Sistema De Flip-Flop Forex

Ofrecemos una variedad de formas de comprar Forex Flip-Flop System. Independientemente del procesador de pago que elija, el sistema es el mismo.

Cualquier reclamo de ingresos es típico de los mejores resultados, no todos los usuarios y sus resultados pueden variar. Estos resultados se presentan en los testimonios de los miembros que utilizan los sistemas de comercio ForexMT4Systems. com.

Gobierno de los Estados Unidos Exoneración de Responsabilidad - El cambio de divisas en el margen conlleva un alto nivel de riesgo, y puede no ser adecuado para todos los inversores. El alto grado de apalancamiento puede trabajar en su contra, así como para usted. Antes de decidir invertir en divisas debe considerar cuidadosamente sus objetivos de inversión, nivel de experiencia y apetito de riesgo. Existe la posibilidad de que usted podría sostener una pérdida de parte o la totalidad de su inversión inicial y por lo tanto no debe invertir dinero que no puede permitirse perder. Usted debe ser consciente de todos los riesgos asociados con el comercio de divisas y buscar asesoramiento de un asesor financiero independiente si tiene alguna duda.

La compra, venta o asesoramiento con respecto a una moneda sólo puede ser realizada por un corredor / distribuidor autorizado. Ni el Flip-Flop de Forex, ni ninguno de sus afiliados o asociados involucrados en la producción y mantenimiento de estos productos o este sitio, es un Corredor / Distribuidor registrado o Asesor de Inversiones en cualquier estado o jurisdicción sancionada por el gobierno federal. Se alienta a todos los compradores de productos a los que se hace referencia en este sitio a que consulten con un representante autorizado de su elección con respecto a cualquier estrategia comercial o de comercio en particular. No se ha hecho ninguna representación de que cualquier cuenta tenga o sea probable obtener ganancias o pérdidas similares a las discutidas en este sitio web. El desempeño pasado de cualquier sistema o metodología comercial no es necesariamente indicativo de resultados futuros.

Entender claramente esto: La información contenida en este producto no es una invitación para intercambiar ninguna inversión específica. Negociación requiere arriesgar dinero en la búsqueda de ganancias futuras. Esa es tu decisión. No arriesgues dinero que no puedas perder. Este documento no tiene en cuenta sus circunstancias financieras y personales. Está destinado únicamente a fines educativos y NO como asesoramiento individualizado de inversión. No actúe en esto sin el consejo de su profesional de la inversión, que verificará qué es conveniente para sus necesidades y circunstancias particulares. La falta de buscar asesoramiento profesional detallado personalmente antes de actuar podría conducir a que usted actúe en contra de sus propios intereses y podría conducir a pérdidas de capital.

CFTC REGLA 4.41 - LOS RESULTADOS DE RENDIMIENTO HIPOTÉTICOS O SIMULADOS TIENEN CIERTAS LIMITACIONES. DESCONOCIDO UN REGISTRO DE RENDIMIENTO REAL, LOS RESULTADOS SIMULADOS NO REPRESENTAN COMERCIO REAL. TAMBIÉN, DADO QUE LOS COMERCIOS NO HAN SIDO EJECUTADOS, LOS RESULTADOS PUEDEN TENER ALGUNO O ALGUNO COMPENSADO POR EL IMPACTO, SI CUALQUIERA, DE CIERTOS FACTORES DE MERCADO, COMO FALTA DE LIQUIDEZ. LOS PROGRAMAS DE COMERCIO SIMULADOS EN GENERAL ESTÁN SUJETOS AL FACTOR DE QUE SEAN DISEÑADOS CON EL BENEFICIO DE HINDSIGHT. NO SE HACE NINGUNA REPRESENTACIÓN QUE CUALQUIER CUENTA TENDRÁ O ES POSIBLE PARA LOGRAR GANANCIAS O PÉRDIDAS SIMILARES A LOS MOSTRADOS.

