Aprenda a invertir en la Bolsa de Valores

1. TD AMERITRADE
Technical Analysis Night School
Week 1
Hosted By Derek Moore
Director, National Education
For the audio portion of today’s webcast, please enable your computer
speakers.
Past performance of a security does not guarantee future results or success. Content is provided for illustrative and
educational use only and is not a recommendation or solicitation to purchase any specific security.
TD AMERITRADE is not responsible for information, opinions or services provided by third parties.
TD AMERITRADE, Division of TD AMERITRADE, Inc., member FINRA/SIPC. TD AMERITRADE is a trademark jointly owned by
TD AMERITRADE IP Company, Inc. and The Toronto-Dominion Bank. © 2008 TD AMERITRADE IP Company, Inc. All rights reserved.
Used with permission.

2. Important Information
Past performance does not guarantee future results or success.
Short sales: The risk of loss on a short sale is potentially unlimited since there is no limit
to the price increase of a security. There is no guarantee the brokerage firm can
continue to maintain a short position for an unlimited time period. Your position may be
closed out by the firm without regard to your profit or loss. Short sales can only be made
in a margin account.
Margin trading increases risk of loss and includes the possibility of a forced sale if
account equity drops below required levels. Margin is not available in all account types.
Carefully review the Margin Handbook and Margin Disclosure Document for more
details. Please see our Web site or contact TD AMERITRADE at 800-669-3900 for
copies of these documents.
Examples presented today use actual securities and prices. They are for
educational and illustrative purposes only and should not be considered
endorsements, solicitations, or recommendations to buy or sell these securities.
For simplicity, examples ignore dividends and transaction costs (commissions). Both are
important factors should be considered when evaluating any potential trade.

3. Important Information
StrategyDesk is a trademark of TD AMERITRADE IP Company, Inc. Used
with permission.
Subscription fees apply to NASDAQ Level II access. Access to real-time
data is subject to acceptance of the exchange agreements. Professional
access and fees differ. For details, see our Professional Rates and Fees.
Backtesting is the evaluation of a particular trading strategy using historical
data. Results presented are hypothetical, they did not actually occur and
they may not take into consideration all transaction fees or taxes you would
incur in an actual transaction. And just as past performance of a security
does not guarantee future results, past performance of a strategy does not
guarantee the strategy will be successful in the future. Results could vary
significantly, and losses could result.
In order for a programmed trade to be automatically entered when the
conditions you set are met, your computer must be on and StrategyDesk
must be running. You are responsible for all orders entered in your account
when a program trade you set is activated. Please make sure you keep
sufficient funds or positions in your account to support program trades.

4. Derek Moore
• The host of the Market and Option Huddle Webcasts,
has shared his knowledge of risk management, technical
analysis, options trading and other subjects for more
than a decade. The founder of TD AMERITRADE's
national seminar series, Derek has created and
delivered workshops that have helped investors across
the country gain confidence in their trading.
• Derek is considered an expert in his field and has served
as a featured contributor for both local and national
media outlets. He is also the primary source for the
Technical Advantage column in TD AMERITRADE's
Enlightened Investor Newsletter.

5. Accessing StrategyDesk Platform
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

6. The EMOTION of trading
Enter Position, hoping stock goes higher, NO EXIT Strategy
This is called ‘letting your loss WISH we sold higher
run’ and it is usually not a
formula for profit!
HOPE we get back to breakeven
PRAY we get back to breakeven
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

7. Trading Emotion – Have we ever cut our profit short?
The best results will generally come from
cutting your losses short and letting your
winners run
Sell?
Buy
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

8. The Foundation of Technical Analysis
• Technical analysis disregards the fundamentals of a stock or industry,
believing that those facts are reflected in actual price history, and that the
market price discounts all relevant information
• The central task is to identify the current trend and assess whether a trend
will continue or reverse
• The technician focuses on price and volume information for clues about the
continuation or reversal of the trend
A stock’s price can be impacted by a variety of factors such as overall market
conditions, company earnings and news, or economic and political events. It is
therefore important to stay informed of such developments!

9. Trading Questions
• How will I determine when to enter a position?
• _____________________________________
• How will I determine when to exit a position?
• _____________________________________
• How will I determine my position size?
• _____________________________________
• How will I manage risk within each position?
• ______________________________________

10. Chart Types “Wicks” represent actual
high/low
Bar Chart Candlestick Charts
WHITE BODY Close
Open
Marks Note Open
RED BODY Open
Close
High Low Close
Each Bar/Candle represents price for
the period of study. 1 Bar or Candle
on a daily chart represents 1 day.
Weekly Charts, 1 week. 60-Minute
Charts, 1 60-Minute period.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

11. Trendlines
Uptrends see Higher Highs and Higher Lows
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

12. Trendlines
Until they are “violated”
Trends are in place
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

13. Channels
Price Oscillates between an
upper and lower trend “channel”
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

14. Range Bound Periods
Price in a trading range
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

15. Support and Resistance
Resistance
Support
Bearish: Violates Support
Areas where price has trouble
breaking through on the upside and
seems to find a net on the downside.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

