Professional Documents
Culture Documents
This newsletter is produced by the Association of Technical Market Analysts. All comments and editorial material do not necessarily reflect the organization's
opinion nor does it constitute an endorsement by the Association of Technical Market Analysts or any of its officers, of any products or services mentioned.
Sources are believed to be reliable at time of publication, but not guaranteed. The Association of Technical Market Analysts and its officers, assume no
responsibility for errors or omissions.
2 | ATMASPHERE
OCTOBER 2012
Sincerely,
Sushil Kedia
OCTOBER 2012
ATMASPHERE | 3
EDITORS NOTE
This months issue contains a summary of the seminar held on 6th October, 2012 where the Association of Technical Market Analysts
jointly with the BSE Brokers Forum and the Market Technicians Association, Inc hosted the MTA President Mr. David Keller at the BSE
Convention Hall. The event also marked the inauguration of new premises of ATMA at the BSE Building and the much awaited
inauguration of the worlds first E-Library of Technical Analysis at the hands of Shri Ramesh Abhishek, IAS Chairman, Forward Markets
Commission, India.
Further in the issue Gunjan Duaa, CMT describes the Heikin-Ashi a Japanese Technique based on the candlestick theory. He elaborates on this with the help of calculations and
its usage in trading.
The Camarilla Trading System was introduced by Dr. Bhooshan Shanbhag in the August issue. He explains this system with additional inputs.
In continuing the thread on Spread Trading from the previous issues, Andy Jordan further explains the method of finding the right trades using Futures Spread
Trading.
Kora Reddy back-tests Gap Trading strategies further in Testy Bytes
Somnath M reviews The Mind of Wall Street by Leon Levy and Eugene Linden.
Please let us know what you are doing and allow us to share your application of the tools of technical analysis to the readers of ATMASphere by sending an
email to editor@atma-india.net. You can subscribe to ATMASphere completely free by clicking here.
Sincerely,
Meghana V Malkan
4 | ATMASPHERE
OCTOBER 2012
BY GUNJAN DUAA
The most widely used Quote in the financial markets all around the world is
modified formula:
Trend is My Friend. This Quote is very much true but to find the trend is I
think is the most difficult of all. So, we can add that Trend is my friend, If It
1. The Heikin-Ashi Close is simply an average of the open, high, low and close
can be found
Most profits (and losses) are generated when markets are trending.
Technique based on the candle stick theory but taking it to a higher level for
trend determination, so in a way we can call it a Better Candlestick.
period's high, the current Heikin-Ashi candlestick open or the current Heikin-
4. The Heikin-Ashi low is the minimum of three data points: the current
represents the average pace of prices. Heikin-Ashi candlesticks are not used
period's low, the current Heikin-Ashi candlestick open or the current Heikin-
OCTOBER 2012
ATMASPHERE | 5
Signals
The Chart Attached above shows the Difference between Heikin-Ashi (Upper
Green Candle with no lower shadow indicates Uptrend: hold Long Positions
Chart) and the normal Candlestick (Lower Chart). In the Heikin-Ashi, we see
When the candles are green one can add long positions and should not go
that the candle with no shadows have a strong trend. The candles with no
short.
upper shadows have strong downtrend and the candles with no lower
A candle with upper and lower shadows, the one which looks like a doji
indicates a trend change. Aggressive traders can take a trade opposite to the
trend while others can wait till the change of trend
Heikin-Ashi as explained is the average candle so we can see a big red candle
and a hanging man gives a Doji candle, which is the right candle because
When the candle is colored one can go short and add positions
after a big red day and then a hanging man really means that the sellers and
downtrend
6 | ATMASPHERE
OCTOBER 2012
or below the lowest point of the pattern. In the chart i have taken Fibonacci
of the price high and low, market respected that and the trend changed from
there.
In the Chart I have market points where the Doji candle has reversed the
trend (Point 1 to Point 6), at each of this point after the trend a Doji has
taken shape, below that i have added Stochastic at the Doji point stochastic
has given a reversal as well, so it is a simple trading system which one can
use for trend determination.
OCTOBER 2012
ATMASPHERE | 7
TECHNICAL
RESEARCH
AT
same floor and right next door to the Trading Hall! It was indeed a
FIDELITY:
th
The seminar then concluded with a highly interactive Question & Answer
as the Chief Guest at the Event. More than 350 members from the financial
session.
was evident.
2.
