Harmonic Trading, Volume One by Scott Carney is a book I was given the opportunity of picking up for free. It looked interesting, and a bit different from others I’ve read and reviewed, so I took the opportunity to get a copy and give it a look.
The underlying subject matter of the book is Fibonacci based technical analysis and trading. As such, it is a highly mathematical approach which utilizes ratios and retracements and projections. It shares considerable similarities to Gann Theory and Elliott Wave approaches, so those with at least a passing understanding of either will have no problem following the discussion.
As much as there is an annoying arrogance to the author’s writing, he does present a pretty comprehensive market analysis and trading approach in this book. Specific patterns of importance are described with numerous chart examples. That makes for a fairly easy read. Entry and exit strategies are outlined. Carney even talks about the mental side of trading.
I personally don’t go in for this approach to analysis and trading, but I know folks who have used similar techniques successfully for many years, so I won’t dismiss them. As with anything other method, it’s a question of matching up personality and trading style. If a mathematical, pattern-oriented approach is appealing to you, then Harmonic Trading, Volume One is probably a book worth picking up.
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this book is not worth the price, save your money.
Walter – Thanks for the comment. It would help others if you gave your reason(s) why you feel this way, though.
I agree with the review and don’t understand the negative review. This book clarifies an often vague yet ever-emerging area within the trading community – patterns with ratios aka HARMONIC TRADING. I have read many books that try to apply Fibonacci ratios to chart analysis. This book presents the most comprehensive approach that I’ve ever read. The book’s application of patterns and harmonic ratios showed me a great deal of information that I have been otherwise missing. Execellent and effective stuff for REAL TRADERS! (I don’t think Walter is really trading or he would have experienced the same success.)
Mike – There are an awful lot of your so-called “real traders” who could care less about Fibos and such and do just fine without them. No need to slag off someone you don’t know anything about just because they hold a viewpoint different from your own.