"Forex Chartist Companion" by Michael Duane Archer is a comprehensive guide that caters to traders interested in technical analysis in the forex market. This book aims to introduce readers to the concept of charting and equip them with numerous chart patterns and indicators to facilitate informed trading decisions.
Archer begins by laying down the basics of charting, encompassing a variety of chart types and timeframes. This foundation then leads to a deeper understanding of the significance of trends and how to accurately identify and draw trendlines. Such knowledge is crucial for traders as it enables them to comprehend market movements and execute profitable trades.
The author covers an extensive range of chart patterns, including triangles, double tops, and head and shoulders. Each pattern is thoroughly explained, complemented by clear examples and illustrations to facilitate better comprehension. Furthermore, Archer delves into the psychology behind these patterns, aiding readers in anticipating market behavior and capitalizing on potential trading opportunities.
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Moreover, "Forex Chartist Companion" explores various technical indicators and oscillators that traders can employ to validate their analysis. Archer elucidates how these indicators function and offers practical tips on effective usage. He emphasizes the importance of combining different tools to attain a holistic view of the market and enhance the likelihood of successful trades.
Overall, "Forex Chartist Companion" proves to be a valuable resource for forex traders seeking to bolster their technical analysis skills. Michael Duane Archer's comprehensive explanations, accompanied by illustrative examples and practical advice, render this book suitable for both beginners and experienced traders. By consistently applying the knowledge and strategies outlined in this book, readers can enhance their trading performance and attain long-term success in the forex market.
What are readers saying?
The book "Forex Chartist Companion" authored by Michael Duane Archer has received mixed reviews from readers. Some found the book informative and helpful in understanding charting techniques in the forex market, while others expressed disappointment with its content and structure.
Several reviewers praised the book for its comprehensive coverage of charting techniques, citing its relevance to forex trading. They found the explanations to be clear and easily understandable, making it accessible for beginners. These readers appreciated the practical examples and real-life case studies provided by the author, as they helped them apply the concepts to their own trading strategies.
However, other readers were less satisfied, criticizing the book for repetitive content. They felt that the author reiterated the same points throughout different chapters, making the reading experience tedious and redundant. Some reviewers also expressed disappointment with the lack of new or unique information presented in the book, feeling that it only offered basic insights into forex charting.
Additionally, a few readers pointed out that the book's structure could have been better organized. They found it challenging to navigate through the chapters and felt that the arrangement of topics was confusing. Furthermore, some reviewers mentioned that the book focused heavily on technical analysis and neglected other important aspects of forex trading, such as fundamental analysis or risk management.
In conclusion, opinions on Michael Duane Archer's "Forex Chartist Companion" are divided. While some readers found the book valuable for learning charting techniques and their application to forex trading, others were disappointed with its repetitive nature, lack of new information, and inadequate organization. Potential readers should assess their specific needs and expectations before deciding whether this book will be beneficial for their forex trading journey.
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