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Peatome.. ‘Konrponsnute eonpoce (0620p npoiaenwore marepxana.. ‘ononnnrensnsie uerounnn wxdopmaun Orsersi na Kowrponsneie sonpcce © iextstccini aan: Kype ann nawnnaroux Tnapa 4. Muquxatopt Baenenne. 103 Majexc omocurenbHoi cubs W Croxacrmveckne ocunnnaropet 108. Cxompenne/pacxonpenne ‘cxonbanuinx cpeaHnx (MACD) 412 Tpumeps: rpagunos. 116 119 120 121 ‘0630p nponjennoro marepmana. Aononunrensusie ncrovnnn wnopmaunn.. Orserw na Konrponsnsie sonpocs Tnapa 5. Bonnet, uncnam uMKnbt 125 Baenenne. Teopus sons Snnworra snena OM6oHANYA 130 Tpacpmnu Tanna . 134 Ynpannenns no noerpoenitio rpaduxon, 138 Pesiome. 139 Kowrpenaanie sonpocts 139 14, 142 (0630p npotqennoro marepmana. Aononunrensusie ncrovnnn wnopmaunn.. Orserw na Konrponsnsie sonpocs Tnapa 6. OAMH AeHb M3 KHSHH ‘TexHMecKoro aHanHTHKa 47 Baenenne. Bor 4ro rosopsr. PaniHee Havano.. Pesiome. Alononanrensnsie wCrovHnKo HHOOPMAUNM.. 149 154 158. Aurno-pyccknit rnoccapnii TepmaHos. 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EcaM yBeAHITCA MpEAAORe! ‘70 970 BI20BeT MpOTHBONOAOXHB 9dpthexT Hanpamep, Hccxeaonatens KoTHpyeMoit KOM Hani nay4aer CnpoC H Mpe\oxeHte Ha TIpO- AYETHI HAM YCAYTH KOMTIANIH; KANECTHO MeHeA- -xnettTa; ee npoutayio it nportosmpyestyto Aex- TeABHOCTS; Natt Ha Gyayuliee KomMaHitH Hee KOHKYPeHTOD; CTaTHeTHKY Bceit Orpacan; o6mIeE COCTOsEHE 9XOHOMUKH H MOAKTHKY NpaBiTeb- crBa, AHAAHTHK, HayYaIOUNH! TOBAp, HCcAEAyeT ent, npeMoxerHe, crpoc HMeIOUIHeCH Barta ‘cht; MporHosks ToTpeGaeHta; MaktEt MPoHSBOACTHA HAN BuIpAGOTKH, COCTOSHHe HMporHOsK NOTOAB, HaAINHe SaMeHIITeAeH; 9KOHOMHYECKYIO HOR THMeCKyto CuTyaINtO, Hicxoas is STHX AaHIEOX, aHAAHTHK CrpoHT NO- AeAb AAR OmIpeAeACHHLA TeKYneH! H MportosHpye~ oil CTOHMOCTH 1leHHEIx Oysar. 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Euye AHO OF exruaHioe cBojicTno puitika (KoTOpoe MOXKeT OhtTh aK HOAC3HIBIM, TaK It BPeAHLIM — B 3aRHICHMOCTIE Of BpeMertH) 2aKMOUAeTCH B TOM, YTO AAS TOTO, ‘uro6ni orpearuponar® Ha pasunuly yen By npeuiied croumoctu, ety rpebyercs Bpems, TexHuyeckni aHanns Teximueckuil atlanta Moxuio onpegenttTa CreAyIO- un oGpa20¥: Texsumeckuil auaaua — mevoa upea- ckasaniat HsMeweHHs YEH 1 GyAy- yi TpeHAoe pula nyTeM HayueHust rpabukos Hcropuyeckux usmenenuti Ha phinke, yuNTEIBaIOMUX Her Gysar, OFLeNM CAPAOK H, ECAH BOSMOXHO, OGLeM OTKPMTEIX nos. Textuneckuit aaaus uccaeayer To, w10 yoxe cAYUHAGCE Ha PLIKe, a He To, HPO AOANKHHO CAY- unrtaca, Teximueckuil atteaurrink Hayuaer ABLDKe- Hue eH OGBeMOB CAeAOK C HeHHBIMH Gywarantit 10 9TuN Aan CrposT rpadbuKu, ocHOBAHHE a elicrousx yuacrakon paattka, nu rpacpakn — ero raaniuatl muerpysen. 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Tovey 2e 8 TakoM cayuae TeXHHNYeCKui aHaAHS TaK sa>KeH AAs pulHKoR?Nipniynnet, nexaune B ocHoBe Texnneckoro aHanusa Texnuecknit anaan3 ocnonumaercs Ha Tpex mpnsitax: Texnnuecknit w @yHaamentanbitiit ananus 8 cpasHeHHn Boroit taGanye npuBeaents raapuite pasarans MemkAy ABYMAI MeTOAAMH antaAH3a’ a. ewnenne [970 anew, «ro veRjuian Yewa — aro poska Jorpanenne acex wanecTux puny yorroiaaer ani, cnocoBHK noBnRTe Ha 3TOr ace Pemox. K wins omocsten cnpoc RpennoKenwe, nonimasocine axrops w npnctpacran polka, Texnuseciath akanimnx pacemar- puoacr Tonxo pBHNoHNE YoNIs, ae pws Tix ABwOMeHA 2. Monenn eicrovrensno leyuiecrayer Texnisecrat ananne wenonsayereR ans pacnosnasanis onpenenenisx Moneneh nowegenua pena, Ana mmorux rani monenen cyutscrsyer Beicoxan sepomtHocts onpeae- Jnenoro peaynerara. Kpome Toro, naBecrisie momen noBropmoren Ha Perynspioi ocwiowe [3 Meropmn nosroprercn [Monenw sbimenmoten n Knaccr mypyorea na nporsxennn Gonee 100 ner. 