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CMT Chartered Market Technician là bằng cấp quốc tế xịn nhất cho Trader theo trường phái kỹ thuật hiện nay. Nếu anh em chỉ muốn trade thôi thì khỏi học, nhưng nếu anh em thích nghiên cứu học thuật, muốn đi làm cho quỹ, cho ngân hàng quốc tế hoặc nội địa, hoặc đi dạy học ở đẳng cấp cao, chính danh... thì tôi khuyên anh em đi học. CMT có 3 level. Level 3 nghe đồn ở Việt Nam chỉ tầm chục người có bằng. Tầm level 3 có thể đứng head cho 1 team tự doanh của công ty chứng khoán hoặc head bộ phận nghiên cứu, research. Nhìn chung, dân PTKT thì bằng CMT là xịn nhất rồi. CMT sẽ bao quát hết những thứ khá cơ bản và nâng cao một chút của PTKT, nhưng không có cái gì là bí kíp 69 năm hoặc tuyệt học trading gì hết đâu. Toàn những cái chính đạo thôi nhé.
CMT LEVEL I An Introduction to Technical Analysis Readings Selected by The Market Technicians Association Cover design: Wiley Copyright © 2016 by The M arket Technicians Association, except as follows: Andrew W Lo and Jasmina Hasanhodzic, The Evolution of Technical Analysis: Financial Prediction from Babylonian Tablets to Bloomberg Terminals (Hoboken, New Jersey: John Wiley & Sons, 2010), Introduction, Chapters 5–8 Copyright © 2010 by Andrew W Lo and Jasmina Hasanhodzic Reprinted with permission Dr Alexander Elder, The New Trading for a Living (Hoboken, New Jersey: John Wiley & Sons, 2014), Part 6, Chapters 11– 19, 29–31, 34–37 Copyright © 2014 by Alexander Elder Reprinted with permission M ichael C Thomsett, Bloomberg Visual Guide to Candlestick Charting (Hoboken, New Jersey: John Wiley & Sons, 2012), Chapters 1–6, pages 247–369 Copyright © 2012 by M ichael C Thomsett Reprinted with permission David Wilson, Visual Guide to Financial Markets (Hoboken, New Jersey: John Wiley & Sons, 2012), Chapters 1–5 Copyright © 2012 by David Wilson Reprinted with permission Perry J Kaufman, Trading Systems and Methods, + Website, 5th edition (Hoboken, New Jersey: John Wiley & Sons, 2013), Chapter 2, pages 195–221, 427–429, 485–494 Copyright © 2013 by Perry J Kaufman Reprinted with permission David Aronson, Evidence-Based Technical Analysis (Hoboken, New Jersey: John Wiley & Sons, 2006), Introduction, Chapter Copyright © 2006 by David Aronson Reprinted with permission Ned Davis, Being Right or Making Money, 3rd edition (Hoboken, New Jersey: John Wiley & Sons, 2014), Chapter 1–2 Copyright © 2014 by Ned Davis Reprinted with permission Wayne Gorman, Jeffrey Kennedy, and Robert R Prechter, Jr., Visual Guide to Elliott Wave Trading (Hoboken, New Jersey: John Wiley & Sons, 2013), Appendix A, Chapter Copyright © 2013 by Elliot Wave International Reprinted with permission Edwin T Burton and Sunit N Shah, Behavioral Finance (Hoboken, New Jersey: John Wiley & Sons, 2013), Chapters 1–4, Copyright © 2013 by Edwin T Burton and Sunit N Shah Reprinted with permission Thomas N Bulkowski, Visual Guide to Chart Patterns (Hoboken, New Jersey: John Wiley & Sons, 2012), Chapters 1–17 Copyright © 2012 by Thomas N Bulkowski Reprinted with permission Russell Rhoads, Trading VIX Derivatives: Trading and Hedging Strategies Using VIX Futures, Options, and Exchange Traded Notes (Hoboken, New Jersey: John Wiley & Sons, 2007), Chapters 1–2 Copyright © 2007 by Russell Rhoads Reprinted with permission Robert A Levy, “Relative Strength as a Criterion for Investment Selection,” The Journal of Finance 22, Issue (1967): 595– 610 Copyright © 1967 by Robert A Levy Reprinted with permission All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, M A 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be created or extended by sales representatives or written sales materials