Escolar Documentos
Profissional Documentos
Cultura Documentos
AndrewWilkinson
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RiskDisclosure
Futuresarenotsuitableforallinvestors.Theamountyoumaylosemaybegreaterthanyour
initialinvestment.Beforetradingfutures,pleasereadtheCFTCRiskDisclosure.Foracopy,
call(203)6185800.
Anystrategiesdiscussed,includingexamplesusingactualsecuritiesandpricedata,are
strictlyforillustrativeandeducationalpurposesonlyandarenottobeconstruedasan
endorsement,recommendationorsolicitationtobuyorsellsecuritiesorcommodities.
Pastperformanceisnotaguaranteeoffutureresults.
InteractiveBrokersLLCisamemberofNYSE,FINRA,SIPC.
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TechnicalversusFundamental
Technical Fundamental
Analysisofinternals Analysisofexternals
Price Economy
Volume Management
Pattern SWOT
Support Strengths
Resistance Weakness
Opportunities
Recognition
Threats
Buy/Sellrecommendation
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TechnicalversusFundamental
Fundamentalanalysisleadstopricepredictionsusing
valuationratios
Technicalanalysisusestrendandpatternrecognitionto
predictprices
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WhatsinaChart?
Chartsshowthepriceperformanceofanunderlyingassetor
security
Getoverviewwithatleasta6monthpicture
Consideryourtimeframecarefully
Chartsexpresspricesaslines,barsorcandlesticks
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ChartTypes
TraderWorkStation(TWS)displayspricesasa:
Line
Joinsclosingpricesbetweeneachspecifiedtimeframe
Bar
Usesanopen/high/low/closeconvention
Candlestick
Moreweightattachedtosessiondirection
VolumeandOpenInterest
Analystpaysattentiontothevolumeassociatedwithmovewithinagivensession
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WhatstheAim?
Definethebigpicturetrend ifthereisone
Comparehealthofunderlyingtoabenchmark
Searchforshortertermopportunities
Understandthelikelihoodofimmediateupordownmovement
Definerange
Establishentryorexitpoints
Determinewarningsignsofabreachoftrendorapatternreversal
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Trendlines
Straightlinejoiningtwoormorepricepoints
Supportlinedepictsupwardtrend
Resistancedepictsanareaabovecurrentpricethatinvestors
mayfindhardtobreach
Bothcanbehorizontallines
Investorsmayeyeballthetrend
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Trendlines
A 14501250=200targetis1250200=1050
B 950 750=200targetis750250=550
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S&P500index overheadresistance
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ChartPatterns
Trendlinesshowprevailingupordowntrend
Parallellinesdepicttradingchannel
Patternsemerge
Continuation
Reversal
Triangle
Head&shoulders
Wedge
Pennant&flags
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Triangles
Continuation
Reversal
Continuation
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Wedge
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PennantsandFlags
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Studies
TWShasavarietyof
commonlyusedtechnical
indicators
Withinachart,select
ChartsandAddStudy
Forbriefdescriptionofany
study,usethesearchbox
ontheIBwebsite
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MovingAverages
Oneofthesimplestformsofanalysis
Comparesaveragepriceforxdaysagainstashorterperiodofydays
Buywhenmoresensitiveshortermovingaveragerisesfasterthanlonger
period
Sellwhenshortermovingaveragefallsfasterthanlongerperiod
Differentsecurities,indicesandinstrumentsrequiredifferentlengthof
data(onesizedoesnotfitall)
Commonperiodsare5,9,21,50,90and200
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ADX/DMI
Strengthoftrendindicator
Usestwofilters(DMI+andDMI)
ThenetofthesetwovaluesissmoothedtocreateAverage
DirectionalIndex
Thisindexrisestoconfirmtrendingprices
ADXreturnsvalues0100
OptimalperformancewhenADXisbetween2040
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MACD
MovingAverageConvergenceDivergence
Employsexponentialmovingaverages
Subtractslongermovingaveragefromshortermovingaverageto
createMACD
Usesanevenshorterexponentialmovingaveragetocreatesignal
line
MACDpassingupanddownthroughsignallinegeneratesbuyandsell
signals
MACDminussignalalsocreateshistogram alsoareliabletechnical
indicator
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ParabolicSAR
StopandReverse
Maydepictthecurrenttrend
Initiallyestablishedasapointatwhichprevailingposition
shouldbeclosed
Risingdotsbelowpricearelongexits
Fallingdotsabovepriceareshortexits
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PivotPoints
TWScreatestworesistancepointsaboveprice
Twosupportpricesbelowprice
Bothusepreviousdayshigh,lowandclosingprices
Pivotpointiscalculatedusingafivepointsystem
Sometradersusethesetoclusterbuyandsellordersfordaytrading
Needtoknowwheneitherisgivingway
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RelativeStrengthIndicator(RSI)
Looksatasetofuserdefineddataandcomparesnumberofupbars
versusdownbarstocreateanindex
Indicatoroscillatesbetween0100andconfirmsmarketstrength
Overboughtreadingsrangebetween80100
Oversoldreadingsrange020
Warning:Someofthebestmovesoccurintheseranges!
UsefulforfindingdivergencebetweenpriceandRSItoshowfalsemoves
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StochasticOscillator
Createstwolines %kand%d
%k looksatmostrecentclosingpriceandcomparestothelowest
readingfromaspecifiedrangeanddividesbyoverallperiodrange
%d movingaverageof%k
Buyandsellindicationsoccurwhen%kcrosses%d
Againusefulforconfirmationofpriceactionatlows(highs)
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OnBalanceVolume
Volumeisakeycomponenttotrenddevelopment
Createsasinglelinebelowthecharttoshowcumulativevolume
allowingforpricedirection
DailyvolumeisADDEDwhenpriceclosesup
VolumetotalisSUBTRACTEDwhenpricesfall
Usetogaugewhetherhighervolumeissupportingupordowntrend
Drawbackispricesettlement
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Accumulate/Distribution
EnhancedversionofOBV
Doesntconsiderdailypricechange
Focusonlocationofcloserelativetorangeofclosesbeforeaddingor
subtractingdaysvolumetotal
ADlineshouldfollowprices
Cumulativebuyingshouldseelinerise
Sellingenmasseshouldseelinedecline
Lookingfordivergencebetweendecliningpricesandaccumulationof
volume
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FibonacciNumbers
Seriesofmathematicalrelationships
Technicianbelievesthathistorywillrepeatitself
Pricesmoveinpredictablewavesafteramovehasbeenestablished
Keyretracementpoints:
23.6%
38.2%
50%
61.8%
76.4%
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FibonacciNumbers
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Conclusion
Technicalanalysisisthestudyofprices
Chartistidentifiespatternstomakepredictions
Patternscanbenumericallyevaluatedandgiveriseto
numerousstudies
Valuablework,butyoumustbepreparedtoapplyvarious
studiestodifferentassetclassesandtimeframes
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Questions?
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