Monday, January 02, 2006

Book Review - Beautiful Pictures from the Gallery of Phinance

Beautiful Pictures from the Gallery of Phinance. by Robert R. Prechter Jr.

Beautiful Pictures serves two purposes.

{{I made a mistake and posted the Beautiful Pictures review to the A Sovereign Speculator site. It is not my first mistake of the day, nor will it be my last.

I have copied the review to here, and as I rather like the review and the book, I'll leave the post at both places.

Had there been a real emergency you would have been directed to my Virtual Chapel site.

We now return you to your normal book review already in progress.}}

First it is a beautiful book that will look terrific sitting on your coffee table - if you are a trader that is quite the bonus.

Second this book is full of well presented and valuable information.

Prechter's years of experience have given him the humility of knowledge. You can tell he knows and loves what he is presenting; but he also knows he has just scratched the surface of what he hopes will become the new millennium's newest science.

Here is a quote from the introduction: "We discover that the 'roughness' in the stock market -- its supposed 'irregularity' -- may be an artifact of insufficient observation."

The difficult math has been done by Prechter, leaving all your brain cells to deal with the concepts presented.

I think we can divide the second purpose of Beautiful Pictures into two parts, Robert Prechter as tutor and Robert Prechter as resource.

I have not yet finished the book, but I have already learned a great deal, and renewed a great deal of knowledge I had forgotten. I use many forms of analysis, Elliot Wave theory has been in my tool chest for years. Many times an Elliott Wave pattern will jump out at you, screaming for a trade, that I do try to notice.

There are many intricacies of Elliot Wave that I do not use, but with the elegance that is a mathematical structure this book presents them in attractive form.

That is the resource value of the book. Once finished it will reside on a shelf by my computers, along with a select few books. Beautiful Pictures will be used. As I see patterns developing in markets, I reach for these books to sharpen my eye as to what the tape is saying.

That is a good summation of the book.

Beautiful Pictures is pleasing to the eye of the novice - and it is training for the eye of the experienced.


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