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Technical Analysis 6

Technical Analysis 6


Charting terms and indicators[edit]

Concepts[edit]

  • Average true range – averaged daily trading range, adjusted for price gaps
  • Breakout – the concept whereby prices forcefully penetrate an area of prior support or resistance, usually, but not always, accompanied by an increase in volume.
  • Chart pattern – distinctive pattern created by the movement of security prices on a chart
  • Cycles – time targets for potential change in price action (price only moves up, down, or sideways)
  • Dead cat bounce – the phenomenon whereby a spectacular decline in the price of a stock is immediately followed by a moderate and temporary rise before resuming its downward movement
  • Elliott wave principle and the golden ratio to calculate successive price movements and retracements
  • Fibonacci ratios – used as a guide to determine support and resistance
  • Momentum – the rate of price change
  • Point and figure analysis – A priced-based analytical approach employing numerical filters which may incorporate time references, though ignores time entirely in its construction
  • Resistance – a price level that may prompt a net increase of selling activity
  • Support – a price level that may prompt a net increase of buying activity
  • Trending – the phenomenon by which price movement tends to persist in one direction for an extended period of time

Types of charts[edit]

  • Candlestick chart – Of Japanese origin and similar to OHLC, candlesticks widen and fill the interval between the open and close prices to emphasize the open/close relationship. In the West, often black or red candle bodies represent a close lower than the open, while white, green or blue candles represent a close higher than the open price.
  • Line chart – Connects the closing price values with line segments.
  • Open-high-low-close chart – OHLC charts, also known as bar charts, plot the span between the high and low prices of a trading period as a vertical line segment at the trading time, and the open and close prices with horizontal tick marks on the range line, usually a tick to the left for the open price and a tick to the right for the closing price.
  • Point and figure chart – a chart type employing numerical filters with only passing references to time, and which ignores time entirely in its construction.

Overlays[edit]

Overlays are generally superimposed over the main price chart.
  • Bollinger bands – a range of price volatility
  • Channel – a pair of parallel trend lines
  • Ichimoku kinko hyo – a moving average-based system that factors in time and the average point between a candle's high and low
  • Moving average – the last n-bars of price divided by "n"—where "n" is the number of bars specified by the length of the average. A moving average can be thought of as a kind of dynamic trend-line.
  • Parabolic SAR – Wilder's trailing stop based on prices tending to stay within a parabolic curve during a strong trend
  • Pivot point – derived by calculating the numerical average of a particular currency's or stock's high, low and closing prices
  • Resistance – a price level that may act as a ceiling above price
  • Support – a price level that may act as a floor below price
  • Trend line – a sloping line described by at least two peaks or two troughs

Breadth Indicators[edit]

These indicators are based on statistics derived from the broad market

Price-based indicators[edit]

These indicators are generally shown below or above the main price chart.

Volume-based indicators[edit]

See also[edit]

Notes[edit]