Toda la información en este sitio web o cualquier e-libro o software adquirido de este sitio web es sólo para fines educativos y no tiene la intención de proporcionar asesoramiento financiero. Cualquier declaración sobre beneficios o ingresos, expresada o implícita, no representa una garantía. Su comercio real puede dar lugar a pérdidas, ya que no se garantiza el sistema de comercio. Usted acepta responsabilidades completas por sus acciones, operaciones, ganancias o pérdidas y acepta que los autores de Forex Supreme Scalper y cualquier distribuidor autorizado de esta información sean inofensivos de cualquier manera.

Copyright © 2017 Forex Flip-Flop

Forex Flip Flop sistema de comercio

Forex Flip Flop sistema es una tendencia siguiente estrategia que se puede utilizar para generar beneficios del mercado de divisas todos los días. El sistema en sí es una herramienta muy simple y muy potente. El sistema fue diseñado para seguir la dirección de la tendencia del mercado que es el más importante a entender mientras que toma decisiones comerciales. Cualquier novato puede utilizar este sistema; Usted no tiene que ser un comerciante experimentado para utilizar este sistema. Muchos comerciantes de divisas saltar en el negocio de divisas sin entender o tomar tiempo para aprender cómo y por qué al comercio de divisas. El riesgo siempre está allí, mientras que el comercio de cualquier tipo de activos, ya sean acciones, bonos o monedas. Antes de ciegamente saltando en este negocio debe asegurarse de que entiende los riesgos de divisas. Una de las razones por las que el comercio en el mercado de divisas es realmente arriesgado se debe al alto apalancamiento proporcionado por él. Los corredores permiten mantener una cierta cantidad de dinero en su cuenta, pero aprovechar esa cantidad hasta 100 veces su valor. Por lo tanto, el apalancamiento es una espada de doble filo. Así que antes de comenzar a operar debe asegurarse de que entiende las reglas de gestión de dinero. No importa lo poderoso que es el sistema de comercio, sin habilidades de gestión de dinero que finalmente fracasará. Los expertos sugieren que usted sólo debe arriesgar el 2% de su capital inicial por el comercio.

Ahora de nuevo al sistema, el sistema del tirón de la divisa de Forex consiste en solamente un indicador hecho para requisitos particulares. El indicador se compone básicamente de dos líneas delgadas que aparecen en la parte inferior de la tabla de precios.

Este sistema se basa en el cruce de esas dos líneas. Las líneas están en color verde y rojo. Cuando una X azul aparece en el indicador y la línea verde cruza encima de la línea roja, indica generalmente el potencial alcista del movimiento en el mercado. Por el contrario, cuando una X blanca aparece en el gráfico y la línea verde cruza por debajo de la línea roja, indica el potencial de movimiento bajista en el mercado. Este sistema es efectivo cuando el mercado está en tendencia. Cuando el mercado está variando o plano este sistema puede dar una señal falsa. Así que asegúrese de que el par que va a comercio es un mercado de tendencias. Las reglas de compra y venta que usan este indicador son realmente muy simples.

Una X de color azul debe aparecer debajo del gráfico de precios (indicador) y la línea verde debe cruzarse por encima de la línea roja. Observe cómo el precio comienza a recuperarse después de que la X azul apareció en el gráfico. Uno podría fácilmente hacer dinero con este sistema de comercio.

Tome beneficio y detener la pérdida.

Pérdida de la parada debe colocarse justo debajo de la oscilación reciente baja. Usted puede tomar sus ganancias tan pronto como la línea verde comienza a cambiar la dirección, es decir, la línea comienza a caer.

Una X de color blanco debe aparecer en la ventana indicadora en la parte inferior del gráfico y la línea verde debe cruzar debajo de la línea de color rojo.

Tome beneficio y detener la pérdida.

Pérdida de la parada debe colocarse justo por encima de la oscilación reciente alta. Usted puede tomar sus ganancias tan pronto como la línea verde comienza a cambiar la dirección, es decir, la línea comienza a subir.

Forex Flip y Go Forex Trading Estrategia

La estrategia de negociación de Forex Flip and Go sigue la tendencia general y es fácil de aplicar. Todo lo que necesita en sus gráficos es el indicador MACD con la configuración predeterminada y la media móvil exponencial de 25 periodos.