The advice and strategies contained herein may not be suitable for your situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002 Wiley publishes in a variety of print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com ISBN 978-1-119-22269-9 (Paperback) ISBN 978-1-119-25140-8 (ePub) CONTENTS About the Market Technicians Association What Is the CMT® Program? What Will You Learn? Preface Exam Topics & Question Weightings CHAPTER Introduction to the Evolution of Technical Analysis Notes CHAPTER A New Age for Technical Analysis Dow Theory Relative Strength Market Cycles and Waves Chart Patterns Volume of Trading Market Breadth Nontechnical Analysis Notes CHAPTER Technical Analysis Today Trends Patterns Strength Cycles Wall Street's Reinterpretation of Technical Analysis Notes CHAPTER A Brief History of Randomness and Efficient Markets Prices as Objects of Study The Emergence of Efficient Markets What Is Random? Notes CHAPTER Academic Approaches to Technical Analysis Theoretical Underpinnings Empirical Evaluation Adaptive Markets and Technical Analysis Notes CHAPTER The New High–New Low Index How to Construct NH-NL Crowd Psychology Trading Rules for NH-NL NH-NL in Multiple Timeframes and Look-Back Periods Notes 10 CHAPTER Stocks above 50-Day MA Note 11 CHAPTER Other Stock Market Indicators Advance/Decline Note 12 CHAPTER Consensus and Commitment Indicators Tracking Advisory Opinion Signals from the Press Signals from Advertisers Commitments of Futures Traders Legal Insider Trading Short Interest Notes 13 CHAPTER 10 Basic Candlestick Charting Types of Charts The History of Candlesticks Candlesticks and Their Attributes Pitfalls of Candlesticks Confirmation The Six Basic Candlesticks 14 CHAPTER 11 Basic Indicators Reference A to C 15 CHAPTER 12 Basic Indicators Reference D to H 16 17 18 19 20 21 22 Note CHAPTER 13 Basic Indicators Reference I to O CHAPTER 14 Basic Indicators Reference P to R CHAPTER 15 Basic Indicators Reference S to Z CHAPTER 16 Overview Quotations Three Rs CHAPTER 17 Government Currencies Quotations Three Rs Bills Quotations Three Rs Notes and Bonds Quotations Three Rs CHAPTER 18 Companies Money Markets Quotations Three Rs Notes and Bonds Quotations Three Rs Stocks Quotations Three Rs CHAPTER 19 Hard Assets Gold Quotations Three Rs Commodities Quotations 23 24 25 26 27 Three Rs Real Estate Quotations Three Rs CHAPTER 20 Indexes Currency Debt Equity Hard Assets CHAPTER 21 Basic Concepts and Calculations About Data and Averaging On Average Price Distribution Moments of the Distribution: Variance, Skewness, and Kurtosis Standardizing Risk and Return The Index Standard Measurements of Performance Probability Supply and Demand 10 Notes CHAPTER 22 Point-and-Figure Charting Point-and-Figure Charting Note CHAPTER 23 Technical Analysis as a Science Key Definitions: Propositions and Claims, Belief and Knowledge Erroneous TA Knowledge: The Cost of Undisciplined Analysis How EBTA Is Different EBTA Results from Academia Who Am I to Criticize TA? Technical Analysis: Art, Science, or Superstition? Notes CHAPTER 24 Objective Rules and Their Evaluation The Great Divide: Objective versus Subjective Technical Analysis TA Rules Traditional Rules and Inverse Rules The Use of Benchmarks in Rule Evaluation Other Details: The Look-Ahead Bias and Trading Costs Notes 28 CHAPTER 25 Being Right or Making Money Bad News about Forecasting (Being Right) Good News about Making Money Being Right and Other Investment Techniques Are Overrated and Are Not the Keys to Success The Four Real Keys to Making Money The Battle for Investment Survival and Handling Mistakes Stories of Five Successful Winners Making Our Own Reality The Ned Davis Research Response to All This Timing Models 10 What Is Contrary Opinion and How to Use It 11 History and Risk Management 12 Notes 29 CHAPTER 26 The Model-Building Process The Model-Building Process Where to Start: Model Inputs Sentiment and Valuation Indicators Monetary Indicators Economic Indicators Internal Indicators Moving Averages Crossings and Slopes Momentum 10 Putting Indicators Together 11 Conclusion 30 CHAPTER 27 What Is Price? 