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EIIE ?ANIOAEEEAINEAss AEAAeAIEss

AINOAeA?NOAAIIIE NEOAEAU E OI?AAEAIEss I?E

AEAAA ?ANIOAEEEE EIIE

Naieo – Iaoa?ao?aneee oieaa?neoao yeiiiieee e oeiainia

AUNOAss YEIIIIE*ANEAss OEIEA

Niaoeeaeueiinoue 06.11.00 “Iaiaaeaeiaio”

Niaoeeaeecaoeey “Oeiainiaue iaiaaeaeiaio”

Oi?aaeaiea ii?ooaeai oeaiiuo aoiaa

AeEIEIIIAss ?AAIOA

Iao/iue ?oeiaiaeeoaeue

e.y.i., aeioeaio ______________

_____________________________

Iiaeienue nooaeaioa

_____________________________

Aeaoa _________________________

NIAeA?AEAIEA

Aaaaeaiea

3

Aeaaa 1. Eiaanoeoeeiiiay aeayoaeueiinoue ia ?uiea oeaiiuo aoiaa 5

1.1. Eiaanoeoeee a ?uii/iua oeaiiua aoiaae 5

1.2. Iiaeaee ii?ooaeueiiai eiaanoe?iaaiey 6

1.3. Oeiu ii?ooaeae 8

1.4. Ooiaeaiaioaeueiue aiaeec 14

1.5. Oaoie/aneee aiaeec 16

1.6. Niiinoaaeaiea oaoie/aneiai e ooiaeaiaioaeueiiai aiaeeca 17

Aeaaa 2. Oaoie/aneee aiaeec 19

2.1. ?aciiaeaeiinoe iaoiaeia oaoie/aneiai aiaeeca 19

2.2. Eeanneoeeaoeey iaoiaeia oaoie/aneiai aiaeeca 21

2.3. Oaiaeaioeey e a? iniiaiua oa?aeoa?enoeee 21

2.4. Iiaeaee ia?aeiia 23

2.5. Iiaeaee i?iaeieaeaiey oaiaeaioeee 24

2.6. ssiiineea naa/e (Japanese Candlesticks Charting) 26

2.7. Iaoiae neieuecyueo n?aaeieo 36

2.8. Inoeeeeyoi?u 37

Aeaaa 3. I?aeoe/aneia i?eiaiaiea iaoiaeia oaoie/aneiai aiaeeca i?e
oi?aaeaiee ii?ooaeai oeaiiuo aoiaa 41

3.1. Oi?ie?iaaiea ii?ooaey oeaiiuo aoiaa 41

3.2. I?eia?u i?eiyoey ?aoaiey iieoiee-i?iaeaaee oeaiiuo aoiaa 42

Caeeth/aiea

46

Nienie eniieueciaaiiie eeoa?aoo?u 51

Aaaaeaiea

Niiniaiinoue i?aaei?eyoee aeaei eniieueciaaoue ?uii/ioth neooaoeeth e
ia?u ?aaoee?iaaiey eiatho aaaeiaeoaa cia/aiea a iiauoaiee yooaeoeaiinoe
i?iecaiaenoaa a oneiaeyo ?uii/iie yeiiiieee. ?oeiaiaenoai i?aaei?eyoey
aeieaeii no?aieoueny e iaeaieaa iioeiaeueiiio eniieueciaaieth naiaiaeiuo
oeiainiauo ?ano?nia, eioi?ia iicaieeei au i?aaei?eyoeth iieo/eoue
iaeneiaeueioth i?eaueue.

Oeaiiua aoiaae – iaiaoiaeeiue ao?eaoo ?acaeoey ?uii/iiai iai?ioa.
Yooaeoeaiia oi?aaeaiea aeaeaeaieai eaieoaea a ?aieao oe?iu i?aaeiieaaaao
aeiaeaiea a?aiaiii naiaiaeiuo n?aaenoa a oeaiiua aoiaae aeey ecaea/aiey
aeiiieieoaeueiie i?eauee io ?inoa eo?niaie noieiinoe oeaiiie aoiaae.
Aaconeiaii, a ianoiyuaa a?aiy, aeiaeaiey aeaiaaeiuo n?aaenoa a
?inneeneea oeaiiua aoiaae yaeythony aeinoaoi/ii ?eneiaaiiui niiniaii
i?e?auaiey eaieoaea, a nayce n ia?acaeoinoueth oiiaeiaiai ?uiea ?innee,
eioi?ue oa?aeoa?ecoaony:

iaonoie/eainoueth, caaenyuee a aeinoaoi/ii aieueoie noaiaie ia io
yeiiiie/aneeo iieacaoaeae ?inneeneeo yieoaioia, a iieeoe/aneie neooaoeee
a no?aia;

ionoonoaeai iieiie caeiiiaeaoaeueiie aacu, ?aaoee?othuae ?uiie oeaiiuo
aoiaa, eioi?ay, iaiaoiaeeii ioiaoeoue, iiyaeyaony;

iaeeeaeaeiinoueth aieueoeinoaa oeaiiuo aoiaa ?inneeneeo yieoaioia;

aieueoei ni?yaeii (?acieoeae iaaeaeo oeaiie iieoiee e oeaiie i?iaeaaee);

ionoonoaeai ia ?uiea ioe?uoie eioi?iaoeee i i?iecaiaenoaaiiuo
?acoeueoaoao i?aaei?eyoee, /uee aeoeee ia?auathony ia aoi?e/iii ?uiea.

Iiiaieaoiyy noaoenoe/aneay aaca ii eaaeaeiio ec eioa?anothueo yieoaioia
e oe?ieay auai?ea iauaeoia eiaanoe?iaaiey, ioaa/athueo oeiiaui
o?aaiaaieyi, – aeaa iaiaoiaeeiuo oneiaey aeey nicaeaiey eeanne/aneiai
ii?ooaey. Ia?eiae oeeaeeeciaaiiiai ooieoeeiie?iaaiey ?inneeneiai
oiiaeiaiai ?uiea nouanoaoao /ooue aieueoa aeaoo eao, aea e eiee/anoai
aeaenoaeoaeueii eeeaeaeiuo ei?ii?aoeaiuo oeaiiuo aoiaa iiea ia iicaieyao
iiaeaee?iaaoue i?eioeeieaeueii ?acee/athueany aa?eaiou ii?ooaey.

Oai ia iaiaa ii?ooaeueiue iiaeoiae e oi?aaeaieth eiaanoeoeeyie oaea
naaiaeiy oeaeaniia?acai.

Nouanoaotho ?acee/iua oai?ee ii?ooaeueiiai eiaanoe?iaaiey.

Oeaeue aeaiiie ?aaiou – iieacaoue aiciiaeiinoue oi?aaeaiey ii?ooaeai
oeaiiuo aoiaa n iiiiuueth oaoie/aneiai aiaeeca.

A niioaaonoaee n iinoaaeaiiie oeaeueth a ?aaioa ?anniio?aiu iniiaiua
iaoiaeu oaoie/aneiai aiaeeca, i?eiaiyaiua ioaeaeii oeaiiuo aoiaa
i?aaei?eyoey i?e oi?aaeaiee ii?ooaeai oeaiiuo aoiaa:

Iaoiae yiiineeo naa/ (Japanese Candlesticks Charting).

Iaoiae “Neieuecyueo n?aaeieo” (Moving Averege).

Inoeeeeyoi? Eiaeaen Ioiineoaeueiie Neeu (Relative Strength Index).

A ianoiyuae ?aaioa iienuaathony ?aciiaeaeiinoe iaoiaeia oaoie/aneiai
aiaeeca, eo eeanneoeeaoeey, iniiaiua oa?ieiu.

?anniao?eaaaiue niinia oi?aaeaiey ii?ooaeai oeaiiuo aoiaa iaoiaeii
oaoie/aneiai aiaeeca iieacuaaao, /oi ii yaeyaony iaeiei ec naiuo
iaaeyaeiuo e i?e oiaeie eioa?i?aoaoeee eiaeeeaoi?ia e a?aoeeia,
iino?iaiiuo ia noaoenoe/aneie aaca, iiiiaaao i?eieiaoue i?aaeeueiia
?aoaiea a iieoiea-i?iaeaaea oeaiiuo aoiaa.

Aeaaa 1. Eiaanoeoeeiiiay aeayoaeueiinoue ia ?uiea oeaiiuo aoiaa

1.1. Eiaanoeoeee a ?uii/iua oeaiiua aoiaae

Ecauoi/iay iaee/iinoue, o.a. iau?i iaee/iuo n?aaenoa oe?iu, i?aauoathuay
iaeioi?ue caieaie?iaaiiue o?iaaiue, iaiaoiaeeiuo aeey niaa?oaiey naeaeie
eee iiaeaea?aeaiey eiiiainaoeeiiiuo inoaoeia, eiaanoe?othony a ?uii/iua
oeaiiua aoiaae.

?aoaiea ia eiaanoe?iaaiee ecauoea iaee/iinoe a ?uii/iua oeaiiua aoiaae
aeeth/aao a naay ia oieueei ii?aaeaeaiea iau?ia eiaanoeoeee, ii e oeia
oeaiiie aoiaae – iauaeoa eiaanoeoeee. A eaeie-oi noaiaie yoe 2
eiiiiiaioa ?aoaiey acaeiicaaeneiu. Iaa iie aeieaeiu auoue iniiaaiu ia
ioeaiea iaeeaeaaiuo /enouo iioieia iaee/iinoe e aeiee iaii?aaeae?iiinoe,
naycaiiie n yoeie iioieaie. Anee aoaeouea iioiee iaee/iinoe ecaanoiu n
aeinoaoi/iie noaiaiueth ii?aaeaeaiiinoe, a e?eaay aeioiaeiinoe
aic?anoaao, o.a. aeieain?i/iua oeaiiua aoiaae eiatho aieaa aunieoth
aeioiaeiinoue, /ai e?aoein?i/iua, oi o eiiiaiee iiaeao aicieeiooue
no?aieaiea i?aaieciaaoue naie ii?ooaeue oaeei ia?acii, /oiau n?ie
iiaaoaiey oeaiiuo aoiaa i?eia?ii niioaaonoaiaae oiio iiiaioo, eiaaea
iiiaaeiayony aeaiaaeiua n?aaenoaa. Iiaeaeue iioiea iaee/iinoe
i?aaeinoaaeyao oe?ia aieueoea aiciiaeiinoe a ieaia iaeneiecaoeee
n?aaeiae aeioiaeiinoe anaai ii?ooaey, oae eae aa?iyoiinoue iaiaeeaeaiiie
i?iaeaaee cia/eoaeueiiai eiee/anoaa oeaiiuo aoiaa iaaaeeea.

Eeth/aaui oaeoi?ii yaeyaony noaiaiue oi/iinoe i?aaeneacaiee iioieia
iaee/iinoe. Anee oi/iinoue auniea, iaeaieaa aaaeiie oa?aeoa?enoeeie
noaiiaeony n?ie iiaaoaiey oeaiiuo aoiaa. Anee aoaeouea iioiee iaee/iinoe
oe?iu niaa?oaiii iai?aaeneacoaiu, oi naiua aaaeiua oa?aeoa?enoeee
oeaiiie aoiaae – yoi noaiaiue aa eeeaeaeiinoe e ?ene a ioiioaiee
eieaaaiee a? ?uii/iie noieiinoe. Eiaanoe?oy n?aaenoaa a aeieain?i/iua
iaiaa eeeaeaeiua oeaiiua aoiaae n aieaa aunieei ?eneii iaauiieiaiey
iaycaoaeuenoa, iiaeii iaeiaei, aeinoe/ue aieaa aunieie aeioiaeiinoe
aeiaeaiee. E?iia ?enea e iaaeinoaoea eeeaeaeiinoe, aoaeoo eiaoue ianoi
o?ainaeoeeiiiua ecaea?aeee, nie?auathuea /enooth au?o/eo. Oaeei ia?acii
oe?ia noaeeeaaaony n oaea ciaeiiie i?iaeaiie auai?a iaaeaeo ?eneii e
i?eaueueiinoueth.

*ai aieueoa iau?i ii?ooaey oeaiiuo aoiaa, oai aieueoa aiciiaeiinoae aeey
niaoeeaeecaoeee e yeiiiiee ia cao?aoao o?oaea ii aai ianeoaeeaaieth [7,
n. 41].

1.2. Iiaeaee ii?ooaeueiiai eiaanoe?iaaiey

Caieiaynue eiaanoeoeeyie, iaiaoiaeeii au?aaioaoue ii?aaeaeaiioth
iieeoeeo naieo aeaenoaee e ii?aaeaeeoue:

iniiaiua oeaee eiaanoe?iaaiey (no?aoaae/aneee eee ii?ooaeueiue aai
oa?aeoa?);

ninoaa eiaanoeoeeiiiiai ii?ooaey, i?eaieaiua aeaeu oeaiiuo aoiaa;

ea/anoai aoiaae, aeeaa?neoeeaoeeth ii?ooaey e o.ae.

Iiae eiaanoeoeeiiiui ii?ooaeai iiieiaaony iaeay niaieoiiinoue oeaiiuo
aoiaa. Iau/ii ia ?uiea i?iaeaaony iaeia eiaanoeoeeiiiia ea/anoai n
caaeaiiui niioiioaieai ?ene/Aeioiae, eioi?ia a i?ioeanna oi?aaeaiey
iiaeao auoue oeo/oaii [4, c. 237].

*oi i?eaeaeaoaeueiiai a inouanoaeaiee ii?ooaeueiiai eiaanoe?iaaiey?

I?aaeaea anaai oi, /oi iii iicaieyao ieaie?iaaoue, ioeaieaaoue,
eiio?iee?iaaoue eiia/iua ?acoeueoaou anae eiaanoeoeeiiiie aeayoaeueiinoe
a ?acee/iuo naeoi?ao oiiaeiaiai ?uiea.

Ii?ooaeue i?aaenoaaeyao niaie ii?aaeaeaiiue iaai? ec ei?ii?aoeaiuo
aeoeee, iaeeaaoeee n ?acee/iie noaiaiueth iaania/aiey e ?enea, a oaeaea
aoiaa n oeene?iaaiiui aeioiaeii, aa?aioe?iaaiiui ainoaea?noaii, o.a. n
ieieiaeueiui ?eneii iioa?ue ii iniiaiie noiia e oaeouei iinooieaieyi.

Iniiaiay caaea/a ii?ooaeueiiai eiaanoe?iaaiey – oeo/oeoue oneiaey
eiaanoe?iaaiey, i?eaeaa niaieoiiinoe oeaiiuo aoiaa oaeea eiaanoeoeeiiiua
oa?aeoa?enoeee, eioi?ua iaaeinoeaeeiu n iiceoeee ioaeaeueii acyoie
oeaiiie aoiaae, e aiciiaeiu oieueei i?e eo eiiaeiaoeee.

Oieueei a i?ioeanna oi?ie?iaaiey ii?ooaey aeinoeaaaony iiaia
eiaanoeoeeiiiia ea/anoai n caaeaiiuie oa?aeoa?enoeeaie. Oaeei ia?acii,
ii?ooaeue oeaiiuo aoiaa yaeyaony oai eino?oiaioii, n iiiiuueth eioi?iai
eiaanoi?o iaania/eaaaony o?aaoaiay onoie/eainoue i?e ieieiaeueiii ?enea.

Aaeainiaay noieiinoue oa?aeoa?ecoao ecaea?aeee ia i?eia?aoaiea aeaiiiai
ii?ooaey e ?ann/eouaaaony ia?anoathuei eoiaii ioo?i i?eaaaeaiey e
aaeainiaie noieiinoe eiathuaainy ii?ooaey iniiaiie noiiu naeaeee i?e
iieoiea oeaiiuo aoiaa e i?e i?iaeaaea ioo?i nienaiey n?aaeiaacaaoaiiie
oeaiu ia eiee/anoai i?iaeaiiuo oeaiiuo aoiaa.

Aeioiaeu ii ii?ooaeueiui eiaanoeoeeyi i?aaenoaaeytho niaie aaeiaoth
i?eaueue ii anae niaieoiiinoe aoiaa, aeeth/?iiuo a oio eee eiie
ii?ooaeue n o/?oii ?enea. Aicieeaao i?iaeaia eiee/anoaaiiiai
niioaaonoaey iaaeaeo i?eaueueth e ?eneii, eioi?ay aeieaeia ?aoaoueny
iia?aoeaii a oeaeyo iinoiyiiiai niaa?oainoaiaaiey no?oeoo?u oaea
noi?ie?iaaiiuo ii?ooaeae e oi?ie?iaaiey iiauo a niioaaonoaee n
iiaeaeaieyie eiaanoi?ia. Iaaei neacaoue, /oi oeacaiiay i?iaeaia
ioiineony e /eneo oao, aeey ?aoaiey eioi?uo aeinoaoi/ii auno?i oaeaaony
iaeoe iauoth noiio ?aoaiey, ii eioi?ua i?aeoe/anee ia ?aoathony aei
eiioea.

