Millard on Channel Analysis
‘Millard on Channel Analysis’ is an interesting book that explains the author’s view that markets move in channels or waves. Millard further explains how to trade using his techniques.
I have to say that this is not a particularly easy read; the author has a scientific background and he applies his understanding of waves (amplitude, wavelengths and so on) to trading.
Millard agrees with technical analysis on some points. However, he believes much movement in share markets is random, although trends are not random – so it is these he tried to predict. Millard (obviously) believes his form of analysis is more robust and reliable than standard technical analysis. Using his belief in waves and cyclical movement, Millard constructs channels based on moving averages on which to base his trading decisions. His analysis is confined to large-cap UK shares and there is not much discussion of whether it can be applied to other markets.
For anyone interested in channel analysis, ‘Millard on Channel Analysis – The Key to Share Price Prediction’ may make a worthwhile read.
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