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Technical Analysis and Inter-Market Trading
 
Objectives

The course is designed to provide a comprehensive overview of the essential concepts and techniques of Technical Analysis as practised today by many fund managers, asset allocation strategists and traders in the capital markets. Of particular focus in the course will be the increasing importance of inter-market technical and quantitative analytical tools. Rather than taking specific securities and considering their valuations and expected returns in isolation, the emphasis will be much more on the inter-connection of items from different asset classes.


Target Audience

The course is designed for persons who have a background in the fundamentals of technical analysis. It will provide a supplementary set of skills and techniques for those seeking greater understanding of underlying market dynamics and trading strategies. For those with no background and who would like to attend there is a comprehensive primer document (provided on registration to all candidates) which explains the foundations of technical analysis and introduces the basic concepts, terminology and methods which will be examined at a more advanced level in the course. However, the course will assume this knowledge at its start.


Length and Structure of the Course

The course covers two days of lectures which will feature many specific examples and case studies. Each day will consist of four separate ninety minute sessions with coffee breaks in the morning and afternoon with a lunch break in the middle. There is no formal examination for the course but candidates will receive a certificate of attendance.


Course Tutor

Clive Corcoran
Clive is an FSA Registered Investment Adviser and currently advises private clients on how to practise long/short market neutral strategies. As an author he has written Long/Short Market Dynamics: Trading Strategies for Today’s Markets which was published by Wiley in 2007 and his articles have appeared in Traders’ Magazine and Active Trader. In recent years he has been a frequent contributor to CNBC’s European Closing Bell and has also been a speaker at international trading expos and workshops. Currently Clive is writing a new book focused on examining limitations in current macroeconomic theory, especially relating to market liquidity, and how insights from technical analysis and other disciplines can contribute to a better understanding of systemic financial risk.

Click the following links to see Clive Corcoran speaking to Reuters Insider about the Aussie Dollar Yen relationship with other asset classes, about the Currency War or about the Eurozone Rescue Plan.







Course Outline
Session 1 Contents
The rationale for studying Technical Analysis (TA) • Contrast between fundamental analysis and technical analysis
• How does TA fit with the Efficient Markets Hypothesis?
• Synopsis of historical TA literature – Dow, Elliot, Gann, Wilder
• Growing significance of macro asset allocation strategies using TA
Session 2 Contents
Fundamentals of Charting and Pattern Analysis • Charting as foundation of TA
• Principal chart types: candlestick charts, point & figure and Ichimoku charts
• Effective chart patterns and how to trade them profitably
• Chart analysis of FX, global stock indices and US Treasury bond market
Session 3 Contents
Trends and Moving Averages • Moving averages as foundation of trend analysis
• Trend channels, support/resistance, pivots
• Trend violations, inflection points, false breakouts and non-confirmations
• Gaps, congestion and breakaway patterns
Session 4 Contents
Volume, Money Flow and Momentum • Momentum indicators and oscillators
• Money Flow Index (MFI) and Moving Average Convergence and Divergences (MACD)
• How momentum interpretation is used in trading strategies
• Consequences of MTF's, dark pools and HFT algorithms to volume analysis
Session 5 Contents
Technical divergences & market dissonance • Divergences between price and volume, price and momentum etc.
• Reversal patterns and major inflection points - how to identify/anticipate them.
• Markets as a collective mind which can exhibit dissonant behaviour
• Anticipating how far corrections and breakouts will go.
Session 6 Contents
Volatility, Liquidity and Correlations • Different ways of measuring volatility
• Heightened sector and asset class correlations associated with increased volatility
• Volatility clustering,  limits of normal distribution analysis to time series data
• Interpreting the CBOE Volatility Index (VIX)
Session 7 Contents
Elliott Wave Theory, Cycles and Miscellaneous Indicators • Explanation of the basics of Elliot Wave theory – wave "personalities"
• Market cycles - amplitude, length, phase etc.
• Fibonacci ratios and price targets
• Case studies of fibonacci retracements
Session 8 Contents
Inter-market Analysis • Systemic liquidity conditions and financial contagion.
• Co-movements of different asset classes –sector rotation, correlation strategies
• Overview of some technically driven "quant" models.
• Large scale macro trading patterns involving switches between risk appetite and risk aversion





Details of the next seminarThomson Reuters

London

TBC

Venue:
Thomson Reuters
30 South Colonnade
Canary Wharf
London E14 5EP
United Kingdom

Please email education@icmagroup.org to register your interest to attend our next publicly scheduled course

This is an ICMA Executive Education course hosted by Thomson Reuters.  Thomson Reuters is the leading source of intelligent information for the world’s businesses and professionals.


Costs

 
The cost will be £1,250.00 for ICMA Members and £1,650.00 for non-members.
 
The following discount scale is offered:
2-4 candidates – 5% discount each*
5+ candidates – 10% discount each*

*Please note that discounts are applied by way of a refund to the organisation when registration has closed and the final number of candidates from the firm has been determined.

Payment can be made by secure online credit card or by invoice. Please note that the BACS invoice method has an additional £50 admin fee.


Note that anyone requiring accommodation to take the course will be required to arrange this on their own; it is a class-based but non-residential course.
 
 
For more information
 
This course is also available on a group booking basis.

Should you have any queries about this seminar please contact David Senior on +44 20 7213 0329 or e-mail: education@icmagroup.org
 
 
Akin Adigun

Organisation: CSL Stockbrokers
Job title: Equity Trader / Research Analyst

Describe what you do on a day to day basis in your job:
I am a capital market analyst and equity trader.  I write and communicate research reports to clients, provide analysis of Nigerian capital market activities and also execute trades for institutional clients (mostly offshore fund managers and brokers).

Reasons for taking the course:

I attended the course in order to improve on my existing knowledge of fundamental analysis of equities and complement it with technical analysis.

Benefits of taking this course:
This course has given me a broader understanding of price movements of equities.  I can now attempt to predict price directions with some measure of confidence, using knowledge gained from the course.  I particularly intend to adapt Ichimoku charts and the Elliot Wave Theory to the Nigerian market.  Attending the course was a worthwhile experience and the facilitator, Clive Corcoran, knows his subject very well.








 
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