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

ISBN-10: 0735200661

ISBN-13: 9780735200661

Edition: 2nd 1998 (Revised)

List price: $100.00 Buy it from $43.10
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This landmark book that has become the bible of technical analysis. Completely revised, it shows how to apply the principles of technical analysis to all markets.
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Book details

List price: $100.00
Edition: 2nd
Copyright year: 1998
Publisher: Penguin Publishing Group
Publication date: 1/1/1999
Binding: Paperback
Pages: 576
Size: 7.38" wide x 9.50" long x 1.75" tall
Weight: 2.794
Language: English

About the Author
About the Contributors
Introduction
Acknowledgments
Philosophy of Technical Analysis
Introduction
Philosophy or Rationale
Technical versus Fundamental Forecasting
Analysis versus Timing
Flexibility and Adaptability of Technical Analysis
Technical Analysis Applied to Different Trading Mediums
Technical Analysis Applied to Different Time Dimensions
Economic Forecasting
Technician or Chartist?
A Brief Comparison of Technical Analysis in Stocks and Futures
Less Reliance on Market Averages and Indicators
Some Criticisms of the Technical Approach
Random Walk Theory
Universal Principles
Dow Theory
Introduction
Basic Tenets
The Use of Closing Prices and the Presence of Lines
Some Criticisms of Dow Theory
Stocks as Economic Indicators
Dow Theory Applied to Futures Trading
Conclusion
Chart Construction
Introduction
Types of Charts Available
Candlesticks
Arithmetic versus Logarithmic Scale
Construction of the Daily Bar Chart
Volume
Futures Open Interest
Weekly and Monthly Bar Charts
Conclusion
Basic Concepts of Trend
Definition of Trend
Trend Has Three Directions
Trend Has Three Classifications
Support and Resistance
Trendlines
The Fan Principle
The Importance of the Number Three
The Relative Steepness of the Trendline
The Channel Line
Percentage Retracements
Speed Resistance Lines
Gann and Fibonacci Fan Lines
Internal Trendlines
Reversal Days
Price Gaps
Conclusion
Major Reversal Patterns
Introduction
Price Patterns
Two Types of Patterns: Reversal and Continuation
The Head and Shoulders Reversal Pattern
The Importance of Volume
Finding a Price Objective
The Inverse Head and Shoulders
Complex Head and Shoulders
Triple Tops and Bottoms
Double Tops and Bottoms
Variations from the Ideal Pattern
Saucers and Spikes
Conclusion
Continuation Patterns
Introduction
Triangles
The Symmetrical Triangle
The Ascending Triangle
The Descending Triangle
The Broadening Formation
Flags and Pennants
The Wedge Formation
The Rectangle Formation
The Measured Move
The Continuation Head and Shoulders Pattern
Confirmation and Divergence
Conclusion
Volume and Open Interest
Introduction
Volume and Open Interest as Secondary Indicators
Interpretation of Volume for All Markets
Interpretation of Open Interest in Futures
Summary of Volume and Open Interest Rules
Blowoffs and Selling Climaxes
Commitments of Traders Report
Watch the Commercials
Net Trader Positions
Open Interest In Options
Put/Call Ratios
Combine Option Sentiment With Technicals
Conclusion
Long Term Charts
Introduction
The Importance of Longer Range Perspective
Construction of Continuation Charts for Futures
The Perpetual Contract
Long Term Trends Dispute Randomness
Patterns on Charts: Weekly and Monthly Reversals
Long Term to Short Term Charts
Why Should Long Range Charts Be Adjusted for Inflation?
Long Term Charts Not Intended for Trading Purposes
Examples of Long Term Charts
Moving Averages
Introduction
The Moving Average: A Smoothing Device with a Time Lag
Moving Average Envelopes
Bollinger Bands
Using Bollinger Bands as Targets
Band Width Measures Volatility
Moving Averages Tied to Cycles
Fibonacci Numbers Used as Moving Averages
Moving Averages Applied to Long Term Charts
The Weekly Rule
To Optimize or Not
Summary
The Adaptive Moving Average
Alternatives to the Moving Average
Oscillators and Contrary Opinion
Introduction
Oscillator Usage in Conjunction with Trend
Measuring Momentum
Measuring Rate of Change (ROC)
Constructing an Oscillator Using Two Moving Averages
Commodity Channel Index
The Relative Strength Index (RSI)
Using the 70 and 30 Lines to Generate Signals
Stochastics (K%D)
Larry Williams %R
The Importance of Trend
When Oscillators are Most Useful
Moving Average Convergence/Divergence (MACD)
MACD Histogram
Combine Weeklies and Dailies