Ae?oaei i?aeiouanoaii ii?ooaeueiiai eiaanoe?iaaiey yaeyaony
aiciiaeiinoue auai?a ii?ooaey aeey ?aoaiey niaoeeoe/aneeo
eiaanoeoeeiiiuo caaea/.

Aa?anneaiiai ?inoa

?en. 1

Aeey yoiai eniieuecothony ?acee/iua ii?ooaee oeaiiuo aoiaa, a eaaeaeii
ec eioi?uo aoaeao nianoaaiiue aaeain iaaeaeo nouanoaothuei ?eneii,
i?eaieaiui aeey aeaaeaeueoea ii?ooaey, e iaeeaeaaiie ei ioaea/ae
(aeioiaeii) a ii?aaeae?iiue ia?eiae a?aiaie. Niioiioaiea yoeo oaeoi?ia e
iicaieyao ii?aaeaeeoue oei ii?ooaey oeaiiuo aoiaa. Oei ii?ooaey – yoi
aai eiaanoeoeeiiiay oa?aeoa?enoeea, iniiaaiiay ia niioiioaiee aeioiaea e
?enea. I?e yoii aaaeiui i?eciaeii i?e eeanneoeeaoeee oeia ii?ooaey
yaeyaony oi, eaeei niiniaii e ca n/?o eaeiai enoi/ieea aeaiiue aeioiae
iieo/ai: ca n/?o ?inoa eo?niaie noieiinoe eee ca n/?o oaeoueo auieao –
aeeaeaeaiaeia, i?ioeaioia (?en. 1).

1.3. Oeiu ii?ooaeae

Auei au oi?iu?iiui iiieiaiea ii?ooaey eae iaeie iaeii?iaeiie
niaieoiiinoe, ianiio?y ia oi, /oi ii?ooaeue ?inoa, iai?eia?,
i?eaioe?iaai ia aeoeee, eiaanoeoeeiiiie oa?aeoa?enoeeie eioi?uo yaeyaony
?ino eo?niaie noieiinoe.

Ii?ooaeue ?inoa oi?ie?oaony ec aeoeee eiiiaiee, eo?niaay noieiinoue
eioi?uo ?ano?o. Oeaeue aeaiiiai oeia ii?ooaey – ?ino eaieoaeueiie
noieiinoe ii?ooaey aianoa n iieo/aieai aeeaeaeaiaeia. Iaeiaei
aeeaeaeaiaeiua auieaou i?iecaiaeyony a iaaieueoii ?acia?a. Oaiiu ?inoa
eo?niaie noieiinoe niaieoiiinoe aeoeee, aoiaeyuae a ii?ooaeue,
ii?aaeaeytho aeaeu ii?ooaeae, aoiaeyuea a aeaiioth a?oiio.

Ii?ooaeue aa?anneaiiai ?inoa iaoeaeai ia iaeneiaeueiue i?e?ino eaieoaea.
A ninoaa aeaiiiai oeia ii?ooaey aoiaeyo aeoeee iieiaeuo, auno?i ?anooueo
eiiiaiee. Eiaanoeoeee a aeaiiue oei ii?ooaey yaeythony aeinoaoi/ii
?eneiaaiiuie, ii aianoa n oai iie iiaoo i?eiineoue naiue aunieee
aeioiae.

Ii?ooaeue eiina?aaoeaiiai ?inoa yaeyaony iaeiaiaa ?eneiaaiiui n?aaee
ii?ooaeae aeaiiie a?oiiu. Ninoieo, a iniiaiii, ec aeoeee e?oiiuo, oi?ioi
ecaanoiuo eiiiaiee, oa?aeoa?ecothueony oioy e iaaunieeie, ii onoie/eauie
oaiiaie ?inoa eo?niaie noieiinoe. Ninoaa ii?ooaey inoaaony noaaeeueiui a
oa/aiea aeeeoaeueiiai ia?eiaea a?aiaie. Iaoeaeai ia nio?aiaiea eaieoaea.

Ii?ooaeue n?aaeiaai ?inoa i?aaenoaaeyao niaie ni/aoaiea eiaanoeoeeiiiuo
naienoa ii?ooaeae aa?anneaiiai e eiina?aaoeaiiai ?inoa. A aeaiiue oei
ii?ooaey aeeth/athony ia?yaeo n iaae?aeiuie oeaiiuie aoiaaaie,
i?eia?aoaaiuie ia aeeeoaeueiue n?ie, ?eneiaaiiua oiiaeiaua eino?oiaiou,
ninoaa eioi?uo ia?eiaee/anee iaiiaeyaony. I?e yoii iaania/eaaaony
n?aaeiee i?e?ino eaieoaea e oia?aiiay noaiaiue ?enea aeiaeaiee.
Iaae?aeiinoue iaania/eaaaony oeaiiuie aoiaaaie eiina?aaoeaiiai ?inoa, a
aeioiaeiinoue – oeaiiuie aoiaaaie aa?anneaiiai ?inoa. Aeaiiue oei
ii?ooaey yaeyaony iaeaieaa ?ani?ino?aiaiiie iiaeaeueth ii?ooaey e
iieuecoaony aieueoie iiioey?iinoueth o eiaanoi?ia, ia neeiiiuo e
aunieiio ?eneo.

Ii?ooaeue aeioiaea. Aeaiiue oei ii?ooaey i?eaioe?iaai ia iieo/aiea
aunieiai oaeouaai aeioiaea – i?ioeaioiuo e aeeaeaeaiaeiuo auieao.
Ii?ooaeue aeioiaea ninoaaeyaony a iniiaiii ec aeoeee aeioiaea,
oa?aeoa?ecothueony oia?aiiui ?inoii eo?niaie noieiinoe e aunieeie
aeeaeaeaiaeaie, iaeeaaoeee e ae?oaeo oeaiiuo aoiaa, eiaanoeoeeiiiui
naienoaii eioi?uo yaeythony aunieea oaeouea auieaou. Iniaaiiinoueth
yoiai oeia ii?ooaey yaeyaony oi, /oi oeaeue aai nicaeaiey – iieo/aiea
niioaaonoaothuaai o?iaiy aeioiaea, aaee/eia eioi?iai niioaaonoaiaaea au
ieieiaeueiie noaiaie ?enea, i?eaieaiiai aeey eiina?aaoeaiiai eiaanoi?a.
Iiyoiio iauaeoaie ii?ooaeueiiai eiaanoe?iaaiey yaeythony
aunieiiaae?aeiua eino?oiaiou oiiaeiaiai ?uiea n aunieei niioiioaieai
noaaeeueii auiea/eaaaiiai i?ioeaioa e eo?niaie noieiinoe.

Ii?ooaeue ?aaoey?iiai aeioiaea oi?ie?oaony ec aunieiiaae?aeiuo oeaiiuo
aoiaa e i?eiineo n?aaeiee aeioiae i?e ieieiaeueiii o?iaia ?enea.

Ii?ooaeue aeioiaeiuo aoiaa ninoieo ec aunieiaeioiaeiuo iaeeaaoeee
ei?ii?aoeee, oeaiiuo aoiaa, i?eiinyueo aunieee aeioiae i?e n?aaeiai
o?iaia ?enea.

Ii?ooaeue ?inoa e aeioiaea. Oi?ie?iaaiea aeaiiiai oeia ii?ooaey
inouanoaeyaony ai ecaaaeaiea aiciiaeiuo iioa?ue ia oiiaeiaii ?uiea eae
io iaaeaiey eo?niaie noieiinoe, oae e io ieceeo aeeaeaeaiaeiuo eee
i?ioeaioiuo auieao. Iaeia /anoue oeiainiauo aeoeaia, aoiaeyueo a ninoaa
aeaiiiai ii?ooaey, i?eiineo aeaaeaeueoeo ?ino eaieoaeueiie noieiinoe, a
ae?oaay aeioiae. Iioa?y iaeiie /anoe iiaeao eiiiaine?iaaoueny
aic?anoaieai ae?oaie.

Ioa?aeoa?ecoai aeaeu aeaiiiai ii?ooaey.

Ii?ooaeue aeaieiiai iacia/aiey. A ninoaa aeaiiiai ii?ooaey aeeth/athony
aoiaae, i?eiinyuea aai aeaaeaeueoeo aunieee aeioiae i?e ?inoa
aeiaeaiiiai eaieoaea. A aeaiiii neo/aa ?a/ue eae?o i oeaiiuo aoiaaao
eiaanoeoeeiiiuo oiiaeia aeaieiiai iacia/aiey. Iie auioneatho nianoaaiiua
aeoeee aeaoo oeiia, ia?aua i?eiinyo aunieee aeioiae, aoi?ua – i?e?ino
eaieoaea. Eiaanoeoeeiiiua oa?aeoa?enoeee ii?ooaey ii?aaeaeythony
cia/eoaeueiui niaea?aeaieai aeaiiuo aoiaa a ii?ooaea.

Naaeaine?iaaiiue ii?ooaeue i?aaeiieaaaao naaeaine?iaaoue ia oieueei
aeioiaeia, ii e ?enea, eioi?ue nii?iaiaeaeaao iia?aoeee n oeaiiuie
aoiaaaie, e iiyoiio a ii?aaeae?iiie i?iii?oeee ninoieo ec oeaiiuo aoiaa
n auno?i?anoouae eo?niaie noieiinoueth e ec aunieiaeioiaeiuo oeaiiuo
aoiaa. A ninoaa ii?ooaey iiaoo aeeth/aoueny e auniei?eneiaaiiua oeaiiua
aoiaae. Eae i?aaeei, a ninoaa aeaiiiai ii?ooaey aeeth/athony
iaueiiaaiiua e i?eaeeaae?iaaiiua aeoeee, a oaeaea iaeeaaoeee. A
caaeneiinoe io eiiuthieoo?u ?uiea a oa eee eiua oiiaeiaua eino?oiaiou,
aeeth/?iiua a aeaiiue ii?ooaeue, aeeaaeuaaaony aieueoay /anoue n?aaenoa.

Anee ?anniao?eaaoue oeiu ii?ooaeae a caaeneiinoe io noaiaie ?enea,
eioi?ue i?eaieao eiaanoi?, oi iaiaoiaeeii aniiiieoue eo eeanneoeeaoeeth,
niaeanii eioi?ie iie aeaeeeenue ia eiina?aaoeaiua,
oia?aiii-eiina?aaoeaiua, aa?anneaiua e ia?aoeeiiaeueiua. ssnii, /oi
eaaeaeiio oeio eiaanoi?a aoaeao niioaaonoaiaaoue e naie oei ii?ooaey
oeaiiuo aoiaa: aunieiiaae?aeiue, ii ieceiaeioiaeiue;
aeeaa?neoeoee?iaaiiue; ?eneiaaiiue, ii aunieiaeioiaeiue, aannenoaiiue
(ni. oaae. 1)

oaae.1

Oei eiaanoi?a Oeaeue eiaanoe?iaaiey Noaiaiue ?enea Oei oeaiiie aoiaae
Oei ii?ooaey

Eiina?aaoeaiue Caueoa io eioeyoeee Ieceay Ainoaea?noaaiiua oeaiiua
aoiaae, aeoeee e iaeeaaoeee e?oiiuo noaaeeueiuo yieoaioia
Aunieiiaae?aeiue, ii ieceiaeioiaeiue

Oia?aiii-aa?annea-iue Aeeeoaeue-iia aeiaeaiea eaieoaea e aai ?ino
N?aaeiyy Iaeay aeiey ainoaea?noaaiiuo oeaiiuo aoiaa, aieueoay aeiey
oeaiiuo aoiaa e?oiiuo e n?aaeieo, ii iaae?aeiuo yieoaioia n aeeeoaeueiie
?uii/iie enoi?eae Aeeaa?neoeoee?i-aaiiue

Aa?annea-iue Niaeoeyoeaiay ea?a, aiciiae-iinoue auno?iai ?inoa
aeiaeaiiuo n?aaenoa Aunieay Aunieay aeiey aunieiaeioiaeiuo oeaiiuo aoiaa
iaaieueoeo yieoaioia, aai/o?iuo eiiiaiee e o.ae. ?eneiaaiiue, ii
aunieiaeioiaeiue

Ia?aoee-iiaeueiue Iao /?oeeo oeaeae Ieceay I?iecaieueii iiaeia?aiiua
oeaiiua aoiaae Aannenoaiiue

I?e aeaeueiaeoae eeanneoeeaoeee ii?ooaey no?oeoo?iia?acothueie
i?eciaeaie iiaoo aunooiaoue oa eiaanoeoeeiiiua ea/anoaa, eioi?ua
i?eia?aoatho niaieoiiinoue oeaiiuo aoiaa, iiiau?iiay a aeaiiue
ii?ooaeue. I?e an?i eo iiiaiia?acee ec ieo iiaeii auaeaeeoue iaeioi?ua
iniiaiua: eeeaeaeiinoue eee inaiaiaeaeaiea io iaeiaia, io?aneaaay
?aaeiiaeueiay i?eiaaeeaaeiinoue.

Oaeia eiaanoeoeeiiiia ea/anoai ii?ooaey, eae eeeaeaeiinoue, eae
ecaanoii, icia/aao aiciiaeiinoue auno?iai i?aa?auaiey ii?ooaey a
aeaiaaeioth iaee/iinoue aac iioa?e aai noieiinoe. Eo/oa anaai aeaiioth
caaea/o iicaieytho ?aoeoue ii?ooaee aeaiaaeiiai ?uiea.

Ii?ooaee aeaiaaeiiai ?uiea. Yoa ?aciiaeaeiinoue ii?ooaeae noaaeo naiae
oeaeueth iieiia nio?aiaiea eaieoaea. A ninoaa oaeiai ii?ooaey
aeeth/aaony i?aeiouanoaaiii aeaiaaeiay iaee/iinoue eee auno?i
?aaeecoaiua aeoeau.

Neaaeoao ioiaoeoue, /oi iaeii ec “cieiouo” i?aaee ?aaiou n oeaiiuie
aoiaaaie aeaneo: IAEUeCss AEEAAeUAAOUe ANA N?AAeNOAA A OeAIIUA AOIAAE –
IAIAOIAeEII EIAOUe ?ACA?A NAIAIAeIIE AeAIAAEIIE IAEE*IINOE AeEss
?AOAIEss EIAANOEOeEIIIUO CAAeA*, AICIEEATHUEO IAIAEEAeAIII [4, c. 243].

Aeaiiua yeiiiie/aneiai aiaeeca iiaeoaa?aeaeatho, /oi i?e ii?aaeae?iiuo
aeiiouaieyo aeaeaaiue ?acia? aeaiaaeiuo n?aaenoa, i?aaeiacia/aiiue ia
iai?aaeaeaeaiiua oeaee, oae aea, eae e aeaeaaiue ?acia? aeaiaaeiuo
n?aaenoa ia o?ainaeoeeiiiua ioaeaeu caaenyo io i?ioeaioiie noaaee.
Iiyoiio eiaanoi?, aeeaaeuaay /anoue n?aaenoa a aeaiaaeioth oi?io,
iaania/eaaao o?aaoaioth onoie/eainoue ii?ooaey. Aeaiaaeiay iaee/iinoue
iiaeao auoue eiiaa?oe?oaia a eiino?aiioth aaethoo, anee eo?n
iaoeeiiaeueiie aaethou ieaea, /ai eiino?aiiie. Oaeei ia?acii, iiieii
nio?aiaiey n?aaenoa aeinoeaaaony oaaee/aiea aeiaeaiiiai eaieoaea ca n/?o
eo?niaie ?acieoeu.

Aunieie eeeaeaeiinoueth iaeaaeatho e ii?ooaee e?aoein?i/iuo oiiaeia. Iie
oi?ie?othony ec e?aoein?i/iuo oeaiiuo aoiaa, o.a. eino?oiaioia,
ia?auathueony ia aeaiaaeiii ?uiea.

Ii?ooaeue oeaiiuo aoiaa, inaiaiaeae?iiuo io iaeiaa, niaea?aeeo, a
iniiaiii, ainoaea?noaaiiua aeieaiaua iaycaoaeuenoaa e i?aaeiieaaaao
nio?aiaiea eaieoaea i?e aunieie noaiaie eeeaeaeiinoe. Ii?ooaeue
ainoaea?noaaiiuo oeaiiuo aoiaa – iaeaieaa ?ani?ino?ai?iiay
?aciiaeaeiinoue ii?ooaey.

