Sixty-three years and Technical Analysis of Stock Trends still towers over the discipline of technical analysis like a mighty pine. An evergreen ponderosa. And now a tenth edition. It is a propitious moment to refresh it for the new millennium, to prune its solecisms and obsolescences, and to further develop the—sometimes—prescient work of its originators. With this premise in mind, I have attempted to make the book shorter, simpler, and more usable in the modern context. I know there are still manual chartists out there. Occasionally they are ecstatic when they fi nd that—as a profi t-losing service—I still have TEKNIPLAT™ chart paper in my attic. Like travelers in the desert fi nding an oasis. But they are the 1%. Everyone else uses software, desktop or Internet, to do his charting. (See note “About Gender” in the Preface to the eighth edition.) So I have excised the material on manual charting from the new edition. Budding manual chartists may always turn to the eighth and ninth editions. I have also deleted Magee’s chapters on “Composite Leverage” (Chapter 42 in the seventh edition, Appendix A in the eighth) as they are abstruse and cumbersome in the modern context—not to mention being rooted in manual chart analysis. I have made every attempt to summarize and replace Magee’s work, as I believe it has intellectual validity. Primarily this is done in the present Chapter 42. I repeat: Magee’s thinking and practical work predated much modern portfolio management and volatility theory. And Modern Portfolio Theory has still not caught up to his work on trend analysis and risk. All this material is available in previous editions. I have moved perhaps the most diffi cult chapter in the book, Chapter 4, to Appendix A. Edwards’ chapter on the minutiae of the operation of Dow Theory has stopped more than one reader cold. Now it is available to the detail scholar, and the general reader is relieved of the necessity of slogging through it. Many critics deplored Chapter 16 from the seventh edition, which I relegated to an appendix in the ninth edition. This chapter covered an analysis of futures and derivatives using number-driven analysis. Critics said it was shallow. More important, it was completely extraneous to the theme of the book, which is chart analysis, not the exploration of statistical routines and indicators, which is a different branch of technical analysis. There are numerous books on the subject, starting with Murphy, Kirkpatrick, and Kaufman. I have deleted it along with other material in the book that was not compatible with Edwards and Magee’s original intent.
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