Morning Star  - reversal pattern formed in the cavity. The is named in honor of the planet Mercury, presaging the sunrise as the morning star and the marks the growth of yen. Morning Star - A three-day figure, which consists of you  sokogo black body followed by a small body (white or black) to break down and finally, the white solid which is sufficiently strongly shifted into the first black body. This signaling  ruet of the transition initiative in the hands of “bulls”.
When beginning to emerge the of the morning star, the market finds  Xia in a downtrend, as evidenced by the high black body last trading session. At this point, obviously, the command “honey  lead. Then there is a small body, implying that selling Tze  lose the ability to move the market even lower. Finally, the TPE  Tille, emergence of a large white body demonstrates that the “bulls” have prevailed. A perfect morning star would have tears in front of and settlement  le body average candles (stars). However, the second rupture is rare, and its absence does not diminish the significance of the signal.
Returning to  13.13, we see an example of the morning star, formed at the basin in late December. Many of the figures whose light , such as discussed here the morning star, becoming an important mi  areas of support or resistance. For example, note that the Dodges, which appears after a big black body in the mid  no January - a that implies a turn upward, - formulated  matic directly above the area support the morning star. (Interestingly, the other Dodges, which appeared four days earlier, followed by a tall white candle in early January, warned of lower prices.)
Weekly schedule ITALIAN BOND
“Bearish” double of the morning star. In the event of the evening star behind a long white body should be a small body (black or white), followed by a black body, which abrupt changes  creases inside the white body of the first session. The third candle is formed confirms top and ends the evening star, states  yaschuyu of three candles.

One of the loveliest aspects of the graphs candles - termi nology. For example, previously discussed by the morning star was named in honor of the planet Mercury, which appears in the night sky before sunrise, - the is “bullish” in nature. The Evening Star is named in honor of the planet Venus, which appears to tread  tion of the dark, - an association with an obvious “bearish” tone. Ta  Thus, the names of shapes candles convey an emotional state  tion of the market at a time when the is formed.
Just as the morning star is the support, ve  Black Star can become resistance level. As shown in  13.19, the evening star, formed on the week graphic  Ke Italian bonds, set ceiling subsequent growth of the market. The apparent failure of the evening star would require the closure of the high point of the upper shadow figures. In this case, to confirm  Denia breakdown of resistance to the evening star would require a weekly closing price above the maximum of the evening star.
Windows
Window on the graphs candles - it’s the same thing as the gap on the bar  Closed graphs. Thus, the rising window appears, KOG  let at least today’s lower shadow is above the high of yesterday, the upper shadow ( 13.20). Falling window appears, KOG  da tip of today’s upper shadow is below the minimum of yesterday’s  rashney lower shadow ( 13.21). The windows give a wonderful visual signals, as occur in periods when market participants a unified  nodushno assess future prospects of price movement.
The windows are the figures to continue, after which the market usually  but resumes movement in the direction of the trend, which precedes  shaft shape. So, after rising window, which is “to  whose” to continue, would have continued prior asc  dyaschy trend. Falling window implies a “bearish” motion, because after it resumed the previous downtrend.
The Japanese are talking about the windows: “The correction comes to the window.” In other words, the window, which tend to limit the correction. Thus, in the case of a rising window fall in prices would stop in the window. For the incident would have stopped the growth of the window within the window.  13.22 shows an example of market growth, which loses strength at the level of the previous incident window. Note also that, as this reversal was confirmed by a falling star.
In terms of using windows as indicators of support and resistance should be noted that prices may temporarily drop-
Camping under the lower limit of the rising window or climb above the upper limit of the incident window, before moving back to the on  board the windows. For example, note that in  13.23 Sept.  tyabrsky least punctured inferior border of the rising window.
In general, the window can be regarded as invalid (in terms of reliability of support or resistance), if the price closes outside the window, but not if prices simply pierce the boundary of the window inside the trading day (or within a week when the weekly chart). For example, if there is a rising window between $ 83 and $ 85, then the market closes below the lower boundary of the window (below $ 83), the uptrend is likely over. And  turnover, if there is a drop-box between $ 62 and $ 60 as soon as the “bull” market will close above the upper boundary of the window (above $ 62), descending  Officer trend can be considered completed.
CONCLUSION
The Japanese say: “The psychology of market participants, the ratio of supply and demand and the relative strength of buyers and sellers - all from  razheno in a candle or a combination of candles.” This  was all-in  just an introduction to the analysis of graphs of candles. There is much pain  neck of shapes, concepts and trading techniques. But even this Bazoev-
INTRODUCTION TO GRAPHICS “candlestick”
howling introduction may give an idea of what new opportunities for analysis of   open candles. The most important thing that candle charts provide additional features not available bar graphs, while allowing the trader to use all the same technical  Kieu methods that are applied to the bar graphs. Ideally gras  fictions candles should be combined with Western methods of analysis graphs.
Afterword (Jack Schwager)
For most of the classic graphic figures are not suitable objects  tive precise mathematical definition. That is despite the fact that these figures can be defined mathematically, different people define them very differently. For example, if you asked 10 suffi  like experienced programmers to write code that identifies  formation to the shaft head and shoulders “, it is quite possible that all 10 semi  for substances in resulting programs would have chosen different segments of data within the price series, taking responsibility on their opinion, the definition of this formation.
Greyscale plots of candles, however, differ in their just  one - most of them require only one, two or three trading days  Notice that, generally speaking, allows for an objective (or nearly so objective  tive) mathematical definition. For example, although different people may have a different approach to determining how long should be lower shadow that day was defined as a hammer, inter  do different definitions would be a significant degree of similarity. Furthermore, some pieces of candles allowed to exact mathematical  cal definition. For example, “bearish” absorption - a black body, which absorbs the white body of the preceding period - can be described by precise mathematical definition. This quality of the figures on the graphs candles means that the effectiveness of these figures based on historical data can be tested by computer. An obvious question is: can we get a  profit, automatically opening and closing positions in the event of figures on the graphs of candles?
To answer this question, I turned to Bruce Bebkokku, re  daktoru and publisher «Commodity Traders Consumers Report», which has developed a computer program to test the pieces on the boundary  fikah candles *.
We used the program Candlestick Professional System Tester, production  led by the Commodity Traders Consumers Report, 1731 HOWE Street, Sacramento, CA 95825.
The test, which I asked Bruce to run was simple: whether the strategy of “buy and hold” (”take a short position and hold”), following the occurrence of major figures, showing profit over the next 5-10 days?
The six figures - as in “bull” and a “bearish” form - were tested on the example of the ten markets with the use of data for five years (2010-2010). At the suggestion of Bruce, these figures were also tested with a five-day filter (based on pro  simplest oscillator) to ensure that transactions are made in the on  board short-term trend. In each case, the result of mul  ki subtracted $ 100 to cover slippage and commissions. The results collected in Table. 13.1, were not encouraging. Only ma  barking of the tested combinations of shape / market showed at  bylnost on five-year data. Profits derived by a few winning trades, was rather small, whereas the maximum current losses on the revaluation of outstanding positions (drawdowns) were too high relative to profits. However, tests using the filter gave the best results. It should  quently, taking into consideration the trend - it is at least a step in the right direction.
Just described the test does not prove that the figures on a graph  Kach candles have no value, but rather indicates that the interpretation of the figures Simplified candles not profitable. The results of those  ists warned against blindly following the signals given by combinations of candles. However, it is likely that a more thorough analysis of the graphs of candles, which takes into account the context in which there are certain shapes (such as candle and clas  cal) and the use of capital management strategies could be useful. (These issues are discussed in the new book Neeson «Beyond Candlesticks».) Moreover, since the graphics candle impressions  vayut more information than bar graphs, and suggest al  ternativnoe visual representation of price data, some tray  dery can find schedules spark more natural or useful  mi than traditional bar charts. In summary,  ska show that every trader should determine are whether graphs  Xia spark a useful tool. In this respect, Ana  sis combinations candles similar to the classic analysis of the charts - this is more art than science.
Note to tables: * All results include an amendment to the $ 100   tion and fees.
** Penetrating the line, not described in this , is “bullish” variant shapes of dark clouds.