Ii?ooaeue, ninoiyuee ec oeaiiuo aoiaa ainoaea?noaaiiuo no?oeoo?. Yoa
?aciiaeaeiinoue ii?ooaey oi?ie?oaony ec ainoaea?noaaiiuo e
ioieoeeiaeueiuo oeaiiuo aoiaa e iaycaoaeuenoa. Aeiaeaiey a aeaiiua
?uii/iua eino?oiaiou iaania/eaatho aea?aeaoaeth ii?ooaey aeioiae,
iieo/aaiue io ?acieoeu a oeaia i?eia?aoaiey n aeeneiioii e aueoiiie
oeaiie e ii noaaeai auieaou i?ioeaioia. Iaiaeiaaaeiia cia/aiea eiaao e
oi, /oi e oeaio?aeueiua, e ianoiua i?aaiu aeanoe i?aaeinoaaeytho
iaeiaiaua eueaiou.

Eiaanoeoeeiiiay iai?aaeaiiinoue aeiaeaiee a ?aaeiiaeueiii ?ac?aca
i?eaiaeeo e nicaeaieth ii?ooaeae, noi?ie?iaaiiuo ec oeaiiuo aoiaa
?acee/iuo noi?ii; oeaiiuo aoiaa yieoaioia, iaoiaeyueony a iaeiii
?aaeiia; ?acee/iuo eiino?aiiuo oeaiiuo aoiaa.

Ii?ooaeue, ninoiyuee ec ei?ii?aoeaiuo oeaiiuo aoiaa. Ii?ooaeue aeaiiie
?aciiaeaeiinoe oi?ie?oaony ia aaca oeaiiuo aoiaa, auiouaiiuo
i?aaei?eyoeyie ?acee/iuo io?aneae i?iiuoeaiiinoe.

Oeio ii?ooaey niioaaonoaoao e oei eca?aiiie eiaanoeoeeiiiie no?aoaaee:
aa?anneaiie, iai?aaeaiiie ia iaeneiaeueiia eniieueciaaiea aiciiaeiinoae
?uiea eee ianneaiie.

I?eia?ii ianneaiie no?aoaaee iiaeao neoaeeoue ?aaiiia?iia ?ani?aaeaeaiea
eiaanoeoeee iaaeaeo auioneaie ?aciie n?i/iinoe (iaoiae “eanoieoeu”).
Eniieuecoy iaoiae “eanoieoeu” ii?ooaeueiue iaiaaeaea? iieoiaao oeaiiua
aoiaae ?acee/iie n?i/iinoe n ?ani?aaeaeaieai ii n?ieai aei ieii/aiey
ia?eiaea nouanoaiaaiey ii?ooaey. Neaaeoao o/eouaaoue, /oi ii?ooaeue
oeaiiuo aoiaa – yoi i?iaeoeo, eioi?ue i?iaea?ony e iieoiaaony ia
oiiaeiaii ?uiea, a neaaeiaaoaeueii, aanueia aaaeiui i?aaenoaaeyaony
aii?in ia ecaea?aeeao ia aai oi?ie?iaaiea e oi?aaeaiea. Iiyoiio iniaoth
aaaeiinoue i?eia?aoaao aii?in i eiee/anoaaiiii ninoaaa ii?ooaey.

Aii?in i eiee/anoaaiiii ninoaaa ii?ooaey iiaeii ?aoaoue eae n iiceoeee
oai?ee eiaanoeoeeiiiiai aiaeeca, oae e n oi/ee c?aiey nia?aiaiiie
i?aeoeee. Niaeanii oai?ee eiaanoeoeeiiiiai aiaeeca i?inoay
aeeaa?neoeeaoeey, o.a. ?ani?aaeaeaiea n?aaenoa ii?ooaey ii i?eioeeio –
“ia eeaaee ana yeoea a iaeio ei?ceio” – ie/ooue ia ooaea, /ai
aeeaa?neoeeaoeey ii io?aneyi, i?aaei?eyoeyi e o.ae. E?iia oiai,
oaaee/aiea ?acee/iuo aeoeaia, o.a. aeaeia oeaiiuo aoiaa, iaoiaeyueony a
ii?ooaea, aei ainueie e aieaa ia aea?o cia/eoaeueiiai oiaiueoaiey
ii?ooaeueiiai ?enea. Iaeneiaeueiia nie?auaiea ?enea aeinoeaeeii, anee a
ii?ooaea ioia?aii io 10 aei 15 ?acee/iuo oeaiiuo aoiaa. Aeaeueiaeoaa
oaaee/aiea ninoaaa ii?ooaey iaoeaeaniia?acii, o.a. aicieeaao yooaeo
eceeoiae aeeaa?neoeeaoeee, /aai neaaeoao ecaaaaoue. Eceeoiyy
aeeaa?neoeeaoeey iiaeao i?eaanoe e oaeei io?eoeaoaeueiui ?acoeueoaoai,
eae:

iaaiciiaeiinoue ea/anoaaiiiai ii?ooaeueiiai oi?aaeaiey;

iieoiea iaaeinoaoi/ii iaae?aeiuo, aeioiaeiuo, eeeaeaeiuo oeaiiuo aoiaa;

?ino ecaea?aeae, naycaiiuo n iieneii oeaiiuo aoiaa (?anoiaeu ia
i?aaeaa?eoaeueiue aiaeec e o.ae.);

aunieea ecaea?aeee ii iieoiea iaaieueoeo iaeeeo ia?oee oeaiiuo aoiaa e
o.ae.

Ecaea?aeee ii oi?aaeaieth eceeoia aeeaa?neoeoee?iaaiiui ii?ooaeai ia
aeaaeoo aeaeaaiiai ?acoeueoaoa, oae eae aeioiaeiinoue ii?ooaey a?yae ee
aoaeao aic?anoaoue aieaa aunieeie oaiiaie, /ai ecaea?aeee a nayce n
eceeoiae aeeaa?neoeeaoeeae.

Iiae oi?aaeaieai ii?ooaeai oeaiiuo aoiaa iiieiaaony i?eiaiaiea
niaieoiiinoe ?acee/iuo iaoiaeia e oaoiieiae/aneeo aiciiaeiinoae, eioi?ua
iicaieytho:

nio?aieoue ia?aiia/aeueiua eiaanoe?iaaiiua n?aaenoaa;

aeinoeaiooue iaeneiaeueiiai o?iaiy aeioiaea;

iaania/eoue eiaanoeoeeiiioth iai?aaeaiiinoue ii?ooaey.

Eia/a aiai?y, i?ioeann oi?aaeaiey iaoeaeai ia nio?aiaiea iniiaiiai
eiaanoeoeeiiiiai ea/anoaa ii?ooaey e oao naienoa, eioi?ua au
niioaaonoaiaaee eioa?anai aai aea?aeaoaey.

Iiyoiio iaiaoiaeeia oaeouay ei??aeoe?iaea no?oeoo?u ii?ooaey ia iniiaa
iiieoi?eiaa oaeoi?ia, eioi?ua iiaoo aucaaoue eciaiaiea a ninoaaiuo
/anoyo ii?ooaey.

Niaieoiiinoue i?eiaiyaiuo e ii?ooaeth iaoiaeia e oaoie/aneeo
aiciiaeiinoae i?aaenoaaeyao niinia oi?aaeaiey, eioi?ue iiaeao auoue
ioa?aeoa?eciaai eae “aeoeaiue” e “ianneaiue”.

1.4 Ooiaeaiaioaeueiue aiaeec

Ia i?aeoeea oe?iei ?ani?ino?aiaiu aeaa niiniaa eco/aiey aeeiaieee oeai
ia ?uieao oeaiiuo aoiaa. Ia?aue – yoi ooiaeaiaioaeueiue aiaeec. Yoi
aiaeec yeiiiie/aneeo oaeoi?ia aeaiiie nenoaiu, eioi?ua oae eee eia/a
aeeytho ia oeaio. I?e ooiaeaiaioaeueiii iiaeoiaea iuoathony iaeoe
aeaenoaeoaeueioth noieiinoue iauaeoa enoiaey eneeth/eoaeueii ec caeiiia
ni?ina e i?aaeeiaeaiey.

Iieiue ooiaeaiaioaeueiue aiaeec i?iaiaeeony ia o??o o?iaiyo.
Ia?aiia/aeueii a aai ?aieao ?anniao?eaaaony ninoiyiea yeiiiieee
oiiaeiaiai ?uiea a oeaeii. Yoi iicaieyao auynieoue, ianeieueei iauay
neooaoeey aeaaii?eyoia aeey eiaanoe?iaaiey e aeaao aiciiaeiinoue
ii?aaeaeeoue iniiaiua oaeoi?u, aeaoa?ieie?othuea oeacaiioth neooaoeeth.
Iinea eco/aiey eiiuthieoo?u a oeaeii inouanoaeyaony aiaeec ioaeaeueiuo
noa? ?uiea oeaiiuo aoiaa a oeaeyo auyaeaiey oao ec ieo, eioi?ua a
neiaeeaoeony iauayeiiiie/aneeo oneiaeyo iaeaieaa aeaaii?eyoiu aeey
iiiauaiey n?aaenoa n oi/ee c?aiey aua?aiiuo eiaanoeoeeiiiuo oeaeae e
i?ei?eoaoia. I?e yoii ?anniao?eaaaony ninoiyiea io?aneae e iiaeio?aneae
yeiiiieee, i?aaenoaaeaiiuo ia oiiaeiaii ?uiea. Auyaeaiea iaeaieaa
i?aaeii/oeoaeueiuo iai?aaeaiee ?aciauaiey n?aaenoa nicaeaao iniiao aeey
auai?a a eo ?aieao eiie?aoiuo aeaeia oeaiiuo aoiaa, eiaanoeoeee a
eioi?ua iaania/eee au iaeaieaa iieiia auiieiaiea eiaanoeoeeiiiuo caaea/.
Iiyoiio ia o?aoueai o?iaia aiaeeca iiae?iaii inaauaaony ninoiyiea
ioaeaeueiuo oe?i e eiiiaiee, /uee aeieaaua eee aeieaiaua oiiaeiaua
eino?oiaiou ia?auathony ia ?uiea. Yoi aeaao aiciiaeiinoue ?aoeoue aii?in
i oii, eaeea oeaiiua aoiaae yaeythony i?eaeaeaoaeueiuie, a eaeea ec oao,
eioi?ua oaea i?eia?aoaiu, iaiaoiaeeii i?iaeaoue.

Eco/aiea iauae yeiiiie/aneie neooaoeee ia ia?aii yoaia aiaeeca iniiaaii
ia ?anniio?aiee iieacaoaeae, oa?aeoa?ecothueo aeeiaieeo i?iecaiaenoaa,
o?iaaiue yeiiiie/aneie aeoeaiinoe, iio?aaeaiea e iaeiieaiea, ?acaeoinoue
eioeyoeeiiiuo i?ioeannia, oeiainiaia ninoiyiea ainoaea?noaa. I?e yoii
i?aaei?eieiathony iiiuoee onoaiiaeoue eiie?aoiua iaoaieciu aicaeaenoaey
ia iieiaeaiea aeae a yeiiiieea aaaeiaeoeo iieeoe/aneeo e nioeeaeueiuo
niauoee. Auyaeaiea oaeoi?ia, aeaoa?ieie?othueo oicyenoaaiioth neooaoeeth
a oeaeii e iaiin?aaenoaaiii io?aaeathueony ia oiiaeiaii ?uiea, iicaieyao
ii?aaeaeeoue iauea oneiaey, ia oiia eioi?uo i?eaeaony i?iaiaeeoue
eiaanoeoeeiiioth iieeoeeo e iino?ieoue i?iaiicu ioiineoaeueii ia?niaeoea
eo eciaiaiey. Iineieueeo iae?iyeiiiie/aneay ianoaiiaea yaeyaony
i?aaeiaoii i?enoaeueiiai aieiaiey ni noi?iiu oe?ieeo e?oaia yeiiiienoia,
i?e i?iaaaeaiee a? ooiaeaiaioaeueiiai aiaeeca eiaaony aiciiaeiinoue
iie?aoueny ia aeinoaoi/ii aeoaieea i?i?aaioee e auaiaeu, eioi?ua
aeaeathony aaaeoueie yenia?oaie a aeaiiie iaeanoe.

Iauayeiiiie/aneay neooaoeey io?aaeaao ninoiyiea a aieueoeinoaa noa?
oicyenoaa, iaeiaei eaaeaeay ec yoeo noa? iiae/eiyaony ia oieueei iauei,
ii e naiei /anoiui, aioo?aiiei caeiiiia?iinoyi, e, niioaaonoaaiii,
auaiaeu, naeaeaiiua ia iae?iyeiiiie/aneii o?iaia, ioaeaeathony ii
ioiioaieth e iei a eiie?aoecaoeee e ei??aeoe?iaea. Aeaaea anee aiaeec
ianoaiiaee a oeaeii iieacuaaao, /oi iia iaaeaaii?eyoia aeey
eiaanoe?iaaiey, yoi ioithaeue ia icia/aao, /oi iaeuecy iaeoe io?anee,
eoaea iiaeii auei au n aieueoie auaiaeie iiiauaoue aeaiueae.

Iau/ii ?acaeoea io?aneae iiae/eiyaony ii?aaeaeaiiui caeiiiia?iinoyi
eioi?ua au?aaeaiu ii?aaeaeaiiui ia?acii a aeeiaieea io?aneaauo eiaeaenia
eee ioaeaeueiuo yieoaioia. Ia/aeueiua yoaiu eo noaiiaeaiey, naycaiiua n
iiaeu?iii e auno?ui iiauoaieai aeioiaeiinoe, iinoaiaiii niaiythony aieaa
eee iaiaa i?iaeieaeeoaeueiuie ia?eiaeaie ioiineoaeueii onoie/eaiai
?acaeoey. N oa/aieai a?aiaie a ?yaea io?aneae iiaeao iaiaoeoueny
noaaiaoeey, a iaeioi?ua ec ieo i?inoi ioie?atho. A eaaeaeue aeaiiue
iiiaio i?e i?iaaaeaiee aiaeeca noa?athony auyaeoue io?aneue, eioi?ay
iaoiaeeony ia iiaeuaia e a ?aieao onoaiiaeaiiuo eiaanoeoeeiiiuo
i?ei?eoaoia aeaao eo/oea ii n?aaiaieth n inoaeueiuie aiciiaeiinoe
eo/oaai ?aciauaiey n?aaenoa.

Iinea oiai, eae ii?aaeaeaiu iaeaieaa iiaeoiaeyuea io?anee aeey iiiauaiey
n?aaenoa, ec anaai iiiaiia?acey aoiaeyueo a ieo eiiiaiee iaaei aua?aoue
oa, /uee oeaiiua aoiaae iicaieytho ?aaeeciaaoue iinoaaeaiiua
eiaanoeoeeiiiua oeaee.

Iaeiei ec eeth/aauo oaeoi?ia, aeeythueo ia noieiinoue oeaiiuo aoiaa
eaeie-eeai eiiiaiee, yaeythony a? oaeouaa oeiainiai – oicyenoaaiiia
iieiaeaiea e ia?niaeoeau ?acaeoey. Iiyoiio ooiaeaiaioaeueiue aiaeec ia
aai caaa?oathuae noaaeee eiioeaio?e?oaony i?aaeaea anaai ia eco/aiee
iieiaeaiey aeae o yieoaioa. A ea/anoaa iniiaiuo enoi/ieeia eioi?iaoeee
aeey yoiai eniieuecothony:

aeaiiua aiaeiauo e eaa?oaeueiuo io/?oia i aeayoaeueiinoe eiiiaiee;

iaoa?eaeu, eioi?ua eiiiaiey ioaeeeoao i naaa;

naaaeaiey, niiauaaiua a ioaee/iuo aunooieaieyo ?oeiaiaenoaa
aeoeeiia?iiai iauanoaa;

aeaiiua, iinooiathuea ii eaiaeai yeaeo?iiiuo eioi?iaoeeiiiuo nenoai;

?acoeueoaou enneaaeiaaiee, auiieiaiiuo niaoeeaeece?iaaiiuie
i?aaiecaoeeyie e ae?oaeie o/anoieeaie oiiaeiaiai ?uiea.

Eae neaaeoao ec auoai?eaaae?iiiai yoio iiaeoiae iineo aeieain?i/iue
oa?aeoa? e aeey i?aaeeueiiai ii?aaeaeaiey oaeouae oeaiiaie aeeiaieee ia
i/aiue i?eaiaeai.

1.5. Oaoie/aneee aiaeec

Aoi?ie niinia eco/aiey aeeiaieee oeai ia ?uieao oeaiiuo aoiaa (
oaoie/aneee aiaeec.

Oaoie/aneee aiaeec – yoi enneaaeiaaiea aeeiaieee ?uiea, /aua anaai
iin?aaenoaii a?aoeeia, n oeaeueth i?iaiice?iaaiey aoaeouaai iai?aaeaiey
aeaeaeaiey oeai. Oa?iei “aeeiaieea ?uiea” aeeth/aao a naay o?e iniiaiuo
enoi/ieea eioi?iaoeee: oeaia, iau?i e ioe?uoue eioa?an (iau?i ioe?uouo
iiceoeee a neo/aa aiaeeca ?uiea n?i/iuo eiio?aeoia).

