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caite.info How to Manage Risk Using. Technical Analysis. Martin J. Pring. President of caite.info Page 2. caite.info The first trading objective is to. MARTIN J. PRING. New York Chicago San Francisco Athens London. Madrid Mexico City Milan New Delhi Singapore. Sydney Toronto. Technical_Analysis martin caite.info - Ebook download as PDF File .pdf), Text File .txt) or read book online.


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I remember the day I started my study of the stock market—August. 15, It was a tion of U.S Wiley - Predict Mar Guide to Fundamental & Technical. caite.info caite.info Investing in the Second Lost Decade. Martin J. Pring caite.info caite.info US Stock Prices. 1. 2. 3. 4. Psychology. Explained. Classic Strategies to. Beat the Markets. Martin J. Pring. John Wiley & Sons, Inc. New York • Chichester • Brisbane • Toronto • Singapore.

It can be compared with a hammer. One of the main obstacles is the highly subjective nature of technical analysis—the presence of geometric shapes in historical price charts is often in the eyes of the beholder.. Elliott's "discovery was well ahead of its time.. This is considered as a bearish continuation pattern. This signals that the movement of the wave one degree higher is upward. In a declining the beginning of a trading period sets a bearish market sentiment and often results in further price decline.

Technical analysis is the art of observing how investors have regularly responded to events in the past and using that knowledge to accurately forecast how they will respond in the future. Traders can then take advantage of that knowledge to buy when prices are near their bottoms and sell when prices are close to their highs. Since its original publication in , and through two updated editions, Martin Pring's Technical Analysis Explained has showed tens of thousands of investors, including many professionals, how to increase their trading and investing profits by understanding, interpreting, and forecasting movements in markets and individual stocks.

Incorporating up-to-the-minute trading tools and technologies with the book's long-successful techniques and strategies, this comprehensively revised fourth edition provides new chapters on:. Technical analysis is a tool, nothing more, yet few tools carry its potential for dramatically increasing a user's trading success and long-term wealth.

Let Martin Pring's landmark Technical Analysis Explained provide you with a step-by-step program for incorporating technical analysis into your overall trading strategy and increasing your predictive accuracy and potential profit with every trade you make. Martin J. Pring is the highly respected president of Pring Research www. The author of McGraw-Hill We want your feedback! Click here.

Pring ebook. Subjects Business Nonfiction. Completely revised and updated for the technologies and trading styles of 21st century markets, it features: Methods to increase your forecasting accuracy, using today's most advanced trading techniques Critical Acclaim for Previous Editions: It can then be used by academia. In the United States. Michael Marcus and Paul Tudor Jones some of the so-called wizards in the popular book.

Richard Dennis. Market Wizards by Jack D. Professional technical analysis societies have worked on creating a body of knowledge that describes the field of Technical Analysis. Systematic trading Neural networks Since the early s when the first practically usable types emerged. John W. Larry Hite. Victor Sperandeo.

Tech Analysis - Martin Pring

Some other national professional technical analysis organizations are noted in the external links section below. William Eckhardt. A relatively recent trend. The theory behind this approach is that by following a distinct set of trading rules you will reduce the number of poor decisions. Methods vary greatly. Technical analysis 5 Rule-based trading Rule-based trading is an approach intended to create trading plans using strict and clear-cut rules. One advocate for this approach is John Bollinger.

Technical trading strategies were found to be effective in the Chinese marketplace by a recent study that states. Investor and newsletter polls. Many investors claim that they experience positive returns. Unlike some other technical methods and the approach of fundamental analysis. Combination with other market forecast methods John Murphy states that the principal sources of information available to technicians are price. Japanese and most Western European stock market indices the recursive out-of-sample forecasting procedure does not show to be profitable.

Technical analysis is also often combined with quantitative analysis and economics. For instance. Technicians say that EMH ignores the way markets work. Thus it holds that technical analysis cannot be effective. By comparing the unconditional empirical distribution of daily stock returns to the conditional distribution—conditioned on specific technical indicators such as head-and-shoulders or double-bottoms—we find that over the year sample period. By considering the impact of emotions. In this paper.

One of the main obstacles is the highly subjective nature of technical analysis—the presence of geometric shapes in historical price charts is often in the eyes of the beholder.. Technical analysis 6 transaction costs it is found. Technicians have long said that irrational human behavior influences stock prices.

