I'm known as the Simon Cowell of book reviews, so when I give 5 stars people know it's not a fluff review or because the author is a friend or family. And this is a 5 star review. The only people who would say this book is only for beginners, must be beginners or near beginners themselves because they can't yet understand what Dr. Elder is conveying in this book. It's not their fault because you have to have a certain level of experience to even recognize what Dr. Elder is revealing in this book. To the beginner, the actual trading part of this book is just a run down of indicators and how to use the indicators. He does explain how the indicators work in their basic technical form, but that is just their face value. The genius of Dr. Elder is he first talks about how markets works first - ie it's people that move the markets, therefore look at indicators as revealing more clues to price action. Beginners would just see the technical indicator sections of this book as a simple presentation. That couldn't be further from the truth. You have to look at indicators in a way that gives you subtle, but important insights into price action, and use them accordingly. People who say indicators don't work simply don't know how to use them. Hint: Dr. Elder points out the most effective way to use indicators is to use them to find divergence, and there is a lot more to divergence then you might think, and if you really read this book, you will understand what I am talking about.
Dr. Elder also points out the fallacy of Gurus. Gurus don't make a living from trading - they make their living from selling their courses and training. One of the most famous Guru was Gann. Gann was nothing but a scammer. We all grew up hearing about the myth of Gann and how he was this amazing trader making millions, and people are still trying to promote Gann as legit so they can sell their own books and courses around Gann's supposed effective methods. Gann was a fraud, and Dr. Elder didn't just analyze his methods and make his own conclusions about Gann. Dr. Elder went to the source and interviewed Gann's son, and Gann's own son verified his father couldn't trade and made all of his money from selling his courses and self promoting himself as a great trader. We should all be grateful for Dr. Elder for exposing this fraud. Gann fan lines are nothing but made up silly fantasy lines.
It just doesn't get more advanced than Dr. Elder. Some people say this book is for beginners, yet they can't come up with an author more advanced. Buy this book, read it, learn it, trade, then read it again and you will start seeing things you didn't see before. Great book.