On March 24, 2000, the financial world changed. No, that was not the date this book first hit the store shelves, but the beginning of a bear market that lasted 21⁄2 years. Finally, I had bear market data to use for finding chart patterns!
After spending nearly 5 years recovering from the work needed to complete the first edition, I decided to undertake an update. I changed the editorial content of the book in small ways, but made substantial improvements in others.
Here is the list of the important changes:
• Bull and bear market statistics for complete coverage.
• Expanded statistics, all in a similar format:
- Results Snapshot, at the start of each chapter shows the most important numbers and surprises.
- General statistics, including the average rise or decline, busted pattern performance, and benchmark performance.
- Failure rates, a list of ten breakpoints to show how often a pattern fails.
- Breakout and postbreakout statistics, showing performance over the yearly price range, pullback rates, and performance after a gap.
- Frequency distribution of days to the ultimate high or low, showing when the trend is likely to end.
- Size statistics, describing how performance varies for pattern height, width, and combinations of both.
- Volume statistics, including volume trend, a new concept I call volume shapes, and breakout day volume.
- For best performance, a list of trading tips and where to find them in each chapter.
• More chart patterns. I added 14 new chart patterns.
• Event patterns. I added 9 new types of patterns, which I call event patterns. These include earnings surprises, drug approvals, store sales, and stock upgrades and downgrades.
• More samples. I found over 38,500 chart pattern samples, more than double the 15,000 used in the first edition, making many of the statistics rock solid.
• Keyed table entries. Each table entry appears in bold at the start of its corresponding text discussion for easy locating.
• Glossary and methodology. Instead of peppering the text with repeated explanations, a new chapter explains how I arrived at each table entry.
Thanks to the thousands who purchased the first edition. I am confident that this second edition will help you become a more knowledgeable and successful trader.
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