Inauguration of the New ATMA Office The Association, less than two
years young, proudly inaugurated its new office - a bigger, better and
more efficient premises - right at the BSE Building itself, right on the
8 | ATMASPHERE
OCTOBER 2012
ATMASPHERE | 9
||
This vendor has digitized the top 10000 libraries around the world! And yes,
your very ATMA is going to be now served by this very vendor! Not only are
we going to buy and stock up E-books and audio books we will be in time
able to generate funds to have training videos in this online library.
Each ATMA Member is at this point going to be able to give as much to each
other as each is going to be receiving in course.
The Dream, that is how I have always called it for myself, the establishment
of an E-Library that contains not just research papers and manuscripts but
commercially published good books on subject areas related to us, is now
within reach. Almost there..! Yes! Books on Technical Analysis, Trading
Strategies, Quantitative Finance, Back-testing, Algorithmic Trading,
Investment Psychology, Hedge Funds, Behavioral Finance & lots more!
Even before succeeding at launching ATMA, I have aspired with my blood,
flesh and soul to be able to bring up this concept. In fact, right at the day of
our launch we inaugurated an E-library that contains many decades of
research papers and journals! But the commercially published books could
not be integrated so far and a true professional self-service e-library has
had to wait. With painstaking work some of us scrounged and searched
endless websites, made endless calls liaisioning and networking with some
of the best publishers across the globe trying impressing upon them India is
a safe country and we are as ethical as any other professional enterprise in
any other corner of the world to be allowed to host a digital library of books
| ATMASPHERE
-10
both
e-books as well as audio books.
OCTOBER 2012
ATMASPHERE | 11
had following levels- High = 818.50, Low = 809.10, Close = 811.40. The 10
Camarilla levels that can be calculated at the end of the day are
We have seen in the earlier article (Atmasphere, August 2012) that the
system gives four support and four resistance levels. However, if the
calculations are extended further, then we also get the fifth level on either
side of the stock closing price of yesterday. These levels are above H4 or
Below L5, and decide the breakout level on higher and lower side
respectively. If markets manage to cross the H4 or L4 levels, which are stop
loss levels for short and long positions respectively, then H5 and L5 levels
Now the next day, i.e. on 23th august, Reliance Industries August Futures
opened just below H3, at 813.75. This indicates going short with stop loss
beyond H4 = 816.57. The stock first reached L3, the profit booking level =
808.80. However, the fall continued beyond L5 (801.06) and the stock made
a low of 791, and closed at 797, which is below L5 indicating breakout on the
become active. If these levels are getting crossed, or preferably, if the market
lower side (breakdown). On the next day, 24th August the fall continued and
opens outside these levels, then it indicates upside and downside breakout
respectively. That is, if market opens above H5, go long keeping a stop below
H3 or if it opens below L5, then go short keeping a stop above L3 levels. If
market retraces to H4 or L4 levels, positions should be added with Stop Loss
below H3 or above L3 respectively.
12 | ATMASPHERE
OCTOBER 2012
The actual lowest levels for 24th August were 781.85, which was below L4
would stop out at H4 or L4, still keeping the trader in profits for the day if
(784.90) but above L5 (772.50) for the day, warranting profit booking, which
was any way expected as L3 (791.10) was reached for the day.
In Nifty and Bank Nifty also we get the similar trend on the breakout and if
we check the price moves over the last one month, similar trend is observed.
However, Bank Nifty shows more gap-up-gap down openings and the
positional trades have a lower success rate in Bank Nifty. I have also tried the
system on MCX silver contracts and it works superbly. MCX Gold has shown
relatively lower volatility in the last month and though the system is
applicable successfully to gold as well, the profit levels are relatively low,
mainly due to low volatility in the underlying in this period.
How should one exactly take the positions? On a day calculate the camarilla
levels based on previous days high, low and close. Trader can place six
orders in all-
If we put a glance at the minute chart of RIL (Futures) for the two days, the
2. Buy above H4 for stop loss in short positions created below H3.
Thrice in the last one month, reliance gave breakout signal, twice on up side
and once on lower side, and each of these positions would have been
profitable. Moreover, on almost all the days, levels L3 as well as H3 were
reached and loss booking was rarely observed. Most of the times, the loss
4. Buy at or slightly above L3 for book profit in short created at H3. This
level can be used for creating intraday longs as well.