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Tlepauie yepeartentiie niaeKcia apes oT pemertn nyGanxonannct Gionerenest Customer's Afternoon Letter kowann Daw — npequuiecraen- nuxom The Wall Street Journal, xotopaa Havana usqanarica c 1889 roaa, TlosuMto unantconoit axypnianntcrii, ¢ 1885 no 1891 roa Aoy Guta wacttoM Hito-VlopreKoit bomaonoit Gupren. Aoy mpogonan nsysarh ae inute pumka mx 1896 roay puma, ro ero nepal iniaeKe orpaxaer cocromiie ToABKO HeGoAtAMDit acti akoHOMUKH. Aoy MpeAOAOKHA, 470 ecAHt HcHoALIOBATL ABa He CHALZAMIIEIX MexAY COBO! Toasaroas cocroanits 3KoHOMIKH, 70 OW GyAyT cuirmaansnposatt 0 \loGuax sutauirreabinx Tpen- ax ta pustke, Takin oGpasow, O11 BBA MpOMBIAI- AeHHBHT HHAEKC, OcHoBaNBIT Ha cpeanelt Nese saxpuirvia aKcurit 12 mpostautsenmtx Konan, ccarrranimixca Toraa HaHGoaee navkatAsi Tipomsumrcnmasit muraene DJ Gin nepaire onyGankonar 26 Max 1696 roja 8 The Wall Street Journal. Buecte c exe3HOAOPORKILIN HHIAeKCOM (reneps nasuBaeMtin xpastcnoprinaM) 31H oka textsccini ananns: Kype ann nawnnarounx aareatt ¢ Tex Hop HyGAuKyIorea B KaXKAOM BEIY- exe The Wall Street Journal. B 1928 roay weno Kowitanit Geo yaeanueno ¢ 12,0 30 # ocraeres Takum nomtune. C camoro Havana HHO CeroAHALIl ACHE B MHAeKCE HEHa- Menno upucyrcrsyer General Electric Company, 4 COcTaB ApyTHX KOMNAHNMii, BKAIOVEHHEIX B MH AeKC, BpeMs! OF BpeMeHH MeHsACs, wroGEI OTpa~ KATH H3MeHEHHs B IKOHONMKE H COXPAHLSITE ANCK- aruuiil oxnar puna, ‘Vingexc mpi saxpirrim Topron 8 neppisit Aeith nyGankanun cocrasia 40,04. Sto suavenue nour nopropioct B 1932 roay— B paarap aenpeccu, Ormerka s 1000 Guna aocturnyra 8 1972 roay, a Aas Toro wroGEt HoAHstTEcs C 4000 Ao Gone went 5500 (1996 r.), norpeGosanoct Bcero HeCKOALKO aer. Texyujee stavenue miaekca DJ 8 conan pas BLILKe ero HepRoit OTMeTKH, HO HHAEKE AO CX HOP cunraercr naxktIbIM NOKasaTeAeM aMepHiKallcKOrO pBtiKa axl Tparbux noxastinaer apixente uniaexca DJ Gonee ew 9a 100 Aer, a-TawKe HeKOTOpHE RAK ble ueTopMuecKHe coBuML Nepswii cocr: wugexca DJ 12 American Cotton Oil American Sugar Refining Co. ‘American Tobacco Chicago Gas Distilling & Cattle Feeding Co. General Electric Co. Laclede Gas Light Co. National Lead North American Co. Tennessee Coal, Iron & Railroad Co. US Leather Us Rubber Co,PEt cla) ad coger oust vet oser over eet ozer oret ost 96st oe ; : g : i i j a : (9661-9687) fa eovottHH osoHHUMIGWodu oMLe“0LDKax ye ronopitaocs, Aoy 6aA sxeHom Huto-Vlopxcroit bonaosoit Gupsxit 1 ta octtose ccaoux uecaesonartttcehopmyanposan 70, 0 7e- ntep usnectio Kak teopn Aoy Avy ite wanncan kimi 0 cach reopm, xo onyGankosan cepino craveit The Wall Steet Journal s navane XX nexa, C6opinn atux craveit {ia agai» 1903 roay, AeKope cae eweprit Ay aekaGpe 1992 roaa Ay ormerma, wo Ha npocrom ausefisos rpa~ chuxe, ns0Gpaxaromjen yepeauentyto yen # Bpe- Mal, BOSHKaIOT SursarooGpasHELe MoAeAH, KOTO- phe yRasLIRaloT Ha Tpenigat puttiKa, STH NoAeAML HcHOABAYIOTEH B TEXIIMMECKOM anaAHae AO CHX Hop, XOTs H Co MHoxkeCTBOM AoHOAHeIiL Ha ocone uayyenins puinxon Aoy ccbopmy- ANpOBAA WeCTS OCHOBHBIX NPHHYHIOB, KoTOpELE puweaenss HiDKe: 1. Cpeanne yeHbt Aas pacsera chomx HiAeKcon Ay HCTOARIOBaA TOABKO 1HeHM 3a~ KpbiTiia Toprop. 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REUTERS Aoy paccusrtisaa, «10 ero uiaeKces Gyayr «Ga- poMerpastit puitikay, To ech BAIGOp HOKYHKI MAHL HpOA@KH OTACABEIX AKU OCTABAACH HEAHKOM » pykax uiinecropos, Maniavaantio HiaeKct He 10- KyHAAMCH H He MPONABAAMCH, KAK AKHI, HO C Ha axa 1980-x roqos dosBHLce dysiovepcHise KOH npaxrt Ha uuaeKcut. B 1982 roay UuKarcKas To- napiias Oupxka nuunycTUAA dhaiouepens 1a HHACKE Standard & Poor's 500, a5 1984 roay Aonaoucxast Gupzka puanyeruaa dpbiovepcnt 1 oNMHOHEL Ha 1 aexe FTSE 100, Xora reopina Aoy uncer paa orpattvesti, ona ‘anasiercs OcHOROIE sHHOTHX MeTOAOB 7eXHHUECKOTO ananuisa, OMICaHHUX aanee & 9TOIi Kuure. Texsnvectonl ananns: Kypc ana waxmnaounx ED)Pestome Kontponbubie Bonpocei Ge) 1: sascpuman nsysenne neproro pas- AeAa KITH H TeMTept AOAIKHBL SHAT CAC~ aytomee: 1. Onpegeattte, Kaxne 13 HiDKenpHBeaeNHtEIx «pas o npuanynax TeXHHYeCKOrO aHAAH3a Bep- bre, a KaKne — Her. + pasaHuna Mexkay TeXHHTVeCKHD H ¢byHAAMen- ‘TaAbHBIM aHaAH30%; + ocHopia i npynniuima Textaeckoro arlannsa; . 