by John Magee.
Magee was talking about how the field of technical analysis developed, beginning with the early moving averages developed by Charles Dow dating all the way back in 1884. As I read, three things occurred to me:
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1. First, some very smart people had been hot on the trail of finding a system of using charts to anticipate stocks’ movements for a very long time.
2. Second, charts represented the only visual, factual record of a stock’s movement that was not filtered through some financial news analyst or stock market guru.
3. Third, and most important, it actually seemed plausible to make reasonable assumptions, based upon certain charts, as to when a stock was nearing its greatest potential. Could I have finally found the “holy grail” to stock profits I had been searching for?
Of course, nothing is ever as simple as it seems at the outset, and quite frankly, the study of