16. Multiple Trend Lines As Support-Resistance
Violates 2nd Trend Line:
Negative
Trend Lines Can Act As
Support and Resistance
Trend Accelerates Forming 2nd
Steeper Trend Line.
Holds Primary Trend Line:
Positive
Primary Trend Line
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

17. Support and Resistance Continued
Bullish: Breaks Through
Resistance Area
Role Reversal. Resistance
Now Support
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

18. Moving Averages
• Moving averages can be used to smooth a jagged price history in order to
see a trend more easily
– A rising moving average defines an uptrend and a falling moving average defines
a downtrend
• When a stock crosses the moving average it may imply a potential trend
change
– Stocks trading above the moving average are considered bullish
– Stocks trading below the moving average are considered bearish
• The length of the moving average should be chosen based on the trading
timeframe of each trader
– Common moving averages are 10-period, 20-period, 50-period and 200-period
• Moving averages are considered by technicians to be potentially lagging
indicators

19. Moving Averages (MA) 50 DAY MA
Price Breaks Above MA
Simple Moving Average- Add up all closing
prices then divide by the # of periods
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

20. Moving Averages Continued
Some use multiple moving averages. Here the
Blue Line represents the 20 period MA while
the red line represents the 50 period MA.
The shorter MA crossing
above the longer may hint at
a bullish period.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

21. Moving Averages Continued
Price Breaks Below
Moving Average Lines
Bearish Cross of Shorter
MA below Longer MA
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

22. “In Trading, You Win By Not
Losing.”
-- Dr. Charles B. Schaap
From “ADXcellence; Power Trend Strategies”

23. Controlling Losses with Stop Orders
• Traders sometimes use stop orders to cut losses by picking a point to sell
should the market pull back or ‘retrace’
• A sell-stop order is placed below the current market price
• If the stock trades at the stop price, or lower, a market order to sell will be
entered
• An alternative is to use a stop-limit order in which case a limit order is
entered if the stop price is penetrated
Note: A trailing-stop or stop order will not guarantee an execution at or near the activation price. Once activated, they
compete with other incoming market orders. With a stop-limit order, however, you risk missing the market altogether.
In a fast-moving market, it might be impossible to execute an order at the stop-limit price or better, so you might not
have the protection you sought.

24. Exit Strategy: Stop Loss Orders
Example: Trader places stop order below
support at $43.75. When Price drops to
that level or lower, market order to sell
entered.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

25. Selecting a Stop Point
• Stop orders can be entered in dollar amounts. Trailing-Stops can be entered in a
dollar amount or a percentage. Consider how much are you willing to risk on the
trade?
• Traders may decide to limit the number of points on the downside by picking a
specific exit price
• Technical indicators such as support, resistance or moving averages may help
provide potential exit points
• Understand the volatility of the investment you are trading
• If your exit point risks more capital than your comfort level allows, consider reducing
the position size or seeking an alternative investment
A trailing stop or stop loss order will not guarantee an execution at or near the activation price. Once activated,
they compete with other incoming market orders.
With a stop limit order, however, you risk missing the market altogether. In a fast-moving market, it might be
impossible to execute an order at the stop-limit price or better, so you might not have the protection you sought.

26. Average True Range (ATR) Stops
• Average True Range (ATR) is a non directional oscillator that
measures volatility.
• Stocks with greater trading ranges show higher ATR readings.
• Some traders using ATR to aid in determining proper stop
placement may multiply ATR x 2 or more depending on risk
threshold.
• For example: XYZ @ 40 with current ATR=2. To calculate a stop of
2 x ATR, (Current ATR x 2) – Stock Price= Exit Price.
• While ATR may reflect a current trading range, volatility can expand
or contract. If volatility is greater than your trading plan allows,
consider alternate securities.
For illustrative purposes only. Not a recommendation. Past performance no indication of future results or success.

27. Average True Range (ATR)
For illustrative purposes only. Not a recommendation. Past performance no indication of future results or success.

28. Protecting Profits with Trailing Stops
• A trailing stop is a stop order with an activation price that adjusts as the
stock moves in a particular direction
– For sells, the activation price is adjusted when the stock price moves up
– For ‘buys-to-cover’ the activation price is adjusted when the stock price
moves down
• This allows a potentially profitable trade to increase while possibly helping
to protect any gain from a sharp pullback
Note: A trailing-stop order will not guarantee an execution at or near the activated trailing-stop
price. Once activated, they compete with other incoming market orders.