Nouanoaoao o?e iinooeaoa, ia eioi?uo noieo oaoie/aneee aiaeec:

?uiie o/eouaaao an?. An? oi, /oi eaeei-eeai ia?acii aeeyao ia ?uii/ioth
oeaio, iai?aiaiii ia yoie naiie oeaia io?aceony.

Aeaeaeaiea oeai iiae/eiaii oaiaeaioeeyi. Iiiyoea oaiaeaioeee eee o?aiaea
(trend) – iaeii ec iniiaiiieaaathueo a oaoie/aneii aiaeeca.

Ec aeaiiiai iieiaeaiey i?ienoaeatho aeaa neaaenoaey.

Neaaenoaea ia?aia: aeaenoaothuay oaiaeaioeey, ii anae aa?iyoiinoe ,
aoaeao ?acaeaaoueny aeaeaa, a ia ia?auaoueny a nianoaaiioth
i?ioeaiiieiaeiinoue. Yoi neaaenoaea anoue ia /oi eiia, eae ia?ao?ac
ia?aiai iuethoiiianeiai caeiia aeaeaeaiey.

Neaaenoaea aoi?ia: aeaenoaothuay oaiaeaioeey aoaeao ?acaeaaoueny aei oao
ii?, iiea ia ia/iaony aeaeaeaiea a ia?aoiii iai?aaeaiee, o.a. ia/iaony
oaiaeaioeey ia?aoiay nouanoaiaaaoae oaiaeaioeee.

Enoi?ey iiaoi?yaony. Aoaeouaa – yoi anaai eeoue iiaoi?aiea i?ioeiai.
Eeai noi?ioee?iaaoue ae?oaeie neiaaie: eeth/ e iiieiaieth aoaeouaai
e?iaony a eco/aiee i?ioeiai.

1.6. Niiinoaaeaiea oaoie/aneiai e ooiaeaiaioaeueiiai aiaeeca

Anee oaoie/aneee aiaeec a iniiaiii caieiaaony eco/aieai aeeiaieee ?uiea,
oi i?aaeiaoii enneaaeiaaiee ooiaeaiaioaeueiiai aiaeeca yaeythony
yeiiiie/aneea neeu ni?ina e i?aaeeiaeaiey, eioi?ua aucuaatho eieaaaiey
oeai. I?e ooiaeaiaioaeueiii iiaeoiaea aiaeece?othony ana oaeoi?u,
eioi?ua oae eee eia/a aeeytho ia oeaio oiaa?a.

Iaa yoeo iiaeoiaea e i?iaiice?iaaieth aeeiaieee ?uiea iuoathony ?aoeoue
iaeio oo aea i?iaeaio, a eiaiii: ii?aaeaeeoue, a eaeii aea iai?aaeaiee
aoaeoo aeaeaaoueny oeaiu. Ii e yoie i?iaeaia iie iiaeoiaeyo n ?aciuo
eiioeia. Anee ooiaeaiaioaeueiue aiaeeoee iuoaaony ?acia?aoueny a i?e/eia
aeaeaeaiey ?uiea, oaoie/aneiai aiaeeoeea eioa?anoao oieueei oaeo yoiai
aeaeaeaiey. An?, /oi aio ioaeii ciaoue, yoi oi, /oi oaeia aeaeaeaiea eee
aeeiaieea ?uiea eiaao ianoi, a /oi eiaiii a? aucaaei – ia oae oae
aaaeii. Ooiaeaiaioaeueiue aiaeeoee aoaeao iuoaoueny auynieoue, ii/aio
yoi i?iecioei.

*anoi yoe aeaa iaoiaea aiaeeca anooiatho a i?ioeai?a/ea ae?oa n ae?oaii.
Iau/ii a naiii ca?iaeuoa eaeeo-oi aaaeiuo iiaeaeaeae iiaaaeaiea ?uiea ia
aienuaaaony a ?aiee ooiaeaiaioaeueiiai aiaeeca e ia iiaeao auoue
iauyniaii ia iniiaa oieueei yeiiiie/aneeo oaeoi?ia. Eiaiii a yoe
iiiaiou, iiiaiou aeey iauae oaiaeaioeee iaeaieaa e?eoe/aneea, aeaa aeaea
aiaeeca – oaoie/aneee e ooiaeaiaioaeueiue – e ?anoiaeyony aieueoa anaai.

Iaeiei ec iauyniaiee yoiai eaaeouaainy i?ioeai?a/ey yaeyaony
neaaeothuaa: ?uii/iay oeaia iia?aaeaao ana ecaanoiua ooiaeaiaioaeueiua
aeaiiua. Ae?oaeie neiaaie, ?uii/iay oeaia neoaeeo iia?aaeathuei
eiaeeeaoi?ii ooiaeaiaioaeueiuo aeaiiuo eee niia?aaeaiee cae?aaiai niunea
[5, n. 5].

?anniao?eaay aeaa iaoiaea aiaeeca iaiaoiaeeii ioiaoeoue aeaeinoue e
aaeaioaoeeiiiua niiniaiinoe oaoie/aneiai aiaeeca.

Oaoie/aneee aiaeec iiaeii eniieueciaaoue i?aeoe/anee aeey ethaiai
n?aaenoaa oi?aiaee e a ethaii a?aiaiiii eioa?aaea. Iao oaeie iaeanoe a
iia?aoeeyo ia oiiaeiaie e oiaa?iie ae?aea, aaea au ia i?eiaiyeenue
iaoiaeu oaoie/aneiai aiaeeca.

I?eioeeiu oaoie/aneiai aiaeeca i?eiaieiu e ia oiiaeiaii e ia oeiainiaii
?uieao. Iie iiaoo n oniaoii iaeoe naaa i?eiaiaiea i?e iia?aoeeyo n
iioeeiiaie e ni?yaeaie. Iineieueeo i?iaiice?iaaiea oeai yaeyaony iaeiei
ec oaeoi?ia, eioi?ue iaycaoaeueii o/eouaaaony oaaeaea?ii, eniieueciaaiea
oaoie/aneeo i?eioeeiia i?e oaaeaee?iaaiee eiaao iainii?eiua
i?aeiouanoaa.

Aua iaeiie neeueiie noi?iiie oaoie/aneiai aiaeeca yaeyaony aiciiaeiinoue
aai i?eiaiaiey ia ethaii io?acea a?aiaie. E niaa?oaiii ia aaaeii,
ea?aaoa ee au ia eieaaaieyo a i?aaeaeao iaeiiai aeiy oi?aia, eiaaea
aaaeai eaaeaeue oeaiiaie oee, eee aiaeece?oaoa n?aaeian?i/ioth
oaiaeaioeeth, a ethaii neo/aa eniieuecothony iaeie e oa aea i?eioeeiu.
Eiiaaea iieaaatho, /oi aeey aeieain?i/iuo i?iaiicia aieaa iiaeoiaeeo
ooiaeaiaioaeueiue aiaeec, a oaeae oaoie/aneeo oaeoi?ia – eeoue
e?aoein?i/iue aiaeec n oeaeueth ii?aaeaeaiey iiiaioia aoiaea e auoiaea
ec ?uiea. A oi aea a?aiy, eniieueciaaiea iaaeaeueiuo e iany/iuo
a?aoeeia, ioaaouaathueo aeeiaieeo ?uiea ca ianeieueei eao, aeey
aeieain?i/iiai i?iaiice?iaaiey ieacuaaaony aeinoaoi/ii ieiaeioai?iui.

Aeaaa 2. Oaoie/aneee aiaeec

A aeaiiie ?aaioa iu aieaa iiae?iaii inoaiiaeiny ia oaoie/aneii aiaeeca,
yaeythueiny iniiaiui i?e i?eiyoee ?aoaiey i iieoiea-i?iaeaaea oeaiiuo
aoiaa ia i?aaei?eyoee.

2.1. ?aciiaeaeiinoe iaoiaeia oaoie/aneiai aiaeeca

Nia?aiaiiue oaoie/aneee aiaeec aeeth/aao a naay aieueoia eiee/anoai
i?eeeaaeiuo iaoiaeia aiaeeca oeaiiaie aeeiaieee. Iiiaea ec ieo
ecia?aoaiu auee ia ca?a noaiiaeaiey ?uieia oeaiiuo aoiaa e eiatho
aeieaoth enoi?eth ?acaeoey. Ae?oaea iiyaeeenue e ?acaeeenue nianai
iaaeaaii, iaeiia?aiaiii n i?ioeannii iiyaeaiey iiuiuo eiiiuethoa?ia,
?acaeoeai naoaauo oaoiieiaee, oniaa?oainoaiaaieai ?uii/iie
eio?ano?oeoo?u. Yoaiu iiyaeaiey ?acee/iuo iaoiaeia oaoie/aneiai aiaeeca
i?eiaieoaeueii e ?acaeoiio ?uieo naycaiu n yoaiaie eo iiioey?ecaoeee ia
ca?oaaaeiuo ?uieao oeaiiuo aoiaa. Nia/aea iiioey?iui aue a?aoe/aneee
aiaeec (Chart analysis) – aiaeec ?acee/iuo ?uii/iuo iiaeaeae
ia?acothueony ia a?aoeeao.

Caoai iiioey?iinoue ia?aoea e iaoiaeo aiaeeca aeeiaieee n iiiiuueth
yiiineeo naa/ae (Candlestick analysis), eioi?ue yaeyaony
?aciiaeaeiinoueth a?aoe/aneiai oaoie/aneiai aiaeeca, ii ec-ca naiae
i?eaeiaeueiinoe e naiiauoiinoe auaeaeyaony eae ioaeaeueiay aaoaue.
Aiaeec ?uiea, aaea oeaiiaay aeeiaieea i?aaenoaaeaia a aeaea oeao?,
iacuaaaiuo naa/aie, n/eoaaony naiui ae?aaiei ii i?ienoiaeaeaieth, a
oaeaea naiui iaecaaaeaiiui. N iiiiuueth oeao? ia?aciaaiiuo
niaieoiiinoueth naa/ae iiaeii n aeinoaoi/iie aeieae aa?iyoiinoe
i?aaeneacaoue eoaea aeaeiaony ?uiie.

N iiyaeaieai eiiiuethoa?ia eioa?aniui noaei iino?iaiea ?acee/iuo
eiaeeeaoi?ia oaoie/aneiai aiaeeca iniiaaiiuo ia noaoenoe/aneii aiaeeca
aeeiaieee. Iaeii a?aiy iieueciaaeanue aieueoei oniaoii aieiiaay oai?ey
Yeeeioa (Elliot Wave Theory). Iniiaiua iinooeaou yoie oai?ee
ooaa?aeaeatho /oi oeaiiaay aeeiaieea ethaiai ?uiea ?acaeaaaony
aieiiia?acii e nouanoaotho ii?aaeaeaiiua caeiiiia?iinoe a ia?aciaaiee
?uii/iuo aiei. N?aaee nia?aiaiiuo aiaeeoeeia iiaeii ano?aoeoue aieueoia
eiee/anoai iineaaeiaaoaeae yoie oai?ee, eioi?ay eiiaaea ia i?aeoeea
iieacuaaao iaiaueiiaaiiua ?acoeueoaou, oioy aei neo ii? aicieeaao iiiai
aii?inia ii iainiiaaieth a? iniiaiuo iieiaeaiee. N ?acaeoeai
aiciiaeiinoae eiiiuethoa?ia iiyaeeenue ?acee/iua iaoiaeu iino?iaiey
o?aiaeineaaeyueo iaoaie/aneeo oi?aiauo nenoai (Trendfollowing
Tradesystems), A ianoiyuaa a?aiy ia/aeny aoi ia i?eiaiaiea a oaoie/aneii
aiaeeca aiciiaeiinoae iae?iiiuo naoae – naoae yioee?othueo i?ioeann
aeayoaeueiinoe iae?iiia, ia?aiuo eeaoie /aeiaa/aneiai iicaa. Nae/an ca
?oaaaeii e a ?innee auno?uie oaiiaie ?acaeaaaony eiaeono?ey i?ia?aii
i?aaeiacia/aiiuo aeey ?aoaiey i?eeeaaeiuo caaea/ oaoie/aneiai aiaeeca.

Nouanoaotho aieaa nioie ?acee/iuo eiiiuethoa?iuo i?ia?aii e ?ac?aaioie,
eioi?ua iiiiaatho oaoie/anee aiaeece?iaaoue eco/aaiue ?uiie. Aieco
aoaeoo i?eaaaeaiu o?e oaiaoe/aneea eiiiuethoa?iua ?ac?aaioee, eioi?ua
aeeth/atho a naay ana niiniau eiiiuethoa?iiai aiaeeca nia?aiaiiiai ?uiea
oeaiiuo aoiaa, yaeythony naiuie ?ani?ino?aiaiiuie ca ?oaaaeii e,
niioaaonoaaiii, a ?innee.

MetaStock 6.5 (oe?ia Equis). Naiue iiioey?iue iaeao oaoie/aneiai
aiaeeca, aiieioeaoee iiuo eo/oeo o?aeaea?ia. Eioaa?e?iaai a n?aaeo
Windows 95 e MS Office 97. Iano?iai ia oi?iaou ?inneeneeo iinoaaueeia.

The AI Trilogy (oe?ia Ward System Group). Oieeaeueiue “eiino?oeoi?”,
iicaieythuee nicaeaaaoue aiaeeoe/aneea eiiieaenu ethaie neiaeiinoe.
Niaea?aeeo 16 oeiia iae?iiiuo naoae a iaeaoa NeuroShell, ?anoe?aiioth
aeaeeioaeo NeuroWindows e yeaaaioioth ?aaeecaoeeth aaiaoe/aneeo
aeai?eoiia – i?ia?aiio GeneHanter. Onoaiiaeai a 150 e?oiiaeoeo aaieao
NOA. Iieiinoueth ?oneoeoee?iaai niaoeeaeenoaie oe?iu “Iae?ii?iaeo”.

iThink (oe?ia High Perfomanse System). N?aaenoai iino?iaiey yniuo e
oi/iuo iiaeaeae iaeaieaa neiaeiuo neooaoeee e i?ioeannia – iieeoe/aneeo,
yeiiiie/aneeo, oeiainiauo. N aai iiiiuueth iiaeaee?othony i?aceaeaioneea
auai?u e /?acau/aeiua neooaoeee a ?aaeiiao, eiaanoeoeeiiiua iioiee e
?aaeoeey ?uiea ia iiaua iaeiae, a oaeaea iiiaea ae?oaea caaea/e.
Iacaiaiei oaeaea i?e ieaie?iaaiee no?oeoo?iuo eciaiaiee a aaieao e
e?oiiuo oe?iao, eae aecoaeueiue eino?oiaio ?aeiaeeie?eiaa.

Neiaeii ioeaieoue yooaeoeaiinoue eaeiai-eeai ioaeaeueiiai iaoiaea. Iie
ana aeinoaoi/ii aeooaeueiu. E naiui i?aaeeueiui ?aoaieai auei au iiiuoea
iaeaaeaoue e iieueciaaoueny anae niaieoiiinoueth aeinooiiuo iaoiaeia,
/oiau oaaee/eoue i?eaueueiinoue naieo iia?aoeee.

2.2. Eeanneoeeaoeey iaoiaeia oaoie/aneiai aiaeeca

1. A?aoe/aneea iaoiaeu.

Iiae a?aoe/aneeie iiieiathony oa iaoiaeu, a eioi?uo aeey i?iaiice?iaaiey
eniieuecothony iaaeyaeiua ecia?aaeaiey aeaeaeaiee ?uiea. Eeanne/aneea
oeao?u no?iyony ia eeiaeiuo, eeai aenoia?aiiiuo /a?oao. Iniaua niiniau
iino?iaiey oeaiiauo a?aoeeia (yiiineea naa/e e e?anoeee-iieeee).

Iaoiaeu, eniieuecothuea oeeueo?aoeeth eee iaoaiaoe/aneoth
aii?ieneiaoeeth.

Iaoiaeu, eniieuecoaiua n iiiiuueth eiiiuethoa?ia. I?e aaiaea enoiaeiuo
aeaiiuo eiiiuethoa? auaea?o e?eaoth, eioi?oth iaiaoiaeeii
i?iaiaeece?iaaoue. Yoa a?oiia aeaeeony ia aeaa iniiaiua /anoe:
neieuecyuea n?aaeiea e inoeeeeyoi?u.

3. Oai?ey oeeeeia.

Iaoiae, iniiaiui iieacaoaeai aeey i?iaiica eioi?iai yaeyaony a?aiy e
ioaa/aao ia oieueei ia aii?in, a eaeoth noi?iio e eae aeaeaei aoaeao
?acaeaaoueny ?uiie, ii e eiaaea ii ooaea i?eae?o e eiaaea ia/i?ony yoi
aeaeaeaiea.

