Suri Duddella, a professional trader of over 12 years sent me a copy of his new book, Trade Chart Patterns Like the Pros, and asked me to give his book a review. I have had the opportunity over the last week to read through just over 270 pages of stock chart patterns, and I couldn't have been more impressed.
Trade Chart Patterns Like the Pros is basically an encyclopedia of everything technical analysis. The book has more than 60 different unique and common patterns explained in detail; the greater majority with a focus on day trading. Suri breaks down every pattern into:
- A brief overview of the pattern
- A description of the pattern structure
- Trade examples using the pattern with detailed entries, stops, and targets
Just to give a taste of what Suri covers, you can expect to see ABC patterns, the gartley pattern, wedge patterns, triangles, flags, a variety of channels including andrew's pitchfork, the donchian, and rectangle channels, bollinger bands, keltner bands, and of course fibonacci bands, zig zag patterns, the elliot wave, cup with handle, head and shoulders, spike and ledge, adam-eve patterns, the round top and bottom, double top and double bottom, gaps, dead cat bounce, island reversal, and exotic patterns such as the dragon, sea horse, and scallops. Again, this is just to name a few.
When I first picked up Suri's book, I wasn't sure what to expect when it came to required knowledge. It can easily be said that the more you know about technical analysis going into Suri's book, the more you will find it easier to benefit from his writings. But, newer traders do not worry, everyone regardless of experience can find something of use in Suri's book:
- For the detailed and advanced investor, apply everything Suri has within. From the formulas to the detailed entry, stop, and target points, maximize this book's potential with your already established skill set.
- For the intermediate investor, apply the general chart patterns and concepts to the trading you already conduct. Use the book and refer to it as you expand your technical analysis knowledge base.
- For the newer investor, go through the book as a way to expose yourself to a variety of different ways to perform technical analysis. With over 60 chart patterns, you can skip over the complex and focus on the basics patterns. You will be amazed at how fast your perspective of technical analysis expands.
For newer traders, I would refresh myself on the following terms and concepts before picking up the book. I have covered most of these topics previously here on the blog:
There are a few more beyond these, but you can simply refer to the definitions page of the book, page 274, and read through them all.
Some tips to get the most of the Suri's book I found while reading:
- Make sure to check the charts for their time frame. Most of the charts are intraday, and it can easily get confusing to distinguish what exactly you are looking at time frame wise when there are hundreds of different charts.
- Focus on the main pattern concepts. I am a very visual learner, and I found the charts extremely helpful in explaining some of Suri's concepts. Refer to them as you read through the descriptions to give yourself a better understanding.
- Keep your read simple. Treat the book as an encyclopedia, as a reference for today and down the road. I found the beginning easy to comprehend, with the middle tough and tougher, and the ending extremely simplistic. Suri breaks everything down into sections, so if you don't like mathematical formulas, than skip those charts.
- Keep the book near by. Like a wearing a new pair of glasses, new patterns will begin to emerge on stock charts each and every day. Keep Suri's book on your desk ready to be used as needed.
Overall I greatly enjoyed Suri's book and recommend it as a great read and keeper to have in the office. The book will be most useful to those with an already established understanding of technical analysis, but can definitely be extremely beneficial to intermediate and newer traders. Trade Chart Patterns Like the Pros runs for $59.95, and is a small price to pay for the wealth of knowledge within.
If you want to take your technical analysis skills to a new level, or simply get yourself exposed to the strategies that are used daily by the pros, go to surinotes.com and buy your copy of Trade Chart Patterns Like the Pros today.
Quick Bio About The Author. Suri Duddella has published market analysis articles for a variety of major publications including Stocks and Commodities, Active Trader, Traders World, and Chartpoint. He was a founder of a financial research and analysis company in 1998. The company was around until 2005 specializing in financial modeling, research and analysis, technology architecture for financial institutions, investment research, and more. From 2000 to 2003 the company was ranked "Best of the Web" by Forbes magazine. For the past 12 years Suri has been a successful, private trader.