  1. ^ Jump up to: a b Kirkpatrick and Dahlquist. Technical Analysis: The Complete Resource for Financial Market Technicians. Financial Times Press, 2006, page 3. ISBN 0-13-153113-1
  2. Jump up ^ http://seekingalpha.com/article/114523-beating-the-quants-at-their-own-game
  3. Jump up ^ http://www.capco.com/sites/all/files/journal-32_article-10.pdf
  4. Jump up ^ http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1118080
  5. Jump up ^ Paul V. Azzopardi (2010). Behavioural Technical Analysis: An introduction to behavioural finance and its role in technical analysis. Harriman House. ISBN 1905641419. 
  6. Jump up ^ Andrew W. Lo; Jasmina Hasanhodzic (2010). The Evolution of Technical Analysis: Financial Prediction from Babylonian Tablets to Bloomberg Terminals. Bloomberg Press. p. 150. ISBN 1576603490. Retrieved 8 August 2011. 
  7. Jump up ^ Joseph de la Vega, Confusión de Confusiones, 1688
  8. Jump up ^ Nison, Steve (1991). Japanese Candlestick Charting Techniques. pp. 15–18. ISBN 0-13-931650-7. 
  9. Jump up ^ Nison, Steve (1994). Beyond Candlesticks: New Japanese Charting Techniques Revealed, John Wiley and Sons, p. 14. ISBN 0-471-00720-X
  10. ^ Jump up to: a b c d Murphy, John J. Technical Analysis of the Financial Markets. New York Institute of Finance, 1999, pp. 1-5, 24-31. ISBN 0-7352-0066-1
  11. Jump up ^ Ibidem Elder 1993, Part III Classical Chart Analysis
  12. Jump up ^ Ibidem Elder 1993 Part II "Mass Psychology" Chapter 17 "Managing versus Forecasting" pp. 65 to 68
  13. ^ Jump up to: a b Irwin, Scott H. and Park, Cheol-Ho. (2007). "What Do We Know About the Profitability of Technical Analysis?" Journal of Economic Surveys, Vol. 21, No. 4, pp. 786-826. Available at SSRN. doi:10.1111/j.1467-6419.2007.00519.x.
  14. Jump up ^ Paulos, J.A. (2003). A Mathematician Plays the Stock Market. Basic Books. 
  15. Jump up ^ Fama, Eugene (May 1970). "Efficient Capital Markets: A Review of Theory and Empirical Work," The Journal of Finance, v. 25 (2), pp. 383-417.
  16. ^ Jump up to: a b Griffioen, Technical Analysis in Financial Markets
  17. Jump up ^ Schwager, Jack D. Getting Started in Technical Analysis. Wiley, 1999, p. 2. ISBN 0-471-29542-6
  18. Jump up ^ Taylor, Mark P.; Allen, Helen (1992). "The Use of Technical Analysis in the Foreign Exchange Market". Journal of International Money and Finance 11 (3): 304–314. doi:10.1016/0261-5606(92)90048-3. 
  19. Jump up ^ Cross, Sam Y. (1998). All About the Foreign Exchange Market in the United States, Federal Reserve Bank of New York chapter 11, pp. 113-115.
  20. Jump up ^ Brock, William; Lakonishok, Josef; Lebaron, Blake (1992). "Simple Technical Trading Rules and the Stochastic Properties of Stock Returns". The Journal of Finance 47 (5): 1731–1764. doi:10.2307/2328994. JSTOR 2328994. 
  21. ^ Jump up to: a b Osler, Karen (July 2000). "Support for Resistance: Technical Analysis and Intraday Exchange Rates," FRBNY Economic Policy Review (abstract and paper here).
  22. Jump up ^ Neely, Christopher J., and Paul A. Weller (2001). "Technical analysis and Central Bank Intervention," Journal of International Money and Finance, 20 (7), 949–70 (abstract and paper here)
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  25. Jump up ^ Neely, C.J (1998). "Technical Analysis and the Profitability of US Foreign Exchange Intervention". Federal Reserve Bank of St. Louis Review 80 (4): 3–17. Retrieved 2008-03-29. 
  26. Jump up ^ Lento, Camillo (2008). "A Combined Signal Approach to Technical Analysis on the S&P 500". Journal of Business & Economics Research 6 (8): 41–51. 
  27. Jump up ^ Ibidem Elder 2008, Chapter 1 - section "Trend vs Counter-Trending Trading"
  28. Jump up ^ Stock Market as a Self-Fulfilling Prophecy
  29. ^ Jump up to: a b Kahn, Michael N. (2006). Technical Analysis Plain and Simple: Charting the Markets in Your Language, Financial Times Press, Upper Saddle River, New Jersey, p. 80. ISBN 0-13-134597-4.
  30. Jump up ^ Baiynd, Anne-Marie (2011). The Trading Book: A Complete Solution to Mastering Technical Systems and Trading Psychology. McGraw-Hill. p. 272. ISBN 9780071766494. Retrieved 2013-04-30. 
  31. Jump up ^ Kirkpatrick and Dahlquist. Technical Analysis: The Complete Resource for Financial Market Technicians. Financial Times Press, 2006, p. 87. ISBN 0-13-153113-1
  32. Jump up ^ Kirkpatrick and Dahlquist. Technical Analysis: The Complete Resource for Financial Market Technicians. Financial Times Press, 2006, p. 86. ISBN 0-13-153113-1
  33. Jump up ^ Kim Man Lui, Lun Hu, and Keith C.C. Chan. "Discovering Pattern Associations in Hang Seng Index Constituent Stocks", International Journal of Economics and Finance, Vol. 2, No. 2 (2010)
  34. Jump up ^ Technical Analysis: The Complete Resource for Financial Market Technicians, p. 7
  35. Jump up ^ http://www.ataa.com.au
  36. Jump up ^ http://www.apta.org.au
  37. Jump up ^ http://knowledgebase.mta.org/
  38. Jump up ^ http://www3.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p013390.pdf
  39. Jump up ^ K. Funahashi, On the approximate realization of continuous mappings by neural networks, Neural Networks vol 2, 1989
