Tài liệu phân tích kỹ thuật thực dụng cho nhà đầu tư chuyên nghiệp. Đây là một trong những tài liệu hay nhất trong bộ giáo trình đào tạo và thi sát hạch của chương trình phân tích kỹ thuật quốc tế (CMT). Tài liệu này nằm trong khuôn khổ Level 3, mức độ cuối cùng của chương trình CMT. Tài liệu nói về những kiến thức phân tích trong thực tế sử dụng. Những thủ thuật ứng dụng lý thuyết vào giao dịch thật kèm các ví dụ minh hoạ.
cover cover title : author publisher isbn10 | asin print isbn13 ebook isbn13 language subject : : : : : : publication date lcc ddc subject : : : : next page > Technical Analysis for the Trading Professional Irwin Trader's Edge Series Brown, Constance M McGraw-Hill Professional 9780070120624 9780071380102 English Speculation, Investment analysis, Stocks Charts, diagrams, etc 1999 HG6041.B74 1999eb 332.64/5 Speculation, Investment analysis, Stocks Charts, diagrams, etc cover next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si for%20the%20trading%20professional/files/cover.html [10/14/2009 7:45:45 AM] page_i < previous page page_i next page > Page i Technical Analysis for the Trading Professional < previous page page_i next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si or%20the%20trading%20professional/files/page_i.html [10/14/2009 7:45:46 AM] page_ii < previous page page_ii next page > Page ii Other Books in the Irwin Trader's Edge Series The Options Edge by William Gallacher (0-07-038296-4) The Art of the Trade by R E McMaster (0-07-045542-2) < previous page page_ii next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si r%20the%20trading%20professional/files/page_ii.html [10/14/2009 7:45:47 AM] page_iii < previous page page_iii next page > Page iii Technical Analysis for the Trading Professional Constance Brown < previous page page_iii next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si %20the%20trading%20professional/files/page_iii.html [10/14/2009 7:45:47 AM] page_iv < previous page page_iv next page > Page iv Copyright © 1999 by Constance M Brown All rights reserved Manufactured in the United States of America Except as permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written permission of the publisher e-ISBN 0071380108 The material in this eBook also appears in the print version of this title: ISBN 0-07-012062-5 All trademarks are trademarks of their respective owners Rather than put a trademark symbol after every occurrence of a trademarked name, we use names in an editorial fashion only, and to the benefit of the trademark owner, with no intention of infringement of the trademark Where such designations appear in this book, they have been printed with initial caps McGraw-Hill eBooks are available at special quantity discounts to use as premiums and sales promotions, or for use in corporate training programs For more information, please contact George Hoare, Special Sales, at george_hoare@mcgraw-hill.com or (212) 904-4069 TERMS OF USE This is a copyrighted work and The McGraw-Hill Companies, Inc ("McGraw-Hill") and its licensors reserve all rights in and to the work Use of this work is subject to these terms Except as permitted under the Copyright Act of 1976 and the right to store and retrieve one copy of the work, you may not decompile, disassemble, reverse engineer, reproduce, modify, create derivative works based upon, transmit, distribute, disseminate, sell, publish or sublicense the work or any part of it without McGraw-Hill's prior consent You may use the work for your own noncommercial and personal use; any other use of the work is strictly prohibited Your right to use the work may be terminated if you fail to comply with these terms THE WORK IS PROVIDED "AS IS" McGRAW-HILL AND ITS LICENSORS MAKE NO GUARANTEES OR WARRANTIES AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF OR RESULTS TO BE OBTAINED FROM USING THE WORK, INCLUDING ANY INFORMATION THAT CAN BE ACCESSED THROUGH THE WORK VIA HYPERLINK OR OTHERWISE, AND EXPRESSLY DISCLAIM ANY WARRANTY, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE McGraw-Hill and its licensors not warrant or guarantee that the functions contained in the work will meet your requirements or that its operation will be uninterrupted or error free Neither McGraw-Hill nor its licensors shall be liable to you or anyone else for any inaccuracy, error or omission, regardless of cause, in the work or for any damages resulting therefrom McGraw-Hill has no responsibility for the content of any information accessed through the work Under no circumstances shall McGraw-Hill and/or its licensors be liable for any indirect, incidental, special, punitive, consequential or similar damages that result from the use of or inability to use the