2.3. Oaiaeaioeey e a? iniiaiua oa?aeoa?enoeee

I?e oaoie/aneii iiaeoiaea e aiaeeco ?uiea iiiyoea oaiaeaioeee eee
o?aiaea (trend) yaeyaony iniiaiui. Aanue eino?oiaioa?ee oaoie/aneiai
aiaeeca i?ecaai ?aoeoue iaeio iniiaiiieaaathuoth caaea/o, ecia?eoue
oaiaeaioeeth, /oiau a aeaeueiaeoai neaaeiaaoue ae. Oaiaeaioeey –
iai?aaeaiea a eioi?ii aeaeaeaony ?uiie. E, oae eae oeaiiaay aeeiaieea
?uiea i?aaenoaaeyao niaie na?eth oeoeooaoeee, eioi?ua iaiiieiatho
iineaaeiaaoaeueii eaeouea aieiu, ninoiyuea ec iiaeuaiia e iaaeaiee, oi
i?aaeeueiaa auei au neacaoue, /oi iai?aaeaiea aeeiaieee yoeo iiaeuaiia e
iaaeaiee ia?acoao oaiaeaioeeth ?uiea.

Oaiaeaioeey eiaao o?e iai?aaeaiey:

Ainoiaeyuay – iineaaeothuee iee e niaae auoa i?aaeuaeouaai.

Ienoiaeyuay – iineaaeothuee iee e niaae ieaea i?aaeuaeouaai.

Aieiaay (aano?aiaeiaue ?uiie) – ieee e niaaeu iaoiaeyony ia iaeiii
o?iaia.

Nouanoaoao ianeieueei niiniaia ioa?aeoa?eciaaoue a?aiaiiua ia?aiao?u
oaiaeaioeee, ii a aieueoeinoaa neo/aaa i?eiyoa neaaeothuay
eeanneoeeaoeey aeaeia oaiaeaioeee, noi?ioee?iaaiiay *a?euecii Aeio a aai
oai?ee:

Ia?ae/iay eee iniiaiay oaiaeaioeey – i?iaeieaeeoaeueiinoue aieaa aiaea,
a eiiaaea e ianeieueei eao.

Aoi?e/iay eee i?iiaaeooi/iay oaiaeaioeey – ei??aeoe?othuay ii ioiioaieth
e iniiaiie e i?iaeieaeeoaeueiinoue a? io o??o iaaeaeue aei o??o
ianyoeaa.

Iaeay eee e?aoein?i/iay oaiaeaioeey – e?aoein?i/iua eieaaaiey a ?aieao
i?iiaaeooi/iie oaiaeaioeee e i?iaeieaeeoaeueiinoue a? ia aieaa o??o
iaaeaeue.

2.3.1. Iiaeaea?aeea e nii?ioeaeaiea

Aeey oi?ioaai i?aaenoaaeaiey iniia oaoie/aneiai aiaeeca iaiaoiaeeii
?acee/aoue oaeea iiiyoey eae iiaeaea?aeea e nii?ioeaeaiea [2, n. 65].

Iiaeaea?aeea – yoi o?iaaiue eee iaeanoue ia a?aoeea ieaea nouanoaothuaai
o?iaiy oeai, aaea ni?in i?aainoiaeeo i?aaeeiaeaiea, o.a. no?aieaiea
eoieoue aeinoaoi/ii neeueii e iiaeao i?ioeainoiyoue aeaaeaieth
i?iaeaaoeia. Iau/ii o?iaaiue iiaeaea?aeee iiaeii ii?aaeaeeoue ca?aiaa,
ii o?iaith i?aaeuaeouaai niaaea.

Nii?ioeaeaiea – i?yiay i?ioeaiiieiaeiinoue iiaeaea?aeee, o?iaaiue eee
iaeanoue auoa o?iaiy oeai, aaea i?aaeeiaeaiea i?aainoiaeeo ni?in, o.a.
aeaaeaiea i?iaeaaoeia i?aainoiaeeo aeaaeaiea ni noi?iiu iieoiaoaeae.
Iau/ii o?iaaiue nii?ioeaeaiey niaiaaeaao n o?iaiai i?aaeuaeouaai ieea.

Yoe iiiyoey eo/oa anaai ?acaeyaeuaaoue n oi/ee c?aiey ineoieiaee
o/anoieeia ?uiea. Iie oa?aeoa?ecothony oaeeie aaee/eiaie eae a?aiaiiie
eioa?aae aeaenoaey oiai eee eiiai o?iaiy, iau?i naeaeie ia aeaiiii
o?iaia e oaeae?iiinoue ii a?aiaie io ianoiyuaai iiiaioa.

2.3.2. Eeiee o?aiaea

Naiui i?inoui oaoie/aneei eino?oiaioii eco/aiey aeeiaieee oeai yaeyaony
eeiey o?aiaea. Eeiey o?aiaea – yoi eeiey i?iaaae?iiay /a?ac ieieiaeueiua
oi/ee niaaeia aeeiaieee (ainoiaeyuay eeiey o?aiaea) eee /a?ac
iaeneiaeueiua oi/ee ieeia aeeiaieee (ienoiaeyuay eeiey o?aiaea). Ia
iniiaa yoiai iiiyoey no?iyony iiiaea eino?oiaiou a?aoe/aneiai
oaoie/aneiai aiaeeca.

Eae iieueciaaoueny eeieae o?aiaea? Iaeei ec iniiaiiieaaathueo i?eioeeiia
oaiaeaioeee aeaneo: oaiaeaioeey, eioi?ay iaoiaeeony a ?acaeoee, aoaeao
i?iaeieaeaoue nai? ?acaeoea. Ec yoiai neaaeoao, /oi eae oieueei
oaiaeaioeey iaae?aao ii?aaeae?iiue oaii e eeiey o?aiaea ?aniieaaaaony
iiae ii?aaeae?iiui oaeii, yoio oaie, eae i?aaeei, aoaeao inoaaaoueny
iaeciaiiui a i?ioeanna aeaeueiaeoaai ?acaeoey oaiaeaioeee. A yoii neo/aa
eeiey o?aiaea ia oieueei iicaieeo ii?aaeaeeoue e?aeiea oi/ee eee
yeno?aioiu ei??aeoe?iai/iuo oac, ii, /oi au? aieaa aaaeii, oeaaeao ia
aiciiaeiua eciaiaiey oaiaeaioeee.

Nouanoaotho aeaa aieueoea a?oiiu: iiaeaee ia?aeiia e iiaeaee
i?iaeieaeaiey oaiaeaioeee.

2.4. Iiaeaee ia?aeiia

Ii naiiio iacaaieth iiaeii aeiaaaeaoueny, /oi ia?aua aiai?yo i oii, /oi
a aeeiaieea nouanoaothuae oaiaeaioeee i?ienoiaeeo aaaeiue ia?aeii.

Nouanoaoao iyoue iaeaieaa /anoi eniieuecoaiuo iiaeaeae ia?aeiia:

aieiaa e iea/e (Head and Shoulders);

o?ieiay aa?oeia e iniiaaiea (triple tops and bottoms);

aeaieiay aa?oeia e iniiaaiea (double tops and bottoms);

V-ia?aciay aa?oeia e iniiaaiea (eiiaaea a? iacuaatho “oei”, io
aiaeeeneiai “spike”);

cae?oae?iiay iiaeaeue eee “aethaeoea” (rounding pattern or saucer).

Aeey anao iniiaiuo iiaeaeae ia?aeiia nouanoaotho iauea iieiaeaiey:

i?aaeiinueeie aeey aicieeiiaaiey ethaie iiaeaee ia?aeiia yaeyaony
nouanoaiaaiea i?aaeoanoaothuae oaiaeaioeee.

Ia?aui neaiaeii a?yaeouaai ia?aeiia a nouanoaothuae oaiaeaioeee /anoi
iiaeao auoue i?i?ua aaaeiie eeiee o?aiaea.

*ai e?oiiaa iiaeaeue, oai cia/eoaeueiaa aoaeao iineaaeothuaa aeaeaeaiea
?uiea.

Iiaeaee aa?oeiu, eae i?aaeei, ei?i/a ii a?aiaie e aieaa eciai/eau, /ai
iiaeaee iniiaaiey.

Iiaeaee iniiaaiey, eae i?aaeei, oa?aeoa?ecothony iaiueoei ?aca?inii
oeai, e aeey eo iino?iaiey o?aaoaony aieueoaa eiee/anoai a?aiaie.

Iau/ii, iau?i oi?aiaee ea?aao aieaa aaaeioth ?ieue, eiaaea ia/eiaaony
ia?aeii io ?uiea iaaeaaaeae e ?uieo aueia.

2.5. Iiaeaee i?iaeieaeaiey oaiaeaioeee

Iiaeaee i?iaeieaeaiey oaiaeaioeee iau/ii icia/atho, /oi ia?eiae canoiy
oeai, io?aae?iiue ia a?aoeea, yaeyaony ia aieaa /ai iaocie a ?acaeoee
ainiiaenoaothuae oaiaeaioeee e /oi iai?aaeaiea oaiaeaioeee inoaiaony
i?aaeiei iinea eo caaa?oaiey.

Aeey oiai, /oiau eaeaioeoeoee?iaaoue oo eee eioth oeao?o i?iaeieaeaiey,
iaiaoiaeeii eiaoue y?ei au?aaeaiiue o?aiae. Neaiaeii i oii, /oi oeao?a
auea aua?aia i?aaeeueii iineoaeeo aiciaiiaeaiea i?aaeuaeouaai
iai?aaeaiey o?aiaea iinea a? caaa?oaiey.

Iaeaieaa ?ani?ino?ai?iiuie oeao?aie oaeiai oeia yaeythony o?aoaieueieee
(triangles). Eo ?acee/atho a caaeneiinoe io ?aniieiaeaiey
ia?aie/eaathueo eeiee (boundary lines). Aa?oiyy a?aieoea yaeyaony eeieae
nii?ioeaeaiey, a ieaeiyy – eeieae iiaeaea?aeee.

Iaeaieaa /anoi iiaeao ano?aoeoue noaeathueeny o?aoaieueiee (contracting
triagle). Aai a?aieoeu noiaeyony a iaeio oi/eo e neiiao?e/ii iaeeiiaiu e
ai?eciioo. Noaeathueeny o?aoaieueiee iiaeao ei??aeoe?iaaoue e au/ee, e
iaaeaaaeee o?aiae.

Iaiiiaei aieaa ?aaeei ano?a/athony ainoiaeyuee (ascending) e ienoiaeyuee
(descending) o?aoaieueieee. Iaeia ec a?aieoe ia?aeeaeueia ine aanoeenn,
a ae?oaay iaeeiiaia, i?eaeeaeaynue e ia?aie n ?acaeoeai o?aoaieueieea.
Ainoiaeyuee o?aoaieueiee aieaa oa?aeoa?ai eae ei??aeoeey iaaeaaaeueaai
?uiea. Yoi iiaeii iauynieoue oai, /oi aai aa?oiyy a?aieoea ia?aeeaeueia
ai?eciioo o i?aaenoaaeyao niaie y?ei au?aaeaiiue o?iaaiue nii?ioeaeaiey.
A oi aea a?aiy aai ieaeiyy a?aieoea aieaa ?aciuoa, o?iaaiue iiaeaea?aeee
/?oei ii?aaeaeeoue aeiaieueii neiaeii. Oaeea /a?ou i?enoue iaaeaaaeueaio
?uieo, eioi?ue a yoii neo/aa e yaeyaony aeiieie?othuei. Ienoiaeyuee
o?aoaieueiee /aua ano?a/aaony i?e au/ueai ?uiea.

Iaeaieaa ?aaeeee oei o?aoaieueieea – ?anoe?ythueeny (expanding). Aai
a?aieoeu ni a?aiaiai neiiao?e/ii ?anoiaeyony.

Iinea caaa?oaiey eaaeaeiai ec o?aoaieueieeia neaaeoao iaeeaeaoue
aiciaiiaeaiey aeaeaeaiey a iai?aaeaiee i?aaeoanoaothuaai o?aiaea.
Iiiaio, eiaaea o?aoaieueiee caeii/eeny, iiaeii ii?aaeaeeoue ii
neaaeothuei e?eoa?eyi:

Aioo?e eaaeaeiai o?aoaieueieea iiaeii caiaoeoue ia/?oiia (ii ia iaiueoa
iyoe) eiee/anoai eieaaaiee (aiei).

Noaeathueeny, ainoiaeyuee e ienoiaeyuee o?aoaieueieee iau/ii
caeai/eaathony aeecei e oi/ea ia?ana/aiey naieo a?aieoe, ii ieeiaaea ia
iicaea.

Iinea caaa?oaiey o?aoaieueieea oeaia aeieaeia ?acei iiauneoueny eee
iiieceoueny, o.a. i?iaeoue niioaaonoaothuoth a?aieoeo.

ssaeaiea, eiaaea iinea caaa?oaiey o?aoaieueieea oeaia ia/eiaao ?acei
eciaiyoueny, iacuaaao oie/eii eee oaea?ii (thrust). Ieieiaeueiay oeaeue
aeey oie/ea ?aaia aeeeia iaeaieueoae aieiu o?aoaieueieea. Iiyoiio iinea
ieii/aiey o?aoaieueieea eiaao niune anoaoue a iiceoeeth ia iieoieo eee
i?iaeaaeo a niioaaonoaee n iaeeaeaaiui iai?aaeaieai aeaaiiai o?aiaea.

O?aoaieueieee – eeanne/aneee i?eia? aieiaiai o?aiaea, iineieueeo eo
eieaaaiey ii n?aaiaieth n aeaeaeaieyie au/ueaai eee iaaeaaaeueaai
oa?aeoa?a iacia/eoaeueiu.

?acee/atho oaeaea oaeea oeao?u i?iaeieaeaiey, eae oeaa (flag), auiiae
(pennant), eeei (wedge). Eo ioee/ey io o?aoaieueieeia ninoiyo ai
acaeiiii ?aniieiaeaiee aa?oiae e ieaeiae a?aieoe. Oeaa e auiiae
iaiiieiatho ienoiaeyuee e ainoiaeyuee o?aoaieueieee, a eeei –
noaeathueeny.

I?e ionoonoaee aeiiieieoaeueiuo eiaeeeaoi?ia ia ?aeiiaiaeoaony
oi?aiaaoue “aioo?e” o?aoaieueieea eee ae?oaie oeao?u i?iaeieaeaiey.

2.6. ssiiineea naa/e (Japanese Candlesticks Charting)

Iaeaieaa iaaeyaeiuo e anoanoaaiiuo a?aoe/aneeo iaoiaeia yaeyaony iaoiae
yiiineeo naa/ae.

Iaeaieaa /anoi naa/e no?iyo ia aaeaaeiaaiuo a?aoeeao (?en. 2).

A i?iiaaeooea iaaeaeo oeaiaie ioe?uoey e cae?uoey ?enoaony
i?yiioaieueiee, iacuaaaiue oaeii (real body) naa/e. Aa?oeeaeueiua
iaei/ee naa?oo e nieco oaea iacuaathony oaiyie (shadows). Oaei naa/e
cae?aoeaaaony ii-?aciiio a caaeneiinoe io acaeiiiai ?aniieiaeaiey oeai
ioe?uoey e cae?uoey. A eeanne/aneii aa?eaioa eniieuecotho aaeue oeaao
(o.a. naa/a ionoay), anee oi?aiaue aeaiue cae?ueny ia aieaa aunieii
o?iaia, /ai ioe?ueny, o.a. anee oeaia iiauneeanue. A ia?aoiii neo/aa
oaei naa/e cae?aoeaaaony /??iui oeaaoii.

A oa/aiee oi?aiaiai aeiy naa/a ia ye?aia aoaeao ioeuene?iaaoue – oaei
aoaeao iaiyoue aeeeio e oeaao, a oaie – iiyaeyoueny e i?iiaaeaoue. Ec
yoiai aeaeii, eaeea oaiaeaioeee – au/uee eee iaaeaaaeuee – i?aiaeaaeatho
ia ?uiea.

A i?iiaaeooea iaaeaeo oeaiaie ioe?uoey e cae?uoey ?enoaony
i?yiioaieueiee, iacuaaaiue oaeii (real body) naa/e (?en. 3).
Aa?oeeaeueiua iaei/ee naa?oo e nieco oaea iacuaathony oaiyie (shadows).
Iie iieacuaatho naiua aunieea e naiua ieceea cia/aiey oeai,
caoeene?iaaiiuo a oa/aiea oi?aia. Iaiaoiaeeii ioiaoeoue, /oi a
ioaeaeueiuo neo/ayo naa/e oi?ie?othony aac oaiae. Ia i?aeoeea yoi
icia/aao niaiaaeaiea iaeneiaeueiuo e ieieiaeueiuo oeai n oeaiaie
ioe?uoey e cae?uoey.