29. Exit Strategy: Trailing Stop Example
Stock Hits $41.25
Stock Hits $41.25
Stock Hits $38.39
Stock Hits $38.39
Stop Raised to $37.75
Stop Raised to $37.75
Stock Hits $34.55
Stock Hits $34.55
Stop Raised to $34.89
Stop Raised to $34.89
Stock Hits $29.81
Stock Hits $29.81
Stop Raised to $31.05
Stop Raised to $31.05
Bought stock at $26
Bought stock at $26
Stop Raised to $26.31
Stop Raised to $26.31
Initial $3.50 trailing stop placed at $22.50
Initial $3.50 trailing stop placed at $22.50
Note: A trailing-stop order will not guarantee an execution at or near the activated trailing-stop
price. Once activated, they compete with other incoming market orders.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

30. Trailing Stops Example Continued
Stop price penetrated and
Stop price penetrated and
market order entered. Assuming trade at
Assuming trade at
market order entered.
approximately $37.75,
approximately $37.75,
gives aaprofit on trade of
gives profit on trade of
$11.75 per share (not
$11.75 per share (not
including commissions
including commissions
and fees).
and fees).
Note: A trailing-stop order will not guarantee an execution at or near the activated trailing-stop
price. Once activated, they compete with other incoming market orders.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

31. Entering Trailing Stops and Stops
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

32. Order Status
The Activation Price on a
Trailing Stop Sell will update
when the stock price moves
higher. The Activation Price is
the price you choose to trigger
the entry of a market sell order
into your account.
Note: A trailing-stop order will not guarantee an execution at or near the activated trailing-stop
price. Once activated, they compete with other incoming market orders.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

33. “Being wrong isn’t a choice,
but staying wrong is.”
-- Mark Minervini
From “Stock Market Wizards” by Jack D. Schwager

34. Go to Research & Ideas, Choose Ideas, then Webcasts on left.
Choose Webcasts
Content is provided for illustrative and educational use only . TD AMERITRADE is not responsible for information, opinions or services provided by third parties.

35. Contact Us
Call: 1-866-628-7223
Email: educationalsupport@tdameritrade.com
Past performance does not guarantee future results or success.
Content is provided for illustrative and educational use only and is not a
recommendation or solicitation to purchase any specific security.

36. Practice Charts
Blank Practice Charts
• You have 4 blank practice charts to apply what we’ve
learned today.
• Instructor Notes and Hints on final 4 charts.
• Technicians use a variety of methods. Develop your
own strategies.
• What did you see?

37. Practice Charts - Trendlines
Draw the trend line. Where does it
violate the trend line?
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

38. Practice Charts – Moving Averages
Where does price
Cross into positive or
negative areas? Circle
those areas.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

39. Practice Charts. Support and Resistance
Draw where support and resistance lines
were on this chart. Circle where it violated
support. Would that have been a good
area to have a protective stop order in?
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

40. Practice Charts – Practical Application
What and Where are the trend
lines? Exit or Entry areas? How can
we manage risk?
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

41. Teachers Notes
Teachers Notes
• Looking at charts provides a way to visually interpret
price data.
• “Marking Up” chart print outs is an excellent way to
put your skills to work.
• Technical Analysis is a vast topic. Many technicians
continue to practice.
• Join us for Weeks 2, 3, and 4.

42. Practice Charts - Trendlines
Draw the trend line. Where does it
violate the trend line?
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

43. Practice Charts – Moving Averages
Where does price
Cross into positive or
negative areas? Circle
those areas.
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

44. Practice Charts. Support and Resistance
Draw where support and resistance lines
where on this chart. Circle where it
violated support. Would that have been a
good area to have a protective stop order
in?
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

45. Practice Charts – Practical Application
Exit
Area?
Are there any Entry
Points? What is the
trend?
New Trend?
For illustrative purposes only. Not a recommendation. Past Performance no indication of future results or success.

46. Important Information
Past performance does not guarantee future results or success.
Short sales: The risk of loss on a short sale is potentially unlimited since there is no limit
to the price increase of a security. There is no guarantee the brokerage firm can
continue to maintain a short position for an unlimited time period. Your position may be
closed out by the firm without regard to your profit or loss. Short sales can only be made
in a margin account.
Margin trading increases risk of loss and includes the possibility of a forced sale if
account equity drops below required levels. Margin is not available in all account types.
Carefully review the Margin Handbook and Margin Disclosure Document for more
details. Please see our Web site or contact TD AMERITRADE at 800-669-3900 for
copies of these documents.
Examples presented today use actual securities and prices. They are for
educational and illustrative purposes only and should not be considered
endorsements, solicitations, or recommendations to buy or sell these securities.
For simplicity, examples ignore dividends and transaction costs (commissions). Both are
important factors should be considered when evaluating any potential trade.

47. Important Information
StrategyDesk is a trademark of TD AMERITRADE IP Company, Inc. Used
with permission.
Subscription fees apply to NASDAQ Level II access. Access to real-time
data is subject to acceptance of the exchange agreements. Professional
access and fees differ. For details, see our Professional Rates and Fees.
Backtesting is the evaluation of a particular trading strategy using historical
data. Results presented are hypothetical, they did not actually occur and
they may not take into consideration all transaction fees or taxes you would
incur in an actual transaction. And just as past performance of a security
does not guarantee future results, past performance of a strategy does not
guarantee the strategy will be successful in the future. Results could vary
significantly, and losses could result.
In order for a programmed trade to be automatically entered when the
conditions you set are met, your computer must be on and StrategyDesk
must be running. You are responsible for all orders entered in your account
when a program trade you set is activated. Please make sure you keep
sufficient funds or positions in your account to support program trades.