INTRODUCTION TO GRAPHICS “candlestick”
do the same? Using the best in the west and east under  course, we can achieve much more. The Japanese are very foundation  yourself with the technical tools used in the West. Now it’s our turn to learn from them.
PICTURE OF A DAY TRADING FOR TIMETABLE FOR CANDLE
 13.1 and 13.2 shows how to build a single candle. Shiro  kai candles is part of her body. The body displays a range of prices between the opening and closing price of the day. If the closing price of these sessions  lower than the opening price ( 13.1), the body is black (filled). If the session closed higher than the open ( 13.2), white body (not  shaded).
Thin lines above and below the body are called shadows. This price extremes of the day. Shadow of candles on the body is called the upper shadow and the shadow under the body of a candle - the bottom. Thus, the tip of the upper shadow - a daily maximum, and the tip of the lower shadow - day minimum.
Based on the previous definitions,  13.1 depicts the session, which opened near the maximum and closed near the minima  ma. On the contrary,  13.2 depicts the session, which opened vbli  near the minimum and closed near the maximum. We can see why these gra  fictions are called candles: individual lines often look like candles with wicks.
Power graphs candles that color and shape candles visually shows who emerged victorious in the battle “bulls” and “bears”. A long white body is telling us that the situation speak “bulls”, while a long black body reflects the trading day, when the rule “bears”. A small body (white or black) shows the ne  RIOD, when the forces of “bulls” and “bears” were equal.
It is important to note that the candles can be drawn for all time frames - from intraday to monthly charts. For example, a 60-mi  nutnaya candle uses the opening price, high, low and closed  ment for the 60-minute periods. Daily chart would have used the opening price, high, low and closing trading day. Candle on a non  individual hauling schedule would be based on the opening price on Monday, maximum and minimum during the week and on the closing price on Friday.
Doji
offers several examples of Dodge. Dodge - a candle, which has opening and closing prices are the same. Thus, the dod-
Ms. no body. Even if the candle has the opening and closing prices, which  rye bit different, but very close, it often can be regarded  vat as Dodges. Doji reflects the state of the markets in which “bulls” and “bears” are in equilibrium.
On the market side Dodges neutral, since it emphasizes the neutral state of the market. However, during the uptrend Dodges may be an indicator of reversal of the market, as it warns that the “bulls” are beginning to lose control of the market  com. Doji reflects indecision of traders. Indecision, uncertainty or fluctuation buyers will not support playback  walked trend. To sustain growth, need confidence to  supermarket. If the market was extended growth, and then appeared  Xia Dodges (read - “uncertainty”), this may mean that he will support  ki buyers no more. Consequently, there is the risk of falling market. Dodge, which follows the new high peak, particularly  but important. The Japanese say such Dodges as “the fear of high prices.”
rise, which began in mid-December, stopping  etsya after Dodges, formed after the high white candle. The appearance of this Dodges indicates the balance of power “bulls” and “bears”, which differs sharply from the nature of the two previous sessions, when two tall white candles showed a strong market with a full pre-
Dodge, pay attention to high Trouble Candles: March 2010, British Pound
A candle with a very long lower shadow and small body (either white or black), located near the top of the day diapa  zone prices, called the hammer ( 13.5). The name given to this fi  Goeree not only because of its shape, but also because of the submission of the impact of mo  lot on the anvil. The appearance of a hammer on the chart - a blow for  torym to be rebound. If the candle of this type occurs during the R / V  walking trend, it could signal a trend reversal. Hammer can be identified by three criteria:
1. The body is located at the top of the daily price range
(The color of the body is not important).
2. The lower shadow is long, at least twice as long as the body.
3. Very short or completely absent upper shadow.
HAMMER: March 2010, corn
The longer the lower shadow is shorter than the upper and lower body shade light  chi, the more “bullish” hammer.
Hammer demonstrates that the trading session was opened near its peak, the price dropped during the trading session and for  so sharply rose, closing at the peak of the trading day or the eye  lo him. Hammer can be an excellent example of how a candle chart reveals a very important market information with the aid of only one candle.
If the hammer follows the sharp fall in prices, the market often More times back and checks the minimum area of the hammer, and thus extends the support.  13.6 provides an example of such situationsThe. INTRODUCTION TO GRAPHICS “Candlestick”  
 two figures is that if the hammer appears after reducing prices, the hanged man appears after their growth. In other words, though the hammer, and the gallows have the same shape, they are called differently depending on what the trend was preceded by a candle. When the is formed after ascending trend (hanged), it shows  shows that the growth of the market may be close to completion. Title VI  selnik given to this due to the fact that it looks like a hanged man with dangling legs.
It may seem unusual that the same configuration of light  chi can be “bullish” and “bearish”. Nevertheless, the same double  liability manifests itself in the western charts. For example, an island in the bar graphs can be “bullish” and “bearish” depending  tremendously by the previous trend. Island after a lengthy restoration  hodyashego trend is “bearish”, while the same of the island after a downtrend is “bullish” in nature (see Chap. 6.
Similarly, the hammer, the longer the lower shadow is shorter than the upper shadow and less body, the more significant hanged. It is especially important to wait for the “bear” evidence in the case of a hanged man, on  Since long lower shadow of the shows that the bulls are still strongly influenced by the market. An example of such evidence could be close under the body hanged thereafter - something that  development would show that anyone who bought at the price of opening or closing of the trading day, formed the gallows, is now losing money. In this scenario, the buyer chooses to liquidate its on  zitsii, contributing to further reduce the yen.
halter formed at point 1. However, pay atten  tention to lack of confirmation in the next session, when prices exceeded the maximum of the hanged man at point 1. The fact that the market zak  fumbled higher than in the trading day, formed the gallows, revoke  shaft all “bearish” potential gallows. However, the point 2 appeared another hanged, and on the next trading day (point 3) it was confirmed when the closing price of the body sank below the gallows.
Shooting star
While the candle with a long lower shadow (hammer) during nisho  ducting trend is potentially “bullish” figure, a candle with a long upper shadow, appearing after the uptrend IME em  “disservice” color. If the candle with a very long upper shadow and a small body near the bottom of the range of day occurs during the ascending trend, it is called “shooting star” ( 13.9). Between the body of classical shooting star and the previous candle body, a gap exists. Color of bodies does not matter.
The Japanese paid most attention to the body - they belong to the body (the ratio between the opening and closing of yen) as to the merits of CE  new movement. However, the shadow can play an important role in the evaluation of the  conducting market. For example, a long upper shadow padayushei stars gra  crystallographically shows that the aggressive “bears” sufficient to close the session to lower prices to a minimum.
 shows a falling star, which appeared on the Jahn  varskom price peak. This shooting star confirmed the region with-
resistance near the 118, set the maximum of the previous day. The appearance of falling stars means that the market opened near its free  day low, then mightily grew and finally to the closing session  these returned to the minimum.
Acquisitions
“Bullish” absorption  occurs when the market is in a downtrend, and white body absorbs the blackbody precedes  yuschego period. “Bear’s” absorption ( 13.12) occurs when the market is on an uptrend, and the black body absorbs a white solid pre  Walking period. In order to intake were true, the market must contain a clearly defined upward or INS  walked trend, even if it is short-term trend. Since ab  schenie requires only that the second body absorbed precedes  yuschee body (but not the shadow), this will give a signal, invisible to the line art. The more the second body (the absorbing body) with respect to the first, the more significant figure.
The illustrates the absorption of how a candle can with  lead to a better understanding of market behavior. Schedule of candles, as well as the bar graph shows the trend of the market, but unlike a bar chart candles, in addition, shows the strength, managing  yuschuyu movement. If the market - in a state of the downtrend, which means that they control the “bears”. If then a long white candle is absorbed by the black candle after a downtrend (ie, forms a “bullish” absorption), it shows that the “bulls” take up the reins of human  leniya a “bears”.
Looking back at  13.10, we see an example of “bullish” ab  absorption arising in mid-November. A long white candle, follow  schaya a short black body, shows the power of “bulls”, interceptions  oping control by “bears”, and is a classic of absorption. Note that this is supported by the market in December and January.
 provides an example of the “bear” absorption. In early February, was broken resistance level, located on the boundary  Nice trading range the previous two months (close to $ 16,00). However, soon after the appearance of “bear” absorption has pointed out that the “bulls” have a problem. It was a classic “bear’s” absorption, since the second black body was significant  but larger than the previous white body.
illustrates the “bearish” on the absorption of intraday chart. Note that in this example, the second session with “bear” absorption does not form a new peak. Thus on-
“The Bear” ABSORPTION AND MORNING STAR: March 2010, CRUDE OIL
“The Bear” Intake: March 2010, 60-minute chart Treasury bills
“Bearish reversal signal. The first session of this figure, consisting of two candles, shall constitute Be  ler body. Price opening the second session should be above the maximum of the previous session (above the top of the upper shadow). But by the end of the second session  swarm the market closes near the minimum of the session, while the closing price is within the white body of the previous session. Dark paint on  illustrate that the market’s ability to grow exhausted.
The greater the degree of penetration into the white body, the strong signal  her dark clouds. Some Japanese technical analysis  tics require that the black body penetrated by at least 50% inside the white body. If the black candle closes below the middle of the white candle may be better to wait for a More “bear” under  confirmations during the session following the dark clouds.
 shows an example of dark clouds. At the first session of this  these “bulls” all More market rules. At the next session  these market opened at a new high. “Bulls” were apparently More
valid. But then, by the end of the second session, prices fell, closing values of  considerably below the middle of the white body of the previous session. When unpaired  ness of the market forming new highs and prices, closing well below the previous closing price, buyers may want to close their long positions. Moreover, seeing the failure “to  ers” to keep new heights, traders waiting time for short selling, can enter the game. It is remarkable how much information can be extracted only from the two candles, when they form a dark cloud.