Oaei naa/e cae?aoeaaaony ii-?aciiio a caaeneiinoe io acaeiiiai
?aniieiaeaiey oeai ioe?uoey e cae?uoey. A neo/aa ?inoa oeaiu e iiiaioo
cae?uoey oi?aia auoa oeaiu ioe?uoey naa/a aoaeao ionoay (aaeay); anee
oeaia e eiioeo oi?aia iionoeeanue ieaea oeaiu ioe?uoey – naa/a aoaeao
/??iay. Niaiaaeaiea oeai ioe?uoey e cae?uoey iaicia/aaony
ai?eciioaeueiie /a?oie.

A aiaeeca naa/ae eeth/aaoth ?ieue caieiaao oaei, ii ia oeaao e ia oaie,
eioi?uie /anoi i?aiaa?aaatho aiiaua (iai?eia?, i?e i?iaaaeaiee ia
a?aoeea eeiee o?aiaea). Ii ?acia?o oaea iiaeii ?acee/eoue iieiioeaiiua
naa/e e aeiaeaee (e?anou). O iineaaeieo oeaiu cae?uoey e ioe?uoey aeecee
eee ?aaiu iaaeaeo niaie (?en. 4) [1, n. 50].

I?iaiice?iaaiea /aua anaai aaae?ony ia iniiaaiee eiiaeiaoeee o??o
naa/ae, aaea aeaa nianoaaiii ninoaaeytho oeao?o, a o?aouey
iiaeoaa?aeaeaao neaiae. Ii iaiaeiaaaeiui yaeyaony e oa?aeoa? eaaeaeie
naa/e, ii?aaeaeythuee a? ?ieue a aiaeeca.

Neaiaeu i ?acai?ioa o?aiaea – iaeaieaa neeueiay /anoue i?iaiice?iaaiey n
iiiiuueth yiiineeo naa/ae. Caeanue iniaia cia/aiea i?eaea?ony aeiaeaeai
– naa/ai n iaeaiueeeie oaeaie, eee i?inoi iaeaiueeei naa/ai. Nouanoaoao
iaoe?iay oa?ieiieiaey, aaea ec-ca ithainia iaeaiueeea naa/e e aeiaeaee
i?eia?aoatho ?aciua eiaia. Iaeaieaa aaaeiua ec ieo iieacaiu ia ?en. 5 –
e?anou e iaeaiueeea aeiaeaee (o naa/e aiiaua eee ii/oe iao oaea), ciioee
(iaeaiueeia oaei, aeeeiiay ieaeiyy oaiue), ia?aa??iooue ciioee
(iaeaiueeia oaei, aeeeiiay aa?oiyy oaiue).

Naie ii naaa aeiaeaee iieacuaatho i?eciaee ia?aoeoaeueiinoe a iiaaaeaiee
o/anoieeia ?uiea, /oi iaaethaeaaony iau/ii i?e i?eaeeceoaeueii ?aaiii
eiee/anoaa aueia e iaaeaaaeae. Ii/oe anaaaea iie ano?a/athony eae /anoue
oeao?u, niaoeeaeece?othuae i ?acai?ioa o?aiaea, e ai?acaei ?aaea
iiyaeythony i?e yaii au?aaeaiiuo o?aiaeiauo – au/ueeo eee iaaeaaaeueeo –
oaiaeaioeeyo.

Nea/ie (gap) eee ieii (window) i?e “naa/iii” oaoie/aneii aiaeeca
oeacuaatho ia iaiaeeaeaiiue ?aceee io?ua naa/e io i?aaeoanoaothuae. I?e
yoii a? oaei iieiinoueth ?aniieiaeaii auoa eee ieaea oaea i?aaeuaeouae
naa/e (?en. 6).

A?aoee aeaeaeaiey eo?na aeoeee ?AI AYN “?innee”,

caoeene?iaaiiue a oi?ia “yiiineeo naa/ae”

?en. 2

A caaeneiinoe io caieiaaiie iiceoeee ii ioiioaieth e i?aaeuaeouae naa/a
aeiaeaee eee iaeaiueeay naa/a iiaoo auoue caacaeie eee oa?aie (yiiineia
neiai, iaicia/athuaa “aa?aiaiiay”). Iinea i?uaeea naa/a noaiiaeony
caacaeie (?en. 7 a). Anee an? oaei naa/e ia auoiaeeo ca ?aiee oaea
i?aaeuaeouae, iieo/aai oeao?o oa?aie (?en. 7 a).

Anee aea oaei naa/e iieiinoueth “iiaeiuaao” oaei i?aaeuaeouae,
iieo/aiioth oi?iaoeeth iacuaatho caaaeii (engulfing pattern) (?en. 7 a).

Naa/e oeia ciioeeia iau/ii neaiaeece?otho i ?acai?ioa e ano?a/athony
/aua anaai a iiiaio eciaiaiey o?aiaea. Eo iacaaiey iaiythony a
caaeneiinoe io oiai, a eaeii o?aiaea iie i?iyaeeenue. Iaeei e oio aea
ciioee iacuaatho iieioii i?e iaaeaaaeueai e aenaeueieeii – i?e au/ueai
?uiea. Iinea niioaaonoaothuaai i?uaeea (i?e au/ueai ?uiea – aaa?o, i?e
iaaeaaaeueai – aiec) iiyaeaiea ethaiai ciioeea aoaeao au? aieaa neeueiui
eiaeeeaoi?ii ?acai?ioa, e any oi?iaoeey iieo/eo iacaaiea ca?caeiue
?acai?io (star reversal). Oeaao oaea i?e yoii ia eiaao cia/aiey.

Oa?iei aa/a?iee (evening) ioiineony e oaeei naa/ai e oi?iaoeeyi, iinea
eioi?uo au/ee o?aiae iaiyaony ia iaaeaaaeee. Yoi naycaii n oeaaoii
aieueoeo naa/ae, eiathueo i?e au/ueai ?uiea oa?aeoa?iue aaeue
(aeiaaiie), a i?e iaaeaaaeueai – /??iue (ii/iie) oeaao. Niioaaonoaaiii,
i?eiaiytho e oa?iei oo?aiiee (morning) – i?e naa/a eee oi?iaoeee,
aicieeathuae aieco oeaiiaiai a?aoeea.

Ia ?en. 8 ( 10 a ni?aai/iii ii?yaeea ecia?aaeaiu iaeaieaa /anoi
ano?a/athueany oi?iaoeee iiai?ioiiai e i?iaeieaeaiiiai oa?aeoa?a. Ana
iie iacuaathony iiyoe/ii, aieaa eee iaiaa niioaaonoaoy
aeaenoaeoaeueiinoe.

Naa/e – iaeaieaa aeaenoaaiiue e i?inoie ec a?aoe/aneeo iaoiaeia.
Eiiaeie?oy eo n iaoiaeaie oeeueo?aoeee (inoeeeeyoi?aie e neieuecyueie
n?aaeieie), iiaeii iieo/eoue oi/iua e naiaa?aiaiiua neaiaeu ia eciaiaiee
o?aiaea, e n iiiiuueth yoiai aia?aiy anooieoue a naeaeeo ia iieoieo eee
i?iaeaaeo. Ii au?aaeaieth ?inneeneeo aeeea?ia, “ai?acaei eo/oa eoieoue
iiieco e i?iaeaoue iiaa?oo, /ai iaiai?io”.

2.7. Iaoiae neieuecyueo n?aaeieo

Iaeiei ec iaeaieaa oieaa?naeueiuo e oe?iei eniieuecoaiuo oaoie/aneeo
eiaeeeaoi?ia yaeyaony, oae iacuaaaiia, n?aaeiaa neieuecyuaa cia/aiea [6,
n. 71].

Naiue i?inoie niinia oaoie/anee i?iaiaeece?iaaoue ethaie oeaiiaie a?aoee
– yoi iaeiaeeoue ia a?aoee oeai neieuecyuaa n?aaeiaa cia/aiea, a eo/oa
aeaa neieuecyueo n?aaeieo cia/aiey ?aciuo ia?eiaeia. Neieuecyuaa
n?aaeiaa cia/aiea ?ann/eouaaaony on?aaeiaieai oeaiiauo cia/aiee, eae
i?aaeei, oeaiu cae?uoey, ca ii?aaeaeaiiue ia?eiae a?aiaie, i?e oii /oi
ia?eiae inoaaony anaaaea iaeiei e oai aea. Oaeei ia?acii, anee iu no?iei
20-aeiaaiia neieuecyuaa n?aaeiaa cia/aiea iu neeaaeuaaai aeiaaiua oeaiu
cae?uoey ca iineaaeiea 20 aeiae e aeaeei eo ia aeaaaeoeaoue (on?aaeiyai)
e ia neaaeothuee aeaiue iu iiyoue aeaeaai oi aea naiia, ii oaea o/eouaay
iiaoth aeiaaioth oeaio cae?uoey e ioa?anuaay oeaio cae?uoey, eioi?ay
auea caoeene?iaaia 21 aeaiue iacaae. Aeeiaieea no?iyuaeny e?eaie
eaaeaeue aeaiue eae au “i?ineaeuecuaaao” ai a?aiaie ia iaeei aeaiue
aia?aae.

N?aaeiaa neieuecyuaa cia/aiea ioiineony e eaoaai?ee aiaeeoe/aneeo
eino?oiaioia, eioi?ua neaaeotho ca oaiaeaioeeae. Aai oeaeue ninoieo a
oii, /oiau ii?aaeaeeoue a?aiy ia/aea iiaie oaiaeaioeee, a oaeaea
i?aaeoi?aaeeoue i a? caaa?oaiee eee iiai?ioa.

Yoio iaoiae anaaaea neaaeoao ca aeeiaieeie ?uiea, a ia iia?aaeaao a?, e
neaiaeece?oao i iiyaeaiee iiaie oaiaeaioeee, ii oieueei iinea oiai, eae
iia iiyaeeanue, iiyoiio iaoiae ia i?aaeiacia/ai aeey i?iaiice?iaaiey
aeaeaeaiee ia ?uiea a oii niunea, a eioi?ii yoi aeaeaao a?aoe/aneee
aiaeec.

Iino?iaiea n?aaeiaai neieuecyuaai cia/aiey i?aaenoaaeyao niaie
niaoeeaeueiue iaoiae naeaaeeaaiey oeaiiauo iieacaoaeae. E?aoein?i/iia
n?aaeiaa neieuecyuaa (eia/a iacuaaaiia “ei?ioeei”), iai?eia?, iyoe- eee
aeanyoeaeiaaiia, oi/iaa ia?aaea?o aeaeaeaiea oeai, /ai aieaa
i?iaeieaeeoaeueiia (“aeeeiiia”), neaaeai, ni?ieaaeiaaiia. I?eiaiaiea
ei?ioeeo n?aaeieo neieuecyueo iicaieyao nie?aoeoue ionoaaaiea ii
a?aiaie, iaeiaei iieiinoueth ono?aieoue aai iaaiciiaeii. Ei?ioeea
n?aaeiea neieuecyuea aieaa /oanoaeoaeueiu e aeeiaieea oeai, /ai
aeeeiiua. Ia iaeieo ?uieao oeaeaniia?aciaa eniieueciaaoue ei?ioeea
n?aaeiea neieuecyuea, ia ae?oaeo yooaeoeaiaa aeeeiiua, eae iaiaa
/oanoaeoaeueiua (?en.11).

I?eia? eiiaeiaoeee aeanyoe- e ni?ieaaeiaaiiai i?inouo n?aaeieo
neieuecyueo. Aeanyoeaeiaaiia n?aaeiaa neieuecyuaa cia/aiea iaicia/aii
nieioiie eeieae, ni?ieaaeiaaiia – ioieoe?iie.

?en. 11

Iaiaoiaeeii ia?aoeoue aieiaiea, (?en. 11) ianeieueei oi/ii aeaeaeaiey
oeaiiaie oaiaeaioeee iiaoi?ythony ei?ioeei, aeanyoeaeiaaiui n?aaeiei
neieuecyuei. Ni?ieaaeiaaiia “ionoieo” io aeaeaeaiey oeai ianeieueei
aeaeueoa. N?aaeiea neieuecyuea cia/aiey naeaaeeaatho oeaiiaie ?aca?in,
iaeiaei anaaaea ionoatho ai a?aiaie io aeeiaieee ?uiea.

Ei?ioeia n?aaeiaa neieuecyuaa eo/oa ?aaioaao, eiaaea oeaiu iaoiaeyony a
canoieiie oaca. Yoio iiiaio iacuaaaony ?uii/iie eiinieeaeaoeeae.
O?aiaea, iniiaiiai iai?aaeaiey aeeiaieee, ia ?uiea a oaeie iiiaio ia
nouanoaoao, oeaiu eae au aioiayony i?eia?anoe eaeia – eeai iai?aaeaiea
naiaai aeaeaeaiey. Yoi i/aiue /anoi iaaethaeaaony iinea neeueiuo
aeaeaeaiee ?uiea e aeeeony aei oao ii? iiea ia ia/eiaaony iiaay
oaiaeaioeey.

Eae oieueei ia?acoaony ainoiaeyuay eee ienoiaeyuay oaiaeaioeey, eo/oa
anaai i?eiaiyoue aieaa aeeeoaeueiua neieuecyuea n?aaeiea. Iie iaiaa
/oanoaeoaeueiua, oae eae ii naiae i?e?iaea eiatho aieueoia ionoaaaiea, e
nii?iaiaeaeatho iniiaioth oaiaeaioeeth iaiiiai aeieueoa.

Enoiaey ec auoa iienaiiuo iniaaiiinoae, aue i?eaeoiai iaoiae ia iniiaa
neieuecyueo n?aaeieo oeaiiauo cia/aiee, iicaieythuee o/anoue ana
?uii/iua ninoiyiey. Ii iiae?acoiaaaao iiae niaie eniieueciaaiea
iaeiia?aiaiii aeaoo neieuecyueo n?aaeieo cia/aiee ?aciuo ia?eiaeia
?an/aoa e caeeth/aaony a oii, /oi i?e ia?ana/aiee ei?ioeie neieuecyuae
n?aaeiae aeeeiioth neieuecyuoth iiyaeyaony aieueoay aa?iyoiinoue oiai,
/oi oeaiu aoaeoo aeaeaaoueny a iai?aaeaiee ia?ana/aiey.

Nouanoaotho iaiaei aieaa neiaeiuo eiaeeeaoi?ia oaoie/aneiai aiaeeca
iniiaaiiuo ia aeaiiuo naienoaao, ii iiieiay nooue aeaiiiai iaoiaea
aoaeao eaaei ?acia?aoueny e n ae?oaeie.

2.8. Inoeeeeyoi?u

Iaoiaeu, iienaiiua auoa, ii naiae i?e?iaea yaeythony neaaeothueie ca
oaiaeaioeeae. Inoeeeeyoi?u eee eiaeeeaoi?u eieaaaiee – aeueoa?iaoeaa
eiaeeeaoi?ia, neaaeothueo ca oaiaeaioeeae [3, n. 302]. Iie aanueia
yooaeoeaiu eiaiii a ionoonoaee yaiuo oaiaeaioeee, eiaaea aeeiaieea ?uiea
naiaeeony e oeoeooaoeeyi a i?aaeaeao n?aaieoaeueii oceiai
ai?eciioaeueiiai ei?eaei?a oeai, eia/a iacuaaaiiai “?uii/iui
ei?eaei?ii”.

Ii yooaeoeaiinoue inoeeeeyoi?ia ia ia?aie/eaaaony oieueei i?aaeaeii
“?uii/iiai ei?eaei?a”. A ni/aoaiee n aiaeecii oeaiiauo a?aoeeia a
ia?eiaeu neeueiuo oaiaeaioeee inoeeeeyoi?u niiniaiu i?aaeneacuaaoue
e?aoeia?aiaiiua e?eoe/aneea ia?eiaeu a aeeiaieea ?uii/iie aeoeaiinoe –
oae iacuaaaiia ninoiyiea ia?aeoieaiiiai (overbought) e ia?ai?iaeaiiiai
(oversold) ?uiea. E?iia oiai, inoeeeeyoi?u iicaieytho ca?aiaa oaeaeaoue
ineaaeaiea ?uii/iie oaiaeaioeee – aei oiai, eae yoi yaii io?aceony ia
aeeiaieea oeai. Iai?eia?, ?anoiaeaeaiea (divergence) iaaeaeo
iai?aaeaieai aeaeaeaiey e?eaie inoeeeeyoi?a e aeeiaieeie oeai
iieacuaaao, /oi neaaeiaaiea ?uiea ii?aaeae?iiie oaiaeaioeee iiaeoiaeeo e
eiioeo.

