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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