5. Stop loss at L4 should stock fall after creating long at L3
6. Sell below L5 in the event of breakdown.
If a trader can be present near the trading terminal, then only 2,3,4 and 5 can
or H5 levels) on the same day. This means, the trader would have booked
profit first from H3 to L3 (or vice versa) then taken a counter position, which
OCTOBER 2012
ATMASPHERE | 13
14 | ATMASPHERE
OCTOBER 2012
So many good things to win. Ramki Ramkrishnan, an ATMA trustee has kindly
added five copies of his best-seller E-book, the Five Waves to Financial
Freedom recently for all to win. Kora Reddy has promised to the catalogue
Winning is so important, for all us,
every day. Yet a winning attitude is
ever more important throughout our
lives. How about a win-win. You win,
your fraternity wins and everyone
can win? Well thats exactly what is
happening with the ATMA Social
Rewards...
Competition is good
More so when one is competing in
a win win enterprise such as the
ATMA Social Rewards.
The MyATMA private network on our website is in full swing too. Have you
been not posting things on the groups you have joined there, have you not
been sharing videos or other content on your Facebook type walls, have you
not been inviting friends and using the Personal Messaging feature there....
oh I see, you dont see how the points on MyATMA can be encashed....
OCTOBER 2012
hmmm... that is going to be coming too soon. Keep polishing your social
networking skills on MyATMA and keep accumulating those points, they will
be usable as a very very private and special MyATMA Rewards also start,
Growing Catalogue...
which only our members can participate in. Oh yes, the karma points on the
TESTY BYTES
Below is the trading strategy performance summary, since 1st Jan 2000 till
BY KORA REDDY
Ill consider the prior days closing direction to build few trading strategies
After examining the plain gaps and their strategy performance, in this issue
Strategy 5a: Enter at Open upon a Full Gap Up open and exit at Close, after
the previous days close is up
Trading strategy rules
1)
2)
3)
4)
5)
16 | ATMASPHERE
Max drawdown
Initial Account
Number of years analysed
Percentage winning years
Sharpe Ratio
0.32 T-Test
1.16
52
319
0.11
-0.04
-99.4
-804.82
-31,708
-0.96
Luck Factor
SHORT
-5.97
1.14
9
-16
60.17
22.08
3.76
5.35
-1.91
copyright http://stocksiq.in
OCTOBER 2012
PS: gross profit /loss, net profit is calculated on Sensex points based, whereas
max drawdown is calculated on the assumption of buying 100 units of
Sensex.
Conclusion: the strategy doesnt have a trading edge, as highlighted in bold
by the Outlier adjusted profit factor and other key metrics in a trading
performance summary report.
Strategy 5b: Enter at Open upon a Full Gap Up open and exit at Close, after
the previous days close is down
Trading strategy rules
SHORT
-6,345
0.95
51
43
0.09
-0.02
147.56
-1.27
440.42
-4.24
1.09
7
-15.58
1.59
-17.78
0.12
0.11
-0.48
Copyright http://stocksiq.in
ATMASPHERE | 17
Strategy 6a: Enter at Open upon a Full Gap down Open and exit at Close,
after the previous days close is up
Max drawdown
Initial Account
Below is the trading strategy performance summary, since 1st Jan 2000 till
copyright http://stocksiq.in
performance - SHORT
18 | ATMASPHERE
137.27
1.27
517.44
4.4
0.87
0.94
4
-7.07
22.68
6.2
1.61
2.61
-0.8
Strategy 6b: Enter at Open upon a Full Gap down Open and exit at Close,
SHORT
-4,184
1.42
57
35
0.15
-0.31
Average losing trade
119.53
Average losing trade %
-1.35
Largest losing trade
592.43
Largest losing trade %
-4.46
Continued next page
Below is the trading strategy performance summary, since 1st Jan 2000 till
16th Oct 2012.
OCTOBER 2012
Strategy 7a: Enter at Open upon a Gap Up and exit at Close after the
LONG
-18,234
0.98
51
140
0.07
0.09
-130.24
-1.29
1314.22
-10.27
1.07
6
-25.7
4
-26.83
0.31
0.13
0.67
copyright http://stocksiq.in
opens
gap
up
open
OCTOBER 2012
Open[0]>Close[1]&Open[0]<High[1]
Conclusion: Full gap down openings along with previous trading days
with
SHORT
18,725
1.08
1.04
50
145
0.03
0
129.14
-0.85
Initial Account
Number of years
analysed
Percentage winning
years
Luck Factor
Sharpe Ratio
1.06
Below is the trading strategy performance summary, since 1st Jan 2006 till
21st Sep 2012.