In general, technical analysts should at least poeksperi  mentirovat using graphs of continuous futures as a complement to the normal schedule the next contract and see whether it improves the reliability of their findings. Below is represented  Lena fafiki that allow you to compare these two methods of constructing  tion fafikov for major futures markets (except cotton and wit  her, which had already been shown). We remind readers that FAFEE  ki continuous futures, which will be built in the future, bu  dVT have different price scale, different from those shown below (although from  Menenius prices remain unchanged), since it is assumed that the scale is  ly be adapted to the prices of current contracts.
Treasury bond futures contracts NEXT
Introduction to graphics “Candlestick”
Steve Nison *
(Edited by Jack Schwager)
Gore, wind, wood, fire.
The motto on the banner under which the troops went into battle
General Shinji in Japan XVII century, recalled
that victory in battle requires the realization that when you need to be
motionless as a mountain;
fast as the wind;
patient, as the forest;
irresistible, like fire.
Charts candles - the most popular in Japan and the oldest form of technical analysis. “Candlestick” appeared before the bar charts and graphs “tic-tac-toe. The Japanese realized the importance  Nosta technical analysis of long ago. They first began to trade futures. In the middle of XVII century. They sold “empty” rice con  tract (rice, which have not yet been - in other words, rice-twit
Mr. Neeson is a senior vice president of Daiwa Securities America, Inc., New York. He is the author adopted the audience of the book «Japanese Candlestick Charting Techniques». His new book is called «Beyond Candlesticks - New Japanese Trading Tecniques». Steve Nison - the world-renowned lecturer, he conducts popular seminars, including special presentations for the World Bank in Washington. His activities devoted their article Wall Street Journal, Institutional Investor, LA Times, Barren’s and Japan Economic Journal. He regularly serves as a guest tech  Český analyst-commentator on CNBC. Steve Nison (MBA in syn  resonances and investment) is analyzing the financial markets in the fol  ing almost 20 years. He is a member of the Association of Technical Analysts Market.
Persians). Main rice futures market was in Osaka. Com  flickering was so important to this city that has traditionally been used  spondence sounded like “Mokariamakka” which meant “Did you successful your trade?” - An expression which vividly to this day.
In six years, my attempts to discover the “secrets of the East” I translated from Japanese into English more than a dozen books. Next charmer  s’ excerpt one of them:
“When everything -” Bears “have a reason for rising prices. When all - “bulls” have a reason for prices to fall. ”
Is this not similar to the widely used method now pro  oppositely opinion? But this book, entitled “Fountain zone  Lot”, was written in 1755 Even before the formation of the United States  Comrade Japanese have used to trade me a method of opposite  tion! In the same book you can find the following advice:
“To learn about the market, ask the market itself. The only way you can  are a formidable demon market.
What expression! Who would not want to be a formidable demon market.
Surprisingly, the graphical methods “candlestick”, which were used by generations of traders in the Far East, were virtually unknown in the West as long as they have not been told in my first book, «Japanese Candlestick Charting Techniques», published in 2010 Up to this point only slightly  Gia services offer graphics candles in the United States and Eu  Ropehaugh. Today, most computer programs for technical analysis  th and almost all the technical services, operating in real time, provide their clients with charts of candles.  Nosta numerous services, offering graphics candles, proves their popularity  exercising their functions and utility. It is remarkable that for almost a hundred years the two main graphical tools in the West have been dashed  vye charts and graphs “tic-tac-toe. Nevertheless, just two years after the publication «Japanese Candlestick Charting Techniques» Graphic candles have become a basic graphical tool along with the graphs “tic-tac-toe” and line art.
In the early years of the fur trade in the United States, there  shaft company, known for his willingness to take risks and thoroughness of their preparations. Trading expeditions aroused great enthusiasm, but, nevertheless, the first day of the expedition, the participants held a short distance and encamp all  th, a few miles from the headquarters of the company. If at the first halt was discovered that someone had forgotten to take from the merchants in
INTRODUCTION TO GRAPHICS “candlestick”
travel necessary thing or product, you could always go back for them. Thus, careful preparation relieved pu  teshestvennikov of potential difficulties.
Exchange trade also requires careful preparation. For those who are not familiar with the Candlestick, in this  we will first slow steps, explaining the basics of the theory of candles and used the figures. But even the discussion of the main signals candle  mi, is enough to show that graphics candlelight open new avenues of analysis, previously inaccessible. Once acquainted with graphite  Kami candles, many traders will never return to the dashed  hovym schedules.
WHY STEEL GRAPHICS CANDLE so popular?
Why interest in candles is increasing day by day? Here are some reasons.
1. Tools provided by the graphs of candles, so
versatile, that can be used in conjunction with any
Western technical tools. As we show gras
fictions candles are drawn using the same data as
traditional bar-graphs: maximum and minimum
Nye price, opening price and closing price. The importance of this factor
that is, that any of the technical analysis IU
ods applicable to the bar charts (moving average
tion, trend lines, correction), can be used to
“Candle” charts. Moreover, graphs of candles can give
signals are not available on the bar graphs.
2. Charts candles are widely applicable. Candlestick may in
change for the analysis of speculation, investment and Hegira
tion, they can use when trading futures, stocks,
options. In other words, graphics candles can use
vatsya wherever applicable technical analysis.
3. Charts candles allow traders to take advantage
over those who only uses bar graphs. Can
take weeks to ensure that in line art formed
Xia turn; reversal signals on the charts candles often
recognized for several sessions.
4. Appliances charting candles, though new to the West,
but it was perfected by generations of traders in Japan.
5. The Japanese are among the main players in the most
world markets and use only graphics candles.
Hence, knowledge of this method of technical analysis will help to understand the logic of Japanese traders, managers enormous  mi capital and influencing the behavior of many markets. It should  blowing an excerpt from the magazine «Euroweek» quotes one ang  Pali traders working in a Japanese bank, who spoke about the importance of graphs candles for the Japanese.
“All Japanese traders - and the foreign exchange market, and the twit  chersnyh, and the stock markets - use candles. Fairly  but it’s hard to say how many billions of dollars wrap  Xia in London thanks to the interpretation of these charts, but Digital  ra, this is impressive.
Think about it. Although billions of dollars turn into a day using signals generated in the graph  Kach candles, until recently we did not have the key to every  disgusting how the Japanese market is analyzed. It is difficult behav  rit. Charts candles in Japan is as popular as on  line art in the U.S. and Western Europe. Pony  manie of how the Japanese are using their most popular of those  cal tool can help answer the question, what would be their next step.
6. Without a doubt, the rapid growth of the attractiveness of graphs whose light  called also beauty and vividness of the terminology used to describe the shapes. Who would have thought that looking at the statistics of trading you can see the evening star, the hanged man and the dark clouds. Yapons  kai terminology attached schedules special flavor. Many traders find that, once having tried graphics candles, they can not do without them.
The Japanese are familiar with Western methods of technical analysis. Although the book, which I translated, mostly focused on the candles, each of which contain large sections that discussed the American technical tools. The following quotation, taken from one such book, is typical for a Japanese perspective on the relation of Western and Eastern  techniques:
“To understand the behavior of the stock market, knowledge is not enough to be  komym with Japanese graphic methods … Should be [in addition] to absorb the best of Western technology. ”
As shown by this statement, the Japanese combine the use of gra  fiction candles and Western technical tools. Why us