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Meitepe, «Antimima», 2000r. ISBN 5-89684-008. Technical Analysis of the Futures Markets John J. Murphy, New York Institute of Finance, 1986 ISBN 0 13 898008 X ‘Technical Analysis Explained Martin Pring, McGraw-Hill, 1991 ISBN 0.0705 1042.3 ‘The New Commodity Trading Systems and Methods Perry Kaufman, J. Wiley & Sons, 1987 ISBN 0 4718 75790 ‘Technical Analysis From A —Z ‘Seven Achelis, Probus publishing Co., 1995 ISBN 1 55738 8164 ‘Timing the Market — How to Profit in Bull and Bear Markets with Technical Analysis Curtis M, Arnold, Probus Publishing Co., Revised Edition, 1993 ISBN 1 55738 1967 Charters on Charting — How to Improve Your Stock-market Decision Making David Charters, Rushmere Wynne, 1995 ISBN 0 948035218 ‘The Futures Game Richard J. Teweles and Frank J. Jones, McGraw-Hill Book Company, Second Edition ISBN 0 07 063734 2 ‘Schwager on Futures — Fundamental Analysis Jack D. Schwager, J. Wiley & Sons, 1995 ISBN 047 1020567 ‘The ABCs of Stock Speculation S.A. Nelson, 1903. Reprinted by Fraser Publishing Company, 1981 ISBN 0 87034 0549 ‘The Stock Market Barometer William P. Hamilton, Harper & Brothers, 19: by Fraser Publishing Company, 1993, ISBN 087034 1111 Reprinted © textccini ananns: kype ann nawnnarounx ‘The Dow Theory Robert Rhea, Barron's, 1932. Reprinted by Fraser Publishing Company, 1993 ISBN 0.87034 1103 ‘Technical Analysis of Stock Trends Robert D. Edwards and John F. Magee Inc., 1948 and, subsequent editions. Seventh Edition, 1997 ISBN 0 814403 735 Technical Analysis of Stocks and Commodities Taking Stock of Commodity Trading Methods by B. Venitits Vol. 1:6 (129-132), 1982/3 A ‘map’ for the trading jungle by G. D. Noble Vol, 4:2 (81-82), 1986 Real world technical analysis by K. Calhoun Vol. 9:3 (103-103), 1991 Dow Theory by M. F. Bowman and T. Hartle Vol 8:9 (359:363), 1990 Financial es A series of articles by Gillian O'Connor in Weekend Money Picking the pops from the charts 19.8.95 How the tend can become your friend 29.95 How candlesticks can shed light on trends 9.9.95 Indicators confirm your first thoughts 16.9.95 ‘Waves than boom and crash 30.9.95, ‘Simple approaches to a complex jigsaw 14.10.95 In search of the stars 21.10.95 Investors Chronicle A series of articles by Griffiths ‘Making ascience of an art form 89.95 ‘The pencil is mightier than the PC 15.9.95 What are the charts telling us now 2.9.95Orsetet Ans sametox Ha KOHTponbHbIe BONpoCe 1, Onpeaeane, Kaxne 13 mpkenpineaenttitx chpas o TexHmyeckom anaan3e Repti, a Ka- Bepno Hesepno A. Thasttan wean — sepito cnpornosuposar», ro cay- Vv ‘urros Ha poutixe » Gyaynent. B, Brtoneaeni patika cytte- ‘cryior moneat Ss C. Meropa nosropaerca. S sero we youmasaer v Hrtoabaya Teopiio Aoy, Aaiire xparkoe OnHcaHHe TOMY, ¥TO MpOHCXOAMT Ha cTaAHAX KpynHOTO TpeHAa, OTMeYeHHEIX Ha rpaduKe uneppavant 1 —6. © dasa 1 — Koncoanaanns, Goxonoit rpena, @ dasa 2 — nomumareasipait rpena, sxormrc- Hite 8 pBIHoK wHBeCTOpOB; ® ¢hasa 3 — Koppexwna want orkaTs1 puitio%- Holi yenbi; © nx puinosnoi noms @ chara 3 — KoHCoANAaNNS noeAe THNKA! © dhasa 3 — oKonsanne tpenga, Hasaro ro: HIDES, REUTERS Texnmuecknii ananns: Kype ana HayMHaioux °}Beegenne 37 Jnneiinpie rpadbunn 38 Tpadukn B Bupe «apoB» 44 «finoHcKue CBe4n» 46 Tpaguxn THNa «KPeCTHKH-HOMKK» 48 Tpadukn ructorpamm oGbema = 54 Jmnenuete rpadnn OTKpbITOrO MHTepeca 56 YnpaxkHenna lo noctpoeHmio rpabHKos 59 Pestome 61 Korrponsibie Bonpocst 61 0630p npoiijenHoro matepuana 62 Aononnutenppie MCTOYHMKH MHOpMayMH 63 Orsersi na Kourponbubie Bonpocs! 