Trading Strategy Performance Summary Report
Trading signal as per
Total net profit
7448.58
strategy
Gross profit
Max consecutive
winners
Max drawdown
507.15
-5.13
-22.01
15.26
-17.11
2.11
Profit factor
1.23
423
216
17.61
Median trade
-6.07
1.46
-0.39
Strategy 7b: Enter at Open upon a Gap Up and exit at Close after the
previous days close is down
Max drawdown
copyright http://stocksiq.in
Initial Account
Open[0]>Close[1]&Open[0]<High[1]
2) Previous trading days close is down , Close[1]<Close[2]
3) Entry at Open price
4) Exit at Close price same day
5) Profitable trading action based on the historical backtest
32,204
SHORT
1.21
51
207
0.09
-0.04
155.57
-1.06
857.66
-4.9
1.12
9
-35.91
74.49
25.12
8.55
4.31
-1.22
performance SHORT
20 | ATMASPHERE
OCTOBER 2012
trading days direction of close do not provide any significant trading edge
Gross profit
Profit factor
Strategy 8a: Enter at Open upon a Gap down and exit at Close after the
previous days close is up
Trading strategy rules
1) Sensex
opens
with
gap
down
open
Open[0]<Close[1]&Open[0]>Low[1]
2) Previous trading days close is up , Close[1]>Close[2]
Max consecutive
winners
Max drawdown
Initial Account
Number of years
analysed
Percentage winning
years
Luck Factor
Sharpe Ratio
copyright http://stocksiq.in
OCTOBER 2012
Given in the next page is the trading strategy performance summary, since 1st
1.49
Median trade
performance SHORT
11,728
28.54
SHORT
1.43
55
92
0.19
-0.11
127.48
-0.88
574.08
-4.44
1.22
5
-9.47
57.66
28.75
6.94
6
-1.91
ATMASPHERE | 21
Strategy 8b: Enter at Open upon a Gap down and exit at Close after the
previous days close is down
Trading strategy rules
1) Sensex
opens
with
gap
up
open
Open[0]<Close[1]&Open[0]>Low[1]
2) Previous trading days close is down , Close[1]<Close[2]
Max consecutive
winners
Max drawdown
Initial Account
performance SHORT
Below is the trading strategy performance summary, since 1st Jan 2006 till
21st Sep 2012.
Trading Strategy Performance Summary Report
Trading signal as per
Total net profit
2484.75
strategy
Gross profit
Profit factor
Total number of trades
Number of winning
trades
Average profit per trade
Median trade
Average winning trade
22 | ATMASPHERE
1.19
Number of years
analysed
Percentage winning
years
Luck Factor
Sharpe Ratio
copyright http://stocksiq.in
-1.43
-878
-5.82
0.83
4
-19.8
24.85
-7.61
3.37
1.46
-0.53
SHORT
12,831
Conclusion: strategy 8a, that is going short at open and covering at close of
1.13
the trading day, after gap down opening when the previous trading days
58
close is up looks better off all the gap trading strategies tested so far, albeit
64
the profit expectation is a mere 0.2, which can cover the impact costs and
0.08
-0.23
176.04 Average losing trade
200.48
Continued on next page
the brokerage costs. Let me present few tweaks by slicing the data with the
aid of moving averages in my next article.
You can also reach me at kora@stocksiq.in with your queries on the trading
strategies presented and for any clarifications that you have.
OCTOBER 2012
Membership Renewal
The Association of Technical Market Analysts always strives to evolve
its member services at all times. We look forward to continuing our
initiatives in the years to come and to serve you as members and
working with you as volunteers. We believe memberships of many of
our members would be due for a renewal.
To renew your membership, you can call the ATMA Office at +91-222272 2862 and renew over the telephone with any of the ATMA Staff
members.
OCTOBER 2012
ATMASPHERE | 23
OCTOBER 2012
with each leg in a different market) are not the only way to find good
tradable spreads.
BY ANDY JORDAN
A technique often used by spread traders is to trade bull or bear spreads.
Futures Spread Trading - How do I find the "right" trades?
A bull spread is a spread in which the long side of the spread is the nearby
In approaching spread trading, many traders are overwhelmed by the
numerous possible spread trades available. Not only can a spread trader
trade one market against another, he can also trade different months of the
contract, and the short side is a more deferred month. Long a December
2012 Corn contract, and short a July 2013 Corn contract would be a typical
bull spread.
same commodity against each other, and even use ratios other than 1:1.