BREAKDOWN Round Tops: CANADIAN DOLLAR, Continuous Futures
BREAKDOWN Round Top (BASIN)
As noted in Sec. 6, rounded model offers a reliable trading signals. In this sense, the breakdown of the rounded price fashion  I can be considered a confirmation that she filed a false alarm. Thus, in  11.46 Break curved line, which is bounded  stricting the top model of the circular top, was the signal for higher prices.
RELIABILITY  SIGNALS IN THE FUTURE
There is an inverse relationship between the popularity of the indicator and its effectiveness. For example, prior to 1980, when the tech-
The most important rule Graphical analysis of 251
cal analysis was used by a few punters, Earl  cal breakdown (price movement above or below the limits predshestvuyusche  th trading range), as a rule, worked relatively well, giving many excellent signals at a small number of boxes  GOVERNMENTAL. My observations suggest that, as technical analysis has become increasingly common, and pro  fights - a widely used tool, the effectiveness of this mo  Delhi markedly decreased. In fact, now this is the case  formation Thus, that reversal after breakdowns, rather, are the rule than the exception.
As mentioned above, I believe false signals is much more reliable than conventional graphics models. While the concept nesrabotavshih signals is not new - in my own  tion book “Full course of futures markets,” written in 1984, has a  on this subject - I was not aware that her somewhere in actively  changed. However, if the use nesrabotavshih signals has expanded greatly, in the long run, this neblagop  riyatno affect their reliability.
One last thing: it must be emphasized that in this  the concept  tion nesrabotavshih signals presented in the context of generally accepted th  graphic analysis in its present form. In the future (especially the distant future), the popular methods of graphical analysis can greatly vary. Nevertheless, coupled with common sense concept nesrabotavshih signals can adapt to new realities RY  night. In other words, if some one hundred  graphic model is not popular technical signals in the future, failure mo  Delhi may be seen as a more significant event than the model itself. In this more general sense, the concept nesrabotavshih sig  fishing can be eternal.
CONCLUSION
The beginning trader ignores nesrabotavshy signal, dooming its position on a major loss, while hoping for success. More experienced trader that has befallen the importance of prudent management of the de  gentle means to quickly liquidate the position as soon as it becomes evident that he made a bad bet. But the really artificial  s’ trader will be able to turn 180 degrees and turn its loss-making position, if the behavior of the market indicates neob  mileage of such actions. In other words, requires hard dis  tsiplina to benefit from nesrabotavshih signals, but such flexibility is vital for the effective use  tures graphical analysis of stock trading.SCHEDULE close futures contracts and futures continued:
the connection of historical data on individual futures contracts to build long-term charts
NEED CONNECTIONS SCHEDULE OF SELECTED CONTRACTS
Many of the models and methods of technical analysis, described in Sec. 3-6, require long-term schedules - often many years. This applies particularly to identifying trend reversal formations, as well as to the definition of  support and resistance levels.
A major problem that confronts graphic analyst  Xia in the futures market, is the fact that most futures contracts have a relatively limited duration, and even shorter periods, when these contracts are actively traded. For multi  gim Futures (for example, for currency, stock indices  CLI) trade is almost entirely concentrated in the period of one to two months before the expiration of their term. For example, in  12.1 pay atten  tention to the fact that there are only five months of liquid quotations for pictures on it a futures contract on the Swiss Franc  ku, which at that time (end of December 2010) was the dominant contract in the market for that currency. In some markets, such as futures on foreign bonds, almost all commerce is concentrated  sult in the next contract (with a minimum term of up to date in
NEXT GRAPHICS futures contract …  
rate), resulting in significant price data are available only for one to three months, as shown in  12.2 and 12.3, representing at the end of 2010 contracts gilt bonds (UK government bonds) and Italian bonds with delivery in March 2010 Note that these graphs liquidity  mental data are available only for two months, despite the fact that the contracts submitted at that time were the most active trading  mymi in these markets.
The limited price information available on many twit  chersnym contracts - even those which are most ac  actively traded in the relevant markets - in fact, does not allow  most of the methods of graphic analysis to the schedules of individual contracts. Even in those markets where there is a face  prominent information on individual contracts for a year or more, carbon  depth technical analysis still requires consideration of weekly and monthly charts for many years. Thus, the pro  nenie graphical analysis inevitably requires connection graphs consecutive futures contracts in a single graph. On the market  Kach with very limited information on individual contracts  there such conjugate graphics needed in order to pro  conduct any more or less serious graphical analysis. On the other  gih markets associated graphics needed for the analysis of many years of them  graphic models.
Methods of constructing
Contingency graph CONTRACTS
Nearest futures contracts
The most common method of plotting linked contracts is called the graph closest futures contracts. This kind of price series is constructed as follows: take the schedule of an individual contract before its expiration, then join the next schedule of the contract, etc.
Although at first glance this approach seems reasonable metal  Tod plotting paired contracts, the problem of method  da next contract is between the expiring and but  vym contract there are gaps - and often very substantial. For example, suppose that the October contract for cattle finished at 60 cents, and regular nearest con  tract (December) closed the day at 63 cents. Further assump  Suppose that the next day the December contract survived the day
Gilt BONDS, March 2010.
Italian bonds, March 2010
lower limit (limit-down), falling from 63 to 61 cents. The schedule of prices nearest  nearest-futures will close at the following levels of these two co  neighboring day: 60 cents, 61 cents. In other words, the schedule next futures contracts would show an increase of 1 cent on the same day, when long positions actually had a loss of time  least reduce the daily limit, equal to 2 cents. This example does not mind. Such distortions (and in fact, and more dramati  cal) are pretty typical when you change contracts on the graph  Kah nearest futures contracts.
Their vulnerability to distortions in the points makes it desirable to change the contracts to use alternative methods of connection gras  fiction yen separate contracts. One such method is described in detail  san in the next section.
Continuous (with correction of discontinuities) price series
Price series, adjusted for breaks, which we denote ter  ming “continuous futures”, produced by adding a new series of accumulated difference quotations of old and new contracts
 NEXT GRAPHICS futures contract … 
at points of changing contracts. Is an example. Suppose we build them  graph of continuous price series for the June and December contracts for gold on the exchange Somekh *. If the starting point of the boundary  Fick is the beginning of the calendar year, the first of its values will coincide with the quotations of the June contract, which expires in the year. Assume that the daily replacement of the contract (which need not necessarily be the last day of trading this contract), the June futures on gold closed at $ 400, and the December - at $ 412. In this case, all subsequent prices are based on the de  kabrskom contract will be adjusted to the lower side of $ 12 - the difference between the December and the June contract on the day docking.
Assume that the next change of December futures contracts traded at $ 450, and another contract in June - at $ 464. Quote of the December contract at $ 450 means that it continuously adjusted price is $ 438 ($ 438 = $ 450 - 12). Thus, at the time of the second replacement of the June futures contract traded at $ 26 above the adjusted price series. Consequently, all subsequent price of the June contract will be adjusted to the lower side at $ 26. Subsequently, this proce  fool would continue, with the price correction for each  that contracts will be determined by the cumulative sum of the price correction in this and all previous changes of the contracts. Resulting in the result  Tata price range will be free from the distortions caused by the difference of quotations of old and new contracts in the points of their connections.
Plotting continuous futures mathematically  eq are equivalent to what the schedule is taken closest futures contracts  comrade, from the cut line segments representing each individ  s’ contract, and the ends of these segments are glued together (assuming that a continuous series includes all contracts and uses the same junction  nal state days, that and the schedule next futures contracts). Usually  but the last step is to shift the scale of the entire schedule at Summar  linear dimension amendment that is done for convenience. Such a step may lead the current price schedule of continuous futures in corre  spondence with the current quotes traded at present con  tract, without changing the timetable itself. For more information on charting continuous futures discussed in Chap. 19 “Choice
The choice of contracts is arbitrary. You can use any combination of  vat actively traded months on the market. For example  action, in the case of gold on the range of u, ranging from constructing a graph  ka on the basis of all six actively traded contract - February, April, June, August, October and December - before the schedule on the basis of only one con  tract, such as December.
 Chart Analysis series of futures prices, most suitable for computer TEN  Reformatting. ”
Comparison charts
It is important to understand that the conjugate series of futures prices can point  but showing a correct historical levels of quotations, as the next schedule of futures contracts, or price changes, as the continuous futures, but not both simultaneously - just as the coin may fall heads or tails but not the two hundred  ronami immediately. The process of fitting used in the construction of a continuous  cw series, means that past prices in the graphs of continuous futures do not coincide with the actual stock at the time. Od  ever, the continuous series of accurately reflect the actual changes in market prices and strictly parallel to fluctuations in currency balance sheet tray  panies, always has a long position (renewable on the same days, when there is a substitution of contracts for the construction of a continuous  GOVERNMENTAL series), whereas the price charts next futures contracts  Comrade can be very misleading in this regard.
NEXT futures contracts and futures in CONTINUOUS Graphical analysis
Given the considerable differences in the price series of contracts  closest comrade and continuous futures, the reader is likely to occur laws  license question: which of the series - the next contract or continu  cw futures - are best suited for graphical analysis of ? To some extent this is equivalent to the question that should be taken into account when buying a car - the price or quality? The obvious answer is: both of them - each option gives important Ying  formation about the characteristics, which is not evaluated other facto  rum. As for the price series, the choice between immediate con  tracts and continuous futures must come from the fact that each series has such information, which does not give another. In particular, the price series of futures contracts next OJEC  guar accurate information on past levels, but not the vibration  tions in prices, whereas the opposite argument is applicable to the graphs of continuous futures.
Consider, for example,  12.4. What a disastrous soby  ment has resulted in immediate collapse of prices by 40 cents
COTTON, THE NEXT futures contracts.
COTTON, Continuous Futures.
shown on the chart next contracts for cotton in 1986? Answer: Absolutely not. This “phantom” fall in prices reflects only a transition from the old crop July contract to October  Skim contract new crop. (The wide gap in prices between the two contracts this year was due to changes of government  tion programs to support farmers, which drastically pony  zilo level of lending, and as a consequence, fell minimum UB  Wen price of cotton harvest.) In fact, during the change UCA  zannyh contract prices have actually been in a growing trend!  12.5, which shows a continuous futures price of the same product (by definition, eliminate gaps in prices at the points of joining contracts), illustrates the general upward trend in the market  Ke cotton during this period - the rise, which actually started with a large depression formed in the previous year. It is clear that under  Commitment schedules closest futures contracts distortion  pits caused by the wide gap by changing the contracts may hamper their use for the graphical analysis, focuses  stable and growing on the price fluctuations.
On the other hand, the graph of continuous futures price fluctuations display accuracy is achieved due to incorrect reflection of real price levels in the past. In order to cor  but to show the scope of past price movements, futures prices continued more removed from the actual quotes elapsed  th. In fact, not so rare that the historical price is continuous  cw futures take negative values ( 12.6). It is clear that such unimaginable historical prices have no value in determining future levels of support.
The fact that each type of price charts - the next, and con  tracts of continuous and futures - has its own innate and  is fundamentally flawed, is an argument in favor of their Joint  stnogo use to the comprehensive analysis. Often, these two types of graphs are completely different picture of prices. Consider  Consider, for example, schedule the next contracts for pork,  s’ is depicted in  12.7. Looking at him, one is tempted to conclude that for all 12 years the pork market was in a shopping diapa  zone with a wide amplitude oscillations. Now go back and look at   12.6, which is a continuous version of the same market. The graph clearly shows that the pork market has experienced a number of major trends, and these price movements were completely underlying web  you schedule the next contract (but could be implemented in real trade). It is no exaggeration to say that if the gra  fictions were not signed, it would be virtually impossible to deter  pour that  12.6 and 12.7 depict the same market.
 PORK, Continuous Futures.
PORK, THE NEXT futures contracts.