10 CHAPTER 23 Technical Analysis as a Science Key Definitions: Propositions and Claims, Belief and Knowledge Erroneous TA Knowledge: The Cost of Undisciplined Analysis How EBTA Is Different EBTA Results from Academia Who Am I to Criticize TA? Technical Analysis: Art, Science, or Superstition? Notes CHAPTER 24 Objective Rules and Their Evaluation The Great Divide: Objective versus Subjective Technical Analysis TA Rules Traditional Rules and Inverse Rules The Use of Benchmarks in Rule Evaluation Other Details: The Look-Ahead Bias and Trading Costs Notes CHAPTER 25 Being Right or Making Money Bad News about Forecasting (Being Right) Good News about Making Money Being Right and Other Investment Techniques Are Overrated and Are Not the Keys to Success The Four Real Keys to Making Money The Battle for Investment Survival and Handling Mistakes Stories of Five Successful Winners Making Our Own Reality The Ned Davis Research Response to All This Timing Models What Is Contrary Opinion and How to Use It History and Risk Management Notes CHAPTER 26 The Model-Building Process The Model-Building Process Where to Start: Model Inputs Sentiment and Valuation Indicators Monetary Indicators Economic Indicators Internal Indicators Moving Averages Crossings and Slopes Momentum 1155 Putting Indicators Together Conclusion CHAPTER 27 What Is Price? A Consensus of Value Behavior Patterns Note CHAPTER 28 What Is the Market? Worldwide Crowds Groups, Not Individuals The Source of Money Inside Information Note CHAPTER 29 The Trading Scene Note CHAPTER 30 The Market Crowd and You Note CHAPTER 31 Psychology of Trends Notes CHAPTER 32 Managing versus Forecasting Note CHAPTER 33 Charting Notes CHAPTER 34 Support and Resistance Note CHAPTER 35 Trends and Trading Ranges Mass Psychology The Hard Right Edge Methods and Techniques Trade or Wait Conflicting Timeframes Note CHAPTER 36 Volume-Based Indicators On-Balance Volume Crowd Psychology Trading Signals More on OBV Accumulation/Distribution Crowd Behavior Trading Rules More on Accumulation/Distribution 1156 Notes CHAPTER 37 Force Index How to Construct Force Index Trading Psychology Trading Rules Notes CHAPTER 38 Open Interest Crowd Psychology Trading Rules More on Open Interest Note CHAPTER 39 Introduction to the Wave Principle Motive Waves Corrective Waves Fibonacci Relationships For More Information CHAPTER 40 The Anatomy of Elliott Wave Trading How the Wave Principle Improves Trading The Four Best Waves to Trade Elliott Wave Trade Setups When to Trade Corrections Guidelines for Trading Specific Elliott Wave Patterns The Neglected Essentials—Risk Management and the Psychology of Trading The Psychology of Trading For More Information CHAPTER 41 What Is the Efficient Market Hypothesis? Information and the Efficient Market Hypothesis Random Walk, the Martingale Hypothesis, and the EMH False Evidence against the EMH What Does It Mean to Disagree with the EMH? Notes CHAPTER 42 The EMH and the “Market Model” Risk and Return—the Simplest View The Capital Asset Pricing Model (CAPM) What Is the Market Model? Notes CHAPTER 43 The Forerunners to Behavioral Finance The Folklore of Wall Street Traders The Birth of Value Investing: Graham and Dodd 1157 Financial