work, even if any of them has been advised of the possibility of such damages This limitation of liability shall apply to any claim or cause whatsoever whether such claim or cause arises in contract, tort or otherwise DOI: 10.1036/0071380108 < previous page page_iv next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si r%20the%20trading%20professional/files/page_iv.html [10/14/2009 7:45:48 AM] page_v < previous page page_v next page > Page v CONTENTS Foreword ix Part One Dispelling Some Common Beliefs about Indicators Chapter Oscillators Do Not Travel between and 100 Oscillators, contrary to popular belief, can be used to define market trend A discussion focusing on RSI and Stochastics reveals how specific indicator ranges can confirm larger trends and identify an upcoming trend reversal Chapter Dominant Trading Cycles Are Not Time Symmetrical 19 The concept of multiple market cycles and the determination of cycle dominance for a specific trading time horizon are fully discussed An explanation is offered why symmetrical and Fibonacci cycles fail Methods for handling the weaknesses inherent in both cycle methods are discussed Chapter Choosing and Adjusting Period Setup for Oscillators The correct method for determining the time period for an oscillator is discussed Recommendations are given as to when to change initial oscillator setups and the methods for making these adjustments This chapter also reveals how institutional traders can benefit from inexperienced technical traders < previous page 31 Chapter Dominant Trend Lines Are Not Always from Extreme Price Highs or Lows 47 Trend lines of greatest significance may not originate from major price highs and lows Visual exercises help demonstrate geometric proportions that extend beyond traditional charting techniques The market timing of high-risk trend changes can be identified by projecting trend lines forward from specific chart signals page_v next page > file:///C|/Documents%20and%20Settings/hp/Desktop/S r%20the%20trading%20professional/files/page_v.html [10/14/2009 7:45:49 AM] page_vi < previous page page_vi next page > Page vi Chapter Signals from Moving Averages Are Frequently Absent in Real-Time Charts 65 Part Two 83 Calculating Market Price Objectives Time-sequenced charts show that trading signals from moving averages and indicators that incorporate averages may not be present in real-time market analysis Knowing how these indicators change their screen positions when the current bar is displaced with new data will allow traders to adjust to real-time conditions and miss fewer signals Chapter Adjusting Traditional Fibonacci Projections for Higher-Probability Targets 85 Weaknesses exist in the industry's standard use of Fibonacci relationships The industry in general determines 0.382, 0.500, and 0.618 retracement levels from distinct price highs and lows and also projects: 618, equality, and 1.618 market swings from the same pivot levels This chapter reveals methods for more accurate price projection to accommodate the normal expansion and contraction cycles present in all markets In addition, it demonstrates why price spikes or key reversals should not be used to determine Fibonacci retracement targets Chapter Price Projections by Reverse-Engineering Indicators 107 The concept of reverse-engineering an indicator to forecast price objectives is discussed using Microsoft's Excel software This chapter includes a detailed, step-by-step picture illustration of how to export data from Omega Research's TradeStation to Microsoft's Excel software for advanced custom analysis Chapter 121 Price Objectives Derived from Positive and Negative Reversals in RSI RSI can be used to calculate price objectives from specific indicator patterns called Positive and Negative Reversals Signal probability and price objectives can be dramatically improved by measuring the amplitude of the oscillator The price projection method and filtering technique are fully explained and illustrated < previous page page_vi next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si r%20the%20trading%20professional/files/page_vi.html [10/14/2009 7:45:50 AM] page_vii < previous page page_vii next page > Page vii Chapter Calculating Price and Time Objectives from a Gann Wheel 143 A detailed foundation for Gann analysis and how to use a Gann Wheel to calculate both time and price objectives are illustrated This discussion reveals why most students of W D Gann abandon this methodology in frustration after much effort and expense 161 Chapter 10 Using Oscillators with the Elliott Wave Principle A market move that requires several days to develop is used to walk readers through a real-time, step-by-step progression to show