Andrew W. Because future stock prices can be strongly influenced by investor expectations.

Martin j. Pring Technical Analysis Explained(2)

Lo wrote that "several academic studies suggest that. Technicians say that the EMH and random walk theories both ignore the realities of markets. Technical analysis 7 Random walk hypothesis The random walk hypothesis may be derived from the weak-form efficient markets hypothesis. Princeton economist Burton Malkiel said that technical forecasting tools such as pattern analysis must ultimately be self-defeating: In the West.

In a response to Malkiel. Lo and McKinlay collected empirical papers that questioned the hypothesis' applicability[46] that suggested a non-random and possibly predictive component to stock price movement.

Overlays Overlays are generally superimposed over the main price chart. Japanese Candlestick Charting Techniques. The Evolution of Technical Analysis: Bloomberg Press. Beyond Candlesticks: New Japanese Charting Techniques Revealed. Available at SSRN http: John Wiley and Sons.

Steve Kirkpatrick and Dahlquist Technical Analysis: A Mathematician Plays the Stock Market. A moving average can be thought of as a kind of dynamic trend-line. Scott H. Basic Books. Mark P. Sam Y. Evidence-Based Technical Analysis http: Journal of International Money and Finance 11 3: Retrieved Helen A Review of Theory and Empirical Work. ISBN New Jersey: On the approximate realization of continuous mappings by neural networks.. Spring [36] Sullivan. Weller Schwager Page 2 [12] Taylor..

Upper Saddle River. Computational Algorithms. Michael N. Technical analysis 9 [9] Fama.. Federal Reserve Bank of New York chapter Statistical Inference. Journal of Finance Eugene May July New Jersey. The American Economic Review 80 2: Multilayer feed-forward networks are universal approximators. Federal Reserve Bank of St. Journal of Finance 55 The Journal of Finance 54 5: Technical Analysis Plain and Simple: Charting the Markets in Your Language. New Thinking from the World's Top Minds.

ISBN pp. Financial Times Press. Technical Analysis and Intraday Exchange Rates. Jiang J Technical Trading Rule Performance. The Journal of Finance 47 5: Karen July Blake Camillo Neural Networks. Financial Trading and the Efficient Markets Hypothesis http: Louis Review 80 4: Technical Analysis in Financial Markets http: David R.

Neural Networks vol 2. A Methodology Analysis http: Egeli et al. Christopher J. New Concepts in Technical Trading Systems. The Socionomic Perspective. Trend Research. Street Smarts: Parker Applying Elliott Wave Theory Profitably. Technical Analysis Explained: The Disciplined Trader. Robert R. Andrew and MacKinlay. Technical Analysis of the Financial Markets.

Princeton University Press [47] Poser. New York Institute of Finance. Technical Analysis of Stock Trends. American Management Association. Lawrence A. Advice from Industry Leaders.

New York: Technical Analysts Society Singapore http: FT Press. John J. Getting Started in Technical Analysis. Linda Bradford. Technical Analysis: Jack D. Julie R. Reminiscences of a Stock Operator. Martin J. Gordon Publishing Group. Technical analysis 10 Society of Technical Analysts of New Zealand http: Steven W. McGraw Hill.. Charles D. The opposite is true as well.

Calculated Pivots. Various methods of determining support and resistance exist. Support A support level is a price level where the price tends to find support as it is going down. If a price breaks past a support level. Psychological levels near round numbers often serve as support and resistance.

More recently. They are formed based upon current price action that through analysis has been shown to be predictive of future price action.

This means the price is more likely to "bounce" off this level rather than break through it. Initial Balance. Both Proactive and Reactive Support and Resistance methods have merit and form a staple part of any Support and Resistance based trading strategy Identifying support and resistance levels Support and resistance levels can be identified by trend lines.

A price histogram is useful in showing at what price a market has spent more relative time. It is where the price tends to find resistance as it is going up. Market Profile VAH. Trendlines and Moving averages. Proactive Support and Resistance methods include Elliot Wave. Some traders believe in using pivot point calculations.

Resistance A resistance level is the opposite of a support level. They include Volume Profile. If a stock price is moving between support and resistance levels. Support and resistance 12 Using support and resistance levels This is an example of support switching roles with resistance. Short term traders tend to use charts based on interval periods.