Even if he watches only a handful of commodity markets, he can end up with
A bear spread is simply the opposite: going long the more deferred month,
traders just don't know where to start. In this article I present several ideas
The terminology of bull and bear spreads is derived from the bull and
bull spread is that in a rising market the nearby months will move up more
strongly than the deferred months, and therefore the spread is expected to
move to the up-side. In a bear market, a trader would expect the opposite.
The nearby months are expected to fall faster than the deferred months.
Therefore, a bear spread would be the right choice.
or they use fundamental research from third parties. While charts are used
mainly for the timing of the entry and exit, analyzing the supply and demand
indicating that a drought might move Corn prices higher, a trader decides to
go long Corn, but would like to set up the trading idea with spreads. Because
searching for a market that is supposed to go up, and another related market
the trader is bullish on corn, he can select several combinations: Corn Dec.
2012 - Corn March 2013, or Corn Dec. 2012 - Corn July 2013. Both are bull
make a spread move (in Part II of this series), inter-market spreads (spreads
spreads. Because of better liquidity, he would probably choose the Dec. - July
combination. The chart below shows us the Corn Dec. 2012 - Corn July 2013
OCTOBER 2012
ATMASPHERE | 25
spread in mid-June of 2012. As we can see on the chart, during the past few
We notice the possible support at around 510 (gray line on the chart) as well
as at around -28 and -31 on the spread chart. Motivated by the fundamental
research that Corn might move higher, a trader might want to wait for a
breakout to the up-side before entering the trade. A few days later we had
the following picture:
Above is a chart of the spread. On the same day, December 2012 Corn
outright chart looked as follows:
26 | ATMASPHERE
OCTOBER 2012
Both December 2012 Corn and the spread have broken out to the up-side. It
As we can see, both the bull market trade in corn and the bull spread trade
would have worked out just fine. The question then is why would a trader
OCTOBER 2012
ATMASPHERE | 27
Long 1 Dec. 2012 Corn, short 2 July 2013 Corn, and long 1 Dec. 2013 Corn.
They often combine the different trading months of a market into one spread
mathematics
that reflects more of the demand and supply situation they expect in the
administration
the developer and instructor of the entire mentoring program. You can
reach
http://www.tradingeducators.com
him
at
andy@tradingeducators.com
&
visit
his
website
sideways.
in
to trade a spread instead of making the trade in the outrights. But there are
outrights:
business
future. The ability to do this is just one more reason why a trader may choose
and
In Part IV of this series, we will talk about how to use "seasonality" in spread
trading. While seasonality in the market comes mainly from the supply and
demand cycles of a trading year, I am not sure if I would put seasonality into
the fundamental corner because it is mainly a technical calculation done by
computers. In my opinion, it is somewhere between fundamental and
technical trading.
28 | ATMASPHERE
OCTOBER 2012
Right at the inception this vision was incorporated into the design of our
website. A powerful JOBS-BOARD exists where not only our members can
build their fully visible CVs they can also build additional CVs with
anonymous values in key fields such as name of current employer etc. etc.
All of us must TORTURE TEST this tool, now and as many problems or
errors or deficiencies are found must be noted and written to
webmaster@atma-india.net. Have patience while you critique the
deficiencies! Dont stop at just pointing out what is lacking, but have the
tenacity to stretch your thinking into proposing a solution. Difference
between criticism and leadership is that leaders identify what is missing
and figure out how to fix it! Own ATMA now! Some few of us at the fight
are getting bored of being its solitary owners.
OCTOBER 2012
Those amongst the ATMA membership who have a vision, a strategic string
of thoughts in place, who have had their brush with changing several jobs
and who would know how the inner world of HRM might be working, please
polish your shoes and step forward your best foot!
I have to build on an EMERGENCY basis a POWERFUL, INDEPENDENT &
FUNCTIONAL Career Development Committee
Why cant we host some webinars inviting Social Media Gurus who can teach
ATMA members how to promote themselves in a dignified way on Twitter,
Facebook, LinkedIn, Klout, Google Plus? Why cant we bring in some Partner of
a global recruitment firm to teach our younger ATMA members how to write
good CVs and cover letters and how to network to be on the frontline for
discovering the best jobs?
