Charting The Market by David Penn
Long, long ago, in a bull market era that now seems far, far away (that is, 1983), a technical analyst by the name of Jack K. Hutson was trying to tease out of his computer a solution to the “drudgery” of trading. As he wrote in Technical Analysis of STOCKS & COMMODITIES, the new magazine he had begun publishing mere months before:
I always felt that by taking just a little time, and cranking out just one more wonderful oscillator or average, that my chances for a profitable trade would be improved. In most cases all I did was reassure myself that I had examined most every “system” in my personal repertoire, but I had no idea whether this had actually improved my trading. The one thing I was very sure about was that the time and effort required to make a trade decision had jumped from minutes to hours. It was taking some of the fun out of trading.