Support and resistance 13 When judging entry and exit investment timing using support or resistance levels it is important to choose a chart based on a price interval period that aligns with your trading strategy timeframe. Typically traders use shorter term interval charts when making a final decisions on when to invest. They are commonly used to judge entry and exit investment timing when trading securities. Trend line technical analysis 15 Trend line technical analysis A trend line is formed when you can draw a diagonal line between two or more price pivot points.

Trend lines are typically used with price charts. If a stock price is moving between support and resistance trend lines. It can also be referred to a dutch line as it was first used in Holland A trend line is a bounding line for the price movement of a security. Trend lines are used in many ways by traders. Similarly a resistance trend line is formed when a securities price increases and then rebounds at a pivot point that aligns with at least two previous resistance pivot points.

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The following chart provides an example of support and resistance trend lines: Trend lines are a simple and widely used technical analysis approach to judging entry and exit investment timing. There are some charting software that will automatically generate trend lines. Trend lines can be used to identify positive and negative trending charts. When establishing trend lines it is important to choose a chart based on a price interval period that aligns with your trading strategy.

Please note that while the Oracle example above uses a linear scale of price changes. A support trend line is formed when a securities price decreases and then rebounds at a pivot point that aligns with at least two previous support pivot points. To establish a trend line historical data. If we were to view this same chart linearly. A secular bear market consists of smaller bull markets and larger bear markets. A second way is that when price action breaks through the principal trend line of an existing trend.

In a secular bear market. The United States stock market was described as being in a secular bull market from about to or Market trend A market trend is a putative tendency of a financial market to move in a particular direction over time.

The terms bull market and bear market describe upward and downward market trends. The logic behind this.

On the technical analysis chart a break out occurs when price of a stock or commodity exits an area pattern. In a secular bull market the prevailing trend is "bullish" or upward moving. Trend line technical analysis 16 short at resistance and cover the short at support. An example of a secular bear market was seen in gold during the period between January to June Bull market A bull market is associated with increasing investor confidence. The most recent example occurred between October and March Yet another bear market occurred between March and October The duration is a few weeks or a few months.

According to The Vanguard Group. One type of secondary market trend is called a market correction. It is a win-win situation for the investors. Market trend 17 of the Great Commodities Depression. Bear market A bear market is a general decline in the stock market over a period of time. Bear market rallies occurred in the Dow Jones index after the stock market crash leading down to the market bottom in A notable bull market was in the s and most of the s when the U.

The Japanese Nikkei has been typified by a number of bear market rallies since the late s while experiencing an overall long-term downward trend. A bullish trend in the stock market often begins before the general economy shows clear signs of recovery. Secondary market trend Secondary trends are short-term changes in price direction within a primary trend. Primary market trend A primary trend has broad support throughout the entire market most sectors and lasts for a year or more.

A bear market rally is an upward movement that is not large enough to be a bull market ex post. Another long-term bear market occurred from about to Baron Rothschild is said to have advised that the best time to buy is when there is "blood in the streets".

Market bottom A market bottom is a trend reversal. A decline then follows. The predictive capability of such a signal see also market sentiment is. The market comprises investors and traders. A recent peak for the broad U. This would bring a loss for the investor who purchased stock s during a misperceived or "false" market bottom.

Investor sentiment Investor sentiment is a contrarian stock market indicator. It is retroactively defined as market participants are not aware of it as it happens. Distribution is a decline in price with higher volume than the preceding session. The market has simply reached the highest point that it will. This day was called Black Monday chart[9]. It is very difficult to identify a bottom referred to by investors as "bottom picking" while it is occurring.

The index closed at 4. The Nasdaq peaked at 5. William J. Market trend 18 Market top A market top or market high is usually not a dramatic event. O'Neil and company report that since the s a market top is characterized by three to five distribution days in a major market index occurring within a relatively short period of time. By definition. The upturn following a decline is often short-lived and prices might resume their decline. A surge in demand from investors lifts the traders' asks.

The investors may own a stock for many years. This included an intermediate bottom of When a high proportion of investors express a bearish negative sentiment. The contrarians consider a capitulation a sign of a possible bottom in prices. This may trigger a further decline in the stock's price. Market trend 19 thought to be highest when investor sentiment reaches extreme values. Etymology The precise origin of the phrases "bull market" and "bear market" are obscure.

