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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 aÂ pretty comprehensive market analysis and tradingÂ approach in this book. Specific patterns of importance are described with numerous chart examples. That makes for a fairly easy read.Â Entry and exit strategies are outlined. Carney even talks about the mental side of trading.
I personally don’t go in for thisÂ approach to analysis and trading, but I know folks who have usedÂ similar techniquesÂ 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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About the Author
John Forman, author of this blog, has traded for more than 20 years, is a professional market analyst, and authored The Essentials of Trading. He is an active participant in trading forums, consults for trading related businesses, as published literally dozens of trading articles, and has been quoted in a number of books and in the media.
** See John’s full bio.
- Book Review: The Inner Voice of Trading