how to apply the Elliott Wave Principle As the market unfolds through a time-sequenced event, all the rules, guidelines, and patterns are discussed to show how they are used to predict future market action The prior chapters are also applied to clarify how the different techniques are combined Wave counts in hindsight versus developing wave scenarios unfolding in real-time to predict future market movement require different skills The differences are discussed, and common misunderstandings in the industry are identified The chapter concludes with an in-depth look at an analytic method used to develop long-horizon wave interpretations for the S&P 500 The method can be used for any Global Equity Index The potential long-term market forecasts for T-Bonds and the DJIA are offered Part Three New Methods for Improving Indicator Timing and Filtering Premature Signals 237 Chapter 11 Volatility Bands On Oscillators 239 A volatility band formula is discussed that has a different character than Bollinger Bands The chapter also discusses the importance of establishing independent variables for upper and lower bands because markets not decline in the same manner as they advance Chapter 12 The Composite Index 251 The Composite Index is a custom formula that forms bullish or bearish divergence with RSI to identify RSI signal failures before they occur The Composite Index becomes an inseparable companion to RSI as has been demonstrated throughout the book In this chapter it is combined with Japanese Candlesticks to show how Eastern charting techniques might apply this formula Using Volume as a signal confirmation is examined < previous page page_vii next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si %20the%20trading%20professional/files/page_vii.html [10/14/2009 7:45:51 AM] page_viii < previous page page_viii next page > Page viii Chapter 13 Evaluating the Comparative Strengths and Weaknesses of Common Indicators 263 This chapter discusses the strengths and weaknesses of common indicators in order to isolate desired characteristics for developing a custom formula Personal biases contribute to the effectiveness of an indicator's signal Depth perception is discussed to clarify how we evaluate charts graphically in a two-dimensional environment Depth perception needs to be understood as it will affect our judgment of chart signals and will dictate how indicators should be plotted to accommodate personal strengths and weaknesses Chapter 14 The Derivative Oscillator 289 An original formula to resolve trading problems associated with time-consuming complex market corrections or reentry problems when markets are in strong trends The testing of a new indicator and considerations that should be made prior to using a new formula in real-time markets are described This particular formula displays an unusual characteristic of forming equal and opposite peaks and troughs that minimize traditional signal lag Appendixes Appendix A: Real-Time Application: Japanese Yen 311 Appendix B: Real-Time Application: Asian and European Equity Indices 315 Appendix C: Real-Time Application: S&P/Bond Market 321 Appendix D: Formulas 329 Appendix E: Aerodynamic Fund, Ltd and Aerodynamic Fund L P 335 Index 337 < previous page page_viii next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si 20the%20trading%20professional/files/page_viii.html [10/14/2009 7:45:52 AM] page_ix < previous page page_ix next page > Page ix FOREWORD Written by a brilliant trader for only those seasoned traders who are willing to work at their analysis of the markets in a disciplined way, this book contains the most advanced methodology I've ever seen! Connie Brown's credentials come in the form of nine years on the front line as a research analyst and fund trader She is, herself, a disciplined professional, who has grown to the point where she is a force to reckon with in the financial markets At the same time, she publishes a daily bulletin on the Dow, the S&P, and Bonds This is faxed to some of the world's most sophisticated, large traders Her predictions as to price objectives and trend of the market are unequaled anywhere in the industry There are fourteen separate chapters in this book, each a separate subject Six of these subjects have been written on before, and these chapters serve as improvements on old indicators There are, also, fifteen major breakthroughs in technical analysis! Seven of these breakthroughs are newnever-before-revealed material! Eight more dissect, change, and improve old concepts In her discussion of Stochastics and of RSI as oscillators, she introduces the concept that oscillators not necessarily fluctuate between and 100 and that all signals not fall within the