Go take a look at the Career Development Centre on the website of our parent
organization the http://www.mta.org
I need a team of strong-willed, independent minded mad men and women
who have a solitary goal: beat Sushil Kedia & his early team & create an
admirable Career Development Centre which is at least at par with the MTA
and perhaps way more!!
Get going ATMA! Long way to go and yes the world must yield the place to us
the Technical Analysts that we deserve!
Does ATMA belong to you? If not, who does it belong to?!
Then within the Job-board is a feature for incorporating the profiles of your
companies with a nice write up and logo you can make yourself a featured
employer on this powerful tool that this mad 43 year old man could envision
even at inception when he had no ideas of how a website is built. If I can
stretch my brain and body so far, what stops you mightier younger, energetic
smarter folks to beat me blue and black?
ATMASPHERE | 29
The book begins with the larger age old theme Good times breed laxity,
REVIEW
about bad times. The psychological factor - an upbeat market that leaves the
public unmindful of bad news, whereas in a down market, no one trusts good
REVIEWED BY SOMNATH M
news, has been proved again thru the series of events from 1960s from
1990s.
Levys thought is that market is not efficient, for he says for an astute
investor, the worst situation is an efficient market rather the factors that
unknowns. He justifies his thought thru the Public Utilities Holding Company
companies.
frenzy firms, their explosive growth and corrosive slump gives good insights
At one point, Leon explains the caveat of overreachers. Evil doers start out
of the Wall Street players, their mind and psychology. In many ways the
honestly, but as their companies grew, the markets demanded ever more
1906s were a dress rehearsal for the late 1990s. The explanation of the
events that Leon traversed four decades from 1960s featured the
devaluation of the dollar, the oil embargo, commodity inflation that flared
the better part of the decade (1960 -1970), the rise and fall of junk bonds,
in America.
the great bubble mania of 1990s has made precisely with lively experience.
When investing normally an investor look into what to buy and when to buy,
but beyond that there is an importance of understanding the time frame of
30 | ATMASPHERE
OCTOBER 2012
an investment, Leon crafts with his experience with Milwaukee Road. The
interplay of thoughts and feelings that causes someone to buy or sell at any
particular moment may involve factors far afield from the health of the
company or the state of the market.
When analysts sit down to analyze a stock, sector, or market, however, they
spent most of his time as a partner of Oppenhiemer funds, and then with
tend to look upon markets as rational and efficient. The dangerous outlook
Odyssey Partners. Thru his experience of ups and downs, he highlights the
explained thru the short case study thru the collapse of LCTM (Long Term
Capital Management).
Thoughts of Mind (driven by greed and fear) differ from one generation to
other generation. In each generation the role of psychology in understanding
The change in dynamics from old economies to new economies rather than
the market will have its own uniqueness and may or may not be repeated in
heralding the era, the shift in attitude toward risk exposed a neglected but
the next generation. But knowing how the fore-runners were and how they
hugely important attribute of all markets, past, present and future: the role
of psychology. The shift in attitude toward risk exposed has explained thru
times will definitely a good experience of learning, If you too feel so the same
the Leveraged Buy Out (LBO), its success and failures thru emotions is a good
If human nature makes markets inefficient and moody, and the caribou
factor defeats the most exquisite analysis of financiers, it is natural to ask
how anyone might hope to make money in the markets. Leon answers to his
this question as Why should the market be any more perfect than the very
human emotions and calculations that drive it? Investors overreact, and so
OCTOBER 2012
ATMASPHERE | 31
Soliciting Women
Volunteers:
While a formal new fully
empowered Committee
is being built as Women
in Technical Analysis
you are welcome to join
all other Committees
too!
OCTOBER 2012
FORTHCOMING EVENTS
6th ATMA PUNE MEETING
OCTOBER 2012
ATMASPHERE | 33
th
Analysis
Identifying outperformance
Role of beta
34 | ATMASPHERE
OCTOBER 2012
Mumbai, Maharashtra
Gujarat
Scenes
Technical Indicators
OCTOBER 2012
Self Introduction
Visualization
ATMASPHERE | 35
Attended By:
Level 1 - 42 Candidates
Bengaluru, Karnataka
Level 2 - 40 Candidates
Level 3 - 18 Candidates
Attended by : 40 Participants
Topic of study: Technical Analysis using Candlesticks
36 | ATMASPHERE
OCTOBER 2012
OCTOBER 2012
ATMASPHERE | 37
38 | ATMASPHERE
OCTOBER 2012
ATMASPHERE | 39
40 | ATMASPHERE
OCTOBER 2012