Preferidos Plazos: 15 min y más Indicadores de Negocio: MACD (12, 26, 9), 25-period EMA Recomendado Sesiones de Negociación: Euro y US Dólares Pairs: Cualquier Regla para un Comercio Larga

1) Busque un par de divisas que cruce y cierre por encima de la EMA de 25 periodos desde abajo. 2 Espere a que el MACD gire positivo (por encima de la línea cero). 3) Ir largo en la vela cerca. 4) Coloque la pérdida de parada 3 pips por debajo del nivel de soporte más reciente. 5) Objetivo comercial: riesgo-recompensa 1: 2 o mejor. Ejemplo: GBP / USD 15 Min Chart Forex Flip y Go Estrategia

El gbp / usd cruza y cierra el EMA25 para abajo y el MACD se convierte en positivo. Abrimos un comercio largo en 1.5354 con stop loss 3 pips por debajo del nivel más reciente de soporte en 1.3532.

Riesgo total sobre el comercio: 22 pips. Objetivo comercial: 22 pips x 2 (o mejor) = 44 pips. El comercio largo fue cerrado con éxito cerca de 4 horas más adelante en 1.5398 para 44 pips.

Reglas para un Comercio Corto

1) Busque un par de divisas que cruce y cierre debajo de la EMA de 25 periodos desde arriba. 2 Espere a que el MACD gire negativo (debajo de la línea cero). 3) Ir corto en la cerca de la vela. 4) Coloque la pérdida de parada 3 pips por encima de la resistencia más reciente alta. 5) Objetivo comercial: riesgo-recompensa 1: 2 o mejor.

Sistemas de comercio de divisas & gt; Sistemas de seguimiento de tendencias

Artículos relacionados

WTI de futuros de petróleo flip-flop 2% antes de las cifras semanales de inventario

Un día después de que los precios del petróleo cayeran sobre la base de una acumulación mayor que la esperada en los inventarios de crudo estadounidenses, los precios subieron, moviéndose más de 48 dólares el barril.

La desaceleración del lunes en WTI podría ser tan fácilmente debido al cambio a diciembre como el contrato de casi un mes, con los comerciantes vendiendo futuros como perspectivas para una recuperación de la demanda parecen estar más lejos.

Después de rebotar tras la decisión de la Reserva Federal de dejar las tasas de interés sin cambios en su reunión de septiembre, algo que vio el dólar estadounidense debilitarse como un efecto, el precio del crudo ahora ha caído un 11% desde principios de octubre. Los altos niveles de existencias ahora no parecen sugerir un mercado de petróleo donde los precios del crudo probablemente se moverán más alto en el corto plazo.

El crudo Brent, el punto de referencia mundial del petróleo, subió un 1 por ciento a US $ 48,37 por barril en el mercado de futuros ICE de Londres.

El Banco Mundial, quizás tardíamente, se ha aferrado a la forma en que el viento sopla y ha reducido su previsión para el precio del crudo en 2017 de los US $ 57 por barril previstos en su informe de julio a US $ 52 por barril.

En un intento por defender su cuota de mercado, los miembros de la OPEP y otros pesos pesados ​​del petróleo como la Federación Rusa, se han negado a recortar la producción. A pesar del exceso de oferta.

& # 8220; El riesgo está en el lado negativo & # 8221 ;, dijo el analista Tamas Varga de PVM Oil Associates. En la Bolsa Mercantil de Nueva York, los futuros de WTI se negociaban un 0,1 por ciento a 46,25 dólares el barril.

El American Petroleum Institute reportó el martes un aumento en las existencias de crudo comercial estadounidense de 7,1 millones de barriles a 473 millones de barriles en la semana hasta el 16 de octubre, superando las expectativas de un aumento de 3,9 millones de barriles.

El crudo Brent subió 23 centavos, o 0,5 por ciento, a 48,08 dólares el barril.

Cualquier recuperación de precios más sostenida requeriría signos claros de que la producción de petróleo crudo de Estados Unidos sigue cayendo & # 8221 ;.

La cifra más interesante en la que se centraría sería la producción de petróleo crudo de los Estados Unidos, que debería continuar cayendo & # 8221 ;.