traditional default overbought and oversold bands The oscillator may actually travel within a larger or a narrower range that can be pinpointed with precision To correct what the writer perceives as a flaw in commercial software packages, she suggests the use of an upper resistance band and a lower support band within this range to help identify signals that might otherwise have been missed She also introduces the concept that this effective signaling band may travel up and down within the range, and that it may expand or contract She suggests that the trader should adjust this effective signaling range to compensate for the idiosyncrasies of strongly trending bull and bear markets, and even suggests some better parameters! This alone would change the way we look at oscillatorsand, consequently, our entry timing Connie also utilizes RSI as a price predictor by applying Andrew Cardwell's Positive and Negative Reversal Signals and by using historical price levels at the extremes where signals have occurred in the past to forecast similar prices when signals will occur in the future To my knowledge, this use for oscillators has never before been published It is a new and valuable concept! But this inventive young trader does not stop there She goes on to discuss the application of moving averages over oscillators, third-generation indicators created by applying oscillators on oscillators, and filtering indicators with variants of different lengths She introduces the Derivative Oscillator, its correct use and caveats, and the Composite Index she created to accompany RSI In a theme she returns to frequently, she kids the "Stochastics Default Club"both the uneducated public that accepts the default values in software and < previous page page_ix next page > file:///C|/Documents%20and%20Settings/hp/Desktop/Si r%20the%20trading%20professional/files/page_ix.html [10/14/2009 7:45:53 AM] page_337 cross rates, and, 299 descending divergence peaks/rising divergence pivots 299 divergence, 294 filtering premature signals, 298, 299 formula, 293 MTA journal article, 294 MACD, compared, 300302 oscillator equality displacement, 294 precise equality relationships, 290 purpose, 291 rate of change indicator, compared, 305 real-time evaluation period, 306 Stochastics oscillator, compared, 302304 when to be used, 289, 291, 293 Diagonal triangles, 224227 DiNapoli, Joe, 105n, 121 Displacement, 135 Divergence, 133 Doji, 255 Domino effect, 140, 141, 252 Double RSI study, 267 Double threes, 227, 228 Double Zigzag, 198, 199 E Einstein, Albert, 268 Elevation, 281 Elliott, R.N., 161 Elliott Wave Principle, 161235 alternative market scenario, 166, 167 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_337.html (3 of 4) [10/14/2009 7:50:27 AM] page_337 bearish diagonal triangle, 224 bullish diagonal triangle, 224 contracting triangle, 221, 222 corrective patterns, 188228 criticisms/objections, 161167 degrees, 179, 180 < previous page page_337 next page > file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_337.html (4 of 4) [10/14/2009 7:50:27 AM] page_338 < previous page page_338 next page > Page 338 (Continued) Elliott Wave Principle: diagonal triangles, 224227 double threes, 227, 228 double Zigzag, 198, 199 ending diagonal triangle, 225, 226 expanded flat, 191198 expanding triangle, 221, 222 extending five wave pattern, 175177 failure, 224 flat, 191195 graphic cut-and-paste technique, 183 impulsive waves, 172 indicator pop, 181 long-term analysis, 228235 one lesser degree, 179 rules, 171 simple five wave pattern, 170172 Stochastics pop/poop, 217 subjectivity argument, 161164 third-of-third wave, 179 triangles, 209, 221223 triple threes, 227, 228 truncated fifth wave, 225, 226 wave deaf/wave handicapped, 162, 163 wave numbers, 171 wave patterns, listed, 225, 226 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_338.html (1 of 4) [10/14/2009 7:50:28 AM] page_338 wedge pattern, 225227 Zigzag, 198, 199 Elliott Wave Principle: Key to Market Behavior (Prechter/Frost), 179 Ending diagonal triangle, 225, 226 Escher, M C., 279 Expanded flat, 191198 Expanding triangle, 221, 222 Expansion cycles, 129, 130 Extending five wave pattern, 175177 F Failure, 224 Fibonacci, Leonardo, 22 Fibonacci ratios, 2126, 147 Fibonacci retracements, 85105 Fibonacci time cycles, 2328 Flats, 191195 Forex spot market data, 128 Formulas: composite index, 259, 260 derivative oscillator, 293 RSI negative reversals, 331 RSI positive reversals, 332 RSI wave study, 330 Stochastics and moving averages, 329 volatility bands, 333 Frost, A J., 179n Fulcrum point, 162 Futures contract rollover, 259 G file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_338.html (2 of 4) [10/14/2009 7:50:28 AM] page_338 