The Principle of Contrary Opinion in Futures
Investor Sentiment Readings
Investors Intelligence Numbers
Point and Figure Charting
Introduction
The Point and Figure Versus the Bar Chart
Construction of the Intraday Point and Figure Chart
The Horizontal Count
Price Patterns
3 Box Reversal Point and Figure Charting
Construction of the 3 Point Reversal Chart
The Drawing of Trendlines
Measuring Techniques
Trading Tactics
Advantages of Point and Figure Charts
PandF Technical Indicators
Computerized PandF Charting
PandF Moving Averages
Conclusion
Japanese Candlesticks
Introduction
Candlestick Charting
Basic Candlesticks
Candle Pattern Analysis
Filtered Candle Patterns
Conclusion
Candle Patterns
Elliott Wave Theory
Historical Background
The Basic Tenets of the Elliott Wave Principle
Connection Between Elliott Wave and Dow Theory
Corrective Waves
The Rule of Alternation
Channeling
Wave 4 as a Support Area
Fibonacci Numbers as the Basis of the Wave Principle
Fibonacci Ratios and Retracements
Fibonacci Time Targets
Combining All Three Aspects of Wave Theory
Elliott Wave Applied to Stocks Versus Commodities
Summary and Conclusions
Reference Material
Time Cycles
Introduction
Cycles
How Cyclic Concepts Help Explain Charting Techniques
Dominant Cycles
Combining Cycle Lengths
The Importance of Trend
Left and Right Translation
How to Isolate Cycles
Seasonal Cycles
Stock Market Cycles
The January Barometer
The Presidential Cycle
Combining Cycles with Other Technical Tools
Maximum Entropy Spectral Analysis
Cycle Reading and Software
Computers and Trading Systems
Introduction
Some Computer Needs
Grouping Tools and Indicators
Using the Tools and Indicators
Welles Wilder's Parabolic and Directional Movement Systems
Pros and Cons of System Trading
Need Expert Help?
Test Systems or Create Your Own
Conclusion
Money Management and Trading Tactics
Introduction
The Three Elements of Successful Trading
Money Management
Reward to Risk Ratios
Trading Multiple Positions: Trending versus Trading Units
What to Do After Periods of Success and Adversity
Trading Tactics
Combining Technical Factors and Money Management
Types of Trading Orders
From Daily Charts to Intraday Price Charts
The Use of Intraday Pivot Points
Summary of Money Management and Trading Guidelines
Application to Stocks
Asset Allocation
Managed Accounts and Mutual Funds
Market Profile
The Link Between Stocks and Futures: Intermarket Analysis
Intermarket Analysis
Program Trading: The Ultimate Link
The Link Between Bonds and Stocks
The Link Between Bonds and Commodities
The Link Between Commodities and the Dollar
Stock Sectors and Industry Groups
The Dollar and Large Caps
Intermarket Analysis and Mutual Funds
Relative Strength Analysis
Relative Strength and Sectors
Relative Strength and Individual Stocks
Top-Down Market Approach
Deflation Scenario
Intermarket Correlation
Intermarket Neural Network Software
Conclusion
Stock Market Indicators
Measuring Market Breadth
Sample Data
Comparing Market Averages
The Advance-Decline Line
AD Divergence
Daily Versus Weekly AD Lines
Variations in AD Line
McClellan Oscillator
McClellan Summation Index
New Highs Versus New Lows
New High-New Low Index
Upside Versus Downside Volume
The Arms Index
TRIN Versus TICK
Smoothing the Arms Index
Open Arms
Equivolume Charting
Candlepower
Comparing Market Averages
Conclusion
Pulling It All Together--A Checklist
Technical Checklist
How to Coordinate Technical and Fundamental Analysis
Chartered Market Technician (CMT)
Market Technicians Association (MTA)
The Global Reach of Technical Analysis
Technical Analysis by Any Name
Federal Reserve Finally Approves
Conclusion
Advanced Technical Indicators
Demand Index (DI)
Herrick Payoff Index (HPI)
Starc Bands and Keltner Channels
Formula for Demand Index
Market Profile
Introduction
Market Profile Graphic
Market Structure
Market Profile Organizing Principles
Range Development and Profile Patterns
Tracking Longer Term Market Activity
Conclusion
The Essentials of Building a Trading System
5-Step Plan
Start with a Concept (an Idea)
Turn Your Idea into a Set of Objective Rules
Visually Check It Out on the Charts
Formally Test It with a Computer
Evaluate Results
Money Management
Conclusion
Continuous Futures Contracts
Nearest Contract
Next Contract
Gann Contract
Continuous Contracts
Constant Forward Continuous Contracts
Glossary
Selected Bibliography
Selected Resources
Index
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