The Online Etymology Dictionary relates the word "bull" to "inflate. This is because almost everyone who wanted or was forced to sell stock has already done so. Market capitulation Market capitulation refers to the threshold reached after a severe fall in the market. Margin calls and mutual fund and hedge fund redemptions significantly contribute to capitulations. With the introduction of the internet. The peak in volume may precede an actual bottom. Changes with consumer behavior Market trends are fluctuated on the demographics and technology.

The Oxford English Dictionary cites an use of the term "bull market". In a micro economical view. Despite that it is believed that market trends follow one direction over a matter of time. Technology s-curves. By the time of the South Sea Bubble of This contrarian measure is more reliable for its coincidental timing at market lows than tops. CRC Press.

Technical Analysis Explained

Their winning sculpture. George Fontanills. Sheffrin Steven M. A bull market is also sometimes described as a bull run. Cash Hoard. However in a falling market.

WHC Bessetti. Edwards and John Magee p. Vanguard Group. Pearson Prentice Hall. In describing financial market behavior. Some analogies that have been used as mnemonic devices: This is especially relevant to participants in bull markets since bulls are herding animals.

John Wiley and Sons Inc. Online Etymology Dictionary. Market trend 20 Another plausible origin is from the word "bulla" which means bill. When a market is rising. Principles in Action. Dow Theory attempts to describe the character of these market movements. Tom Gentile. Criticism The concept of market trends is inconsistent with the standard academic view of the price movement of the financial markets.

Technical analysis describes a dead cat bounce as a continuation pattern that looks in the beginning like a reversal pattern. The price fails to continue upward and instead falls again downwards. It begins with a downward move followed by a significant price retracement. Journalist Christopher Sherwell of the Financial Times reported a stock broker as saying the market rise was a "dead cat bounce". Price patterns such as the dead cat bounce are recognized only with hindsight. The earliest use of the phrase dates from when the Singaporean and Malaysian stock markets bounced back after a hard fall during the recession of that year.

In other instances the term is used exclusively to refer to securities or stocks that are considered to be of low value. A similar expression has an older history in Cantonese and this may be the origin of the term. The Future of Economic Forecasting http: What Is a Bear Market? Variations and usage A short rise in price followed by a price decline of a stock is the standard usage of the term. Ralph Nelson Elliott — He proposed that market prices unfold in specific patterns. Dead cat bounce 22 Alternate meanings The term has also been used in reference to political polling numbers.

The Secret of the Universe in Elliott published his theory of market behavior in the book The Wave Principle in Elliott stated that "because man is subject to rhythmical procedure.

In the first small five-wave sequence. The completed motive pattern includes 89 waves. Degree The patterns link to form five and three-wave structures which themselves underlie self-similar wave structures of increasing size or higher degree.

Practitioners use symbols for each wave to indicate both function and degree—numbers for motive waves. Note the lower most of the three idealized cycles. Elliott wave principle 23 Overall design The Elliot Wave Principle posits that collective investor psychology. Elliott's essay. It also signals the start of the first small three-wave corrective sequence.

Motive waves always move with the trend. In a bear market the dominant trend is downward. After the initial five waves up and three waves down. This signals that the movement of the wave one degree higher is upward.

These mood swings create patterns evidenced in the price movements of markets at every degree of trend or time scale. In Elliott's model. Impulses are always subdivided into a set of 5 lower-degree waves. Corrective waves subdivide into 3 October Degrees are relative.

Wave 2: Wave two corrects wave one. Wave 5: Wave five is the final leg in the direction of the dominant trend. Wave 4: Wave four is typically clearly corrective. Definitions assume a bull market in equities. As wave three starts. When the first wave of a new Wave A: Corrections are typically harder to identify than bull market begins. Volume might increase a bit as prices rise. Elliott wave principle 24 Elliott Wave personality and characteristics Elliott wave analysts or Elliotticians hold that each individual wave has its own signature or characteristic.

In wave A of a bear market. At the end of a major bull market. Prices may meander sideways for an extended period. Volume is well below than that of wave three. Most analysts see the drop as a revise their earnings estimates lower. Volume is often lower in wave five than in wave three. The news is now positive and fundamental analysts start to raise earnings everyone realizes that a bear market is firmly entrenched.