Gann, W D., 143 Gann wheel analysis, 143160 angles of greatest interest, 147 computer software support, 159, 160 different markets (stock/futures/bonds), 151 multiple calendars, 157159 multiple Gann projections, 148, 149 physical description of Gann wheel, 149, 150 price calculations, 147151 scaling differences, 151 single price level, 147, 148 squares, 155, 156 time projections, 151155 Golden section, 146 Graphic puzzles, 189191 Graphically handicapped, 162, 163 Great Pyramid of Gizeh, 22, 146, 156 Growth-decay cycle, 19, 21, 22, 148 H Hammer, 256 Hanging man, 255 Harami cross, 257 Harami pattern, 256 Hidden signal, 124 Horizon line, 274, 275 I Impulsive waves, 172 Indicator pop, 181 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_338.html (3 of 4) [10/14/2009 7:50:28 AM] page_338 Indicators (see Oscillators) Interpreting a chart (visual distortions): clarity and aerial perspective, 282 elevation, 281 interposition, 281 linear perspective, 274280 retinal disparity, 284 texture gradient, 280, 281 visual angle, 283, 284 Intuition, 70, 71 Irregular B, 197 Irregular flat, 197, 198 < previous page page_338 next page > file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_338.html (4 of 4) [10/14/2009 7:50:28 AM] page_339 < previous page page_339 next page > Page 339 J Japanese candlesticks, 254257 K Kaufman, Perry, 71 Stochastics Knee (shoulder), 267 L Lane, George, 33, 34, 36, 72, 121, 181, 217, 257 Leading diagonal triangle, 226, 321 Left-brain/right-brain issue, 162, 191 Liber Abaci (Fibonacci), 22 Linear perspective, 274280 M MACD, 4346, 300302 Market cycles, 1930 Mass psychology, 3, Master calculator (Gann), 155, 156 MENSA International puzzles, 189191 Meyers, Dennis, 145, 151 Momentum oscillators, 289 Montana, Joe, 70 Moving averages, 6581 Multiple Fibonacci price projections, 103105 N Naked positive reversal, 135 Negative reversal in RSI, 123 New Commodity Trading Systems and Methods, The (Kaufman), 71 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_339.html (1 of 4) [10/14/2009 7:50:30 AM] page_339 New front month, 259 Nine squares (Gann), 47, 48, 50 Normalized oscillators, 57 O Omega TradeStation: changing time horizons, 184, 185 colors, 282 custom formula, 293 exponential moving average, 293 Fibonacci ratios, 92 moving averages (PowerEditor formulas), 71, 72 optimization feature, 35 overlays, 315 price oscillator, 267 underlined text character, 179 volatility bands, and, 242, 245, 246 One lesser degree, 179 One-point perspective, 274, 275 Open Interest, 259 Optimization feature, 35 Orthogonal lines, 276 Oscillators: Composite Index, 251261 (See also Composite Index) Derivative, 289307 (See also Derivative oscillator) displaying (scale), 56, 57 disproportionate advances/declines, 58 MACD, 4346 momentum, 289 normalized, 57 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_339.html (2 of 4) [10/14/2009 7:50:30 AM] page_339 Open Interest, 259 range rules, 318 RSI, 516, 57, 58 Stochastics, 3139 strengths/weaknesses, 263273, 285288 volatility bands, and, 239250 P Pacing, 215 Parabolic study, 263 Period setup, 3146 Pich, Peter, 155 Point-and-figure charts, 31, 32, 171 Positive and negative reversals (RSI), 121141 amplitude, 132, 136140 divergence, 133 domino effect, 140, 141 filtering reversal signals, 135 founder, 121 hidden signal, 124 naked positive reversal, 135 negative reversal, 123 positive reversal, 123 Positive reversal in RSI, 123 PRC, 11 Prechter, Robert, 163, 179, 185, 197 Precise target, 148 Precision ratio compass (PRC), 11 Preconditioning, 47, 49, 267 Price oscillator, 267 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_339.html (3 of 4) [10/14/2009 7:50:30 AM] page_339 Price projection methods: Elliott Wave Principle, 161235 Fibonacci retracements, 85105 Gann wheel analysis, 143160 positive and negative reversals, 121141 reverse-engineering, 107120 Proportional divider, 11, 12 Puzzles: DJIA chart-connect dots, 48, 49, 51, 52 German Dax index (trend lines), 60 graphic, 189191 nine squares, 47, 48, 50 September U.S bonds (trend lines), 61, 62 < previous page page_339 next page > file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_339.html (4 of 4) [10/14/2009 7:50:30 AM] page_340 < previous page page_340 next page > Page 340 Pyramid, 145 (See also Great Pyramid of Gizeh) Q Quizzes (see Puzzles) R Range bound consolidation, 15 Range rules, 318 Rate of change indicator, 305 Real-time applications: Asian/European equity index reports, 315319 Japanese yen report, 311313 S&P/bond market reports, 321327 Relative strength indicator (see Positive and negative reversals, RSI oscillator) Retinal disparity, 284 Reversal signals (see Positive and negative reversals) Reverse-engineering, 107120 Revising