Volume Spread Analysis, is a new term which describes the method of interpreting, analysing and understanding a bar chart displayed on your computer screen. A chart with the high, low, close and volume will graphically show you how . | The Undeclared Secrets That Drive the stock Market by Tom Williams First published in 1993. Revised January 2000 Copyright C 1993 by Tom Williams Published by Genie Software Ltd. West Worthing Sussex BN11 5QD England 1993 World-wide rights reserved. Telephone 44 0 1903-505973 Fax 44 0 1903-505974 Email Tom@ URL CONTENTS Introduction 1 RANDOM WALKS AND OTHER MISCONCEPTIONS 3 CHAPTER ONE 4 A MARKET OVERVIEW 4 The Market Professionals 4 Supply and Demand 7 How To Read The Market 10 How to Tell if the Market is Strong or Weak 11 A Simple Example - End of a Rising Market 15 An Exception to the Low Volume Rule 20 VOLUME - The Key to the Truth 23 Testing Supply 26 Pushing Up Through Supply 29 High Volume On Market Tops 31 Effort versus Results 31 What actually stops a down move and how will I recognise this 33 The Shake-Out 39 CHAPTER TWO 43 REFINEMENTS IN VOLUME SPREAD ANALYSIS 43 Volume Surges in Related Markets 43 Different Time Frames 45 Manipulation of the Markets CHAPTER THREE 58 TRENDS AND TREND LINES 58 An Introduction to Trending 58 Constructing Trend Lines 58 Bottoms and Tops 59 Trend Scaling 59 Why do Trend Lines Appear to Work 61 Perceived Value 62 Trend Clusters 63 Using Trend Clusters 65 Support and Resistance - and Volume near a Trend Line 67 Pushing up through a Trend Line. 68 No Effort Down 70 CHAPTER FOUR 71 THE ANATOMY OF A BULL OR BEAR MARKET 71 Any Market Moves On Supply And Demand. 72 A Campaign 73 The Selling Climax. 75 The Buying Climax 78 From Bear to Bull Markets 81 Bear Markets 84 Falling Pressure 85 CHAPTER FIVE 86 I WANT TO BECOME A FULL TIME TRADER What is a System TRADING HINTS AND TIPS Listen to the News by All Means But. Do Not Fix Future Price Targets In Your Mind Always Have a Plan Always Plan What You Will Do if You are Wrong Timing Be Your Own Boss Do Not Rely on Other People Concentration Trading the Old Account Period Traders Frequently Get Locked into or out of a Market How Will I Recognise Signs of
