Reza Bayat; I am Programmer, I have no Life
Reza Bayat
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Chart Construction

INTRODUCTION This chapter is primarily intended for those readers who are unfamiliar with bar chart construction. We’ll begin by discussing the different types of charts available and then turn our focus to the most commonly used chart—the daily bar chart. We’ll look at how the price data is read and plotted on the chart. Volume […]

Dow Theory

INTRODUCTION Charles Dow and his partner Edward Jones founded Dow Jones & Company in 1882. Most technicians and students of the markets concur that much of what we call technical analysis today has its origins in theories first proposed by Dow around the turn of the century. Dow published his ideas in a series of […]

Philosophy of Technical Analysis

INTRODUCTION Before beginning a study of the actual techniques and tools used in technical analysis, it is necessary first to define what technical analysis is, to discuss the philosophical premises on which it is based, to draw some clear distinctions between technical and fundamental analysis and, finally, to address a couple of criticisms frequently raised […]


The person who deserves the most credit for the second edition of this book is Ellen Schneid Coleman, Executive Editor at Simon & Schuster. She convinced me that it was time to revise Technical Analysis of the Futures Markets and broaden its scope. I’m glad she was so persistent. Special thanks go to the folks […]


I had no idea when Technical Analysis of the Futures Markets was published in 1986 that it would create such an impact on the industry. It has been referred to by many in the field as the “Bible” of technical analysis. The Market Technicians Association uses it as a primary source in their testing process […]

About the Contributors

Thomas E. Aspray (Appendix A) is a Capital Market Analyst with Princeton Economic Institute Ltd., located in Princeton, New Jersey. Mr. Aspray has been trading markets since the 1970s. Many of the techniques he pioneered in the early 1980s are now used by other professional traders. Dennis C. Hynes (Appendix B) is Managing Director and […]

About the Author

John J. Murphy has been applying technical analysis for three decades. He was formerly Director of Futures Technical Research and the senior managed account trading advisor with Merrill Lynch. Mr. Murphy was the technical analyst for CNBC-TV for seven years. He is the author of three books, including Technical Analysis of the Futures Markets, the […]