 Filling the top gap: SUGAR, March 2010
 Filling the top gap: SUGAR, October 2010
Consequently, even after the true signal given market at filling the gap, there may be a temporary correction  tion of prices, before their expected movement materializes. In the case of the lower discontinuity, the signal to higher prices, filed for filling the gap can be considered as valid for as long as prices will not close below the gap, or the lowest gap, if there are several. (Similarly, when the upper signal discontinuities filled the gap can be viewed  building strategy as the current until the prices to be closed above the gap or above the highest break if their several  to.)
Return to high or low GAD
In it was explained in detail that the spikes often occur in moments of major reversal. Consequently, the return of prices to EXT  remumu previous spike indicates that the signal to divorces  company, caused the appearance of spines on the schedule prices, failed. What is more extreme spike (more than the amount by which the maximum spike exceeds the maximum of the previous and subsequent days, or a mini  mum spike falls below minimumov.predydushih and subsequent days), the more valuable is a breakdown of its level. Meaning like  th nesrabotavshego signal increases and, if a mo  is the appearance of spike passed at least several weeks, and even better months.
 return quotations for a maximum of the July spine four months later resulted in a significant continued growth. breakdown of the July peak spike upward after nearly seven months and ended with a strong wave of price increases.  shows an example of the breakdown minimum spine directed down  th, followed by prices have fallen sharply.  11.19 contains in  action breakdowns as a major spike up and the big spike down. In each case, the market showed continued thereafter  trends.
breakdown of the July spike up just over a month spu  STN led to the projected further rise. However, note  those that breakdown of the October spike down after a few months after this was misleading - so to speak, the wrong signal about signal. In general, the closure outside the opposite end of the spine can be considered a denial of the fact that the spike has not worked. In this case, the market closed above the daily maximum of the lower spine after four days after the breakdown spine.
BREAKDOWN GAD UP: Soybean oil, March 2010
BREAKDOWN GAD UP: COTTON, July 2010
Refuted SIGNAL Breakdown GAD: COCOA, March 2010 The most important rule Graphical analysis of 221
RETURN TO THE LIMITS OF THE DAY Broadband
As was shown in Sec. 6, wide-range days with particularly strong or weak closures, as a rule, lead to the continuation of trends in the same direction. Consequently, if during the day with a wide diapa  Eon prices fell (”incident” the day), then the closure of one of the following days above the maximum wide-range of the day suggests that the signal to fall, brought this “incident” during the day, was false. A similar  principally, but not closing below the minimum “growing” a wide-range of the day shows the falsity of the received signal to increase.
 11.21 max pronounced “incident”  wide range-day, appeared in late May, was broken up with  dimensional two weeks later, which led to major price increases. Inte  It is interesting that this is confirmation of a false signal on the fol  happened the following day after “growing” of the day with a wide range, stood by, in effect, double the signal potential trend reversal.  11.22 a maximum of two “falling” days with a wide range, formed in the neighborhood, were subsequently punched up. Bo  Leia, note that between these two breakdowns of the day came with a wide range upwards. This merging of “bull” signal was the herald of a significant increase in prices.
 11.23 and 11.24 are examples of breakdowns “growing” days with a wide range.  11.23 shows the closure of a minimum of the day with a gigantic price range, the formation  lished the day before the trend reversal, followed by followed by a tremendous drop in prices. Note that the closure below the minimum shek  rokodiapazonnogo day was preceded by a strong signal to confirm the “bull” trap.  11.24 closing at the lower boundary shek  rokodiapazonnogo day, formed in early January, the very pre  submits wide-range day, which proved to be an early signal of imminent strong reduction in prices.
BREAKDOWN flag or Vympel
In the opposite direction
EXPECTED
As noted in Sec. 6, usually after the model of the flag or pennant Origin of  walks movement of prices in the same direction in which they moved up to  formation model. Consequently, if the model of the flag or pennant completion  creases breakdown in the opposite direction preceded the movement of prices, it describes this model as a false alarm.
BREAKDOWN Padano DAY A wide range of: soybean, November 2010
BREAKDOWN “GROWING” THE DAY A wide range: Eurodollar, June 2010
as if intended to illustrate polo  zheny Chap. 6, the model flags and pennants that arose in the course of ponizhatel  tion trends, usually ended price movement downwards. One exception, however, was the flag, formed after the achievement  loan new minimum in March. This flag was knocked up. Such motions  zhenie prices in the opposite direction expected, foreshadowed a significant correction.  11.26 note that both the minimum - and April and October - were formed FLA  gami, punched in the direction opposite to the expected.
shows a large depression formed by the flag, to  tory was punched in the opposite direction expected. One  to in this case for the breakdown was followed by a backlash, and only then began a sharp rise in prices. Conclusion: the breakdown in the direction oppo  Mr. anticipated, not necessarily to be accompanied by an immediate extension to serve as reliable proof of the existence lies  tion signal. What is the rollback quotes say, before the hypothesis of the presence of a false signal will be disproved? One of the possible moves under  lies in the fact that the signal is considered to be false until a subsequent trading days will not be closed for the opposite face  Tsei appropriate flag or pennant. Rollback quotations given  Mr. example, stopped right next to such a point.
 are examples of breakdowns of flags or pennants that had formed after raising prices. In each case, the flag or pennant formed near the absolute maximum that usually NE  lyaetsya very “bullish” sign. However, instead of leading to but  vym heights, each of the models ended abrupt breakdown of the prices down. In all three cases of false signals, confirmed breakdown in on  board, opposite to the expected, were the only free  evremennymi indicators of major reversals in the trend. Please note that if in  11.28 and 11.29 the price after the breakdown immedi  but began to fall, then in  11.30 market first soared back to the pennant and only then began to descend. However, this surge has not risen above the pennant, therefore, as follows from the above rules, UCA  sion of a false signal continued to be valid.
BREAKDOWN flag or Vympel
In the opposite direction,
Follow proper Breakdown
In some cases, flags or pennants followed by breakdowns in the expected direction  observable, but prices then unfolds and closes in the opposite boundary of the model. Such a mixed price movement
BREAKDOWN MODEL FLAG in a direction opposite to the expected, followed by a correction: COTTON, March 2010
BREAKDOWN MO / FLAG were going in the opposite direction expected: pound, CONTINUOUS Futures
More is one example of a false signal because of the projected  grounds of forecasted breakdown of the flag or pennant should turn yen, rather than their motion in the same direction. Please note that to confirm nesrabotavshego signal requires the closure of the opposite  vopolozhnoy boundary model, and not just an intraday puncture is  level. This is a more severe condition leads to a slightly less substan  belt, but much more reliable identification of false sig  Nala.
 Model of the flag, formed at the top of a four  rehmesyachnogo price growth was, as expected, pierced top. Od  ever, instead show further sustained increases in prices were up only two days and the next two weeks collapsed under the lower boundary of the model. Such movement of prices has designated pre  rally the upper breakdown of the flag as nesrabotavshy signal.  11.31 may seem familiar. This is the same schedule, which was shown earlier in this  as in  11.11, illustrating another nesrabotavshy signal (filled gap), occurred almost at the same time. Thus, the peak price of sugar in May 2010 was in fact marked by two nesrabotavshimi signals.
2 More is one illustration of the breakdown of false flag. In this graph the flag, which was formed after a huge three-month rise in prices, also was knocked up, after which prices fell under the lower boundary of the model. Note that in this in  least an initial setback in prices under the flag, followed by one more jump up. The first breakdown at the lower boundary of the model was not, however, qualified as a confirmation nesrabotavshego sig  la, since the market is not closed under the flag - it happened undeformed  lei later.
 illustrates the breakdown nesrabotavshy pennant, which occurred after a prolonged decline in prices. This breakdown in  led only to a slight further decrease, and soon the market went up over the top of the pennant, confirming the presence of nesrabo  tavshego signal and heralding a major upswing.  11.34  representation shows two models of the flag, which emerged after the decline in prices and showed the initial breakdown in the forecast on  board, and immediately reverse the price rises above models. The first such event marked a major depression, and the second - impor  s’ relative minimum.  11.35 is another application  rum, where the correction is over the top of the flag after the initial breakdown of the lower boundary confirmed a relative minimum, followed by a big rise in prices. Note that the data  Mr. schedule is also an example of another false alarm - the breakdown of the flag in the direction opposite to the expected. This event occurred at the peak of the market.
Breakdown FLAG in opposite directions, follow the normal Breakdown: CONCENTRATE orange juice, July 2010
BREAKDOWN FLAG in opposite directions, follow the normal Breakdown: Fuel Oil, April 2010
BREAKDOWN MODELS trend reversal
Break of the models, which are usually associated with large peaks and troughs, is another important type of nesrabotavshego signal. For example, in  11.36 shows a double top, formed in the futures market for coffee for delivery in May 2010, and the breakdown of this mode  whether some seven months later.  11.37, representing a July  sky contract the same year, demonstrates the tremendous growth, which followed a breakdown. While this chart double top in July-September 2010 looks no more than the fluctuation of prices in the pursuit  positively and narrow trading range,  11.36 clarifies that at the time the configuration is still a double top. And only to the furious swing  subsequent price hike in May-July 2010 made them the previous fluctuations similar to a segment of a narrow wavelength range of trade  on.  11.38 shows a sample breakdown of the double bottom on the graph is continuous  cw futures on the Canadian dollar - nesrabotavshy signal, which  ry immediately caused a sharp decline in prices.
Breakdown of double tops and double basins serving good sig  nals, but are relatively rare. False alarms model ” th gear and shoulders are more common and often serve as a pre  voshodnymi trading indicators. How can I ensure that the model is “head and shoulders” did not work? The criterion here can be pre  lozhit rise in prices above the maximum of the last “shoulder” (for upside  reach these “head with his shoulders” - a drop in prices below the minimum of the last shoulder). Thus, in  11.39 rise in quotations on the July “shoulder” was confirmation that the model of “head and shoulders” did not work (gave a false alarm). In this case, for confirmation of a false signal immediately follows a sharp rise in prices. However, often followed by pro  fight “shoulder” prices initially fell back a bit, even if in the final analysis, Mr.  is a considerable rise (see, for example,  11.40 and 11.41).  11.42 shows nesrabotavshy signal complex fashion  whether “head and shoulders. (A complex model of “head and shoulders” has two, and Lee Bo  “shoulder” on both sides of “head”.)
 show examples nesrabotavshey re  return model “head and shoulders. Here, as a criterion of existence of a false signal used breakdown of prices below the minimum of the last “shoulder”. Note that in all three cases after confirmation by  ences false alarm rates initially rose and then sharply to the right down . It follows from these episodes, the trader is often advantageous to wait for correction before opening the position, based on confirmation of a false model of “head and shoulders. From the noun and common noun  side of this strategy is that as a result  those will be missed very good deals when correction of  sutstvovala (see  11.39 and 11.42) or was very low.
 BREAKDOWN Double Top: COFFEE, May 2010
BREAKDOWN double bottom: CANADIAN DOLLAR, Continuous Futures
Confirmation of the inverted model
Prices have risen above the line n
breakdown, before the start of their decline
Confirmation nesrabotavshey inverted model “head and shoulders”
Inverted model “head and shoulders”

 Setting goals and other criteria Closed positions
is started only two days after the initial stage. Also note the wide gap between first and second days of the account and the fact that the market played all price reductions that took place in ne  RIOD account before resuming a downward trend. (Sa  IOM to the first condition of zeroing meter run nearly complete, but the highest closing price in the market rebound a bit nedotyanula to the highest intraday peak early stage.) In this example, the sequence DeMarco provided an excellent signal,  Since count has reached 13 years exactly on the level of minimum closed and
  shows another example of purchase, in this case on the market of frozen concentrate orange juice for delivery in Jahn  Vare 2010 Note that in this example, the initial stage of the purchase should be completed for the initial stage of the sale, to counter  Torah was never Run the. Here is a buy signal was also obtained if the minimum closing costs, which in this case had, in addition, on the day of the lowest minimum.
  representing a schedule of contracts for the dollar Ying  dex with the expiry in March 2010, is an example of the agreed sale  but the sequence of Demark. Note that running counter priho  ditsya on the ninth day of the initial stage. A sell signal is received only a day later the maximum closure (and simultaneously the highest intraday peak).
Terms of sequences can be applied to bar gra  fikam based on other periods of time, not only to the program to improve  nym.   shows a consistent purchases on the application  D bar chart next month futures contracts for gold. This sequence of conditions were met  mi three time periods (three months) before reaching the bottom of one month  closed in the five-year period of recession and at a price only slightly higher than the minimum closing.
These examples, of course, were selected retrospectively to illustrate the methodology. Of course, the real exchange tor  Howlite accuracy of the sequence DeMarco does not reach the nearly flawless parameters that these examples. If it were not so, then any trader, used in trade settlement  ledovatelnost Demark he would have retired miltimillionerom. Nevertheless, these examples should demonstrate that the sequence can be a very effective tool that can serve only timely signals. Another advantage of the sequence is that it is uni  but agrees with the methods of tracking the trend, dominant in any set of technical tools. For these reasons, many traders may find a sequence DeMarco  nym very useful addition to their methods of trading.