Un punto de datos importante será la publicación del informe semanal de estado de petróleo por la Administración de Información de Energía (EIA) el miércoles a las 10:30 am. Ocho países no pertenecientes a la OPEP & # 8211; También se invitó a Brasil, Colombia, Azerbaiyán, Kazajstán, Noruega, México, Omán y la Federación de Rusia a participar en la reunión.

El presidente ejecutivo de Mercuria, Marco Dunand, dijo que vio que el mercado del petróleo volvía a equilibrarse e incluso mostrar un déficit en 2017, ya que los productores no OPEP limitan la oferta para evitar una caída más agresiva de los precios.

Bienvenido a FlipSidez. com!

Aquí usted puede diseñar y ordenar sandalias personalizadas y personalizadas sand imprint con sus propias palabras y diseños impresos en las suelas. ¡Los flip flops de O son los flip-flops originales personalizados que dejan impresiones en la arena y suelo suave a cada paso! Construido con espumas EVA de alta calidad y caucho natural para una increíble comodidad y durabilidad, cada par se personaliza individualmente a pedido.

¡Las posibilidades de diseño son infinitas! Podemos imprimir sus flip flops con casi cualquier diseño, incluyendo logotipos de la empresa! ¡Crea el regalo perfecto! ¡Promueva su negocio con cada paso! Úsalos para una boda de destino o como regalos para una luna de miel. Deje su nombre o apodo en la arena. También podemos imprimir sus diseños personalizados en las correas. ¡Las sandalias de encargo de la impresión de la arena también son grandes para la recaudación de fondos, los acontecimientos, los equipos, los campos, las vacaciones, los regalos, y más! Vea nuestra página de ideas de diseño para obtener alguna inspiración sobre los diseños que podría usar para sus chancletas.

Diseñar y ordenar su pareja es fácil! Primero crea tu pareja en nuestra tienda de diseño fácil de usar. Tenemos muchos colores y tamaños disponibles, así como muchos símbolos para elegir. Una vez que haya creado su diseño de flip-flop, puede añadirlo a su carrito de compras y completar el proceso de pago. También puede comprar diseños populares de flip flop de nuestra página de ideas de diseño. Estos diseños se pueden agregar a la tienda del diseño, donde usted puede elegir su tamaño y color de la sandalia, antes de agregarlos al carro de compras. Lee mas

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Wolfram System Modeler

Ingenieria Eléctrica

Chanclas

Los flip-flop son circuitos lógicos digitales comúnmente usados ​​en procesos donde hay una necesidad de almacenamiento y transferencia de datos digitales. En este ejemplo usaremos la biblioteca Digital. Una parte de la Biblioteca Estándar de Modelica. Para demostrar el uso de puertas lógicas básicas en un flop de esclavo master & # 8208;

Flip & # 8208; Estructura del modelo Flop

La imagen de fondo más pequeña muestra el flip-top modelo de flop como se ve en la vista de diagrama en Wolfram SystemModeler. Como puede verse, el flip-flop tiene tres entradas diferentes: dos tablas j y k que contienen valores y una fuente de reloj CLK que proporciona los pulsos. Bajando un nivel en el componente llamado JK (la imagen ampliada en la parte superior), vemos algunas de las puertas básicas denotadas And1, And2, And3, And4 y Not1. La salida de estas puertas se calcula usando la tabla de verdad correspondiente.

Resultados de la simulación

Estos son los resultados simulados del componente And2 en el flip-flop. Esta puerta particular tiene tres entradas diferentes (mostradas en las tres subtramas superiores). La salida, calculada a partir de la tabla de verdad correspondiente para una puerta lógica básica Y, se puede ver en la subtrama inferior. En la biblioteca digital los códigos enteros corresponden a diferentes valores lógicos: 1 = no inicializado, 3 = valor binario 0, 4 = valor binario 1.

Hacer uso de las puertas lógicas básicas

Modelar un flip eléctrico utilizando el software Wolfram SystemModeler y la biblioteca Modelica Digital, y explorar el uso de puertas lógicas básicas.