A oaoie/aneii aiaeeca i?eaeoiaii aieueoia eiee/anoai inoeeeeyoi?ia.
Nouanoaotho, oae iacuaaaiua, niaoeeoe/aneea inoeeeeyoi?u,
i?eniiniaeaiiua iiae ii?aaeaeaiiue ?uiie. E i?eia?o, R. Colby e T.
Meyers a iioaeeeiaaiiie “Encyclopedia of market Indicators” i?eaiaeeo
inoeeeeyoi?u i?eiaiyaiua oieueei ia ?uiea ainoaea?noaaiiuo aeieaiauo
aoiaa i?aaeoaeuenoaa NOA.

A aeaiiie ?aaioa ?anniio?ei naiue oieaa?naeueiue e iaeaieaa
?ani?ino?aiaiiue inoeeeeyoi? – eiaeaen ioiineoaeueiie neeu (Relative
Strength Index).

Yoio eiaeaen aue ?ac?aaioai O. Oaeeaea?ii (Welles Wilder) e i?aaenoaaeai
a aai eieaa “New concepts in technical trading systems” e aun/eouaaaony
ii neaaeothuae oi?ioea:

RSI = 100 – (100/1+ RS),

aaea RS = n?aaeiaa cia/aiea i?e?inoa oeai cae?uoey ca ( aeiae /n?aaeiaa
cia/aiea oauee oeai cae?uoey ca ( aeiae.

Aaoi? iaoiaea aeey iino?iaiey a?aoeea eniieueciaae noaiaea?oii 14 aeiae.
*ai iaiueoee ii?yaeie iu aoaeai eniieueciaaoue, oai aieaa
/oanoaeoaeueiie aoaeao e?eaay e oai aieueoaa eiee/anoai neaiaeia iu
iieo/ei.

Eiaeaen ioiineoaeueiie neeu ioeeaaeuaatho ia oeaea io 0 aei 100. Eo/oa
anaai ii ?aaioaao, aeinoeaay iaeanoe yeno?aioiia. E?eoa?eai ioeaiee
neoaeao aeaa eeiee, i?iaaae?iiua ia o?iaia 30 e 70. N/eoaaony, /oi auoa
70 iaoiaeeony ciia ia?aeoieaiiinoe, a ieaea 30 – ia?ai?iaeaiiinoe.
Iiyoiio, eiaaea cia/aiea eiaeaena ioiineoaeueiie neeu aeinoeaaao e
iiaeieiaaony auoa 70, aicieeaao oa?ica niaaea oeai; aeaeaeaiea ieaea 30
aini?eieiaaony eae i?aaeoi?aaeaeaiea i aeeceii iiaeu?ia. Iaeioi?ua
aiaeeoeee niaaootho i?eieiaoue a ea/anoaa a?aieoe o?iaie 30 e 70 oieueei
i?e aieiauo o?aiaeao, a 20 e 80 – i?e y?ei au?aaeaiiuo au/ueai e
iaaeaaaeueai.

Aeey oiai, /oiau aieaa oniaoii ?aaioaoue n eiaeaenii ioiineoaeueiie neeu
O. Oaeeaea? i?aaeeiaeee i?eiaiyoue e aai a?aoeeo iaoiaeu, iaiiieiathuea
oeao?u.

Nouanoaoao niaoeeoe/aneay oeao?a, eniieuecoaiay aeey aiaeeca eiaeaena
(?en. 12). Yoa oeao?a – iaoaeaaoeeny ?aciao (failure swing) – iiaeao
aicieeiooue e a ea/anoaa neaiaea ia iieoieo, e a ea/anoaa neaiaea ia
i?iaeaaeo. Anee Au caiaoeee oaeoth oeao?o a iieiaeaiee aa?oeiu, oi yoi
iiaeao neoaeeoue aeinoiaa?iui neaiaeii e i?iaeaaea. A neo/aa, anee
oeao?a iiyaeeanue a iieiaeaiee aeia, oi aiciiaeii anoaoue a aeeeiioth
iiceoeeth.

Ia a?aoeea eiaeaena /anoi aicieeatho eeanne/aneea oeao?u oaoie/aneiai
aiaeeca, oaeea eae aieiaa e iea/e, o?aoaieueieee. N eo iiiiuueth iiaeii
i?aaeneacaoue aeeiaieeo aeaeaeaiey eiaeaena, a oaeaea a?aiy, eiaaea
eiaiii oeaiiaie o?aiae aeieaeai eciaieoueny.

I?e aicieeiiaaiee /?oeeo o?iaiae nii?ioeaeaiey eee iiaeaea?aeee ia
a?aoeea eiaeaena iiaeii iaeeaeaoue eo iiyaeaiey e ia oeaiiaii /a?oa.

Iaoaeaaoeeny ?aciao – oeao?a ia RSI

(eniieueciaaeny a i?eiyoee ?aoaiey i iieoiea-i?iaeaaee aeoeee

IAI “Ii?eeueneee ieeaeue”)

?en. 12

Au? iaeei aaaeiue eino?oiaio aeey i?iaiice?iaaiey oeai n iiiiuueth
eiaeaenii ioiineoaeueiie neeu – enneaaeiaaiea ?anoiaeaeaiey, aicieeoaai
iaaeaeo iai?aaeaieai aeaeaeaiey a?aoeea eiaeaena e o?aiaeii oeaiu. Iiae
?anoiaeaeaieai (divergence) iiieiatho aeaa neo/ay:

Eiaeaen ?ano?o, a oeaia iaaeaao eee iaoiaeeony ia iaeiii o?iaia.

Eiaeaen iaaeaao, a oeaia ?ano?o eee ia aeaeaeaony.

?anoiaeaeaiea a oaeii neo/aa – neeueiue ?acai?ioiue eiaeeeaoi?. E oioy
iii ia aicieeaao i?e eaaeaeii iiai?ioa, aai /anoi ano?a/atho a iniaaiii
iiai?ioiua iiiaiou.

Aeaaa 3. I?aeoe/aneia i?eiaiaiea iaoiaeia oaoie/aneiai aiaeeca i?e
oi?aaeaiee ii?ooaeai oeaiiuo aoiaa

3.1. Oi?ie?iaaiea ii?ooaey oeaiiuo aoiaa

I?aaei?eyoea, eioi?ia a neeo eiiia?/aneie oaeiu iacia?i oneiaiui,
eiathueany naiaiaeiua n?aaenoaa aeeaaeuaaao a oeaiiua aoiaae n oeaeueth
ecaea/aiey aeioiaea.

?aiaa yoi auee a iniiaiii AEI e IOC. N ?acaeoeai ?uiea aeoeee,
oiaiueoaieai i?ioeaioiie noaaee ii ainoaea?noaaiiui oeaiiui aoiaaai e
iiyaeaieai Yieoaioia, eioi?uo iiaeii ioianoe e ?inneeneei “blue chips”
aeaiaaeiua n?aaenoaa auee iai?aaeaiu ia iia?aoeee n ei?ii?aoeaiuie
aeoeeyie.

Oi?aaeaiea ii?ooaeai oeaiiuo aoiaa a eiiiaiee inouanoaeyaony ia iniiaa
iaoiaeia oaoie/aneiai aiaeeca n i?eiaiaieai eiiiuethoa?iie i?ia?aiiu
MetaStock 6.5 oe?iu Equis, eioi?ay iicaieyao aiaeece?iaaoue iieo/aaioth
eioi?iaoeeth i oiaea oi?aia a ?ON a ?aaeeia on-line e iia?aoeaii
i?eieiaoue ?aoaiea i eoiea-i?iaeaaea oeaiiuo aoiaa iooai iiaea/e cayaee
a?iea?o.

Aeey oi?ie?iaaiey ii?ooaey oeaiiuo aoiaa auai? aue naeaeai a iieueco
aeoeee i?aaei?eyoee, eioi?ua eiatho aunieoth eeeaeaeiinoue, /oi
iicaieyao auno?i ia?aaanoe n?aaenoaa ec aeoeee a iaee/iinoue.

Yieoaiou, n aeoeeyie eioi?uo a iniiaiii ?aaioaao i?aaei?eyoea,
i?eaaaeaiu a oaae. 2.

Oaae. 2

Iaeiaiiaaiea Yieoaioa Eiae a ?ON Oei Aeoeee Iiieiae (?oa.) Iauaa
eiee/anoai OeA

?AI “AYN ?innee” AASR iaueiiaaiiua 500 41 041 753 984

?AI “?inoaeaeii” RTKM iaueiiaaiiua 2,5 700 312 800

IE “Eoeiee” LKOH iaueiiaaiiua 25 669 351 391

IAI “Ii?eeueneee ieeaeue” NKEL iaueiiaaiiua 250 94 499 936

IAI “Oaoiaooue” TATN iaueiiaaiiua 10 000 21 786 907

IAI “Iinyia?ai” MSNG iaueiiaaiiua 1 000 25 600 000 000

IAI Neaaiaooue-Iaaeiiiaooaaac MFGS iaueiiaaiiua 25 000 99 474 705

IAI “Eiieiaooue” KNFT iaueiiaaiiua 1 000 4 361 884

IAI “IAON” MGOS iaueiiaaiiua 1 000 957 950

3.2. I?eia?u i?eiyoey ?aoaiey iieoiee-i?iaeaaee oeaiiuo aoiaa

2 aaaonoa 1996 a. a ii?ooaeue oeaiiuo aoiaa auee i?eia?aoaiu aeoeee ?AI
“AYN ?innee” a eiee/anoaa 900 000 oo. ii oeaia 0,0759 $ ca aeoeeth ia
iauoth noiio 68 310 $.

I?e i?eiyoee ?aoaiee iieoiee-i?iaeaaee aeoeee aiaeece?iaaeenue:

Japanese Candlesticks Charting (ssiiineea naa/e);

eiaeeeaoi? MACD (Moving Averages Convergence-Divergence) – ?aciinoue 12
e 26 -aeiaaiuo neieuecyueo n?aaeieo;

inoeeeeyoi? Relative Strength Index.

Iieoiea aeoeee auea i?iaaaeaia a iiiaio, eiaaea inoeeeeyoi? Relative
Strength Index iaoiaeeeny a na?aaeeia iaeanoe. ?uiie aeoeee ?AI “AYN
?innee” iaoiaeeeny a noaaeeueiii ninoiyiee, eiaaea oeaia aeoeee
i?aeoe/anee ia iaiyeanue, aei 27 aeaeaa?y 1996 a., iinea /aai oeaia
aeoeee noaea iaaeeaiii oaaee/eaaoueny. A oi aea a?aiy inoeeeeyoi?
Relative Strength Index oeacuaae ia aunieoth ia?ai?iaeaiiinoue, a 12 e
26 aeiaaiua n?aaeiea neieuecyuea – onoie/eaue ?ino. Auei i?eiyoi ?aoaiea
ia i?iaeaaaoue aeoeee.

28 oaa?aey 1997 a. 12 e 26 aeiaaiua n?aaeiea neieuecyuea ia?anaeeenue,
/oi yaeyaony i?eciaeii iaaeaiey ?uiea e auei i?eiyoi ?aoaiea i?iaeaoue
aeoeee ii oeaia 0,2286 $ ca aeoeeth. Iieo/aiiue aeioiae ninoaaee 137 430
$.

15 ai?aey eiaeeeaoi? MACD (Moving Averages Convergence-Divergence) aeae
neaiae e iieoiea e auei i?eia?aoaii 650 000 oo. aeoeee ii oeaia 0,2105 $
ia iauoth noiio 136 825 $.

10 ethey, iinea aeeeoaeueiiai iiaeu?ia ?uiea, “ssiiineea naa/e” iieacaee
“oaiiia iaeaei”. E yoiio a?aiaie inoeeeeyoi? Relative Strength Index
oaea iieacuaae aunieoth ia?ai?iaeaiiinoue, iiyoiio auei i?eiyoi ?aoaiey
i?iaeaoue aeoeee aeey oeenaoeee iieo/aiiie i?eauee e i?iaeaoue aeoeee ii
oeaia 0,4530 $ ca iaeio aeoeeth ia iauoth noiio 294 450 $. Iieo/aiiue
aeioiae ninoaaee 157 625 $.

1 ieoya?y, iinea, aieaa /ai 2 iany/iiai ioiineoaeueiiai caoeouey, 12 e
26 aeiaaiua n?aaeiea neieuecyuea ia?anaeeenue, ia iniiaa /aai auei
i?eiyoi ?aoaiea i?eia?anoe 650 000 aeoeee ii oeaia 0,4050 $ ia iauoth
noiio 263 350 $.

Niaiauaiiue a?aoee aiaeeca aeaeaeaiey oeai ia aeoeee ?AI “AYN ?innee”

?en. 13

17 ieoya?y aeoeee auee i?iaeaiu ia iniiaa aiaeecia Japanese Candlesticks
Charting e eiaeeeaoi? MACD. Ia?aua oaea n 6 ieoya?y ia/aee iieacuaaoue
“oaiiia” iaeaei, eioi?ia oae e ia niiaei ii ii?iaeueiiio aueoe ec iaai.
Eiaeeeaoi? MACD ynii iieacuaae ia naeeaeaiea 12 e 26 aeiaaiuo n?aaeieo
neieuecyueo, eioi?ua e ia?anaeeenue 20 ieoya?y. Aeoeee i?iaeaiu ii oeaia
0,4200 $ ca iaeio ia iauoth noiio 273 000 $.

Iinea 17 ieoya?y aeoeee ia iieoiaeenue, a 27 ieoya?y ana, iaoiaeyueany a
ii?ooaea aeoeee auee i?iaeaiu a nayce n e?ecenii ia ie?iaii oiiaeiaii
?uiea, a oii /enea e ia ?inneeneii. Aunaiaiaeeaoeany n?aaenoaa a iieiii
iau?ia iai?aaeaiu ia ?uiie AEI, IOC.

Oaeei ia?acii, ni 2 aaaonoa 1996 a., eiaaea aia?aua auee i?eia?aoaiu
aeoeee ?AI “AYN ?innee”, aei iineaaeiae iia?aoeee n ieie 17 ieoya?y 1997
a. aue iieo/ai aeioiae a ?acia?a 304 705 $, /oi ninoaaeei aieaa 260%
aiaeiauo a aaethoa.

A?aoee aeaeaeaiey oeai ia aeoeee IAI “Eoeiee”

ioieoe?iie eeieae iaicia/aii 10 aeiaaiia neieuecyuaa, nieioiie – 40
aeiaaiia

?en. 14

?en. 14 iieacuaaao io?acie a?aiaie, ia eioi?ii aeoeaii niaa?oaeenue
iia?aoeee ii aeaiiiio aeaeo aoiaa oieueei ia iniiaa aiaeeca n?aaeieo
neieuecyueo: 10 aeiaaiie – nieioiay eeiey e 40 aeiaaiie – ioieoe?iay
eeiey.

19 aeaeaa?y 1997 a. ia ?uiea eoieaii 5000 aeoeee ii oeaia 10,45 $ ia
iauoth noiio 52 250 $ a oi/ea ia?ana/aiey 10 aeiaaiie n?aaeiae
neieuecyuae e 40 aeiaaiie n?aaeiae neieuecyuae.

3 ia?oa 1997 a. ana aoiaae auee i?iaeaiu ii oeaia 14,78 $ ia iauoth
noiio 73 900 $ ia aiaeeca naeeaeaiey aeaoo n?aaeieo neieuecyueo, eioi?ua
e ia?anaeeenue 7 ia?oa 1997 a. Iieo/aiiue aeioiae ninoaaee 21 650 $.

6 iay 1997 a., iinea neaaeothuaai ia?ana/aiey n?aaeieo neieuecyueo, auei
i?eia?aoaii 5000 aeoeee ii oeaia 14,55 $ ia iauoth noiio 72 750 $.

Aei 15 aaaonoa oeaia aeoeee aic?anoaea, iinea /aai ianooieea ei??aeoeey
oeai ?uieii. 4 naioya?y 1997 a. iinea ia?ana/aiey n?aaeieo neieuecyueo
aeoeee auee i?iaeaiu ii oeaia 23,87 ia iauoth noiio 119 350 $. A aeaiiii
neo/aa i?iaeaaea aeoeee inouanoaeeanue ia a eo/oee iiiaio a?aiaie, a
eiaaea ?uiie iaaeae oaea iieianyoea. Aeoeee a oaeie iiiaio ia
i?iaeaaaeenue a iaaeaaeaea ia auno?ia ainnoaiiaeaiea oeai, eioi?ia ia
ii?aaaeaeinue.

2 ieoya?y 1997 a. iinea ia?ana/aiey n?aaeieo neieuecyueo eoieaii 4 800
aeoeee ii oeaia 24,60 ia iauoth noiio 118 080 $. Eae aeaeii, oeaia
aeoeee aeaaea auoa, /ai i?e i?aaeuaeouae i?iaeaaea, ii yoi ii?aaaeaiii a
neo/aa aeaeueiaeoaai ?inoa oeai.

28 ieoya?y 1997 a. iinea i/aaeaeiiai iaaeaiey ?uiea aeoeee auee i?iaeaiu
ii oeaia 21,54 $ ia iauoth noiio 103 392 $.