64. MRD mo AeAa AOMKHO 3aH1Th (7 90 MHHYT AO HECKOABKHX YacoB y'ueOHO- ro BpemeHit, BoaMoxkHo, BbI clipasHTeck Osl- erpee HAH HecKOABKO NeaneHee, FloMuusTe: yueOa — npouece HHAMBHAyAAbHAtL REUTERS Texnnveckni ananns: Kypc AA HaNMHaIoLynx eoB reopuu Yuna Pojvkepca TOABKo Aga mpania: Tipanuao 1. Ecau oto He pacter B neue, He noxynaitre, Tipanuao 2. Ecau oro ne Aeweneer, He npoaanaitre. The Will Rogers Theory of Point and Figure Trading by J. Adam Hewison Technical Analysis of Stocks and Commodities, Vol. 9:8 (320-322), 1991 © textsccini ananns: Kype ana nawnnarounxBsegenne Texnmecuii anaana nenoatayer pastiooGpasiie aniaanmieckne unterpysenus. Bee om peGyior nocrpoenna rpacpkon, "papik Moxio Crpours BpYSHYIO, KAK BM Y2Ke ACAAAM, HAM, TO B Haute pens Gubacr vane, Ha KOMMIOTEpe, C HoMOUEEIO ‘TakHtx mporpa, Kak Reuters Graphics t Reuters 3000. Xora cyiecrayer mmpoxwit musGop, y KaxAoTO AHAAHTHKa eCTL Chon AIOGIMEIE RHAKI FpacpHKOR, Manaamrnineckie MeTORK, Conpenenew onprriute anaanrinkn pupaGaris naloT ¥yTbe, HoaBOAMIONIee OMPeAeATE ABIEKCHHE PHINKa No KaKoMy-anGo THny rparpuKa, KoToput ont nocrronnom 1 wontoansyror. Karat nia rpa- chuxor jaer choit nsraxa ta PHIHOK, H anaAMTHKH, HpeAnounTaioT HCTOALIORATr HECKOALKO BHAOB, rparbikon AAa AOCTIDKeHHS MaKCHMAAbHOTE ray Gumi ariaansa. Taku o6pazom, anaarninknt o6y~ ualoTes HCHOALAONaTE B paGore pastiooSpasie uapa rpacbinos, Dror pasaea KNUTH onHcHIRaeT ocHOBHBE HAL rpacbHKoR, HX HlocTpoeHHe 1 HWcnoAR30Ba- une. Tpacpukn Moryt Ourk KaK mpocTaMm, TaK iMit — oF MpocTiax anmetiatutx rpadpn- Kop 1 rpacbHkon Brae «Gapon» Ao rpacbuKon, ‘TuMIa ¢KPeCTHKI-HOAMKHD 11 KSIIONCKHX cReMeIT HaguinaeMnIx TaK HOTOMy, 470 OHH GUA paspa- Gorama n SInonm commu Aer naxay, Kaxxasrit Ba rparpikoR MoAeseH, MocKOABKY O11 NOAepKHBA- er oTAeAnMe acrexrat yen. Hampunep, xors anmeiimie rpacbukut — came npoctuste, pit Co- eAIHeHTHH HOCACAORATEABIITIX 1eH 3aKpusTHIA OnE OuleHL sicHo MoKaabIRaIoT peayabTaTel AMIDKEHHA HIKE 3a AanMELi HepHOA Bpemenst FpabuK THM 1 MHEMAABHEIe Ten, Hest OTKPEITHS H 3aKPHIr ‘rust 1 Ager AEOTOrpanoe MPEACTARACHHO O Aalt= How pane. Paccmarpimaesie sit rpacbikon Bx\Iouaior: + autmeiibte (rpachHKH TOABKO eH SaKPBITHS, OTKDDITENX OSH, COABIIECTBA HHLAHKA~ Topos); + Bmge «Gapony (cpacbik ners oTKpurTHa/ MaKcHMyma/simtysa/ ier 3aKpDITAs); + qsmoncKse cae (rparbux 4exs4 oTKpErTHs/ MaKcunyna/MuHuMyMa/ yeHt saKpHrTs); + ekpeCTHKH-HOAHKH (HaMeHeHs LH); + rucrorpanotu (rpaipakut oGweMa 1 HeKOTO- Bix HHAMKaTOpoB). Aas nexoropatx Buqon rpacbitkon Bam mpea- aaralores ynpaxtewus. Bam Gyaer noaesHo 110- TpaTitTh HeKOTOpoe BPENS Ha HX BLITOAHEHIC, Ho eCAM BpeMeni Het, BLL HaliaeTe roTORKIe HA Alocrpaijii & orsetax. As BuITOAKeHHS yupark- Henuit ayuue noAsonaTica KapaHiaalioM, «roGBt aerue ucupanasr on6kH. 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REUTERS © textiiccini ananns: Kype ann HawnnarounxBe CU on cy Beeaenne 67 Jiuunn tpenaa 70 Monenn npopommenna/ KOHCONMAAauMK 72 Mogenu passopora 76 JIMHMM noAAep KKH “ conpoTuBneHua 82 Ckonbsauyne cpeanne 86 OtTHocuTenbHan acexTHBHOCTE 90 Pasppisbt 92 Tpumepsi rpabuKos, 95 Pestome 97 KonTponbneie sonpocet 97 0630p npojigeHHoro MaTepvana 98 Aononnutenbupie mcTOHHHKH wHdopmaunn 99 Orsersi Ha Kourponsubie sonpocs! 100 AeAa AOVAHO 3anaTs ‘Kono BX acon yueGuHOTO Bpextentt. Bos- MOXKHO, BHI cHpanHTTeck GuicTpee HAH He- CKOABKO Meaaeuee. TlosiTe: yueba — mpowece mnitenayanssst REUTERS Texnnveckni ananns: Kypc AA HaNMHaIoLynx eoYew Aoabure aeiicrsyer amma Tperiaa 1 ¥eM Goabme TONeK ee o6pasyer, Tem Goabme ee sHayenne. 