  40. Jump up ^ K. Hornik, Multilayer feed-forward networks are universal approximators, Neural Networks, vol 2, 1989
  41. Jump up ^ R. Lawrence. Using Neural Networks to Forecast Stock Market Prices
  42. Jump up ^ B.Egeli et al. Stock Market Prediction Using Artificial Neural Networks
  43. Jump up ^ M. Zekić. Neural Network Applications in Stock Market Predictions - A Methodology Analysis
  44. Jump up ^ Ibidem Elder 1993, pp. 54 & 116 to 118
  45. Jump up ^ Ibidem Elder 1993
  46. Jump up ^ http://www.researchandmarkets.com/reports/450723/the_capital_growth_letter.htm
  47. Jump up ^ http://www.nyif.com/courses/tech_3002.html
  48. Jump up ^ http://www.iijournals.com/JOT/default.asp?Page=2&ISS=22278&SID=644085
  49. Jump up ^ https://www.mta.org/eweb/docs/1998DowAward.pdf
  50. Jump up ^ http://www.sfomag.com/departmentprintdetail.asp?ID=1776333475
  51. Jump up ^ Browning, E.S. (July 31, 2007). "Reading market tea leaves". The Wall Street Journal Europe (Dow Jones). pp. 17–18. 
  52. Jump up ^ Skabar, Cloete, Networks, Financial Trading and the Efficient Markets Hypothesis
  53. Jump up ^ Nauzer J. Balsara, Gary Chen and Lin Zheng "The Chinese Stock Market: An Examination of the Random Walk Model and Technical Trading Rules" The Quarterly Journal of Business and Economics, Spring 2007
  54. Jump up ^ Sullivan, R.; Timmermann, A.; White, H. (1999). "Data-Snooping, Technical Trading Rule Performance, and the Bootstrap". The Journal of Finance 54 (5): 1647–1691. doi:10.1111/0022-1082.00163. 
  55. Jump up ^ Chan, L.K.C.; Jegadeesh, N.; Lakonishok, J. (1996). "Momentum Strategies". The Journal of Finance (The Journal of Finance, Vol. 51, No. 5) 51 (5): 1681–1713. doi:10.2307/2329534. JSTOR 2329534. 
  56. Jump up ^ Foundations of Technical Analysis: Computational Algorithms, Statistical Inference, and Empirical Implementation, with Harry Mamaysky and Jiang Wang, Journal of Finance 55(2000), 1705-1765.
  57. ^ Jump up to: a b Lo, Andrew W.; Mamaysky, Harry; Wang, Jiang (2000). "Foundations of Technical Analysis: Computational Algorithms, Statistical Inference, and Empirical Implementation". Journal of Finance 55 (4): 1705–1765. doi:10.1111/0022-1082.00265. 
  58. Jump up ^ David Keller, "Breakthroughs in Technical Analysis; New Thinking from the World's Top Minds," New York, Bloomberg Press, 2007, ISBN 978-1-57660-242-3 pp.1-19
  59. Jump up ^ Eugene Fama, "Efficient Capital Markets: A Review of Theory and Empirical Work," The Journal of Finance, volume 25, issue 2 (May 1970), pp. 383-417.
  60. ^ Jump up to: a b Aronson, David R. (2006). Evidence-Based Technical Analysis, Hoboken, New Jersey: John Wiley and Sons, pages 357, 355-356, 342. ISBN 978-0-470-00874-4.
  61. Jump up ^ Prechter, Robert R., Jr., and Wayne D. Parker (2007). "The Financial/Economic Dichotomy in Social Behavioral Dynamics: The Socionomic Perspective," Journal of Behavioral Finance, vol. 8 no. 2 (abstract here), pp. 84-108.
  62. ^ Jump up to: a b Clarke, J., T. Jandik, and Gershon Mandelker (2001). "The efficient markets hypothesis," Expert Financial Planning: Advice from Industry Leaders, ed. R. Arffa, 126-141. New York: Wiley & Sons.
  63. Jump up ^ Burton Malkiel, A Random Walk Down Wall Street, W. W. Norton & Company (April 2003) p. 168.
  64. ^ Jump up to: a b Robert Huebscher. Burton Malkiel Talks the Random Walk. July 7, 2009.
  65. Jump up ^ Lo, Andrew; MacKinlay, Craig. A Non-Random Walk Down Wall Street, Princeton University Press, 1999. ISBN 978-0-691-05774-3
  66. Jump up ^ Poser, Steven W. (2003). Applying Elliott Wave Theory Profitably, John Wiley and Sons, p. 71. ISBN 0-471-42007-7.
  67. Jump up ^ Eidenberger, Horst (2011). "Fundamental Media Understanding", atpress. ISBN 978-3-8423-7917-6.
  68. Jump up ^ AsiaPacFinance.com Trading Indicator Glossary
  69. Jump up ^ "A Theoretical Foundation for Technical Analysis," Journal of Technical Analysis, 59, 5-22, 2003 (University of Pittsburgh preprint 1994).
  70. Jump up ^ G. Caginalp and H. Laurent, "The Predictive Power of Price Patterns." Applied Mathematical Finance, Vol. 5, pp. 181-206, 1998.
  71. Jump up ^ J.M. Poterba and L.H. Summers, "Mean reversion in stock prices: Evidence and Implications," Journal of Financial Economics 22, 27-59, 1988.
  72. Jump up ^ Black, F. 1986. Noise. Journal of Finance 41:529-43.
  73. Jump up ^ G. Caginalp and G. Constantine, "Statistical inference and modeling of momentum in stock prices," Applied Mathematical Finance 2, 225-242, 1995.
  74. Jump up ^ C-H Park and S.H. Irwin, "The Profitability of Technical Analysis: A Review" AgMAS Project Research Report No. 2004-04
  75. Jump up ^ G. Caginalp and M. DeSantis, "Nonlinearity in the dynamics of financial markets," Nonlinear Analysis: Real World Applications, 12(2), 1140-1151, 2011.
  76. Jump up ^ Lefèvre; Edwin "Reminiscences of a Stock Operator; With new Commentary and Insights on the Life and Times of Jesse Livermore" John Wiley & Sons 2000 (1st edition 1923), page 01 & 18 ISBN 9780470481592
  77. Jump up ^ Ibidem Lefèvre - reprint 2000, page 17
  78. Jump up ^ Livermore; Jesse "How to Trade in Stocks" Duell, Sloan & Pearce NY 1940, pp. 17-18