5 errores que hacen que la casa vuelque un fracaso

Casa de volteo se ha convertido en el día de comercio de las primeras décadas de la década de 2000. Pero en la prisa por obtener ganancias, demasiados aspirantes a magnates inmobiliarios pasan por alto los conceptos básicos y terminan fallando. En este artículo vamos a ver los cinco errores más grandes que los inversores hacen en este mercado y cómo evitarlos.

1. No es suficiente dinero

Dabbling en bienes raíces es una propuesta cara. El primer gasto es el costo de adquisición de la propiedad. Mientras baja / no hay dinero abajo de las reclamaciones de financiación abundan, encontrar estas ofertas de un proveedor legítimo es más fácil decirlo que hacerlo. Además, si está financiando la adquisición. Eso significa que estás pagando intereses. Aunque el interés sobre el dinero prestado es deducible de impuestos, no es una deducción del 100%. Cada dólar gastado en intereses se suma a la cantidad que tendrá que ganar en la venta sólo para romper incluso.

Pagar dinero en efectivo elimina el interés, pero incluso entonces hay costos de tenencia de propiedad, tales como impuestos y servicios públicos. Los costos de renovación también deben tenerse en cuenta. Si va a arreglar la casa y venderla con fines de lucro, el precio de venta debe exceder el costo combinado de adquisición, el costo de la propiedad y el costo de las renovaciones. Incluso si logras superar estos obstáculos, no te olvides de los impuestos sobre las ganancias de capital. Que se chip en su beneficio.

2. Tiempo insuficiente

Renovar y mover de un tirón las casas es una empresa de negocio que consume tiempo. Puede tomar meses para encontrar y comprar la propiedad adecuada. Una vez que usted es dueño de la casa, tendrá que invertir tiempo para arreglarlo. Antes de que pueda venderlo, tendrá que programar inspecciones para asegurarse de que la propiedad cumple con los códigos de construcción aplicables. Si no lo hace, necesita gastar más tiempo y dinero para ponerlo a la par. A continuación, tendrá que invertir tiempo para vender la propiedad. Si usted lo demuestra a los compradores anticipados usted mismo, usted pasará mucho tiempo que conmuting ay de la característica y reunión con los compradores potenciales.

Si usted es capaz de hacer un beneficio del 10% en una casa que cuesta $ 50.000, obtendrá un beneficio de $ 5.000. Para muchas personas podría tener más sentido conseguir un buen trabajo, donde pueden ganar ese tipo de dinero en pocas semanas o meses a través de un cheque fijo - sin riesgo y un compromiso de tiempo muy consistente.

3. No hay suficientes habilidades

Los constructores profesionales y los profesionales calificados, tales como carpinteros y plomeros, a menudo tiran de las casas como una línea lateral a sus trabajos regulares. Tienen los conocimientos, las habilidades y la experiencia para encontrar y arreglar una casa. Algunos de ellos también tienen empleos sindicales que proporcionan cheques de desempleo durante todo el invierno mientras trabajan en sus proyectos paralelos.

El dinero real en casa moviendo viene de la equidad del sudor. Si usted es práctico con un martillo, disfrute de la alfombra, puede colgar la pared de yeso, techo de una casa e instalar un fregadero de la cocina, usted tiene las habilidades para voltear una casa. Por otro lado, si usted tiene que pagar a un profesional para hacer todo este trabajo, las probabilidades de obtener un beneficio de su inversión se reducirá drásticamente.

4. No Conocimiento suficiente

Para tener éxito, debe ser capaz de elegir la propiedad correcta, en el lugar correcto, al precio correcto. En un vecindario de $ 100,000 casas, ¿realmente esperas comprar a $ 60,000 y vender a $ 200,000? El mercado es demasiado eficiente para que eso ocurra con frecuencia.

Incluso si usted consigue el reparto de una vida. Usted necesita saber qué renovaciones a hacer y qué omitir. Usted también necesita entender las leyes fiscales aplicables y saber cuándo reducir sus pérdidas y salir antes de que su proyecto se convierte en un pozo de dinero.

5. No hay suficiente paciencia

Los profesionales se toman su tiempo y esperan la propiedad correcta. Los principiantes salen corriendo y contratan al primer contratista que hace una oferta para hacer frente al trabajo que ellos mismos no pueden hacer. Los profesionales hacen el trabajo ellos mismos, o confían en una red de pre-arreglaron, contratistas confiables.

