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Technical Analysis Explained

Technical Analysis Explained

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Published by: choysg11 on Aug 03, 2009
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Patterns
(Elliott wave)
TECHNICAL ANALYSISEXPLAINED
Trend
(Moving average)
Momentum
(Rate-of-change)
February 1999
Technical analysis- is governed by a system of rules and guidelines- provides objectiveness in the decision-making process- is fast to apply (once skills are learned)- is applicable across all time frames- is applicable to all markets- generally pre-empts fundamental data- has been proven in the market for over 200 years- is FUN and can earn you MONEY.
 
Technical Analysis -
Explained
- 2 -
Contents
What is technical analysis? . . . . . . . . . . . . . . . . . . . .3Technical analysis pre-empts fundamental data . . .4Mood is stronger than ratio . . . . . . . . . . . . . . . . . . . . .5Optimism, pessimism, greed and fear . . . . . . . . . . . .6Chart types & chart construction . . . . . . . . . . . . . . . . .7Support and resistance . . . . . . . . . . . . . . . . . . . . . . . . .8Trendlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Investment horizons . . . . . . . . . . . . . . . . . . . . . . . . . . . .10What trend? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Moving averages . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12The simple moving average . . . . . . . . . . . . . . . . . . . . .13Long-, medium- and short-term averages . . . . . . . . .14Moving average crossover . . . . . . . . . . . . . . . . . . . . . .15Momentum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16Momentum, indicator signals . . . . . . . . . . . . . . . . . . . . .17Long-, medium- and short-term indicators . . . . . . . . .18Trend and momentum combination . . . . . . . . . . . . . . .19Reversal & redistribution . . . . . . . . . . . . . . . . . . . . . . . .20Equity analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21Cycle phase distribution . . . . . . . . . . . . . . . . . . . . . . . . .22The Elliott Wave Principle . . . . . . . . . . . . . . . . . . . . . . .23Catalog of impulsive waves . . . . . . . . . . . . . . . . . . . . .24Catalog of corrective patterns . . . . . . . . . . . . . . . . . . .25Impulsive wave patterns, example. . . . . . . . . . . . . . . .26Corrective wave patterns, example . . . . . . . . . . . . . .27Head and shoulder reversal pattern . . . . . . . . . . . . .28Fascinating Fibonacci . . . . . . . . . . . . . . . . . . . . . . . . . . .29Wave correlations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30Fibonacci correlation - more than coincidence . . . .31Diploma in basic technical analysis . . . . . . . . . . . . . .32
P.O. Box 500, 8070 Zurich
Rolf P. Bertschi, Tel. +41 1 333 2405; e-mail: rolf.bertschi@cspb.comc copyright 1999, Credit Suisse Private Banking, Zurich
 
Technical Analysis -
Explained
- 3 -
What is technical analysis?
Technical analysis is the study of financial market action. The technician looks at pricechanges that occur on a day-to-day or week-to-week basis or over any other constanttime period displayed in graphic form, called charts. Hence the name chart analysis.A chartist analyzes price charts only, while the technical analyst studies technical indica-tors derived from price changes in addition to the price charts.Technical analysts examine the price action of the financial markets instead of the funda-mental factors that (seem to) effect market prices. Technicians believe that even if allrelevant information of a particular market or stock was available, you still could not pre-dict a precise market "response" to that information. There are so many factors interactingat any one time that it is easy for important ones to be ignored in favor of those that areconsidered as the "flavor of the day."The technical analyst believes that all the relevant market information is reflected (or dis-counted) in the price with the exception of shocking news such as natural distasters oracts of God. These factors, however, are discounted very quickly.
Price chartTechnical indicators

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