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y of London for twenty…live years。 Technical Analysis。has。always。been the backbone of her trading methodology1； in sales。and as。an analyst within the Treasury。departments of major international banks。 She is a member of the Society of Technical Analysts。and a graduate of the London School of Economics。
Robin。Griffiths is。one of the world's。most senior technical analysis； having published technical research for forty years。and coauthored three books。 He has。been head of asset allocation at Rathbone Brothers。PLC since 2002； overseeing 20 billion of investments； and is。adviser to two hedge funds； ECU Fund and Rathpeacon。 From 1986 to 2002； he was chief technical strategist at HSBC James。Capel。 Prior to that； Griffiths。was。technical analyst and Japan specialist at Grieveson Grant （1983…1986）； technical analyst and partner at W。l。 Carr in Hong Kong； Tokyo； and London （1971…1983）； and equity broker at Phillips。and Drew （1966…1971）。 Griffiths is。a member of the Market Technicians Association； former chairman of the International Federation of Technical Analysts。（1994…1997）； and former chairman （1990…1993） and now fellow of the British Society of Technical Analysts。
Ted。Hearne is。a private trader and the president of a consulting firm with expertise in market analysis； trading software； mass。psychology； and economic。behavior。 Hearne has。been an active trader and student of the markets。for two decades。 In 1991； he became acquainted with point…and…line theory' and in 1993 met Charles。Drummond； with whom shortly thereafter he formed a business。and writing partnership。 Together over the last ten years。they have created a landmark。body of theoretical and educational writings。about the trading methodology now known as。Drummond Geometry。 Major writings。include work。on the Pldot Web site and The Lessons； an extensive instructional series。about market structure； market analysis； and trading practice。 Hearne's。Web site is。ledtick。
Robin。Mesch； founder and CEO of Robin Mesch Associates； enables。professional traders。and money managers。to consistently maximize profitability and optimize their portfolios using her proprietary trading models。and software。 Mesch is。a pioneer and educator in the field of technical analysis。and market theory。 She has。been building market models。for more than twenty years。and has。been profiled in numerous。books。such as。Bloomberg's。New Thinking in Technical Analysis； Bulls； Bears。and Millionaires； The Outer Game of Trading； The Day。Trader's。Advantage； The Tao of Trading； and Women of the Pits。
Bernie Schaeffer is。chairman and CF。O of Schaeffer's。Investment Research； Inc。 and author of The Option Advisor： Wealth…Building Techniques Using Equity and Index Options。（Wiley； 1997）。 He has。edited the Option Advisor newsletter since its inception in 1981； and it has。since grown to be the nation's。leading options。newsletter。 Schaeffer is。widely。recognized as。an expert on equity and index options； investor sentiment； and market timing。 Timer Digest has。been monitoring him since 1984 and ranks。him as the No。 2 Gold Timer for the past ten years。running and the No。 5 Bond Timer for the past ten years。 In 2003； Aaron Task。of TheStreet selected Schaeffer as。the market 〃Guru of the Year。〃 Schaeffer is。the proud recipient of the 2004 Traders’ Library Trader's。Hall of Fame Award for his。numerousntributions。to the field of trading。 In addition； Schaeffer received the Best of the Best Award from the Market Technicians。Association for hisntributions。to
sentiment/psychological analysis。
。
Yosuke Shimizu。is。the general manager of the investment information department at Monex； Inc。； which he joined in 2003。 His。work。is。devoted to investor education through the explanation and analysis。of market activities。for individual investors。 Shimizu is。also well known for his practical technical analysis。techniques。acquired through his。sales。and trading experiences。at major securities。firms。 Previously； he worked at Daiwa Securities。 Shimizu is。a member of the Security Analysts。Association of Japan and the Nippon Technical Analysts Association。 He holds a BA in law from Keio University。
Acknowledgments
This。book。was。a collaboration of many people； each lending their expertise to create a final product in which we can all take pride。 I would like to thank。the following individuals。for their specificntributions：
My wife Carrie； for challenging me； encouraging me； and sharing this。journey。
My family； for always。reminding me to 〃relax and let it flow。〃
The hardworking people at Bloomberg Press： Sophia Efthimiatiou for her enthusiasm and careful planning。 Mary Ann McGuigan and Janet Coleman for their tireless。work。in editing the content； and the production team： Mary Macher； Dru…Ann Chuchran； and JoAnne Kanaval。
Sieve Araki of Bloomberg Markets magazine for his。gracious。help wilth the Japanese translation。
The ten contributors。who took。time out of the trading day to lend us。powerful insight into market dynamics。
And finally； the technical analysts。and traders。I have met over the years； who have taught me to always。be a student of the markets。
Introduction
One day back in early。2001； I called an equity salesperson in Chicago to ask。whether he would be interested in meeting to discuss。some technical analysis。techniques。 He quickly。declined； calling technical analysis。a 〃voodoo science'* and arguing that it was。fundamental analysis。that truly drives。the markets。
Two years。later； I received a call from that same salesperson。 He had had a major change of heart。 He invited me lo visit him so that we could talk。about technical analysis。 I wondered what had made him change his。mind。 He said that his。clients。had started observing charts； and that if he wanted to keep their business。he had to learn how to speak。their language。
Traveling around the United States。and Canada to discuss。technical analysis。with traders； fund managers； analysis； and investors； I have e to two conclusions： Market participants。today are using technical analysis。more than ever before； and most of them are struggling to identity which techniques。they should be applying to their markets of interest。
Every year； I find myself spending increasingly mor