News in a World of Ubiquitous Television and Internet Notes CHAPTER 44 Noise Traders and the Law of One Price The Law of One Price and the Case of Fungibility Noise Notes CHAPTER 45 Noise Traders as Technical Traders Technical Traders as Noise Traders Herd Instinct Models Conclusion Notes CHAPTER 46 Understanding Chart Patterns The Basics Pattern Recognition Made Easy Minor Highs and Lows Trendlines CHAPTER 47 Understanding Chart Pattern Breaks Support and Resistance Gaps Throwbacks and Pullbacks CHAPTER 48 Triangles, Pennants, and Flags Pattern Identification Rectangles Ascending Triangles Descending Triangles Symmetrical Triangles Flags and Pennants CHAPTER 49 Tops and Bottoms Double Bottoms Triple Bottoms Double Tops Triple Tops CHAPTER 50 Head-and-Shoulders Patterns Head-and-Shoulders Bottoms Head-and-Shoulders Tops CHAPTER 51 Understanding Implied Volatility Historical Versus Forward-Looking Volatility Put-Call Parity Estimating Price Movement Valuing Options: Pricing Calculators and Other Tools 1158 Fluctuations Based on Supply and Demand The Impact on Option Prices Implied Volatility and the VIX CHAPTER 52 About the VIX Index History of the VIX Calculating the VIX The VIX and Put-Call Parity The VIX and Market Movement Equity Market Volatility Indexes Amex QQQ Volatility Index CHAPTER 53 Seasonality and Calendar Patterns A Consistent Factor The Seasonal Pattern Cycle Analysis Cycle Basics Notes CHAPTER 54 Relative Strength as a Criterion for Investment Selection I Introduction II Construction of the Data File III Relative Strength Continuation: Empirical Results IV The Effect of Stock Price Volatility V Market Ranks: A First Attempt at Timing VI Divergence Ranks: A Second Attempt at Timing VII Limitations Notes EULA 1159 目录 About the Market Technicians Association What Is the CMT® Program? What Will You Learn? 36 37 38 Preface 40 Exam Topics & Question Weightings CHAPTER Introduction to the Evolution of Technical Analysis Notes 42 44 49 CHAPTER A New Age for Technical Analysis Dow Theory Relative Strength Market Cycles and Waves Chart Patterns Volume of Trading Market Breadth Nontechnical Analysis Notes 50 51 59 61 63 65 68 69 74 CHAPTER Technical Analysis Today Trends Patterns Strength Cycles Wall Street's Reinterpretation of Technical Analysis Notes CHAPTER A Brief History of Randomness and Efficient Markets Prices as Objects of Study The Emergence of Efficient Markets What Is Random? Notes 1160 79 80 83 85 87 89 103 106 109 113 117 124 CHAPTER Academic Approaches to Technical Analysis Theoretical Underpinnings Empirical Evaluation Adaptive Markets and Technical Analysis Notes CHAPTER The New High–New Low Index How to Construct NH-NL Crowd Psychology Trading Rules for NH-NL NH-NL in Multiple Timeframes and Look-Back Periods Notes CHAPTER Stocks above 50-Day MA Note 128 129 131 140 144 147 148 149 151 153 156 157 160 CHAPTER Other Stock Market Indicators Advance/Decline Note 161 162 165 CHAPTER Consensus and Commitment Indicators Tracking Advisory Opinion Signals from the Press Signals from Advertisers Commitments of Futures Traders Legal Insider Trading Short Interest Notes 166 168 169 170 172 174 175 177 CHAPTER 10 Basic Candlestick Charting Types of Charts The History of Candlesticks Candlesticks and Their Attributes Pitfalls of Candlesticks Confirmation The Six Basic Candlesticks CHAPTER 11 Basic Indicators Reference A to C 1161 178 179 189 194 201 209 212 221 CHAPTER 12 Basic Indicators Reference D to H Note 248 269 CHAPTER 13 Basic Indicators Reference I to O CHAPTER 14 Basic Indicators Reference P to R CHAPTER 15 Basic Indicators Reference S to Z CHAPTER 16 Overview Quotations Three Rs 270 286 