By Renato Di Lorenzo
The current booklet avoids the myth recipes that abound in technical research and focuses as an alternative on those who are statistically right and will be understood through newbies in addition to liked via pros. The defined protocols and strategies will turn out useful in examining industry habit and supporting in buying and selling judgements.
The algorithms utilized in the technical research of monetary markets have replaced past reputation. This ebook bargains a extra effective technical research – person who isn't happy with protocols that simply appear to be high quality, yet which calls for that they're certainly fantastic, verifying this via simulations at the laptop, critical statistical counts, and so on.
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Additional info for Basic Technical Analysis of Financial Markets: A Modern Approach
It follows then a general law (the golden rule of technical analysis) that sounds: a broken support becomes a resistance and a broken resistance becomes a support. Obviously this property can be exploited in the trading activity, taking a short position on a resistance and a long one on a support. 9). Using technical analysis consists primarily if not exclusively in this: to look for cuts and formations that at first glance escape investigation and that can make a difference to the trader that is able to find them before anybody else.
You will notice immediately that those levels represent the supports and resistances valid for a long time forward, consistent with the principle of the existence of long-range memory in the data. 5000 appears, which is not a Fibonacci level but which nevertheless is currently used. The Fibonacci numbers are also used along the time axis to try to identify the possible dates of the turning points. 3 Coca-Cola (KO). ProRealTime platform Date 1 8/24/2010 Date 2 Days 11/4/2010 72 Now let us multiply 72 days by the Fibonacci ratios and let us add the results to the date that marks the end of the trend in question.
ProRealTime platform 1 Graphical Representation 24 Moreover, the Heikin Ashi graph is not only more readable than that composed of ordinary candles, but it is also a real timely trading system. Looking closely to the graph, in fact, we realize that in a decided upward trend, not only the candles are obviously all white (or clear), but they lack the lower shadow, while in a strong downtrend the candles, as well as being obviously all dark, lack the upper shadow. When the shadows appear after they have been missing, then, the trend— upward or downward—is slowing down and it is probably about to end; so it is probably time to change the position from bullish (or long) to bearish (or short) or vice versa.