 Chart Analysis
Contrary view
The theory of contrary opinion (contrary opinion) comes from the fact that every time when the vast majority of market participants expect a rise in prices, those who wanted to open a position, already done so. Consequently, the new potential buyers will not be enough, and market  films will be predisposed to a downward correction. Ana  logical interpretation is applicable to the situation where the majority of traders is on the decline. Estimates of the opposite opinion is based either on a review of the recommendations of the investment com  tions, or the behavior of traders and are based on the assumption that these views are fairly representative vis  tion to the moods of the market as a whole. Thresholds overbought / resellers-givenness in contrarian indicator, as a rule,  hang from sources that publish one or another index.
Although the contrary view, of course, is sound theo  retical concept, the Achilles heel of this method is labor  Nosta precise measurement of market sentiment. Opposite  th opinions expressed by existing services, too often sig  naliziruyut on major turning points. On the other hand, it is not uncommon when the index of the opposite opinion is high and the market continues to climb the mountain, or the index is low, and the market density remains  it falls. In general, this method provides useful information in cases where there is only a guide to action.
Servo STOPS
Tracking stops (trailing stops), may belong to the category of NAI  less complex, but the most prudent methods for determining the points of closing positions. While relying on this method will never sell to the limit and can not be bought at a minimum, he is closest to the old principle of trading: try not to cover the position until it makes a profit. Tracking stops were thoroughly races  .
CHANGE VIEWS ON THE MARKET
This is yet another method, devoid of external brilliance, but endowed with great common sense. Here the trader do without pre-established goals, and only keeps the position for as long as his views on the market will not change for at least neutral.
The most important rule graphical analysis
The market is like a virus - as soon as you thought they had won it, it mutates into something else.
Wayne X. Wagner
False alarms
False alarm (failed signal) is one of the most trusted gras  crystallographic signals. When the market is unable to move in the direction of graphic signal, it is a strong indication that the ve  royatno significant movement in the opposite direction. At  example, note how in  11.1 The market has sharply changed course after the breakdown of levels peak in early April and consolidation in late April - early May. If the signal of the breakdown was a genuine one, the market was not supposed to go back to the lower boundary of the consolidation  tion, and even punch it down. The fact that such a departure pro  emanated almost immediately after the breakdown, clearly implies the existence of “bych  her” trap (bull trap). This behavior of prices due to the fact that the market has risen just enough to activate the protective residual  lation, set outside the range, but this growth has not been under  powers additional consumer demand after the breakdown - those  technically it is a sign of a very weak market. In fact, rapid explicit signal to the purchase can be considered as a direct in   sell.
Now that we’ve figured out the importance of false signals, represented  lennye following paragraphs will give us a detailed description of various types, as well as recommendations for their use in the torus  Howlite.
Trap for the “bulls” and “Bear”
“Bullish” and “bear” traps or traps are called significant  tional breakdowns levels, followed by sudden and was soon followed by
 ”Bull Trap: SUGAR, October 2010
sharp reversal in the direction opposite to breakdown. My experience suggests that this type of controversial movements in prices NE  lyaetsya one of the most reliable indicators of major peaks and troughs. An example of “bull” trap has been given in the previous section ( 11.1). Another classic example of such a trap was the October peak in 2010 at the six-year “bull” market of Treasury bonds ( 11.2). Note that the upper limit for the breakdown of pre  Walking seven-week trading range in mid-October and reaching a new peak immediately followed by a sharp collapse in prices.
In the case of “bear” the western market is reduced just enough to be executed protective stops placed under the lower boundary  nitsey trading range, but an additional sentence of one hundred  hand sellers after the breakdown is not that a sign of market strength  ka. Such a rapid rebuttal sell signal can be regarded  regarded as a buy signal.
 representing the culmination of a six-year decline in market prices of silver, is a classic example of “bear”  or west. In February 2010 the market showed a sharp two-day
The most important rule Graphical analysis of 199
 ”Bull Trap: treasury bonds, June 2010
immersion as under the previous three very narrow trading range, and under a broader six-month trading range. Then the market rather than to continue the decline stopped and returned to the trading range. Thus, the signal to a fall in prices had been refuted by the market, then began a long-term rise in prices.
represented one more example of the “bear trap”. In late October 2010, after a very tough four-pada  tion, prices have shown a new minimum, breaking the lower bound trading  vogo band that formed in the last month. However, the continuation of the fall was not followed, and the week will return quotes  lis in the upper part of the prior trading range. The market continued its growth and eventually played almost the entire decline in July-ca  ber. (Interestingly, this there are “bullish” trap, because the June peak in 2010 was due to the wide price gap, after which immediately began falling trend.)
How to back down prices, so you can talk about an “ox” or “bearish” trap? Here are a few possible conditions  to confirm.
 ”BEAR” TRAP: Silver, July 2010
Original price confirmation. Return to  one of the next in the middle part of a consolidation formation, preceded  sponded to breakdown.
Strong price confirmation. Return of quotations to the far boundary (the bottom for “bull” and the top for “bear  her” trap), a consolidation formation preceding breakdown.
Confirmation time. The inability of the market during the op  definiteness of time (eg four weeks) to return to the CE  new extremum reached after the breakdown.
The choice between using the original or strong price  th is determined by confirming that the former provides the best conditions for opening positions in a situation of “bull” or “bearish”  or west, while the latter gives a more reliable signal. Temporary under  confirmations can be used both independently and together with the two price confirmation.  11.5 and 11.6 reproduce  11.2
 The most important rule Graphical analysis of 201

“Bull” TRAP AND “BEAR” TRAP: COTTON, March 2010
 by adding to them each of the conditions for confirmation (Estimated  assumed that a temporary confirmation occurs no earlier than four weeks). Note that the temporary support may crust  to drink after the confirmation of both price conditions ( 11.5), and to them ( 11.6), as well as at any point between them.
The signal “bull” trap becomes invalid if the market returns to its previous maximum after the breakdown. Similarly, the signal is “bearish” trap becomes void if the market returns to a minimum, achieved after the breakdown. To cancel the signals “bullish” or “bearish” trap can be used more sensitive conditions, if the market is already sufficiently advanced  Xia in the direction of the signal or the set time has expired. An example of such a condition is to return prices to the opposite border of con-solidatsionnoy formation after the signal has been received badly  th price confirmation (for example, in the case of “bull” trap WHO  gate to the upper part of the model, after prices fell by its lower -
 Subject to confirmation by “bullish” Trap: treasury bonds, June 2010

Subject to confirmation by “The Bear” Trap: SILVER, July 2010
An example of a more sensitive, a combination of price / time signal cancellation is to return the prices in the middle part of the model (to the point of initial price confirmation sig  nals “bull” and “bearish” trap) at any time after four weeks or more after the strong price confirmation. The more sen  Indeed set a cancellation, the lower the loss lies  tion signal “bullish” or “bearish” trap, but the greater the probability  probability for what is right open position will be liquidated prematurely.
If you selected a cancellation does not occur, then the position open  thuja on signal “bull” and “bearish” trap, it is better to keep the dos  tizheniya market chosen target price or other conditions of closing the position or until evidence of reversal trend  tion in the opposite direction.
BOGUS Breakdown Trendlines
As noted in Sec. 3, trend lines are particularly prone to false breakdown. Such false breakdowns can be used as signals from  covering of positions in the direction opposite to breakdown. In my opinion, the signals false breakdowns trendovoi line was actually  is considerable more reliable than conventional signals breakdowns trend. If the downward trend in false test of trend was assumed  etsya confirmed if the following breakdown of the top market for several times (for example, two or three) is closed below the trend line. A similar  nym way for the upward trend false test of trend is confirmed if the following breakdown of the market down several times to  closes above trendovoi line.
shows an example of a false breakdown through ponizhatel  tion trend. Note that after the June breakdown trendovoi line drawn through the three previous relative maximum price soon crossed the line in the opposite direction  tion. Shows the signal was obtained when the two trading days Closing pressure  lis below the line.
It may appear on the chart of several signals false breakdowns trend to the extent that, as a trend line correction  tiruetsya.  The breakdown of the downward trendovoi lines per  initially occurred in mid-December. Prices quickly returned under the line, with signal cancellation is considered the second closing under it. Another false breakdown occurred a few weeks. In this case, was broken trend line, adjusted to the December relative to the maximum (trend line II). Again, prices quickly retreated under the trend by filing another signal-boxes
BREAKDOWN OF FALSE LINES downward trend: OATS, December 2010
Trend line, adjusted for the January relative to the maximum (trend line III), was briefly penetrated up in March, which was the third false breakdown of the trend.
 illustrates the false breakdowns on the example of the trend line upward trend. The signal cancellation is also considered to be confirmed  excitations after the second closing above the trend line. Showing two of the signal to buy, based on confirmation of the false pro  fight the trend.
Fill the gap
As detailed in Sec. 6, gaps assumed Model  mi predicting continued trend towards the gap. When the gap is filled,

Few false Breakdown LINES downward trend: CONCENTRATE orange juice, July 2010
 Few false Breakdown LINES downward trend: SUGAR, July 2010

The significance of the filled gaps increases when the trail  ing additional symptoms:
• Completed gap is particularly wide;
• filled in the gap is the gap breakdown level;
• completed two or more consecutive gaps.
Although the gap is usually considered filled if the price for trading  howling session reaches the maximum (in the case of a break down - minimum) the day preceding the break, I prefer a more rigid definition  division, which requires that the market closed below (just in case  discontinuity down - above) the closing price the day preceding the rupture. Although this definition leads to a small delay in receiving the signal to sell (in the case of a break down - buy), it helps to avoid many premature signal to close positions, per  initially open in the direction of the breakdown.
 gap during the breakdown level is completed in about a week. Interestingly, the gap is filled in shirokodia  pazonny day, which itself is a signal that perhaps there was a turn down. These models were the forerunners of con  positively reduce the prices of futures on sugar break up, which occurred the day before the maximum level of prices for “bull” market, was completed in two days, becoming a very early signal  scrap a major trend reversal.  11.12 gap during the breakdown level was formed exactly on the day of maximum almost vertical rise. This gap was filled (from our more strict definition), only two days later appeared to signal early warning of  remit of a sharp reversal trend, which would be able to play back a large part of the previous boom, before would have been recognized by more usual methods of detection of trend.
 are examples of the lower  filled gaps in them as nesrabotavshih signals.  11.13 shek  roky lower the gap to the new minimum is filled only UEFA  cut two days (the day after the minimum) and sends exclusively  relatively early signal of a major reversal of trend. (Another case of filling of the lower gap occurred less than three months.)   per day, filling the gap itself is a  day that, in essence, gives a strong signal in the double one and the same trading session. As can be seen, for this combined  nym signal immediately followed by a steep rise in prices.
 shows an example of filling in two successive  tional lower gaps. Note that although the behavior of prices  denie true signaled the formation of large WPA  Dina, but after filling in gaps prices Yeshe while falling, and only then began their steady growth.