304 327 330 332 CHAPTER 17 Government 339 Currencies Quotations Three Rs Bills Quotations Three Rs Notes and Bonds Quotations Three Rs 341 344 347 352 355 357 362 365 367 CHAPTER 18 Companies 375 Money Markets Quotations Three Rs Notes and Bonds Quotations Three Rs Stocks Quotations Three Rs 376 380 381 385 389 392 398 402 404 CHAPTER 19 Hard Assets 412 Gold Quotations Three Rs Commodities 413 416 417 420 1162 Quotations Three Rs Real Estate Quotations Three Rs 423 424 428 431 432 CHAPTER 20 Indexes 437 Currency Debt Equity Hard Assets 439 441 443 446 CHAPTER 21 Basic Concepts and Calculations About Data and Averaging On Average Price Distribution Moments of the Distribution: Variance, Skewness, and Kurtosis Standardizing Risk and Return The Index Standard Measurements of Performance Probability Supply and Demand Notes CHAPTER 22 Point-and-Figure Charting Point-and-Figure Charting Note 448 450 455 460 466 480 487 492 494 503 521 522 523 558 CHAPTER 23 Technical Analysis as a Science Key Definitions: Propositions and Claims, Belief and Knowledge Erroneous TA Knowledge: The Cost of Undisciplined Analysis How EBTA Is Different EBTA Results from Academia Who Am I to Criticize TA? Technical Analysis: Art, Science, or Superstition? Notes CHAPTER 24 Objective Rules and Their Evaluation 1163 559 560 565 567 569 571 572 573 577 The Great Divide: Objective versus Subjective Technical Analysis TA Rules Traditional Rules and Inverse Rules The Use of Benchmarks in Rule Evaluation Other Details: The Look-Ahead Bias and Trading Costs Notes CHAPTER 25 Being Right or Making Money Bad News about Forecasting (Being Right) Good News about Making Money Being Right and Other Investment Techniques Are Overrated and Are Not the Keys to Success The Four Real Keys to Making Money The Battle for Investment Survival and Handling Mistakes Stories of Five Successful Winners Making Our Own Reality The Ned Davis Research Response to All This Timing Models What Is Contrary Opinion and How to Use It History and Risk Management Notes CHAPTER 26 The Model-Building Process 578 579 589 590 597 600 602 603 608 609 611 616 618 624 628 629 636 640 646 648 The Model-Building Process Where to Start: Model Inputs Sentiment and Valuation Indicators Monetary Indicators Economic Indicators Internal Indicators Moving Averages Crossings and Slopes Momentum Putting Indicators Together Conclusion 649 650 652 655 658 660 661 662 669 671 673 CHAPTER 27 What Is Price? 674 1164 A Consensus of Value Behavior Patterns Note 675 676 677 CHAPTER 28 What Is the Market? Worldwide Crowds Groups, Not Individuals The Source of Money Inside Information Note 678 679 680 681 682 683 CHAPTER 29 The Trading Scene Note 684 689 CHAPTER 30 The Market Crowd and You Note 690 696 CHAPTER 31 Psychology of Trends Notes 697 701 CHAPTER 32 Managing versus Forecasting Note 702 705 CHAPTER 33 Charting 706 Notes 713 CHAPTER 34 Support and Resistance Note 714 723 CHAPTER 35 Trends and Trading Ranges Mass Psychology The Hard Right Edge Methods and Techniques Trade or Wait Conflicting Timeframes Note 724 726 727 728 730 731 732 CHAPTER 36 Volume-Based Indicators On-Balance Volume Crowd Psychology Trading Signals 733 734 735 736 1165 More on OBV Accumulation/Distribution Crowd Behavior Trading Rules More on Accumulation/Distribution Notes 738 739 740 741 743 744 CHAPTER 37 Force Index 745 How to Construct Force Index Trading Psychology Trading Rules Notes 746 747 748 754 CHAPTER 38 Open Interest 755 Crowd Psychology Trading Rules More on Open Interest Note 758 760 761 762 CHAPTER 39 Introduction to the Wave Principle Motive Waves Corrective Waves Fibonacci Relationships For More Information 763 767 775 784 797 CHAPTER 40 The Anatomy of Elliott Wave Trading How the Wave Principle Improves Trading The Four Best Waves to Trade Elliott Wave Trade Setups When to Trade Corrections Guidelines for Trading Specific Elliott Wave Patterns The Neglected Essentials—Risk Management and the Psychology of Trading The Psychology of Trading For More Information CHAPTER 41 What Is the Efficient Market Hypothesis? 