TAREK AMYUNITECHNICAL ANALYSIS1 TECHNICAL ANALYSIS AND CHARTING.
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Transcript of TAREK AMYUNITECHNICAL ANALYSIS1 TECHNICAL ANALYSIS AND CHARTING.
TAREK AMYUNI TECHNICAL ANALYSIS 1
TECHNICAL ANALYSIS AND CHARTING
TAREK AMYUNI TECHNICAL ANALYSIS 2
TECHNICAL ANALYSIS AND CHARTING
04 93 95 45 97
OFFICE 268 (SKEMA 2)
Assistant : Gisele Masante (Theseus) 04 93 95 45 01 WWW.globalfinance.org
TAREK AMYUNI TECHNICAL ANALYSIS 3
BASIC PRINCIPLES
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1Tiens ! Les coursmontent. Il faudraitsuivre le marché
2J ’ai loupé la consolidationmais si j’attends tropje ne profiterai jamaisde la hausseJ ’ACHETE
3J ’ai bien faitde ne pas attendre
4C ’est bon ! Je rachètele double ! A ce prix-là,c ’est une affaire !
5 Aïe ! Dès que jeretrouve mes cours,je revends
6 Mais c’est paspossible ! Ça nepeut pas durercomme ça !
7 Ca suffit ! Je coupe tout
8 J ’ai bien faitde tout vendre !
9 De toute façonça va rebaisser !
1010 Eh Eh !Je l ’avais bien dit
11Mais que sepasse-t-il ?
12Encoredes fous quivont se faireavoir !
13Et zut ! j’y vais quand même, c ’estfinalement moinscher que la première fois !
Ce qu’il ne faut surtout pas faire en bourse !
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Should I buy today? What will prices be tomorrow next week, or next year? Wouldn't investing be easy if we knew the answers to these seemingly simple questions? Alas, if you are taking this class in the hope that technical analysis has the answers to these questions, I'm afraid I have to disappoint you early—it doesn't. However, if you are takingthis class with the hope that technical analysis will improve your investing, I have good news--it will!
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BASIC PRINCIPLES
•Technical Analysis is not perfect…
•In technical analysis, we are dealing in probabilities
•Do not believe advertisers promising consisting easy and fast profits based on technical analysis
•Prices are determined by……………….
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Prices are determined by knowledge, hopes,fearsand expectations of those already in the marketand those thinking of coming in.
It's the attitude of people that is important.
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Securities never sell for what they are worth but for what people think they are worth
Market participants look ahead, anticipatefuture developments and take action now…
But not all market participants get the newsand act at the same time.
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THE SUM OF THE ATTITUDE OF ALL THE PARTICIPANTSAND POTENTIAL PARTICIPANTS IS REFLECTED IN ONE THING:
THE PRICE
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That's why markets bottom when news is bad and peak when news is good !
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LES TENDANCES ONT TENDANCE A SE PERPETRER
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The art of technical analysis is to try and identifytrend changes at an early stage and maintain aninvestment until the evidence shows or proves that the trend has reversed.
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IN TECHNICAL ANALYSIS THE EVIDENCE IS PROVIDED BY :
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Once a new trend emerges, always assume the prevailing trend is still in force until enough indicators have givenreversal signals
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3 Types of Trends
Short-term Trend : 3 to 6 weeks
Intermediate trend : 6 weeks to 9 months
Long-term Trends (Primary Trend) : 9 months to 2 years
Secular Trends : 5 to 25 years
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It's as well to remember that technical analysis is far from perfect even when correctly interpreted
LET'S MOVE ON TO SEE THE DIFFERENT KIND OF CHARTS…
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4 MOST POPULAR TYPE OF CHARTS
•Bar charts
•Line chart
•Point and figure chart
•Candlestick charts
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BAR CHART
opening price
closing price
HIGH
LOW
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•THE ADVANTAGE OF BAR CHARTS IS THAT THEY VISUALY GIVE YOU A LOT OF INFORMATION : high, low, open, close
•THE MOST IMPORTANT PARTS OF THE BARCHART ARE THE OPENING AND CLOSING PRICES
CARACTERISTICS OF BAR CHARTS
•UNDERNEATH MOST CHARTS, YO WILL SEE OTHER BARS: THEY INDICATE THE VOLUME : COMPONENT WHICH IS INDEPENDENT OF PRICE
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•The highs and lows are ignored in line charts
•Only the closing prices are considered. The line follows the closing prices.
•Easier to spot the prevailing trend and not concerned about the intra-day trading activities
•Line charts can be plotted for longer period of time since they need less space on the chart
CARACTERISTICS OF LINE CHARTS
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POINT AND FIGURE CHART
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As I mentioned above, P&F charts focus only on price action. Looking at this P&F chart, you can see that prices were initially contained between a support level at 114 and a resistance level at 121. When prices broke above the resistance level at 121 (the long column of Xs),that level became the new support level. This new support level eventually failed (the long column of Os), prices re-tested the support at 114, made a small rally, and then fell below the 114 support level.
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POINT AND FIGURE CHARTS
Point & Figure ("P&F") charts differ from traditional pricecharts in that they completely disregard the passage of time and only display changes in prices. Rather than having price on the y-axis and time on the x-axis, P&F charts display price changeson both axes.
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CANDLESTICK CHARTS
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CARACTERISTICS OF CANDLESTICKS CHARTS
•Japanese origin
•Real body : when opening is higher than the close
•More emphasis on opening and closing prices than bar charts
•Disadvantage : they take a lot of space on the chart
•Useful tool for short-term traders
TAREK AMYUNI TECHNICAL ANALYSIS 36Démarrer Internet Explorer.lnk
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The term "CHARTING" refers to the process of interpretingcharts, displaying price and/or volume
The term "TECHNICAL ANALYSIS" refers to a host of indicators and methods two of which are price and volume
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LET’S MOVE ON…………