ACCOR 42,325 -2.29%
AIR LIQUIDE 86.15 -2.22%
ALCATEL-LUCENT 2349 -1.72%
ALSTOM 42.56 -3.88%
ARCELORMITTAL 28.54 -3.48%
AXA 14.33 -3.83%
BNP PARIBAS 50.19 -4.03%
Bouygues 35,075 -2.77%
CAP GEMINI 37.23 -1.86%
CARREFOUR 36.92 +0.12%
CREDIT AGRICOLE 10 415 -5.79%
42.53 -1.31% Danone
DEXIA 3893 -6.17%
EADS 13.71 -1.01%
EDF 40.91 -0.22%
ESSILOR INTERNAT 46,545 -0.69%
FRANCE TELECOM 16,115 -1.68%
GDF SUEZ 27.51 0.77%
L’OREAL 78.25 0.26%
LAFARGE 53.14 -3.38%
Lagardère 28,295 -3.48%
LVMH 85.74 -1.76%
MICHELIN 52.63 -4.22%
PERNOD RICARD-63.77 -0.81%
PEUGEOT 21 315 -5.81%
PPR 100.85 -1.85%
RENAULT 33.74 -5.18%
SAINT-GOBAIN 35.83 -3.85%
SANOFI-AVENTIS 50.88 -1.22%
SCHNEIDER ELECTRIC 80.82 -3.50%
SOCIETE GENERALE 39.7 -3.11%
STMICROELECTRONICS 6.71 -5.37%
SUEZ ENVIRONNEMENT 16,145 -0.19%
TECHNIP 59.7 -2.72%
TOTAL 40.07 -2.65%
UNIBAIL-RODAMCO SE 141.0 -2.25%
VALLOUREC 146.15 -3.47%
VEOLIA ENVIRONMENT 23,885 -0.19%
VINCI 40,795 -2.80%
VIVENDI 19,815 -0.58%

The main indexes

————————————————– ——————————
“In recent years, prices have increased 2 to 3% per year. Now, many are predicting a rise of 4 to 5% by thinking inside it could exceed 10%, “says one banker. Indeed, for reviving the economy, governments have been printing more tickets by providing liquidity to banks. Accordingly, investors are wondering how states can recover this money to prevent inflation from leave. Especially since they might be tempted to ask the central banks to let inflation rise to melt their debts and those pension plans …

“We realized that inflation in the seventies had not boosted growth but had created uncertainty detrimental to economic activity,” says Philippe Waechter, director of economic research Natixis AM. But the lesson has she been successful?

Place indexed income
Amid the uncertainty, protect your financial assets focusing on those whose income and capital will revalue with inflation. For, with only 3% inflation per year, a sum of money lost 45% of its purchasing power in thirty years.

Your first defense against inflation is rental housing, because rents are indexed to the cost of construction and rising prices. If you expect higher inflation to 4-5%, do not hesitate to get into debt, fixed rate, to buy real estate. In the same vein, you can invest “in corporate debt, however, preferring those whose activity can withstand recessions, like Pernod Ricard, Saint Gobain and Lafarge,” says Alexander Hezez, fund manager Activinflation, Convictions of AM.

Given inflation, the managers prefer companies with recurring revenues, such as utilities companies and agro-industry or those that affect the prices of their innovations in health, games (Nintendo), etc. .

If inflation is the enemy of conventional bonds, it is a friend of bonds indexed to inflation, such as OATS issued by the French State. Indeed, their adjustment following the INSEE price index (or its European equivalent for oate). As the price increases are largely based on energy and raw materials, put them 5-10% of your assets. You compensate us and the rising price of your full of fuel.

Invest gradually
Prudence, however. Prices of raw materials undergo abrupt changes. “The oil gets carried away even when he still room before hitting the limits of production capacity,” notes Eric David, managing director of Fival. “The stockpiling of raw materials and gold purchases by China and hedge funds will create periods of exaggeration on the price of gold,” warned Bernard Aybran, director of the multi Invesco AM. “The bull on gold can rise very high, because it impedes person unlike oil,” said Christian Parisot, director of research at Aurel BGC.

NYSE EURONEXT 24,985 1.57%
EUTELSAT COMMUNICA 27,395 1.07%
SCHLUMBERGER 53.81 0.96%
ASG GROUP 28.28 0.86%
GDF SUEZ 27.51 0.77%
Falling
Course Name Change
VALEO 24,015 -6.28%
PEUGEOT 21.27 -6.01%
FFP (FONC.FIN.PART. 42.51 -5.89%
CREDIT AGRICOLE 10.41 -5.83%
FAURECIA 14,435 -5.41%
Name Date / h Var (%) Start End High Low Volume
ACCOR 15:54 -2.29 42.33 43.46 43.59 42.14 429884
PARIS AIRPORTS 15:52 -2.48 60.50 62.87 63.08 60.25 79685
AIR FRANCE-KLM 15:54 -3.87 11.56 11.94 11.97 11.52 2015453
AIR LIQUIDE 15:54 -2.15 86.22 88.30 88.40 85.79 615063
ALCATEL-LUCENT 15:54 -1.88 2.35 2.38 2.39 2.31 22267275
ALSTOM 3:54 p.m. -3.55 42.71 45.25 45.90 42.10 3,732,087
ALTEN 3:52 p.m. +0.15 22.91 22.95 23.39 22.74 53 178
TECHNOLOGY ALTRAN 15:53 -4.40 3.82 4.01 4.01 3.79 1141899
Amund ETF GSCI C. 09:05 -0.09 310.65 310.65 310.65 310.65 1
Amund ETF CAC 40 39.40 40.42 -2.28 3:52 p.m. 40.44 39.24 119 665
Amund ETF CAC 40 D 37.48 37.78 37.78 -2.25 3:38 p.m. 201 37.48
Amund ETF CHN USD 260.88 260.88 260.88 +0.23 9:05 260.88 a
Amund ETF DOW JON 15:44 -2.92 43.71 45.13 45.13 43.67 260024
Amund EONIA ETF 09:05 0.00 1 387.09 1 387.09 1 387.09 1 387.09 1
Amund ETF EU X EM 09:05 -0.16 125.69 125.69 125.69 125.69 1
 
 BENETEAU 15:54 -1.53 12.89 13.12 13.19 12.85 59399
BIC 15:53 -1.29 57.60 58.50 59.16 57.30 43743
BIOMERIEUX 3:52 p.m. -0.18 84.68 85.20 85.77 84.66 29 929
BNP Paribas 15:54 -3.90 50.26 51.79 52.28 49.88 4623419
BOLLORE 15:54 -2.30 129.30 133.05 133.05 129.00 4235
BONDUELLE 3:45 p.m. -0.42 82.15 82.45 82.45 81.47 4081
BOURBON 3:53 p.m. -2.40 32.12 32.99 33.40 32.10 144 260
Bouygues 15:54 -2.73 35.09 36.00 36.35 34.88 1894005
VERITAS 3:54 p.m. -1.21 41.99 42.83 42.83 41.78 83482
CANAL + 3:52 p.m. -2.24 5.89 6.00 6.00 5.82 96 042
CAP GEMINI 3:54 p.m. -1.91 37.21 38.50 38.50 37.15 872 621
CARBONE LORRAINE 3:52 p.m. -1.82 27.00 27.49 27.50 27.00 9964
CARREFOUR 3:54 p.m. +0.20 36.95 37.00 37.24 36.53 2,132,602
Casino Guichard 15:54 +0.18 67.82 67.90 67.94 66.93 208358
CAM 15:54 -1.27 25.67 26.07 26.08 25.50 37761
 
 Name Date / h Var (%) Start End High Low Volume
CANAL + 3:52 p.m. -2.24 5.89 6.00 6.00 5.82 96 042
CAP GEMINI 3:55 p.m. -1.99 37.18 38.50 38.50 37.15 873 867
CARBONE LORRAINE 3:52 p.m. -1.82 27.00 27.49 27.50 27.00 9964
CARREFOUR 3:54 p.m. +0.20 36.95 37.00 37.24 36.53 2,132,602
Casino Guichard 15:55 +0.18 67.82 67.90 67.94 66.93 208984
CAM 15:54 -1.27 25.67 26.07 26.08 25.50 37761
CGG VERITAS 15:55 -4.83 22.08 23.48 23.90 22.05 1493484
CHRISTIAN DIOR 3:55 p.m. -2.24 79.34 81.62 82.26 79.13 158 003
FRENCH CEMENT 3:52 p.m. -3.82 73.00 75.07 76.03 73.00 17 539
CLUB MEDITERRANEE 3:52 p.m. -0.87 12.60 12.77 12.77 12.43 98 029
CNP ASSURANCES 3:54 p.m. -1.93 62.95 64.74 64.90 62.91 72 772
COMSTAGE CAC40 +0.30 38.47 38.47 9:05 38.47 38.47 1
COMSTAGE CAC40 LEV 15:44 -5.32 8.27 8.78 8.78 8.27 364
COMSTAGE CAC40 HS 61.51 61.51 61.51 -0.20 9:05 61.51 an
CREDIT AGRICOLE 15:55 -5.61 10.44 11.14 11.15 10.35 11065826
 
Date / h Var (%) Start End High Low Volume
DANONE 3:55 p.m. -1.30 42.53 43.50 43.61 42.17 2,091,839
DASSAULT SYSTEMES 3:55 p.m. -1.85 48.10 49.39 49.40 47.93 255 621
DB X-TRACK DJ EURO 15:44 -2.99 28.88 29.82 29.82 28.88 90375
DB X-Trackers DJ E 18.35 18.35 -0.08 9:05 18.35 18.35 1
DB X-Trackers DJ S 20.34 20.34 20.34 9:05 +0.20 20.34 1
DB X-Trackers DJ S 60.69 61.33 61.33 -0.75 9:11 60.69 2800
DB X-Trackers DJ S 40.01 40.01 40.01 9:05 +0.20 40.01 1
DB X-Trackers FTSE 14:35 +0.50 34.47 34.69 34.69 34.47 153
DB X-Trackers FTSE 15:47 -1.78 21.82 22.15 22.15 21.76 29535
DB X-TRACKERS II E 15:54 0.00 138.31 138.30 138.31 138.30 4995
DB X-TRACKERS KORE 3:54 p.m. -0.45 37.40 37.75 37.75 37.34 12 000
DB X-TRACKERS MSCI 09:05 +0.41 24.49 24.49 24.49 24.49 1
DB X-TRACKERS MSCI 12:06 28.16 -0.37 28.42 28.42 28.16 15713
DB X-TRACKERS MSCI 9:05 12.35 -0.28 12.35 12.35 12.35 1
DB X-TRACKERS MSCI 24:55 25.52 -0.62 25.67 25.67 1000 25.52 
 

