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Список литературы по разделу

  О' . 'to haunt - преследовать
 
 
 
 
 
  л to 'plummet - резко упасть
 
 
 
 
 Exercises
 Ex. 1. Put questions to the underlined words.
 Ex. 2. Find verbal constructions and state their syntactical function in the sentence.
 Ex. 3. Select sentences which present difficulties for translation and make a syntactical analysis of them.
 Ex. 4. Draw up a plan of the article.
 Ex. 5. Enact an imaginary dialogue between the author and a dealer on support and resistance.
 
 TECHNICAL ANALYSIS PATTERNS (CONTINUED)
 Continuation Patterns
 (TRIANGLES, PENNANTS, FLAGS,
 WEDGES,RECTANGLES)
  continuation patterns
 - фигуры продолжения
 - Vocabulary
 
 
  Э:
  Continuation patterns confirm the continuation of an existing trend. They indicate that a sideway price movement is only a pause in the prevailing conditions. 'pause e - пауза, отдых Triangles ascending - восходящий
 
 
 
 
 
 
 
 
  The ascending and descending triangles are price patterns that occur on bar charts and are similar in many respects to the more familiar symmetrical triangle. An ascending triangle is formed by a high. a low, a second high approximately equal to the first high, and a second low which is higher than the first low. For a descending triangle the situation is reversed. This pattern forecasts future price movement because prices are expected to break in the direction of the two equal price levels (to the high side on ascending triangles, and to the low side on descending triangles). In order for the pattern to be valid, two important conditions must be met:
  1. Volume and open interest should decline as the triangle forms.
  2. The breakout should occur between 1/2 to 3/4 of the distance from the start of the pattern to the apex.
 When a breakout occurs, prices should continue in the same direction by an amount equal to the distance from the highest high in the triangle to the lowest low. The symmetrical triangle is seen when highs become lower and lower, and lows become higher and higher, with the resistance and support lines converging. This must be done in nearly a horizontal trend to avoid forming a wedge. Keep in mind that triangles are quite often continuation patterns, see Flags.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 A wedge pattern on bar charts is similar in certain respects
 to a symmetrical triangle formation (in fact triangles are some times referred to as wedges). However, wedees have distinct features from triangles: A rising wedge is characterized by a high, a low, a higher high and a higher low. This will give the appearance of an uptrend, but in a wedge the line connecting the highs and the line connecting the lows converge, whereas in a channel they will remain more or less parallel. In a triangle, either the highs or the lows are roughly equal, or else the convergence takes place
 with no trend implications, as in a symmetrical triangle. It is rising, or falling, nature of the wedge that separates it from the triangle formation.
 Wedges form most often as a counter-trend consolidation
 area. This means that during a strong downtrend, a rising wedge will sometimes form as a corrective pattern before the down trend resumes. Thus, a rising wedge has bearish implications, and a falling wedge has bullish implications. After the wedge forms, a breakout is confirmed when prices break the corresponding trendline the lower one in a rising wedge and the upper line in a falling wedge. After the breakout, prices should travel at least as far as the starting point of the formation.
 
 RECTANGLE
  Э:
  converge - сходятся
 
  ei
  implication - то, что подразумевается
 
  e
  rectangle - прямоугольник
 
 
 
  о
  to resolve - разрешаться, решаться,
  формироваться
 
 
 
  u:
  clue - указание, наметка
 
  ae
  to validate -узаконить
 A common consolidation pattern that occurs on price charts is the rectangle. This technical formation usually occurs at the end of a strong market move, either an uptrend or downtrend, and typically represents a pause in the action. A rectangle is also known as a trading range or a consolidation and is easy to observe because price movements are clearly confined by two parallel lines. A rectangle normally is resolved as a continuation pattern, see Flags. This means that prices should continue in the direction they were moving before the consolidation began. Another clue to the direction of the breakout is the volume pattern within the rectangle. If volume is stronger during the rallies than on the declines, the upside breakout is more probable. The measuring objective after a breakout is determined by the height of the trading range. This distance is added to the level of the breakout point to reach a minimum objective. Similar to a triangle pattern, strong volume is necessary on an upside move to validate the breakout. It is not necessary for a downside breakout.
 
 
 One of the most reliable of all technical formations is the
 flag or pennant pattern. These patterns are very similar. Both are formed after a sharp, straight-line move that occurs on heavy volume (either up or down). After the move. a flag is formed by a short, choppv consolidation period. This consolidation is bounded by two parallel lines (rectangle). A pennant is formed after a strong move during a short consolidation period that resembles a small triangle or wedge. Flags and pennats are almost always continuation patterns, and are confirmed when volume
 declines during the consolidation, then prices break the respective consolidation trendlines on strong volume (i.e., the upper boundary line after an up move, and the lower boundary line after a down move). After the breakout, prices should continue moving by an amount equal to the move that preceded the brief consolidation. In this respect, flags and pennants are said to "fly at half mast". The beginning of the move is usually the point where prices broke out of another chart pattern, or breached important trendline support or resistance.
 
 PENNANTS
 A pennant is a fairly common formation, sharing most of
 its characteristics with flags. Both are formed in dynamic markets. with a "flagpole" formed by an impulsive almost straight line move. A brief period of consolidation results to form the pennants "mast", which is shaped like a small symmetrical triangle. Thereafter, prices move in the direction of the initial impulsive move and for a similar distance, i.e. the mast evolves halfway through the move. Thus to measure the distance of the total move, the length of the flagpole up to the mast is measured and projected from the breakout point of the pennant.
 
  э 'choppy - часто меняющийся
 
  i: precede - предшествовать
  to fly at half mast - приспущенный флаг
 
  э evolve - развертываться , эволюционировать
  е project - проектировать
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 GAPS
 Consecutive transactions can be dealt at significantly different prices. Price gaps that occur within a day's trading do not show up on a bar graph because the graph will show the range for the day. However, if the closing high on one day is below the low of the next day (or one day's low is above the next day's high), a gap actually shows on the bar graph. There are four basic kinds of gap. One, the runaway gap. reflects a continuation of the move. A runaway gan appears after a significant move has already occured. In indicates that the move has received a second wind and is ready to go higher with relative ease. The runaway gap frequently occurs approximately halfway along a major move. Common Gap
 e consecutive
 л runaway
 as 'gap
 a second wind
 последующий - убегание
 - скачок усиление
 
 
 Two of the other three kinds of gap, the common gap and
 the breakaway gap, are important in terms of market reversals.
 The common gap materializes on one day but subsequently gets filled in. It often is nothing more than the result of thin markets.
 It is viewed by most practitioners as a false signal, although it can be an indication that the market is leaning to break out in the direction of the gap.
 The breakaway gap frequently occurs at the end of a con
 Solidation phase, at the end of a key price pattern, or after a major support, or resistance line has been broken. It usually represents the beginning of a fairlv major move. A breakaway gap is often sharp because those with wrong positions not only will get out of the bad position they are in, but will also establish positions in line with the market move. A breakaway gap may get partially filled in, but mot totally.
 The fourth kind of gap. an exhaustion gap, occurs near the
 end of the market move. The market tries to jump forward, but there is little support for the move, and the market quickly retraces. When prices come back through the gap, it is a fairly reliable barometer that the move is over. The exhaustion gap often correlates to the period when small players enter the market.
 When that happens, in is another signal to be a contrarian and to expect the market to reverse.
 
  in line with - в соответствии с
 
 
 
 
 
  ei
  retrace - возвращаться по пройденному
  пути
 
 
 
 
 
  Э:
  correlate - соответствовать
 
 
 
 
 
  еэ