國際期貨市場運作10TechnicalAnalysisChartPatterns

1、Technical Analysis: Chart PatternsChapter 10 1The Wave Theories R.N. Elliott pointed out that the stock market unfolds(展開) according to a basic rhythm or pattern of five waves up and three waves down to form a complete cycle of eight waves. 2 The pattern of five waves up followed by three waves down

2、 12345bacImpulsivePhaseCorrectivePhase3The Wave Theories4The Bar ChartA price bar might represent a period as short as five minutes or as long as a month. The most common is the daily bar chart.5Bar Chart6Open. The first price traded that day. High. The highest price traded that day. Low. The lowest

3、 price traded that day. Close. The last, or closing price, traded that day. Also called the settle. Bar Chart7 Daily Dow Jones I. A. Futures Price 8 Daily Dow Jones I. A. Futures Price 9Week price bar down 10ABhighopencloselowopenclose“A” shows “up”, “B” shows “down.”Candlesticks11Red real body and

4、black real body12Red Hammer and Black Hammer13Red body with an up-shadow line and black body with an up-shadow line14Big red body and big black body candle15Small red body and small black body candle16Proportional relationship between real body and up and down shadow linesabc17Japanese Candlestick C

5、hartings Bullish Engulfing Pattern 18Three Crows Japanese Candlestick Chartings19 Three White Soldiers Japanese Candlestick Chartings20DojiJapanese Candlestick Chartings21Tower Bottom Japanese Candlestick Chartings22 Evening StarJapanese Candlestick Chartings23Monthly Wheat Futures Price24Support an

6、d Resistance Trend LinesAB CDresistancesupportTimeprice025Weekly Chart: U.S. T-Notes26Weekly Chart: Canadian Dollar 27Reversal Patterns In a price top, the number of available buyers declines and sellers begin to dominate the market, causing prices, which had been rising, to begin falling. In a pric

7、e bottom, conversely, buyers begin to dominate the market, reversing the recent downtrend in prices.28Reversal Patterns29Reversal Patterns30 High + Low 2 = 50% target The result is the likely target objective. The 50% level is a good indicator of how far prices may go. It is wise to close out your p

8、osition once the 50% objective is reached. Dont be greedy!How to Calculate a 50% Retracement Objective31 Is the potential profit of trade worth the risk? The greater the ratio of profit to risk, the better the trade. How to Calculate (and quantify) Risk vs. Reward 32 Use the following ratios as a gu

9、ide: ratio evaluation 2.0 or less use an option 2.0 - 2.9 Poor opportunity 3.0 - 4.9 Good opportunity 5.0 - up Great opportunity Divide profit by risk amount. The result is the ratio.33Channels and Gaps34 Gaps that remain unfilled become future chart objectives. Gaps 35There are 4 types of gaps Common gap Breakaway gap Measuring gapExhaustion gap36Double Tops and Bottomsneck