Best books to learn technical analysis?
Would love to hear peoples thoughts on good reads for developing tech analysis skills and making good bread
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Technical Analysis of the Financial Markets by John J Murphy
I'm sure I'll get hate for this comment, but technical analysis is not worth learning. Before you downvote this, at least give a glimpse at the following links below:
https://academic.oup.com/rof/article-abstract/17/2/625/1596704?redirect…
"This paper provides evidence that “illusory correlations”—a well-documented source of cognitive bias—lead some agents to be imperfectly rational noise traders. We focus on the head-and-shoulders chart pattern, considered by technical analysts to provide one of the most reliable trading signals. Our findings indicate that the pattern is associated with a substantial rise in trading volume even though it does not profitably predict directional movements. We further substantiate the connection between head-and-shoulders trading and imperfectly rational noise trading by showing that the pattern is associated with lower bid-ask spreads."
Various links showing the randomness of short-term price moves in markets that do not follow technical analysis patterns:
https://web.williams.edu/Mathematics/sjmiller/public_html/341/handouts/…
https://www.tandfonline.com/doi/abs/10.2469/faj.v51.n1.1861
https://thescipub.com/pdf/jmssp.2010.342.346.pdf
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