Further reading[edit]

  • Covel, Michael. The Complete Turtle Trader. HarperCollins, 2007. ISBN 9780061241703
  • Douglas, Mark. The Disciplined Trader. New York Institute of Finance, 1990. ISBN 0-13-215757-8
  • Edwards, Robert D.; Magee, John; Bassetti, W.H.C. Technical Analysis of Stock Trends, 9th Edition (Hardcover). American Management Association, 2007. ISBN 0-8493-3772-0
  • Fox, Justin. The Myth of the Rational Market. HarperCollings, 2009. ISBN 9780060598990
  • Hurst, J. M. The Profit Magic of Stock Transaction Timing. Prentice-Hall, 1972. ISBN 0-13-726018-0
  • Neill, Humphrey B. Tape Reading & Market Tactics. First edition of 1931. Market Place 2007 reprint ISBN 10: 1592802621 / 1-59280-262-1
  • Neill, Humphrey B. The Art of Contrary Thinking. Caxton Press 1954.
  • Pring, Martin J. Technical Analysis Explained: The Successful Investor's Guide to Spotting Investment Trends and Turning Points. McGraw Hill, 2002. ISBN 0-07-138193-7
  • Raschke, Linda Bradford; Connors, Lawrence A. Street Smarts: High Probability Short-Term Trading Strategies. M. Gordon Publishing Group, 1995. ISBN 0-9650461-0-9
  • Rollo Tape & Wyckoff, Richard D. Studies in Tape Reading The Ticker Publishing Co. NY 1910.
  • Tharp, Van K. Definitive Guide to Position Sizing International Institute of Trading Mastery, 2008. ISBN 0935219099
  • Wilder, J. Welles. New Concepts in Technical Trading Systems. Trend Research, 1978. ISBN 0-89459-027-8
  • Ladis Konecny, Stocks and Exchange – the only Book you need, 2013, ISBN 9783848220656, technical analysis = chapter 8.
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