By Malcolm Pryor
Following on from the good fortune of his first books, 'The monetary unfold making a bet guide' and 'Winning unfold having a bet Strategies', Malcolm Pryor now presents the unfold bettor with an in depth knowing of seven key charting instruments. every one device has a job to play within the luck of the unfold bettor, and the instruments can be utilized together to build strong buying and selling strategies.
This new publication is written in a punchy and least expensive variety, providing a lot of its educating via rigorously selected examples of charts. the focal point is on functional technical research concepts that are without delay proper to unfold bettors and investors.
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Extra info for 7 Charting Tools for Spread Betting. A Practical Guide to Making Money from Spread Betting with Technical Analysis
Moving averages can also be used to assist with trend identification, and this will be our primary focus of attention in this chapter. Simply put, in an uptrend the moving average will point upwards, in a downtrend it will point downwards, and in a sideways market it will point sideways. The importance of timescale It sometimes surprises traders than an instrument can simultaneously be in an uptrend, a downtrend and a sideways market. But this just depends what timescale is being considered. Take the old and familiar example of the 20, 50 and 200 day moving averages used by investors in analysis of stocks: the 200 day moving average (representative of the long-term trend) can be pointing up, signifying an uptrend; the 50 day moving average (representative of the intermediate term) can be flat, representing a sideways market; and the 20 day moving average, representative of the short term (for an investor) can be pointing down, signifying a downtrend.
Actually the calculation is more complicated than this, for two main reasons: Adjustments are made for gaps. A gap occurs if for instance the low of today is higher than the high of yesterday. In this case the size of the gap is also factored in to the calculation. The adjusted figure is called the “true range”. To get the average true range from a set of true ranges is not just a matter of adding them all up and dividing by the number in the set, there is a unique averaging process which takes the previous average true range and then adjusts it based on the most recent true range.
At the second arrow for the three previous days price has been retracing the uptrend, giving us a potential opportunity to join the trend on a pullback. On the day the arrow points to, price exceeded the high of the previous day, giving us our signal during the day to enter. This in fact happened at the open the next day, and the entry price in gold itself would have been around $891. Suppose a 1 ATR stop (per the last chapter) had been set. 6 in the price of gold itself. Let us assume this time that the trader had £25,000 of speculative funds.
7 Charting Tools for Spread Betting. A Practical Guide to Making Money from Spread Betting with Technical Analysis by Malcolm Pryor