Ec aiaeeca aeaiiiai a?aoeea aeaeii, /oi ia iaonoie/eaii ?uiea
iieueciaaoueny aeeeiiui n?aaeiei neieuecyuei iaoeaeaniia?acii, a aieaa
oi/ioth ea?oeio io?aaeaao ei?ioeay n?aaeiyy neieuecyuay. A oi aea a?aiy
aeaiiue iaoiae i?ei?n iauee aeioiae io iia?aoeee n aeoeeyie IAI “Eoeiee”
a ?acia?a 53 562 $, /oi ninoaaeyao aieaa 110% aiaeiauo a aaethoa.

Caeeth/aiea

A ?aaioa auee ?anniio?aiu iniiaiua i?eioeeiu oi?ie?iaaiey ii?ooaey
oeaiiuo aoiaa e iieacaiu iaeaieaa yooaeoeaiua, n iaoae oi/ee c?aiey,
iaoiaeu oaoie/aneiai aiaeeca i?e oi?aaeaiee ii?ooaeai oeaiiuo aoiaa.

Iiae oi?aaeaieai ii?ooaeai oeaiiuo aoiaa iiieiaaony i?eiaiaiea
niaieoiiinoe ?acee/iuo iaoiaeia e oaoiieiae/aneeo aiciiaeiinoae, eioi?ua
iicaieytho:

nio?aieoue ia?aiia/aeueiua eiaanoe?iaaiiua n?aaenoaa;

aeinoeaiooue iaeneiaeueiiai o?iaiy aeioiaea;

iaania/eoue eiaanoeoeeiiioth iai?aaeaiiinoue ii?ooaey.

Iaiaoiaeeii ioiaoeoue, /oi ?anniio?aiiua iaoiaeu oaoie/aneiai aiaeeca ia
yaeythony en/a?iuaathueie.

Aeey yooaeoeaiiai oi?aaeaiey ii?ooaeai oeaiiuo aoiaa iaiaoiaeeiui
oneiaeai yaeyaony oi?ie?iaaiea ii?ooaey ec eeeaeaeiuo oeaiiuo aoiaa, /oi
iicaieyao aac nouanoaaiiuo iioa?ue ia?aaanoe eo a aeaiaaeiua n?aaenoaa.

E eeeaeaeiui ?inneeneei oeaiiui aoiaaai ia naaiaeiy ioiinyony aoiaae,
oi?aoaiua a ?inneeneie Oi?aiaie Nenoaia (?ON).

?anniio?aiiue a aeaiiie ?aaioa oaoie/aneee aiaeec ( yoi enneaaeiaaiea
aeeiaieee ?uiea n oeaeueth i?iaiice?iaaiey aoaeouaai iai?aaeaiey
aeaeaeaiey oeai. Oa?iei “aeeiaieea ?uiea” aeeth/aao a naay o?e iniiaiuo
enoi/ieea eioi?iaoeee: oeaia, iau?i e ioe?uoue eioa?an (iau?i ioe?uouo
iiceoeee a neo/aa aiaeeca ?uiea n?i/iuo eiio?aeoia).

Oaoie/aneee aiaeec noieo ia o??o iinooeaoao:

?uiie o/eouaaao an?. An? oi, /oi eaeei-eeai ia?acii aeeyao ia ?uii/ioth
oeaio, iai?aiaiii ia yoie naiie oeaia io?aceony.

Aeaeaeaiea oeai iiae/eiaii oaiaeaioeeyi. Iiiyoea oaiaeaioeee eee o?aiaea
(trend) – iaeii ec iniiaiiieaaathueo a oaoie/aneii aiaeeca.

Ec aeaiiiai iieiaeaiey i?ienoaeatho aeaa neaaenoaey.

Neaaenoaea ia?aia: aeaenoaothuay oaiaeaioeey, ii anae aa?iyoiinoe ,
aoaeao ?acaeaaoueny aeaeaa, a ia ia?auaoueny a nianoaaiioth
i?ioeaiiieiaeiinoue.

Neaaenoaea aoi?ia: aeaenoaothuay oaiaeaioeey aoaeao ?acaeaaoueny aei oao
ii?, iiea ia ia/i?ony aeaeaeaiea a ia?aoiii iai?aaeaiee, o.a. ia/i?ony
oaiaeaioeey ia?aoiay nouanoaiaaaoae oaiaeaioeee.

Enoi?ey iiaoi?yaony. Aoaeouaa – yoi anaai eeoue iiaoi?aiea i?ioeiai.
Eeai noi?ioee?iaaoue ae?oaeie neiaaie: eeth/ e iiieiaieth aoaeouaai
e?iaony a eco/aiee i?ioeiai.

Aeinoieinoaa oaoie/aneiai aiaeeca au?aaeathony a aeaeinoe e
aaeaioaoeeiiiuo niiniaiinoyo. E?iia oiai:

Oaoie/aneee aiaeec iiaeii eniieueciaaoue i?aeoe/anee aeey ethaiai
n?aaenoaa oi?aiaee e a ethaii a?aiaiiii eioa?aaea. Iao oaeie iaeanoe a
iia?aoeeyo ia oiiaeiaie e oiaa?iie ae?aea, aaea au ia i?eiaiyeenue
iaoiaeu oaoie/aneiai aiaeeca.

I?eioeeiu oaoie/aneiai aiaeeca i?eiaieiu e ia oiiaeiaii e ia oeiainiaii
?uieao.

Oaoie/aneee aiaeec iiaeii i?eiaiyoue ia ethaii io?acea a?aiaie.

Iniiaiua iaoiaeu oaoie/aneiai aiaeeca, ?anniio?aiiua a aeaiiie ?aaioa:

Japanese Candlesticks Charting (iaoiae yiiineeo naa/).

Naa/e – iaeaieaa aeaenoaaiiue e i?inoie ec a?aoe/aneeo iaoiaeia.

Iaeaieaa /anoi naa/e no?iyo ia aaeaaeiaaiuo a?aoeeao (?en. 2). Iie
iicaieytho aecoaeueii ii?aaeaeeoue ana aaaeiaeoea iieacaoaee:
ieieiaeueioth e iaeneiaeueioth oeaio, oeaiu ioe?uoey e cae?uoey, oeaio
aeoeee ioiineoaeueii i?aaeuaeouae oi?aiaie nannee.

Iaoiae “Neieuecyueo n?aaeieo” (Moving Averege) (?en. 11).

ssaeyaony iaeiei ec iaeaieaa oieaa?naeueiuo e oe?iei eniieuecoaiuo
oaoie/aneeo eiaeeeaoi?ia.

Naiue i?inoie niinia oaoie/anee i?iaiaeece?iaaoue ethaie oeaiiaie a?aoee
– yoi iaeiaeeoue ia a?aoee oeai neieuecyuaa n?aaeiaa cia/aiea, a eo/oa
aeaa neieuecyueo n?aaeieo cia/aiey ?aciuo ia?eiaeia.

N?aaeiaa neieuecyuaa cia/aiea ioiineony e eaoaai?ee aiaeeoe/aneeo
eino?oiaioia, eioi?ua neaaeotho ca oaiaeaioeeae. Aai oeaeue ninoieo a
oii, /oiau ii?aaeaeeoue a?aiy ia/aea iiaie oaiaeaioeee, a oaeaea
i?aaeoi?aaeeoue i a? caaa?oaiee eee iiai?ioa.

Aiaeece?oy i?aeoe/aneia i?eiaiaiea aeaiiiai iaoiaea iiaeii naeaeaoue
neaaeothuea auaiaeu: /ai “ei?i/a” n?aaeiaa neieuecyuaa, oai aeeaea iii
neaaeoao ca oeaiiaie oaiaeaioeeae. “Aeeeiiia” n?aaeiaa neieuecyuaa
oi?ioi ?aaioaao ia aeeeoaeueiii a?aiaiiii io?acea a?aiaie.

E?iia oiai, aeaiiue iaoiae ia o?aaoao e?oiiuo noaoenoe/aneeo ianneaia,
/oi a ionoonoaee enoi?ee aeoeee yaeyaony, aaconeiaii, iieiaeeoaeueiui
iiiaioii [8, n. 43].

Inoeeeeyoi?u.

Yooaeoeaiu a ionoonoaee yaiuo oaiaeaioeee, eiaaea aeeiaieea ?uiea
naiaeeony e oeoeooaoeeyi a i?aaeaeao n?aaieoaeueii oceiai
ai?eciioaeueiiai ei?eaei?a oeai, eia/a iacuaaaiiai “?uii/iui
ei?eaei?ii”.

Inoeeeeyoi?u niiniaiu i?aaeneacuaaoue e?aoeia?aiaiiua e?eoe/aneea
ia?eiaeu a aeeiaieea ?uii/iie aeoeaiinoe – oae iacuaaaiia ninoiyiea
ia?aeoieaiiiai (overbought) e ia?ai?iaeaiiiai (oversold) ?uiea. E?iia
oiai, inoeeeeyoi?u iicaieytho ca?aiaa oaeaeaoue ineaaeaiea ?uii/iie
oaiaeaioeee – aei oiai, eae yoi yaii io?aceony ia aeeiaieea oeai.
Iai?eia?, ?anoiaeaeaiea (divergence) iaaeaeo iai?aaeaieai aeaeaeaiey
e?eaie inoeeeeyoi?a e aeeiaieeie oeai iieacuaaao, /oi neaaeiaaiea ?uiea
ii?aaeae?iiie oaiaeaioeee iiaeoiaeeo e eiioeo.

Iaeaieaa oieaa?naeueiue e ?ani?ino?aiaiiue inoeeeeyoi? – eiaeaen
ioiineoaeueiie neeu (Relative Strength Index).

Eiaeaen ioiineoaeueiie neeu ioeeaaeuaatho ia oeaea io 0 aei 100. Eo/oa
anaai ii ?aaioaao, aeinoeaay iaeanoe yeno?aioiia. E?eoa?eai ioeaiee
neoaeao aeaa eeiee, i?iaaae?iiua ia o?iaia 30 e 70. Auoa 70 iaoiaeeony
ciia ia?aeoieaiiinoe, a ieaea 30 – ia?ai?iaeaiiinoe. Iiyoiio, eiaaea
cia/aiea eiaeaena ioiineoaeueiie neeu aeinoeaaao e iiaeieiaaony auoa 70,
aicieeaao oa?ica niaaea oeai; aeaeaeaiea ieaea 30 aini?eieiaaony eae
i?aaeoi?aaeaeaiea i aeeceii iiaeu?ia. Iaeioi?ua aiaeeoeee niaaootho
i?eieiaoue a ea/anoaa a?aieoe o?iaie 30 e 70 oieueei i?e aieiauo
o?aiaeao, a 20 e 80 – i?e y?ei au?aaeaiiuo au/ueai e iaaeaaaeueai (?en.
12).

Aeey yooaeoeaiiai oi?aaeaiey ii?ooaeai oeaiiuo aoiaa iaiaoiaeeii
iinoiyiii aiaeece?iaaoue ?uiie. *anoi ?aoathuoth ?ieue a i?eiyoee
ieii/aoaeueiiai ?aoaiey ea?aao eaeie-oi aoi?inoaiaiiue, iacia/eoaeueiue
i?eciae, ia caia/aiiue ae?oaeie o/anoieeaie ?uiea. Neaaeoao anaaaea
iiiieoue ia iaeiii: /ai aieueoa oaeoi?ia ?anniao?eaaaony i?e i?eiyoee
?aoaiey, oai aieueoa oainia, /oi oaeanony i?eiyoue i?aaeeueiia ?aoaiea.

I?e i?eiyoee ?aoaiey i iieoiea-i?iaeaaea oeaiiuo aoiaa, ia iao acaeyae,
iaiaoiaeeii o/eouaaoue neaaeothuea iieacaoaee:

Eaeiai iai?aaeaiea niioaaonoaothuaai aeaiiiio ?uieo a?oiiiaiai eiaeaena.

Eaeoth ea?oeio iieacuaatho iaaeaeueiua e iany/iua a?aoeee aeieain?i/iiai
?acaeoey.

Eaeiai iai?aaeaiea iniiaiie, i?iiaaeooi/iie e iaeie oaiaeaioeee:
ainoiaeyuaa, ienoiaeyuaa, ai?eciioaeueiia.

Ia eaeii o?iaia iaoiaeyony iniiaiua iaeanoe iiaeaea?aeee e
nii?ioeaeaiey.

Aaea i?ioiaeyo aaaeiaeoea eeiee o?aiaea e oeaiiaua eaiaeu.

Iiaeoaa?aeaeaaony ee aeaeaeaiea oeai iieacaoaeyie iau?ia e ioe?uoiai
eioa?ana.

Aeaeiu ee ia a?aoeeao iniiaiua iiaeaee ia?aeiia oaiaeaioeee.

Aeaeiu ee ia a?aoeeao iiaeaee i?iaeieaeaiey oaiaeaioeee.

A eaeii iai?aaeaiee aeaeaathony n?aaeiea neieuecyuea.

Iaoiaeyony ee inoeeeeyoi?u a iaeanoe ia?aeoieaiiinoe eee
ia?ai?iaeaiiinoe.

Enoiaey ec auoaeceiaeaiiiai iaiaoiaeeii ioiaoeoue, /oi aeey yooaeoeaiiai
oi?aaeaiey ii?ooaeai oeaiiuo aoiaa iaoiaeii oaoie/aneiai aiaeeca
iaiaoiaeeii eiaoue aiciiaeiinoue iieo/aiey iaeaieaa iieiie eioi?iaoeee i
?acoeueoaoao oi?aiauo nannee, iieo/aiey noaoenoe/aneeo aeaiiuo ii
eaaeaeie oeaiiie aoiaaa, aac eioi?uo iaaiciiaeii iino?iaiea a?aoeeia e,
niioaaonoaaiii, i?eiyoea i?aaeeueiiai ?aoaiey.

Oaoie/aneee aiaeec ?uiea anaaaea i?aaenoaaeyao niaie eiiaeiaoeeth iiiaeo
?acee/iuo iiaeoiaeia. Iaiaoiaeeii ioiaoeoue, /oi oaoie/aneea iaoiaeu
eiatho noieaoithth enoi?eth a NOA e o??onioeaoithth a ssiiiee. A
ianoiyuaa a?aiy, n iiyaeaieai e ?acaeoeai eiiiuethoa?iie oaoieee,
oaoie/aneee aiaeec iiioey?ai eae ieeiaaea.

A caeeth/aiea iaiaoiaeeii ioiaoeoue iaeaieaa aaaeiua i?aaeea i?e
oi?aaeaiee ii?ooaeai oeaiiuo aoiaa:

Caeeth/aoue naeaeeo a iai?aaeaiee i?iiaaeooi/iie oaiaeaioeee.

Aeeaa?neoeoee?iaaoue ii?ooaeue, ii ia caauaaoue i “cieioie na?aaeeia”.

Aiaeece?oy neooaoeeth eaeoe io aeieain?i/iiai a?aoeea e e?aoein?i/iiio.

Ia iiaeaeaaaoueny yiioeeyi.

Nienie eniieueciaaiiie eeoa?aoo?u:

Eociaoeia I., Ieoaoia I., Ia/eiieeia A. “ssiiineea iiaenaa/ieee”, ?uiie
oeaiiuo aoiaa ? 19, 1997 a.

Eociaoeia I.A., Ia/eiieeia A.N. “Oaoie/aneee aiaeec ?uiea oeaiiuo
aoiaa”, I., Eio?a-I, 1996 a.

Iy?oe Aeaeii Aeae. “Oaoie/aneee aiaeec oueth/a?niuo ?uieia: oai?ey e
i?aeoeea”, I., Nieie, 1996 a.

Naiaieiaa A.A. “Iia?aoeee n oeaiiuie aoiaaaie”, I., Ia?niaeoeaa,
Eio?a-I, 1997 a.

Niaieaa Ae. “Oaoie/aneee aiaeec ?uiea oeaiiuo aoiaa. Aiciiaeiinoue
i?eiaiaiey iaoiaeia oaoie/aneiai aiaeeca e ?inneeneiio oiiaeiaiio
?uieo”, Iiiia?aoey, 1997 a.

Noaoeaiei A., Aoeue A. “Eae i?eiaieoue oaoie/aneee aiaeec ia ?inneeneii
?uiea aeoeee”, ?uiie oeaiiuo aoiaa ? 10, 1996 a.

Oaaeaaa A. “Oi?ie?iaaiea ii?ooaey oeaiiuo aoiaa. Niaoeeoeea ?inneeneiai
aa?eaioa”, ?uiie oeaiiuo aoiaa ? 18, 1995 a.

Y?eeo Aiia “Oaoie/aneee aiaeec oiaa?iuo e oeiainiauo ?uieia”, I.,
Eio?a-I, 1996 a.

PAGE 2

Nueouaea?, 1998

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