Those bearish sentiment quickly builds. Fundamental analysts continue to news is usually still positive. Some technical Sentiment surveys are decidedly bearish. Prices rise quickly. This is a good place to buy a pull back if you understand the potential ahead for wave 5.

Anyone Wave C is typically at least as large as wave A and often looking to "get in on a pullback" will likely miss the boat. Prices reverse higher. Five wave pattern dominant trend Three wave pattern corrective trend Wave 1: Wave one is rarely obvious at its inception. Wave 3: Wave three is usually the largest and most powerful wave in a trend Wave C: Prices move impulsively lower in five waves.

The news is almost universally positive and everyone is bullish. Wave three often extends wave one by a ratio of 1. The impulse moves. As prices retest the prior low.

technical analysis

Practitioners study developing trends to distinguish the waves and wave structures. Elliott wave principle 25 Pattern recognition and fractals Elliott's market model relies heavily on looking at price charts. In turn these corrective patterns can come together to form more complex corrections.

Corrective wave patterns unfold in forms known as zigzags. Elliott wave practitioners say that just as naturally-occurring fractals often expand and grow more complex over time. A common guideline observes that in a five-wave pattern. The structures Elliott described also meet the common definition of a fractal self-similar patterns appearing at every degree of trend. The researchers said the "idea that prices retrace to a Fibonacci ratio or round fraction of the previous trend clearly lacks any scientific rationale".

Practitioners commonly use this ratio and related ratios to establish support and resistance levels for market waves. Elliott developed his market model before he realized that it reflects the Fibonacci sequence.

Finance professor Roy Batchelor and researcher Richard Ramyar. They also said "there is no significant difference between the frequencies with which price and time ratios occur in cycles in the Dow Jones Industrial Average. Elliott's analysis of the mathematical properties of waves and patterns eventually led him to conclude that "The Fibonacci Summation Series is the basis of The Wave Principle". I had never heard of either the Fibonacci Series or the Pythagorean Diagram".

After Elliott Following Elliott's death in Rediscovery and current use Robert Prechter came across Elliott's works while working as a market technician at Merrill Lynch.

Elliott's Wave principle is among the methods included on the exam that analysts must pass to earn the Chartered Market Technician CMT designation. The 'Elliott wave' technique is probably the most famous in this field.

We speculate that the "Elliott waves". Bolton introduced Elliott's wave principle to A.

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The chart also highlights how the Elliott Wave Principle works well with other technical analysis tendencies as prior support the bottom of wave-1 acts as resistance to wave Elliott's "discovery was well ahead of its time.. His prominence as a forecaster during the bull market of the s brought the greatest exposure to date to Elliott's work.. It is intriguing that the log-periodic structures documented here bear some similarity with the "Elliott waves" of technical analysis.

Robin Wilkin. Hamilton Bolton. In a paper he co-authored in "Stock Market Crashes. Charles Collins. A lot of effort has been developed in finance both by academic and trading institutions and more recently by physicists using some of their statistical tools developed to deal with complex times series to analyze past data to get information on the future.

In fact. Precursors and Replicas" Sornette said. Elliott Wave Principle 10th ed. February This gives the Elliott analyst the same freedom and flexibility that allowed pre-Copernican astronomers to explain all observed planet movements even though their underlying theory of an Earth-centered universe was wrong. Ralph Nelson Elliott's Masterworks. PDF document here http: Technical analyst David Aronson wrote: Some who advocate technical analysis of markets have questioned the value of Elliott wave analysis.

It is an art to which the subjective judgement of the chartists matters more than the objective. Elliott wave principle 27 folklore. Notes [1] Elliott. I contend this is made possible by the method's loosely defined rules and the ability to postulate a large number of nested waves of varying magnitude. New Classics Library. By this reasoning. The record of this. The account is especially persuasive because EWP has the seemingly remarkable ability to fit any segment of market history down to its most minute fluctuations.

Benoit Mandelbrot has questioned whether Elliott waves can predict financial markets: But Wave prediction is a very uncertain business. New Scientist. In efficient markets. Riding the Waves: What Is the Wave Principle? Published by Windsor Books. Elliott wave principle 28 [9] Landon Jr.

Elliott Wave Theory http: The New York Times. Elliott's Masterworks by R. Benoit February Benoit and Richard L. The mis Behavior of Markets. Published by New Classics Library. An Introduction to the Elliott Wave Principle http: Thomas 13 October Scientific American.

