高等教育：股票外汇技术分析英文版ppt(8)

1、OSCILLATORSOscillators are the graphic representation of the change in prices and determine the volatility within a marketOscillators experience oscillations that permits to identify the volatility in the marketOscillators can be defined as a price derivative3 different classes of signals1 Overbough

2、t/oversold (when the market has gone up/down much)2. Divergences (disconnection between prices and oscillators)3. Chartism on oscillatorsOscillateur without limitsL (-X. .0. .+X)OVERBOUGHT / OVERSOLDOscillators with limlits(0 a 100)RSIMOMENTUM(Macd, stochastics.)Home DepRSI(14) 43.025h.d20 M15M10M5M

3、EMIkHD daily Nov-2001 11:13et 0:38.23 H:38.75 L:37.47 Last:38.37 Chg:+0.14 h仙方匚|)412仏WAT200) 45.30MAC DM 2.26.9)0.57210-1-2-3MayJunJulAugSepOctNovDIVERGENCECannot be seen on prices aloneIndicates an exhaustive conditionDivergence can only be considered in overbought/oversold conditionsNEGATIVE DIVER

4、GENCESell signal ?IIkJAlteration of a trendNOT A SELL SIGNALPROFIT TAKING OPPORTUNITY13012011010090BQ7Q60252015n 1 1 i 1 1 I I 1 1 1 1 r1 1 I I 1 r r I r 1 a r i i j 1992 Dec1993 Feb War Apr Jun ul .-ug Sep Oct10CHARTISM ON OSCILLATORSTrend analysis possible on all oscillatorsA trend break on an osc

5、illator can predict a change in trend but does not give a buying or selling signalFilters on oscillators can be used only in overbought/oversold conditions (RSI with a moving average)MAIN OSCILLATORSOscillators with limitsOscillators without limitsOther oscillatorsOscillateurs without limitsMOMENTUM

6、ROCMACD曰 Martin PringBs Introduction to Technical Analysis-! x|DateDJIA(column 1)DJIA10week ago(column 2)Jan.18152229985980972975965MOMENTUMFeb.5967121925972965974C -CMar.512980965J519960152695012Apr.29601599651697072397430980May7985MOMENTUM CARACTERISTICSWithout limitNot a good OB/OS indicatorTrend

7、 linesBest use for momentumBest time interval10 joursCopyright Finance N粒 曰 Martin PringBs Introduction to Technical AnalysisJan.1985 VI89801522972975ROC29965Feb.59671297219965Mar.259746980 tI129659851996098026950972Apr.29609759965965169709672397497230980965May7985974Date(column 1)

8、(column 2)DJIADJIA10week ago10 week ROC(column 1 -= column 2)(column 3)100* 98.093.097.798.5100.0100.3100.2101.6101.1ROC CARACTERISTICSVery similar to momentum The rises are amplified compared to fallsONE NOTE OF CAUTION :IT IS POSSIBLE FOR ROC INDICATORS TO MOVE TOUNUSUAL EXTREMES WELL BEYOND THEO

9、VERBOUGHT/O VERS OLD EXPERIENCEHD Jmily 55Rate of Change BlgChartikCOmDec 01 Feb Mar Rpr Hmy Jun Jul Hug Sep Oct504540353040200-20-40HD Daily 11/05/01Rate of Change BlgCliartCOm55504540353040200-20-40Dec 01Feb Mar Apr May Jun Jul Rug Sep Oct NovMoving Average Convergence DivergenceMACD is calculated

10、 by comparing 2 exponential moving averagesD is defined as the difference between 2 moving averages E is defined as the moving average of D巴 Martin Prings Introduction to Technical Analysis-O x|PM Gold Fix12-DayElVIA 26-DayEIVIAAA,12-Day EMAJ，2、-7EMAI 11 IDeclgg4 Feb March April1 I r I I 11May June

11、July5 0 5 0 5 09 9 8 8 7 73 3 3 3 3 35 0 58 8 73 3 3THE ZERO LINE CORRESPONDS TO WHEN THE 2 MA ARE IDENTICALWHEN MACD0ST EMA is above LT EM(12,26) MHCD EMA70) et oversold zones (RSI 1 I I iMay June July5 0 5 0 5 0 505 o9 9 8 8 7 7 8 8 7 333333 333USE 12 DAYS FOR THE SHORT TERM MA.USE 26 DAYS FOR THE

12、 LONG TERM MA.PM Gold Fix12-DayElVIA 26-DayEIVIAAA,12-Day EMAJ，2、-7EMAI 11 IDeclgg4 Feb March April1 I r I I 11May June July5 0 5 0 5 09 9 8 8 7 73 3 3 3 3 35 0 58 8 73 3 3THE ZERO LINE CORRESPONDS TO WHEN THE 2 MA ARE IDENTICALWHEN MACD0ST EMA is above LT EMDaily SBH01 0:9.68 H：9.88 L：9.63 C：9.83 +0.2511.8011.60HOW DO YOU CHOOSE YOUR TIME SPAN DATA ?THE RECOMMENDED COMBINATIONS ARE :8-17 AND 9 DAYS EMA 12-25 AND 9 DAYS EMA (BETTER FOR SALES)MARKETS SPEND MORE TIME IN A RISING THAN