tables, 149 Rising three methods continuation pattern, 254 Roots and hooves, 230 RSI amplitude attribute, 132, 136140 RSI oscillator, 516, 57, 58, 121 RSI reversals (see Positive and negative reversals) RSI trend, 210, 268273, 285, 286 RSI wave, 45, 46, 118 S Saxton, Richard, 169 Scrolling, 65 Setting up initial periods, 31 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_340.html (1 of 4) [10/14/2009 7:50:31 AM] page_340 Shooting star, 257 Sideways consolidation, 15 Simple five wave pattern, 170172 Size constancy, 284 Snapshot of intraday trading screen, 66 Spinning top, 255 Square of 144 (Gann), 155 Square of 52 (Gann), 155, 156 Stereoblind, 284 Stochastics Default Club, 32, 33 Stochastics oscillator, 3139, 302304 Stochastics study, 265270 Stoller, Manning, 240, 243 Stories (see Author, Zen story) Sunmoon (Escher), 279 SuperCharts, 92, 293 Symmetric cycles, 1930 Synthetic indices, 14 T Target zone, 103 Technical indicators (see Oscillators) Texture gradient, 280, 281 Third-of-third wave, 179 Three advancing soldiers, 257 Three black crows pattern, 256 Three-point perspective, 278, 279 Tick charts, 171 TradeStation software (see Omega TradeStation) Trading with DiNapoli Levels (DiNapoli), 105n file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_340.html (2 of 4) [10/14/2009 7:50:31 AM] page_340 Trend lines, 4763 chart quiz (German Dax index), 60 chart quiz (September U.S Bonds), 61, 62 DJIA chart-connect dots, 48, 49 manual drafting, 59, 60 nine squares, 47, 48, 50 oscillators, and, 5559 Triangles, 209, 221223 Triangulation, 103 Triple threes, 227, 228 Truncated fifth wave, 225, 226 Tweezer bottom, 257 Two-point perspective, 277 V Vanishing point, 275 Visual angle, 283, 284 Visual distortions (see Interpreting a chart (visual distortions)) Volatility bands, 239250 bollinger bonds, 244 formula, 241, 242 TradeStation, 242, 245, 246 when to be used, 250 Volatility ranges, 130 Volume, 257259 W Wave analysis (see Elliott Wave Principle) Wilder, J Welles, 121 Window (gap), 257 file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_340.html (3 of 4) [10/14/2009 7:50:31 AM] page_340 X XYZ trend, 285287 Z Zen story, 306, 307 Zigzag, 198, 199 < previous page page_340 next page > file:///C|/Documents%20and%20Settings/hp/Deskto he%20trading%20professional/files/page_340.html (4 of 4) [10/14/2009 7:50:31 AM] page_341 < previous page page_341 Page 341 ABOUT THE AUTHOR Constance Brown, a Chartered Market Technician and CPO, is president of Aerodynamic Investments, Inc She is also the investment manager of Aerodynamic Fund, Ltd investment pools for institutions Ms Brown was nominated by the industry in 1997 for the Market Technician Association's Best-of-the-Best Award in the category of Momentum and Relative Strength for her originality and contribution to enhancing the performance of oscillators Prior to founding her own firm, Ms Brown's analysis for the S&P was transmitted electronically in real-time during the trading day to an audience of institutional global traders monitoring her through Telerate, Bloomberg, Reuters, and DTN The audience tracing her projections became a notable market influence Brokers on the floors of both the Chicago Mercantile Exchange (Chicago MERC) and the New York Monetary Exchange (NYMEX) installed services to track her S&P intraday price projections Ms Brown learned techniques to develop mental toughness as an internationally ranked swimmer, preparing for the Montreal Olympic Games in 1976 She then became a student of the Martial Arts and continues to be an active participant in Tae Kwon Do competitions Her book, Aerodynamic Trading, applied techniques of acclaimed international coaches to the competitive pressures of a professional trading desk The book's philosophy of streamlining our inner weaknesses to excel in high-stakes environments gave birth to the Aerodynamic Investments, Inc., and Aerodynamic Funds < previous page page_341 file:///C|/Documents%20and%20Settings/hp/Desktop/S 20the%20trading%20professional/files/page_341.html [10/14/2009 7:50:32 AM] ... relative to the length of the tool To use it, measure the distance by opening the two sharp points on the ends of the long side Then flip the divider over without changing the measured ratio The points... file:///C|/Documents%20and%20Settings/hp/Desktop/Si r%2 0the% 2 0trading% 2 0professional/ files/page_ii.html [10/14/2009 7:45:47 AM] page_iii < previous page page_iii next page > Page iii Technical Analysis for the Trading Professional Constance... interpretations for the S&P 500 The method can be used for any Global Equity Index The potential long-term market forecasts for T-Bonds and the DJIA are offered Part Three New Methods for Improving