Introduction: Defining the Trend
Efficiency or randomness? What defines the market?
Experienced professional traders realize that the market is neither efficient nor random. Even the Dow Theory, the basis of traditional technical analysis, does not agree on identification of changes in primary trends. The meaning of trends is debated endlessly among technicians. Is a change in direction a new primary trend, a secondary trend, or merely a retracement? The debate is ceaseless and there appears to be more disagreement than agreement on the basic question of how trends behave.
In this uncertain trading environment, how do professional traders manage effectively? This book offers methods for trend analysis based on a few sound principles. These include ...
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