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Technical Analysis: Power Tools for Active Investors by Gerald Appel

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The Concept of Synergy

Synergy is defined as the mutually cooperating action of separate substances that together produce an effect greater than that of any component taken alone. The combined effect is greater than the sum of the two parts taken separately.

In spite of all the research that takes place regarding the movement of stock prices, in spite of all the data available to investors, and in spite of all the charts produced by all the computers traders use, the simple fact remains that there are no “perfect” stock market indicators—and probably not even any near-perfect indicators. Every so often, some indicator becomes popular, usually after only two or three successful predictions. For example, based on a just a few major market cycles ...

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