1166 798 800 808 810 811 812 819 821 824 825 Information and the Efficient Market Hypothesis Random Walk, the Martingale Hypothesis, and the EMH False Evidence against the EMH What Does It Mean to Disagree with the EMH? Notes 827 830 834 836 837 CHAPTER 42 The EMH and the “Market Model” 838 Risk and Return—the Simplest View The Capital Asset Pricing Model (CAPM) What Is the Market Model? Notes CHAPTER 43 The Forerunners to Behavioral Finance 839 843 849 850 851 The Folklore of Wall Street Traders The Birth of Value Investing: Graham and Dodd Financial News in a World of Ubiquitous Television and Internet Notes 854 856 858 859 CHAPTER 44 Noise Traders and the Law of One Price 860 The Law of One Price and the Case of Fungibility Noise Notes CHAPTER 45 Noise Traders as Technical Traders Technical Traders as Noise Traders Herd Instinct Models Conclusion Notes CHAPTER 46 Understanding Chart Patterns The Basics Pattern Recognition Made Easy Minor Highs and Lows Trendlines 861 866 870 871 874 880 884 885 886 887 888 897 901 CHAPTER 47 Understanding Chart Pattern Breaks Support and Resistance Gaps Throwbacks and Pullbacks 911 912 923 932 1167 CHAPTER 48 Triangles, Pennants, and Flags Pattern Identification Rectangles Ascending Triangles Descending Triangles Symmetrical Triangles Flags and Pennants 938 939 940 955 965 975 986 CHAPTER 49 Tops and Bottoms Double Bottoms Triple Bottoms Double Tops Triple Tops 997 998 1011 1024 1036 CHAPTER 50 Head-and-Shoulders Patterns Head-and-Shoulders Bottoms Head-and-Shoulders Tops 1047 1048 1060 CHAPTER 51 Understanding Implied Volatility 1071 Historical Versus Forward-Looking Volatility Put-Call Parity Estimating Price Movement Valuing Options: Pricing Calculators and Other Tools Fluctuations Based on Supply and Demand The Impact on Option Prices Implied Volatility and the VIX 1072 1075 1078 1079 1083 1087 1089 CHAPTER 52 About the VIX Index History of the VIX Calculating the VIX The VIX and Put-Call Parity The VIX and Market Movement Equity Market Volatility Indexes Amex QQQ Volatility Index 1090 1091 1093 1095 1100 1103 1109 CHAPTER 53 Seasonality and Calendar Patterns A Consistent Factor The Seasonal Pattern 1110 1112 1113 1168 Cycle Analysis Cycle Basics Notes 1115 1116 1126 CHAPTER 54 Relative Strength as a Criterion for Investment Selection I Introduction II Construction of the Data File III Relative Strength Continuation: Empirical Results IV The Effect of Stock Price Volatility V Market Ranks: A First Attempt at Timing VI Divergence Ranks: A Second Attempt at Timing VII Limitations Notes EULA 1127 1128 1131 1136 1139 1141 1143 1147 1149 1151 1169 ... 10 .17 18 Figure 10 .18 19 Figure 10 .19 20 Figure 10 .20 Chapter 11 Figure 11 .1 Figure 11 .2 Figure 11 .3 Figure 11 .4 Figure 11 .5 Figure 11 .6 Figure 11 .7 Figure 11 .8 Figure 11 .9 10 Figure 11 .10 11 ... 10 .4 Figure 10 .5 Figure 10 .6 Figure 10 .7 19 Figure 10 .8 Figure 10 .9 10 Figure 10 .10 11 Figure 10 .11 12 Figure 10 .12 13 Figure 10 .13 14 Figure 10 .14 15 Figure 10 .15 16 Figure 10 .16 17 Figure 10 .17 ... Figure 11 .11 12 Figure 11 .12 13 Figure 11 .13 14 Figure 11 .14 Chapter 12 20 Figure 12 .1 Figure 12 .2 Figure 12 .3 Figure 12 .4 Figure 12 .5 Figure 12 .6 Figure 12 .7 Figure 12 .8 Figure 12 .9 10 Figure 12 .10