3HaynTeaBHtit MpoGoit AmnHH TpeHAa OGKIIHO ‘osnayaer pasBopor MAM saMeqAenme TpeHAa. (On Trendlines, Money Flow index and the Elliott Wave by Brian D. Green Technical Analysis of Stocks and Commodities, Vol. 12:8 (321-324), 1994 © textes aan: Kype ann HawnnarounxBsegenne Va06paxenne Ha rpaiuxe KoTHpoROK HEHE Gymar cosaaer Kapruny punosHoi «GuTBHD MOXKAY HOKYHATEASMH (SOMKANIDY) 11 MpOAABIA- Mit (oreaneasniDs), Punoutute eM aBiDKyTCH He To MpaMoli, a 3Hr3arom, TOAHHNasCy H Nagas 1 ganHcHMocT# OF Toro, KTO BUINTpHRaer B GuTBe mpoaasi{on # HoxynarexeHi. UroGis peuttere, crowT AM HM MpOAABATE HAH HOKYNATD, YACTHAKH PLAN a HYKAAlOTCA n TICTpyMeHTax AA OnpeAeeHHs cpoeli Topronoit crparermu, OAwuM 13 TaKINX HH CTpyerrTos 4 sisasieres Tper, piinika, onpeaense- tit caeaytomquntit OG paso ‘Tpena — nanpasrennoe asixente PoinowHBx eH. Cymecrayer ana ocnonmux nanpanaenus “Tpena, a TaK7Ke CHTYaIqis KOHCOANAAILIN PLItIKa pH Gokorow Tperiae, Nostmatenbitii Teena Cawraercs moaxoasiun [BpeMeHeN \Ast HOKYTIKH, 14 Sonsrriis Aamo‘ MOSHE Kpynmutii nopiamereasmait ‘per GutuBHM pianos. 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Ecau OTHOCHTeABHas odubexrunsocrs naqaer, To oGKeKT oTeTAeT oT Muaexca. Tlockoabky orHociteantias odpqpexrus- Hoctb — Nlokasaveab cpasHuTeAbHtEi, ee rpaipuk MoxkHO Crpour Noa, ocHo! Hunt rpadHKom ext 'pacpukit oHoc TeabHioll o¢dpeKTHBHOCTHE HCHOABAYIOTCR KAK HH- AUKATOLI A’ OOHAPYKEHMSL H HOATREPAACHIS TpeHAoB phtlika, Viamexenue rpenaa wa rpadpuke oraocurens- Ho stpeKsHBHOCTH MOET OBITS CUPHAAOM, Hpeaynpexxaoulun 06 usMeHeHUsX B HEHE ca Moll akiHH. HsMeneHue yer, compoBsoxaaeNoe COOTRETCTBYIOUIN HaMeHeHHEM OTHOCHTeABHOIL odubeKTHBHOCTH, CAYAHT HAACKHBIM CHFHAAON, AAS HOKYKICHAH MpOAADKEL Pacuer oTHocHTenbHo aheKTHEHOCTH Hipke npupeyerta cpopmyna aust pacuera orHocit- TeAbHOIt oxb(EKTHBHOCTH Ha OCHORE CpaBHeHiis HeHs! saKpLITHA aKKH 1 oHAOBOTO HAAeKca (oGparure BuuManie, 40 8 OrHOUIeHHE pBlHKoR AKUMiL YacTO HCHOARSyeTes HaIBAHHE COTHOCH- TeAbHad CHA B IHAVeHMH eoTHOCHTeAKHas I)- cbexrupnocri», FloustTHe cornocuTeastian oquex- THBHOCTH» dalle HCHOABYeTCS Ha PBIHKAX BAAION, TORAPOB H GoAblMAHCTBa (Pb1OUePCOB, HOCKOARKY HOHsITHe KOTHOCHTeABHAS CHAa» MOKHO CHYTatt ‘c uHAeKcom RSI Yaiiayepa. © testes atari: Kype ann Hawnnaroux A2_ AL Ornocureabnas _ B2 BI oa Br rge Al —nocaeguas yexa saxpumust axyuu; BI —nocaegnas yena saxpuimus shongonora wigexca; A2— Gas0nas (uawarnias sa nepueg) ena saxpeimua axyuu; B2 — Gasosas (navaasnas sa nepucg) ena saxpuimus groxgonoro unigexca, era ann \ Tinann oTwocnTensnom sbbexriBHOCTH \ Naparowan omHocuTerbian sb bextHEHOCTS ‘yraauiaaer va nagenve aKuit npH noBbALovNH jena Wri Ha To, #70 aKMi nagaer Guicrpee, ‘ew niaene. ena axa ate ‘Aunvs omocuTensHod abertHeHocrH \ Ronrunaiowanca orHocurensian 2¢eKrHBHOCTS _ykabisaer Ha NoBseNHe axuyH npH NoBbWEHIA ugexcannn me Haro, 4To axyiA noANAMaeTeR Guicrpee, vem wiaeKe.sera cg Ornocureabias cuaa ray Ha pBIHKaX ¢>bW4epcoB r Myr pi Sowuep Avesvon pnb tae -60p08- on a BASS PLC ’ P| Mokasorean omoctrrensuoi dpexmumsoct xx 30- ned pe | er enonsoonenses ua put J wax Gsowepeon. Ipuepant Moryr caykurt + pasananme ToBapst mo cpannennio c miAeKcom, CRB (Commodity Research Board); + paganumue aamennreant Ho cpaBiieHio apyt ¢ Apy- TOM, Hanpusep pasanueiie [BHAI 2epHia 10 cpaBitertHio cmuennyett + cepe6po 0 cpaprenmio Omocnrensian a¢extHoHOCTo onU BASS PLC € s0xoTom (caiTaeTea, 70 ro cpasnonwo.cwngexcons FISE 100 2a70 xe apeMn Mexkay x neHanm cyne- crayer aanito ompeaeacn- Hast cB536) ‘Aneanel niwehiuii rpagin winekca Nikkel 225 n aweBHon payne supe “6apos: igenca SBP 500 Mononsurensisil rpagn ormocurensioh abipexTusHocTH oxaauiaaer, s70 SEP Hanger craGunsio noxaawisate Gomuye, ‘em Nikkei, abgexrHBHoeTs Ce