After a cautious start of the session despite the sharp rise on Wall Street last night, the CAC 40 will remain for a brief moment in the green before a severe decline is necessary. At mid-day, all European markets drop heavily. The instability created by the Greek situation, and speculation about the spread of difficulties in the country to other nations of the old continent fuel discussions and weigh on banking stocks in particular, with further falls in the sector. The Euro remains under appeal at 1.313 dollar per barrel WTI oil flows back to the $ 85. In the U.S., we will know this afternoon promises of real estate sales and industrial orders in the month of March (-0.1% consensus). SPF (edited by Lerevenu.com)

VALUES UP

* EADS rebounded 0.9% close to 14 Euros. It does not make up the numbers! If EADS decided to go it alone in the new tender for the contract for refueling tankers to the U.S. Air Force is the aerospace group has won the contract although giant, estimated at 35 Billion Dollars. This is the message sent by Louis Welsh, CEO of EADS, in an interview published this morning by the German newspaper ‘Bild’. The leader and believes “have a real chance of winning …

* Technip wins 1.2% to 62.1 euros. According to reports, JP Morgan noted this morning his price target to 64 euros from 50.5 euros, explaining that Subsea continues to exceed expectations. The bank added that the company has an established relationship with Petrobras, which puts it in a good position to benefit from the growth of the offshore business in Brazil.

* CGG Veritas takes 0.8% to 23.4 euros before the publication of quarterly results tomorrow morning.

* GDF Suez stands again, higher up the CAC40 and the fourth consecutive increase to 27.6 euros (+1.3%). The dividend was set at 1.47 euros per share for fiscal 2009, up 5% compared to the ordinary dividend for the year 2008, including a deposit of 0.80 euros per share was paid on December 18 2009. The balance of this dividend, or 0.67 euro per share will be paid on May 10 20102. Furthermore, in accordance with its dividend distribution policy, the Board of Directors has decided on the principle of an interim dividend of 0.83 euro per share for fiscal 2010, payable November 15, 2010 . The Board of Directors of the group also decided to ensure coverage of stock option plans and free shares, to conduct share buybacks to the tune of 400 million euros in the weeks future.

* M6 rose by 0.9%, close to 20 euros. At the end of first quarter 2010, the company saw its revenues grow 10.3% to 361.1 Million Euros, with a growth of 4.5% of advertising revenue and 16.7% of activity non-commercial.

————————————————– ——————————

VALUES DOWN

* Bank stocks are therefore the largest declines CAC40 after an attempted rebound Monday. Credit Agricole relapsed 4% to 10.6 euros), Societe Generale falls below 40 euros and BNP Paribas subsequently falls 2% to 51.2 euros. The Crédit Agricole Group has signed an agreement for the sale to BBVA Uruguay 100% stake in Credit Uruguay Banco, a subsidiary of retail bank in Uruguay. The agreement, to be definitive, must be validated by the financial authorities and regulatory Uruguayan and Spanish.

* Lafarge loses 1.7% to 54 Euros. The first semester of the Swiss cement company Holcim, of French, has resulted in sales increasing 4.8% to 4.74 billion Swiss francs (-3.3% on a comparable basis), with an EBITDA of 909 MCHF (+12.7%) but net income reduced by -51.3% to 66 MCHF. Net income group share the same negative from -68 MCHF close to consensus expectations. “The market trend remains uncertain in Europe and North America”, says management, who awaits the coming months to know whether or mediocre start to the year due to weather or a continuing crisis.

* Vilmorin yield 2% to 72.3 euros. The title is the cost of a poor sales in the third fiscal quarter. Sales have fallen by 2% over the period to 442 million euros, a level below expectations due to a market for crops always difficult. However vegetable seeds continue to grow, to erase a part of the delay.

* Air France-KLM loses 2.7% to 11.7 euros. The cloud of ash worried again. The Irish airspace is also closed this morning.

* Soitec again be supported by profit-taking in ebbing the 10 Euros (-3%).

* In sharp rise this morning, Alstom sells 0.2% to 44.2 euros. The group released this morning the results fully in line with expectations, as the projections that rely on a slight contraction in margins on the current year and next. The group received 14.92 MDSE orders over the past year, or 39% less than the previous year. This book will delay overall -7% to 42.56 MDSE.

The television group posted a growth of 10.3% to 361.1 million euros in the first quarter of 2010. Advertising revenue rose 4.5% overall and 2.1% for M6.

Good publication for Metropolis TV. The group’s turnover rose by 10.3% to 361.1 million euros. Advertising revenue rose 4.5% to 179.1 million euros in total and 2.1% for the single channel M6.

Management will propose at the next general meeting, payment of a dividend of 2.35 euros per share, EUR 1.50 in exceptional after the sale by the group from its 5.1% stake in Canal + in February last to 384.2 million euros.

The title gained 1% today, in a falling market.

The maker of power equipment and transportation has announced a net profit of 1.22 billion euros for its 2009/2010 financial year, up 10% to a turnover of 19.65 billion (5%). After a good start, the title is now losing ground.

Annual results up for Alstom. The group has increased by 10% net profit to 1.22 billion euros in its fiscal year ended March 31, 2010. Over the same period, sales rose 5% to 19.65 billion euros following a successful implementation of its order book.

In 2009/2010, the group recorded 14.9 billion euros in new orders (-39%), bringing its backlog to 42.6 billion (-7%), the equivalent of 26 months of activity.

However, management expects a decline in operating margin over the next two years. It would be between 7% and 8%, against 9.1% in 2009/2010.

Alstom will propose in its general meeting a dividend of 1.24 euro per share, up 11%.

Quarterly accounts of the telco published recently have not particularly impressed. Rest of the performance but the argument is insufficient to buy value.

Down 7% since late March, France Telecom is the action just managed to stabilize since the publication of the results of the operator, last Thursday. In the first quarter, its revenue declined 2.7% and gross operating margin came out at 34.3%, down slightly. Below expectations, these results contain a large black dot: business performance on the French market for ADSL. The operator is captured only 14% of new subscribers in the first quarter.

In exchange, the valuation ratios of France Telecom accuse a discount of 10%. In addition, action has returned more impressive than ever, at 8.5%. The risk of a fall title is therefore quite limited. But his chances are dwindling rebound after publication.

Running counter (Countdown). Counter starts after
implementation of the nasdaq level 2 data two previous conditions. Counting starts with 0 and
incremented on each day, closing a
First below the minimum two days earlier. With the value of counters
ka, equal to 13, a signal of purchase. It should be emphasized
that unlike the nasdaq 100 index chart days of the initial stage of reading is not necessarily
should follow one after another. Setting goals and other criteria Closed positions 189
There is the nasdaq listing criteria initial stage of sale (nine successive
GOVERNMENTAL closes higher than the corresponding four closures

Before reaching the nasdaq ticker tape counter values of 13 begins another
initial stage of purchase. In this situation, the nasdaq bulletin board advantage
receives a new first stage, and the nasdaq trading volume bill starts again
with 0 as soon as the nasdaq companies listed point of intersection.
The prerequisites for sale is the nasdaq pre market quotes same:
1. Initial stage. The initial stage involves nine or
more consecutive closes above the nasdaq100 respective zak
ryty four trading days earlier.
2. The point of intersection. This condition requires that a minimum

below the maximum of the nasdaq tennis tournament miami trading session three days (or more) pa
it. In essence, it is the understanding nasdaq level 2 minimum necessary condition, provide training
With their, that the what is nasdaq stock market initial stage of the nasdaq historical volume sale not will be examined
building strategy as complete in a situation of rapid price increases.
3. Running counter. previous conditions. Counting starts with 0 and increases by a unified
ian on each day, closing a higher maximum bi
me days earlier. In the 13 sounds of sale. Fol
it should be stressed that unlike the nasdaq takeover lse days of the nasdaq.com qqq initial stage of reference for
start-up does not necessarily have to follow one after another. Counter
reset, if there is any of the what is nasdaq index following conditions:
a. Trading session closed below their lowest in
day low at the nasdaq level 2 trading initial stage.
GOVERNMENTAL closes below the nasdaq future call corresponding four closures
days earlier).
c. Before reaching the counter values of 13 begins another
initial stage of the regulation sho nasdaq sale. In this situation, the nasdaq 100 open tennis advantage

euro. 10.12 - 10.16 show markets that were half Nosta the conditions of the nasdaq market open sequence of Demark. On each graph marked the all nasdaq stocks initial stage, the intersection point and reading. These rules will become clearer when read in conjunction with the nasdaq indexes study of these graphs.
euroure 10.12. SEQUENCE DeMarco: treasury bonds, December 2010
euroure 10.15. SEQUENCE DeMarco: The dollar index, March 2010
SEQUENCE DeMarco: GOLD
MONTHLY SCHEDULE NEXT Futures
illustrates the nasdaq market close purchase according to the sequence Demar ka market Treasury bonds for delivery in December 2010 On pay attention that in this example, the over the counter market nasdaq ninth day of the nasdaq futures real time initial stage also satisfies the nasdaq open condition of running counter (closing below the nasdaq vs. new york stock exchange minimum of two days earlier) and, consequently, is also the nasdaq first day of the nasdaq stock prices account. All yc tions of purchase have been fully implemented within four days after its lowest closing and the ishares nasdaq yen is very close to the nasdaq corporate governance guidelines price of the nasdaq stock market opening bell india closure.
euro. 10.13 shows one more example of buying on the nasdaq otc basis of the traded on nasdaq sequence of the sequence DeMarco, which satisfies the nasdaq 100 index fund conditions in the laurence gutcher and nasdaq cocoa market (contract for delivery in March, 2010).