Technical Analysis of the Financial Markets: A Comprehensive Guide to Trading Methods and Applications

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Penguin, 1999 - 542 páginas
This outstanding reference has already taught thousands of traders the concepts of technical analysis and their application in the futures and stock markets. Covering the latest developments in computer technology, technical tools, and indicators, the second edition features new material on candlestick charting, intermarket relationships, stocks and stock rotation, plus state-of-the-art examples and figures. From how to read charts to understanding indicators and the crucial role technical analysis plays in investing, readers gain a thorough and accessible overview of the field of technical analysis, with a special emphasis on futures markets. Revised and expanded for the demands of today's financial world, this book is essential reading for anyone interested in tracking and analyzing market behavior.

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Contenido

Philosophy or Rationale
2
Continuation Patterns
27
The Use of Closing Prices and the Presence
30
Chart Construction
35
Definition of Trend
49
Trendlines
65
The Channel Line
80
Speed Resistance Lines
87
Filtered Candle Patterns
306
Elliott Wave Theory
319
Connection Between Elliott Wave and
324
The Rule of Alternation
331
Fibonacci Time Targets
338
Cycles
344
How Cyclic Concepts Help Explain Charting
355
Combining Cycle Lengths
361

Price Gaps
94
Price Patterns
100
The Importance of Volume
107
Complex Head and Shoulders
113
Variations from the Ideal Pattern
121
Conclusion
128
Introduction
129
Volume and Open Interest
157
Interpretation of Open Interest in Futures
169
Summary of Volume and Open Interest Rules
174
Continuous Futures Contracts
184
Long Term Charts Not Intended for Trading
188
Introduction
195
Moving Average Envelopes
207
Moving Averages Applied to Long Term
213
To Optimize or Not
220
Oscillator Usage in Conjunction with Trend
226
Measuring Rate of Change ROC
234
Using the 70 and 30 Lines to Generate Signals
245
The Importance of Trend
251
The Principle of Contrary Opinion in Futures
257
Point and Figure Charting
265
The Horizontal Count
274
Box Reversal Point and Figure Charting
277
Measuring Techniques
286
PF Technical Indicators
292
Basic Candlesticks
299
Seasonal Cycles
369
Cycle Reading and Software
375
Welles Wilders Parabolic and Directional Movement
381
Pros and Cons of System Trading
387
Money Management and Trading
393
Money Management
394
Trading Tactics
400
The Use of Intraday Pivot Points
407
The Link Between Commodities and the Dollar
419
Stock Sectors and Industry Groups
420
Relative Strength and Individual Stocks
426
Stock Market Indicators
433
McClellan Summation Index
439
Upside Versus Downside Volume
443
Comparing Market Averages
449
How to Coordinate Technical and Fundamental
455
Advanced Technical Indicators
463
Formula for Demand Index
473
Market Structure
479
Tracking Longer Term Market Activity
486
The Essentials of Building a Trading
493
Evaluate Results
500
Glossary
511
Selected Bibliography
523
Index
531
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Página iii - Technical analysis is the study of market action, primarily through the use of charts, for the purpose of forecasting future price trends. The term "market action" includes the three principal sources of information available to the technician — price, volume, and open interest.

Acerca del autor (1999)

John J. Murphy is a former technical analyst for CNBC and director of Merrill Lynch's Technical Analysis Futures Division. He is the author of The Visual Investor and Intermarket Technical Analysis.

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