copennnts wons. REUTERS Texnnsecknii ananus: Kypc ana HayHHaIoUyHX eoUE bei eek ee ad Pa3ppiBbi Bavactyto saKpurrie oANHX ToproB He conriaaer ¢ oTKpuTHeM CAeAyIOUtHX B peayaurare a rpacbike noanmKaet Paspsts. Brocacacrsin paspiis MoxeT Gur saxput nput Toprosae. Hactomupit paspias BOSHMKaeT TorAa, KOFAa GOABIIEHICTBO Y4ACTHAKOB, PuIHKa oAHOBpemenHo pemtaror, "ro Her HY aaiores B 6uicrpoit Koppextunt, Takin o6paaon, paper MOsKKO OMPeAeAHTE, KaK: Cayvait, xoraa wmmnwaasitas teria 3a 1epHoy suite, Hew MaKcraAbttas Herta cAeAyTonero epxoga, WAM HaoGopor, MaKcHMAABHaR 1e1Ia 3a MepHtog tDKe, He FTNaABHIAR 3a OCAC- ayromunit nepro, Paspuinis vacto HaGaioaaiores Ha dpuio4epe- HBX puINKAX, perKe Ha MeHee AMKRMANEIX PLINKaX AKI H PeAKO Ha BaAIOTHEIX pHINKAX. Tiprinia ror R-toM, ro dbitowepent — 11 CCTpYMeNT Kak AAS xeAPKHPOBAIH, TAK H AAS C= Kyaamquit. Tpeiiaepst Mory Gucrpo pearuponart. Ha HeomHAAMHBIe COOLITHA HyTeM paswemeniAst ‘opaepos, cMemjariomyrx terri CHABHO Ht oveNTE Gis~ crpo, oruero nosnHKaior pasputp. Paspiipit — Moqeatt, HeTIOARayeMEe Ast OnpeaeacHust 1 OATBEPAKAeHHs Tper aon. Cynectayer vermipe ochonnux ‘Tuma paaputnon: + oO brunt paspEiB; + paspiin up mpoGoe yposus; + paspbis yeKopenus; + paapiin ucromentis, OGerinbii paspeis. Take paapnimis acrpeyatores mpi 6o- ODOM ABIDKENHH 1 OGHIIHO ykastABaIOT a nleaocratox mirTepeca K GyMaraMt 10 Aannoit ene, Taxwe paspiisy oGEIaHO BCTpexa- 1oTCs MpHt MaerbKHx OG LeMax TOPrORAH 1 MAAON KOAHeCTRC @KTHBHEIX 4ACTHHKOR. © textisccini ananns: kype ana nawnnarounx Paapbie np npoGoe ypoaHia ‘Tave paspbibh oObIuHO BeTpevalorcs B KoHIe He PHOAa KOHCOAHAAIMH, HempHMep npH BocxoAs- les TpeyFOABHIHKe, H YKa3hIBAIOT Ha HavaAO 3Ha~ MHMOTO ABIDKeHHs pKa, Takite paspHIBBI OOH Ho BOaHUKAIOT IPH GoAbILOM OGBeNe TOproBAH, Manor Maxow yea yeHa Mae Tpenwayani Mannan | Mae L— nepwon am ueNa ena Mann a wea Paspa’ Man: ueNa Npeawiayuna nepioa OGuieti paspeiBt * Saech 1 aaee sax Ml o6canauaer panpue REUTERSPaapbie yexopenna ‘ror paspin oGnrino Berpeuaeres Bce- PeaHie YeHOSorO ABIDK syeTcs AAS OMICHKH pasMepa ABIDKEHHS; OH CUH- —_Peapers yeKopeHHL TaeTCa CHFHAAOM MposowKeHust TpeHAa. OGLEN Moxker HE HAMCHATECA pH paaputEe, HO ecAH 970 MpOHCXOAMT, paspuB yKasbiBaeT Ha CHABHIAIE 1 4 pen, Paspise Yexopetnia raxme MuOIsA Hasts- | \ ‘alot HaMEpsHOUHO PaapLIBOM, HOCKOAKKY OH (11a | 1 onarenane iupaxruxe Heyacro) npoexoautT 8 cepeaitite 1O- oe uMareALHOTO TpeHAe, HAM pasphinoM HPOAOA- | Yeooerm 2xeHl, HOCKOABKY OH — HpIEAK npogoADKenu ' peng 50% aownenn | pass nerouonn he | ‘Dror paspisn yxasuinaer ita samepiieniie Anise. [it ‘ tea les womer Gira pina 3a paspLis yoo wt ' peng Osirae paspias Herometnia mpowexogur feos ' ‘sGausit passopora pera, Sapaniee orsinutrt pas- | ! : ' pis yexopeua or pagina rcrouents yocraron- Ho CAoKHO. OTAHUHTeABHOIt OcOGeHHOCTLIO pas- ' ’ Diba Wcrometiin aaANETCH, KaK MpaHHAD, OCH suicoxuti oGteMt roprosat Pespaie ncromena Txuen, axnpaunno, conpononaaeron ‘nKoM o6seMa REUTERS Texnnecknii ananns: Kype ana HaynHaiouynx (os)rere eee ceed Aveeno rpadnk s ange apous 3-ecasneix ‘opeapansix Ko a Hnkent 4a 6HpHe LME |) Ossie paspHie ala soaps pu poten pon ms (aonrocposnui) nnn paspaie } | Yexoponnm wpaneccpowed) ti i Oden PN ees A I paspbis npr i ‘ Ml i , tormosemmn = oA ah NY th ‘npo60e ypouna Hoxoropoie wa wanBonee sant aspesos oSsenens: xpyaKaNM. wovepcos na Koxe capa W Kakao 3a wapr 1997 r Oo pape 4, Repent i oi apse ni tons noe =| Ad ome fl “Wy AZ, i, VE : lM ll 1 hy wl :Dr eC eee Con ald oom Ld pe wate 4 een sonngeds isdewndy g & = = § 2 = A[om Pesiome + Tloaepsxxa conporssrenie Act + Ckoabsamtme epearie Bia sanepummax naysenne Tpersero pas- AeAa KIHIH H Celt4ac AOKI HMeTH HET oe mpeaCTaBactiie o caeayiouqinx MOAeAAX: + Paspstpst + Ornocurreastias