Everything you need to pass Level I of the CMT Program
CMT Level I 2018: An Introduction to Technical Analysis fully prepares you to demonstrate the basic competencies of an entry–level analyst, including a working knowledge of terminology and the ability to discuss key concepts and fundamental analytical tools. Covered topics address theory and history, markets, market indicators, construction, confirmation, cycles, selection and decision, system testing, and statistical analysis. The Level I exam emphasizes trend, chart, and pattern analysis.
This cornerstone guidebook of the Chartered Market Technician® Program will provide every advantage to passing the Level I CMT Exam.
About the CMT Association ix
What Is the CMT® Program? xi
How This Book Was Created xiii
Preface xv
SECTION I Chart Development and Analysis 1
Chapter 1 The Basic Principle of Technical Analysis—The Trend 3
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 2 Dow Theory 15
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 3 History and Construction of Charts 27
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 4 Trends—The Basics 45
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 5 Breakouts, Stops, and Retracements 73
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 6 Moving Averages 95
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 7 Bar Chart Patterns 123
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 8 Short–Term Patterns 156
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 9 Confirmation 198
Charles D. Kirkpatrick II and Julie R. Dahlquist
Chapter 10 Candlestick Charting Essentials 240
Steve Nison
Chapter 11 Point–and–Figure Charting 250
Perry J. Kaufman
Chapter 12 Introduction to the Wave Principle 276
Wayne Gorman, Jeffrey Kennedy, and Robert R. Prechter, Jr.
Chapter 13 The Anatomy of E lliott Wave Trading 294
Wayne Gorman, Jeffrey Kennedy, and Robert R. Prechter, Jr.
SECTION II Markets 309
Chapter 14 Overview 311
David Wilson
Chapter 15 Government 320
David Wilson
Chapter 16 Companies 344
David Wilson
Chapter 17 Hard Assets 370
David Wilson
Chapter 18 Indexes 386
David Wilson
Chapter 19 Measuring Market Strength 394
Charles D. Kirkpatrick II and Julie R. Dahlquist
CHAPTER 20 What Is the Efficient Market Hypothesis? 427
Edwin T. Burton and Sunit N. Shah
Chapter 21 The EMH and the“Market Model” 435
Edwin T. Burton and Sunit N. Shah
Chapter 22 The Forerunners to Behavioral Finance 443
Edwin T. Burton and Sunit N. Shah
Chapter 23 Noise Traders and the Law of One Price 448
Edwin T. Burton and Sunit N. Shah
Chapter 24 Noise Traders as Technical Traders 456
Edwin T. Burton and Sunit N. Shah
Chapter 25 Option Pricing Basics 466
Edwin J. Elton, Martin J. Gruber, Stephen J. Brown, and William N. Goetzmann
SECTION III Statistical Analysis and System Development 477
Chapter 26 Objective Rules and Their Evaluation 479
David Aronson
Chapter 27 Basic Concepts and Calculations 494
Perry J. Kaufman
Chapter 28 Academic Approaches to Technical Analysis 507
Andrew W. Lo and Jasmina Hasanhodzic
Chapter 29 Understanding Implied Volatility 521
Russell Rhoads
Chapter 30 About the VIX Index 533
Russell Rhoads
SECTION IV Introduction to the Tools for Building Technical Investing Strategies 547
Chapter 31 Being Right or Making Money 549
Ned Davis
Chapter 32 The Model]Building Process 579
Ned Davis
Chapter 33 Seasonality and Calendar Patterns 594
Perry J. Kaufman
Chapter 34 Consensus and Commitment Indicators 606
Dr. Alexander Elder
Chapter 35 Relative Strength as a Criterion for Investment Selection 613
Robert A. Levy
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