EDDIE STRANGE LOVE... Or: How I Realised Life Was Too Short To Follow Fundamentals.
Around the turn of the year, I was asked to write a piece for the next edition of the Society of Technical Analysts Journal, specifically a piece for ‘Head and Shoulders’ which is the signature piece of the Journal. The reason for the request was I‘d just become the newest Director of the Society and the Editorial Team thought it would be a good way to introduce myself to those who did not know me. My brief was...well just about anything! I was free to write what I wished...but it was suggested I should centre on how I became involved in Technical Analysis and why I’ve continued supporting it all these years. So...I did! The article will feature in the next edition to the Members of the Society...and I thought it would be a good opportunity for the wider audience of the ‘Ghost...’ to know how and why I am still, after all these years, a strong advocate of Technical Analysis.
So...here goes...
When first asked to write this piece I was perplexed. I’d written many pieces before...but not on how or why I chose Technical Analysis (TA) as a career. I slowly realised that the best way would be to approach it as I would a piece of market analysis. Describe how I got here...explain what’s going on
now...describe likely future events.
One past story comes to mind. I tried many times to explain to my mother what I did in the City. She was never convinced…but was always grateful I’d got passed part time jobs as a youngster in the Petticoat Lane street market in London. She specifically credited my current success to being a teenage salesman selling suiting material in a shop, now long gone, in Goulston Street. It was where I started studying human behaviour and also realised I wanted to work in the City rather than follow in my father’s footsteps as a baker. It coincided with the rise of the City as a financial centre in the 1980’s and portals, for naturally savvy ‘market’ traders opened into areas previously shuttered. Sadly these seem to have since closed once more.
Anyway...I started working in the LME base metals industry, initially clerking for traders, then moving onto trading and broking. In about 1984 I first came across Technical Analysis whilst working as a junior futures broker for the London office of a Chicago brokerage, receiving and placing orders in international futures
markets...that meant London, New York and Chicago in those days. My manager and first guru was a great man, now sadly missed, called Keith ‘Eddie’ Edwards. He kept scrolls of Point & Figure Charts going back years…carefully rolled up. He gave me a sage piece of advice. Study TA... someday…when you’re too slow as a broker, you’ll be able to use this to extend your career and remain useful. I echo his words to young brokers nowadays.
Eddie (Edwards) introduced me to my second guru and good friend, the well-known and respected Technician – Trevor Neil. It was Trevor who introduced me to ACTA – the Association of Chart and Technical Analysts, the precursor to the STA. He gave another sage piece of
advice...join now... someday the (then) forthcoming regulators will either make it a requirement via circumstance or regulation to be a Member to practise TA. Very apposite!
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...IT HAS GROWN AND METAMORPHOSED INTO WHAT IS NOW THE ‘EDDIE’S CRAYONS...’ SERIES OF TA PUBLICATIONS...’.
14 | ADMISI - The Ghost In The Machine | January/February 2019
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