aepipexrupiiocrs + Annum Tpenaa “roGu1 mposepHTs cBoe HOHUMAHHe MarepHana, + Mogeait mpoaoaskentist/KOHCOAHAIIIH nonpo6yltre suinorsiens sagattua xpatkoro tecra, + Moaenu paszopota Bam TawKe Moxxer OBITS NOAeseH OG3op pasyena, KotponbHbie Bonpocbi 1. Haiiqurre 1a 910m rparpike CTOABKO. fy MoneAeti, CKOABKO CMOXKETE, 2. Haltayeve na stom rpacbune MOREA fig ‘uta «KAM, Omens na cmp. 100 |e a REUTERS Texnnecknii ananns: Kype ana HaynHaiouynx 6rere eee ceed eamamonont anced « ‘sunadoxos ardeed . ‘smgodk o0godu udu ade’ « sanéced wramnigo ‘aoaridced eum 1agaisains3 + rasiadeeg sxndeso weersed 336 mods woe on oa noe nd taservon bes « — 908 minivod wetmscavowo wemomancg « — 99 UL Mat¥ado wemEAvOXD HeIDeALI « san, “te maces ‘ortLeRHOLDag va ‘aHOLAKEHEE srs numa ‘eamavit egovods AVON « yehadion o1oeh 2av09HEH « orwancet yovaNt 19 aoneveeaoveds ‘evitad amoreancens ‘HW OW « icin Ht coud eiodoaced wuotoW vou wuhettauooHon /snHomvottodu MuetoW, fnodas a PH + bunowenLoduos 4 wooxdalttiou HMM, eitHods HMHHY, erevderew [oF osOHHatMOdU docoo ” @ & z 5 a a © tevstsecroit ananne: Kype ana nasnnarouxKnaccuyecknii ananns rpaduKkos [GAME Orserei Ha KoHTponbHble Bonpocei ° | Hatiqurre na tom rparpuxe croawKo Exess ==] -MOAeAeif, CKOABKO CMOETE, ry Aoinan cen 7A i ", ~mm Ww N Fi \f ‘ } fk Yb yr" ‘ova w nneww: r i ve m i, J Tepesenyan 0- L, / 2. Haitanre a 9t0w rpadhiike MoneAB Tuna «KAHHD, | } ra Ans sametox © Texnnyeckni ananns: Kypc Ana HaMHalouynx REUTERSREUTERS Beegenue 103 Munexc oTHocuTenbHolt cunt 106 CToxactuyeckne ocumnnstoph! 108 Cxonmenne/pacxonnenne cKonbaAU\Hx cpeAHHx(MACD) 112 Npumeppi rpaduKos 116 Pesiome 119 KonTponbnbie Bonpocet 119 0630p npoligenvoro matepwana 120 Aononnutenpupie MeTONNMIG MHbOPMALAN 121 Orsersi Ha KOHTponbHbte BoNpocbt 122 AeAa AOVAHO 3anaT ‘Kono 60 Munyr yueGnoro npeneni. Bos- MO2KHO, BEI CpaHtTeck OuicTpee HAM He- CKOABKO Meqrertuee, TloxmTe: yueba — Mpouece HHAMBHAyaNbitt Texnnectni avanns: Kypc ana nasnnaounx QD)B 1954 roay ue nosesao yerpouraca & Investment Educators 4a Aoa%K- HocTE «xOMsTIKaD. $I HocHA Garax, OGCAY2KUBAA HpoeKTOp, PHCOBaA rpadMKut U EBITIOAHSA nopyyenus Baaaeasta, Paasia Aucrartra, 1 TextuvecKoro «rypy» Pos Aap- cona. Lane's Stochastics by George G. Lane MD Technical Analysis of Stocks and Commodities, Vol. 2:3 (87-90), 1984 © Textsccini aan: Kype ann nawnnarounxBsegenne Tlocrpoenne rpacuxon — aeao ornocuTean- Ho MpocToe, Ho, KaK Bid BIAeATL, TOPAIAO CAOR- Hee ONPeACAATL ROIHNKAIOUINE Ha HHX MoAeAT. Ha rpapikax peako nosmasiotca verKHe Moxe- AM, Kak Ha HAMOCTPAl|AsX B YEGHEKe, H OITO- MY MpeacKasantHs, CAeAaHIHIe TOAGKO Ha OcHOBe rpacbikos, HHKOrAa He GuinaioT HoAHOCTSIO Ha ‘Ae HIME, Ure Moryr ceaaTs yuacriinent puaiKa AA 110 BUIMIeHHS HaAe@KHOCTH CBOHX peAcKasartHit Oy Aytunx Tpetaon puke? Kaknte cynyecrsyior mit crpymenmar 1 Meroast? Bul, Haneprtoe, rosmre, sro ene Aoy monHMaA HeOGxOAHMOCTS HoAye- TUS THOATBEPKACHHA TpeHAa Mepea NpHNsTHEN puitiownx pemenni Kax oaun 13 cBonx uanxaropos Aoy Hc~ TOABapRAA OGDEN, ‘Tpenn roarsepyaaer- Cn BbleoKiM ob eNOM (eaxcosanoneit 6 eM Ha nitkax). Npormeorpenaossie Aarne o6vewa ‘Yuacrunxn puiika Hcoabayior pasnooGpaa- mute HHAMKATOpH Ma MOATREpaRACHNE CrpaTe iti, ocrtonarmax na anaanae rpacpukon. Ceiiuac HcHOABayeTCa NHOKeCTRO HHAMKATOpOR; HEKO- ‘Topwle H3 HHX MpocTss, APyrHe TPeGywr CAT ux NareMaTHueckHx pacieToR, paspaborarinx cnenuaanctanm, Baxkio nosmnrn, 170 pasa MBIe HHAMKATOPH AyuIe PadoTaloT Ha pa: BHAAX PHINKOB, HaNpHMep Ha RAAIOTHON HAM Ha (buroepcrom. Yerreumo paGoraromne KH HCHOARYIOT ¢KOKTEVARY 13 HHAHKaTOpOR AAS nocrpoena crparerm: mpuMertenne Kakoro-T0 ‘oaHoro miukaTopa Gino Ort oumGowsM. Minas KaTopi, 1crioansyeMtute Ha GuicrpLax cpoovepcutax, PHINKAX, He OGs13aTeABKO MOACSEI Ha PBIHKE