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Название: Английский для дилеров системы Рейтер. English for Reuters Dealers

Автор: Ю.М. Зудин

Жанр: Учебники, лекции и словари

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Traslation practice

 

A Quick Look At Bollinger Bands

Bollinger bands is a popular band analysis similar to the

Alpha Beta trend. It can be used as a system in itself or with Oscillators such as the Relative Strength Index (RSI). The analysis is standard in both Reuters Technical Analysis (RTA) and Reuters Technical Analysis for Unix (RTAu).

Bollinger Bands consist of 3 lines. 2 charted ones above

and the other below the moving average of closing prices, which makes up the third line. The moving average of close data needs to be created seoaratelv to complete the bollineer bands analysis.

This analysis varies from other percentage band analyses

because the distance of each band from the moving average is not fixed. Instead, the price channel these bands form around the moving average is flexible, being determined by specifying a number of standard deviations from it.

John Bollineer. who created Bollineer Bands and used

them in stock tradine. Used a standard deviation of 2 which captures about 95% of price action within the bands. A different number of standard deviations can be selected dependina on the market traded for example, 1.8 standard deviations would be more appropriate for futures trading.

The length of the moving average which is used to

calculate the bands is usually 20 days or less. Care should be taken here as these sample sizes are small and statistical error Quite possible. The only statistical inference that should be drawn from this analysis is that most (approx. 95%) of the price action will be contained.

A useful feature of Bollinger Bands is automatic narrowing

and widening in response to volatility — narrow in calm markets and wide in volatile markets. This makes them an effective trend indicator, especially when used in conjunction with another trend following tool.

Trading Rules

Use Bollinger Bands with a price chart and simple moving

average (the same length as the Bollinger Bands) then keep a look out for the following signals:

Fig 1 Bollinger Bands(top) used with an RSI(bottom).

Trendlines show divergence between the RSI and Price which confirms the Bollinger Bands.

Prices near the lower band may signal an oversold market.

Prices near the upper band may signal an overbought

market.

The bands often narrow before a sharp move in price,

either ud or down. A narrowing of the bands often indicates the start of a new trend, which is confirmed when prices break and close out of the band.

An interval that closes above the top band, followed by

another that closes within, may signal a reversal and a good time to sell.

Vocabulary

i: ei

deviation — отклонение

 

 

 

 

ae

to'capture — охватывать

 

 

 

 

э

appropriate — подходящий

 

 

 

 

 

 

to take care — позаботиться

 

 

 

 

a:

sample — образец

 

 

 

 

 

 

i

'inference — вывод

 

 

 

 

ei

to contain — содержать

 

 

 

 

to keep a

lockout — следить

 

 

trend reversal — смена тренда

 

 

 

 

 

 

э:

to confirm — подтверждать

 

 

 

 

э:

divergence — отклонение

 

 

 

 

 

 

A

to comfort — успокаивать

 

 

 

 

An interval that closes below the bottom band, followed by another that closes within, may signal a reversal and a good time to buy.

If prices are in a downtrend and back in the bands, this is interpreted as a signal the existing down trend will not continue and that the market will move sideways and then probably back up.

Bollinger Bands form an area of Support and Resistance. Use them to take profits. If prices break above or below the Bands, it results in a changed Support and Resistance.

Trend reversals can be confirmed when used with an Oscillator, such as the Relative Strenght Index (RSI). Signals such as:

Price being close to the lower band with the RSI confirming a trend reversal should be a safe buy signal.

Price divergence with an RSI can confirm the bottom or top of a band (see Fig. 1).

A final point — like any other technical analysis technique, the trader must incorporate their own personality and comfort levels to the trading rules of Bollinger Bands. Good luck!

Exercises

Ex. 1. Put questions to the underlined words.

Ex. 2. Analyse noun collocations.

Ex. 3. Translate the article.

 

THE ELLIOTT WAVE

 

According to Elliott a rising stock market unfolds in five-wave/three-wave pattern and forms one complete bull market /bear market cycle of eight waves (1-3-5-B). The five-wave upward movement is called an impulse wave and the counter trend movement — a corrective wave. Waves 1, 3, 5 can subdivide into five waves of smaller scale. Corrective waves 2 and 4 can form three smaller waves each too. Impulse subwaves are numbered (1-2-3-4-5). Corrective subwaves are lettered (A,B,C). Thus waves in any series can be subdivided and resubdivided into waves of smaller degree or expanded into waves of larger degree.

The larger scale pattern

Vocabulary

ou to unfold — развертываться

i impulse — импульс, побуждение

ei scale — масштаб

se to expand — расширять

 

 

 

The analyst should take into consideration that in an uptrend market, the low of the second wave never goes below the beginning of the first wave. The third wave is never the shortest. The forth wave does not penetrate the price range of a first wave. Market movements are essentially the same but they may differ in the size or duration. Large scale movements incorporate smaller scale subdivisions which are similar to them in their «fractal» geometry. One of the three impulse subwaves (W-1, W-3, W-5) can have extensions i.e. elongated movements. These subdivisions increase the number of waves to nine for the main sequence. The increased number of movements does not change the technical significance of price pattern.

e to penetrate — проникать

э:

to incorporate — объединять

ae fractal "geometry" — «геометрия частей» фрактальная геометрия

 




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