. While written in simple accessible style, this is no breezy weekend read. One of the most sage bits of advice comes right at the start: when finished, go back and study certain chapters again.

The reader that will get the MOST out of this contribution, in my view, is someone who already has a bit of mud on their boots from the trenches. In the appendix he provides a "Primer" aimed at the novice. But it is SO basic (how to place an order) that the gesture seems more to mollify an anxious publisher's jacket writer than serve the book's main audience. If you just now got the "what are orders" part down, the take-homes of the book will be pretty fuzzy for awile. And the extra burdens of interpretation and active management a bit much to expect. There are other more full length primers out there. A (precious) few quite good.

This book is different. And that is what makes it special. While it IS a fairly comprehensive trading overview, the FOCUS of the book is interpreting and acting on largly uncluttered price action. Few books, even on technical analysis, narrow in on such a basic start point. And Grimes does so with organized, well expressed, non-contradictory prose. In other words, a treat.

Rather than remain safely high on cliche and low of detail, the book is rich with specific set-ups and engaging commentary.

Grounded in evidence based, probability founded science, it emphasizes the ART of making sense of it all. Of reasoned interpretation and discretionary decisions. This is refreshing. Many of the best books out there, as cognizant as Grimes of the disastrous effect of human nature, emotion and misjudgment, stress the opposite tact.
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The Art and Science of Technical Analysis: Market Structure, Price Action and Trading Strategies
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