aK- unt nant ¢prmancopurx uaeKcon. Takoke caeayer REUTERS cy HOMHHTE, WTO ¢ HOCTOsHHEIM pocToM MoMIHOCTHL KOMIOTepOR Ht pacMpeHeM punKoR pacer KOAHYECTEO HOBLIX HHAMKaTOpOB — BapHaHTOs, crapiix Ha mpaxnunuantHo HoBix uNCrpysen- B Goanmmucrne cayuaen uiaukatopit u206pa- -xaloTes! Ha AOHOAHHTTeAKHEX rpadbHKaX ¢ HCHOAB~ aonaiiieMt neprukaabiioll OCH AAS 3HANeHILA WHAM karopa it ropusonTaabHolt — AAs npementt, Stu, rpadiku oOutuHo pasmeujator toa rpadpHuKOM ABH -XeHI eH ¢ ODE OCLIO BpeMeHH, Ha pucynke u206paxeno Tumisioe couera- ne rparpuka yer aku 1 oGLeMOn Topron, — smo an ge Buasi mHauKatopos. Cymecrnyer ana ocHOBHIIX BHAA HHAMKATOpOR, + Huquxatopst noaTsepxaentist HAH pacxorwKAeHist Kax caeayer u3 HaseaHus, 9TH MRAMKaTOpEL ToATBep>kAAIOT TPeHAH HAH MpeayMpexAator 06 ux cMene, Pacxoxaenem HasbiBaeTes CH= ‘TyalMa, KOTAa AHH HHAMKaTOpA ABIDKETCH B IIPOTHBOTIOAOKHOM HalIpaBAcHHH OT AMKH, eH. Caeaosateabio, pacxoxaexie — 970 oT cyTersie noarBepx\eHs, uro CAYKUT MpeAy= Mpekaaionuant carHanoM. + Mepunonnsie uaauKaropst HAH ocuHAAsTopst ‘Stu MHAMKaTOpH USMepsiOT CreneNE usMeHe- HMMs! HAM CKOpOcTh ABIDKEHMA Yell, a He COO creeHHo yponext yeHtut # uCHON HomouyHt 8 BEIGope Toprosoit crpar HCHOABSOBAHMH 9THX HHAHKaTOpOB PAcKOrKAe- ue TaOKe smaseTea UpeaBEtiailKo BAKHLIM, Texnnveckni ananns: Kype ana HaynHaiuynx ©Wankaropit noaraepmaeHna aM pacxoKaeHHa STH MHAMKaTOpHI OCHOBaHH Ha nepBHHOM rpa~ puke yes wast cBstsaMBI C HUI. BU Y2Xe MOSH KOMMAMCH € OOAbIIMHCTEOM 9THX HEAMKATOpOR B MpeawayIux pasaenax Bught rpapuxos No- geau. STH HAAHKaTOpEL BKAFOYALOT: + 06 eM + orxpurnait wrepec; + ornocitTeabiyto adibexniapHtocts; + cKoaRssue cpeaune. fOGuem —_|10 anne na crapetiumnx HninKeTopon, RnepRise cnontsonantii Apy. Ero saver lcaaanta ¢ nenianen voprye ma laymar, Obum0 one HcHonbsyercs ane HoxTsepKACHIS! |ABHoxeHH eH; pacxoxkAenHe Jcuirraetea mpeaympexxaatonuin, forkperreim [ror miasiavop aoaoben 8 nutepec |punexenn oGtemy. Ero axavemt roKe cosaHbl € HeHtANt Ha ropryesize Gystant. Qror muaanarep tctionsayior Toprosi |puovepcanst: crass pena |AoaKent HoxTBepxAATECH nontamenem orxparroro wierepeca [Ommocwre- [Omiocirensian abibertimnocrs Iowan |XaPaktepuayer miauiooruomente Sebepexcrne: | "CRAY Aan ero; Oysaroit Rocke [Ht oGmtt noseaenttes psa rt [cextopox pianika.AMoSite moyen ua nagenus sonata yaurumparic KouTeKcTe: Haipuep, uosouienne laxuits na 15% ne antevaraser, ecaM epeayiee nonuamtene cexropa Jcocranmno 25%. Hamertenme xpeniaa loriocirrention acbexrunniocra Noxker ykaananars wa tpaayie pramenerier nrpesiye near B octiowe nen. e Texnnyecknit ananns: Kypc ana HayMHarouyAx [exons] Cronsamuwe cpeaime asuyme | cmonsoysorex aaa craatsas fepeqvine | NeHonsx Aarti w Hers THOATBEP>KACHS TpeHAOB, ypoutet HOAAEPKKH 1 COMPOTHEAEIHIL, Oxi saloKe HoAeaitll pH BuIGOpe sopronoii crpazerit, ocoGeno spat Hropronae ¢biiouepeam HAM 1a IKE € CHAMHLIM rlopbaluaTeABHAM HAH NOHDKaveAbIILIM TpeHAOM. Mnepynonnete HHAKKaTopEE nw ocunansropet STH HNANKATOPEI HIMepsIOT CKOPOCTE HsMEHe- 1HMs HAH eKOpoCTE HampasnerHoro ABIDKeHTES HEH 1 AaloT Mpeaynpeskaatouyte CHTHaAK o GAHIKIX ‘rouKax paspopora Kora nent Giicrpo nosuaraiores, rosopsr, ‘sro lena Gymara nepexynaena, 1 970 canraercst CHTHAAON K TOMY, HTOOLI BOIACPKATKC OT MOK ‘xx, Koraa ent Gsicrpo noHEDKaIoTCs, rosOpsr, ro GyMara nepenpoaatia, 1 970 cuTaeTes CHT HAAOM K-TOMY, NTOGuI ROIACPIKATLCA OT MPCAKH, (Ciryanier cHasnoii neperynaentocrs/mepenpo- AaMHOCTH OGuHHO CHHTaeTCA MpHaHAKOM HeN13- GexHoit peaxnm pLINKa, BOIMOIKHO, AaKe pas~ sopora. PeaxiHeit na CHALHyIO mepeKymAenHocr MOXKeT Gur MepHOA KOHCOAHAAIIHH C GOKOBLIM ABIDKeHHEM HEH. Octnasroptr BKAtoNaIor: + uigeke orHocurensnoll cast (RSI); + croxacrinseckitit ocuanaTop; + cXORACHHE/PacKORACHME CKOABSHULHX ‘epeantnx (MACD)