V.17:8 (343-350): Pseudo Securities For Technical Analysts, Part 3 by Charles E. Miller

V.17:8 (343-350): Pseudo Securities For Technical Analysts, Part 3 by Charles E. Miller
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Pseudo Securities For Technical Analysts Part 3

The first two parts of this three-part series examined the theory, generation technique, and time series application of rectilinear pseudo securities. In this, the conclusion, the same theory is applied to the frequency domain of the market using sinusoidal pseudo securities to produce a method for their construction. Whereas the time domain was used to investigate the linear relationships between market data and time, the frequency domain will enable us to identify and study cyclical, nonlinear relationships in security price movement.

Trendlines are used individually to represent the general trend of a market and used plurally in the form of channels to define price extremes. However, real market data seldom is a true linear function of time. Just as nature abhors a vacuum, human nature seems to abhor instability, asymmetry and disorder. Therefore, even though price fluctuations tend to resemble a study in Brownian motion without easily discernible symmetry and order, price is commonly represented by linear regression, support and resistance lines, channels, and other straight-line constructs. These are useful in suggesting future price action for limited periods only, typically because most moves represented as straight lines are actually components of longer, nonlinear cyclical moves.

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