Presenting the Neely Method: The First Scientific. The Logical Trader. Hudson Key to Market Behavior by A. For example: The 0. In this case. Fibonacci retracement is created by taking two extreme points on a chart and dividing the vertical distance by the key Fibonacci ratios.

They are named after their use of the Fibonacci sequence. Fibonacci retracement is based on the idea that markets will retrace a predictable portion of a move.

The key Fibonacci ratio of 0. Fibonacci retracement 29 Fibonacci retracement Fibonacci retracements are a method of technical analysis for determining support and resistance levels. The 0 ratio is: Prometheus Books. The fabulous Fibonacci numbers. Ingmar Essential technical analysis: Fibonacci retracement 30 Other ratios The 0.

Alfred S. Leigh Fibonacci analysis. Constance M. Calculation Several methods exist for calculating the pivot point P of a market. In an up-trending market. These are calculated from the range of price movement in the previous trading period. Trading below the pivot point. A pivot point is calculated as an average of significant prices high. A pivot point and the associated support and resistance levels are often turning points for the direction of price movement in a market.

It is customary to calculate additional levels of support and resistance. Their roles may be interchangeable. These price levels may be derived from many market assumptions and conventions. Pivot point 31 Pivot point A pivot point is a price level of significance in technical analysis of a financial market that is used by traders as a predictive indicator of market movement.

Most commonly. The uptrend is no longer sustainable and a pivot point levels are highlighted in yellow. Support and resistance levels Price support and resistance levels are key trading tools in any market. In other cases. In pivot point analysis. In a declining the beginning of a trading period sets a bearish market sentiment and often results in further price decline. If the market in the following period trades above the pivot point it is usually evaluated as a bullish sentiment.

The first resistance on the up-side of the market is given by the lower width of prior trading added to the pivot point price and the first support on the down-side is the width of the upper part of the prior trading range below the pivot point. Trading tool The pivot point itself represents a level of highest resistance or support.

The method of the second set is continued by doubling the range added and subtracted from the pivot point: If the market is directionless undecided. Trading above or below the pivot point indicates the overall market sentiment. Pivot point 32 The first and most significant level of support S1 and resistance R1 is obtained by recognition of the upper and the lower halves of the prior trading range.

It is a leading indicator providing advanced signaling of potentially new market highs or lows within a given time frame. ISBN [2] "Pivot points with half-way levels" http: In the 5-day intra-day chart of the SPDR Gold Trust above the middle points can clearly be identified as support in days 1. References [1] John L. Candlestick and Pivot Point Trading Triggers. Trends are confirmed by volume. Factories had to ship their goods to market. It can be bullish or bearish. According to this logic.

The six basic tenets of Dow Theory as summarized by Hamilton. The market has three movements 1 The "main movement". On this point. When the performance of the averages diverge. Stock market averages must confirm each other In Dow's time. To Dow. The accumulation phase phase 1 is a period when investors "in the know" are actively buying selling stock against the general opinion of the market.

If they produce more. Dow Theory agrees with one of the premises of the efficient market hypothesis. This occurs when trend followers and other technically oriented investors participate. Robert Rhea and E. Dow — William Peter Hamilton. Dow's first stock averages were an index of industrial manufacturing companies and rail companies. The two averages should be moving in the same direction.

The US had population centers but factories were scattered throughout the country. This phase continues until rampant speculation occurs. Six basic tenets of Dow Theory 1. During this phase. At this point. Market trends have three phases Dow Theory asserts that major market trends are composed of three phases: Dow Theory 34 Dow Theory Dow Theory on stock price movement is a form of technical analysis that includes some aspects of sector rotation.

Pdf martin pring

Once news is released. The index contains major railroads. Dow himself never used the term "Dow Theory. The three movements may be simultaneous. Following Dow's death. George Schaefer organized and collectively represented "Dow Theory. The stock market discounts all news Stock prices quickly incorporate new information as soon as it becomes available.

Markets might temporarily move in the direction opposite to the trend. Determining whether a reversal is the start of a new trend or a temporary movement in the current trend is not easy.

The Wall Street Journal. To him. Many technical analysts consider Dow Theory's definition of a trend and its insistence on studying price action as the main premises of modern technical analysis. November References [1] http: If many participants are active in a particular security. Stephen Brown. But when price movements are accompanied by high volume.