Los principiantes contratar a un agente de bienes raíces para ayudar a vender la casa. Los profesionales confían en los esfuerzos "a la venta por el propietario" para minimizar sus costos y maximizar los beneficios. Los principiantes esperan apresurarse a través del proceso, dar una palmada en una capa de pintura y ganar una fortuna. Los profesionales entienden que comprar y vender casas toma tiempo y que los márgenes de beneficio son a veces delgados.

La línea de fondo

Antes de que usted se involucre en mover de un tirón las casas, haga su investigación. Al igual que cualquier otra empresa de negocios, mover de un tirón requiere tiempo, dinero, paciencia, habilidad, y sin duda terminará siendo más difícil de lo que imaginaba.

Un fondo inmobiliario invierte en valores ofrecidos por propiedades inmobiliarias públicas directa o indirectamente a través de Bienes Raíces. Leer respuesta >>

Sí, en algunos casos usted puede tomar una cantidad limitada de fondos de su 401 (k) para comprar una casa. Su Roth IRA y / o. Leer respuesta >>

Aprenda los pros y los contras de las inversiones alternativas recomendadas por el empleador y por qué alternativas de riesgo, como los fondos de cobertura. Leer respuesta >>

Aprenda por qué una hipoteca de tasa ajustable (ARM) puede ser una opción segura siempre y cuando el prestatario esté familiarizado con el subyacente. Leer respuesta >>

Un derivado es un contrato entre dos o más partes cuyo valor se basa en un activo financiero subyacente acordado. Leer respuesta >>

Una garantía con un precio que depende o deriva de uno o más activos subyacentes.

Un asesor de política económica que promueve políticas monetarias que implican el mantenimiento de tasas de interés bajas, creyendo que.

Activos altamente líquidos mantenidos por instituciones financieras para cumplir con obligaciones a corto plazo. Coeficiente de cobertura de Liquidez.

La ventaja competitiva que una empresa tiene sobre otras empresas de la misma industria. Este término fue acuñado por renombrado.

Un crédito fiscal en los Estados Unidos que beneficia a ciertos contribuyentes que tienen bajos ingresos de trabajo en un año fiscal determinado.

La charla del dinero

Requisitos financieros

Dentro de los Estados Unidos. En los Estados Unidos, los costos totales del proyecto para abrir y operar una sola tienda pueden ser entre US $ 174.300 y US $ 279.500, incluyendo $ 35.000 que deben ser pagados al franquiciador como una cuota inicial de franquicia. Esta cantidad variará dependiendo del tipo de lugar que elija para su ubicación, es decir, centro comercial o centro de estilo de vida. La cantidad será considerablemente más si está considerando más de una tienda, como un acuerdo de desarrollo de franquicia.

¿CUÁLES SON LAS TARIFAS?

Acuerdos individuales y posteriores de una sola tienda en los Estados Unidos. La cuota inicial para una tienda en Estados Unidos es de US $ 35.000. El royalty semanal es el cinco por ciento (5%) de las ventas brutas, que se paga semanalmente. Además, la mitad del uno por ciento (0,5%) de las ventas brutas se contribuye a la construcción de la marca & amp; De apoyo a la comercialización semanal. (vea abajo)

¿FLIP FLOP TIENDAS & reg; PROPORCIONAR FINANCIAMIENTO?

Tiendas Flip Flop & reg; No proporciona financiación ni obtiene beneficios de prestamistas externos. La compañía puede ayudar a encontrar los prestamistas apropiados para las necesidades individuales de financiamiento.

¿Qué es el Brand Building & amp; Fondo de Apoyo a la Comercialización?

Este fondo ofrece a los franquiciados merchandising visual profesional y materiales de marketing locales. Los honorarios contribuyeron al Brand Building & amp; El Fondo de Apoyo a la Comercialización se paga semanalmente y actualmente representa la mitad del uno por ciento (0,5%) de las ventas brutas.

Esta podría ser su nueva oficina

El Registro de Franquicias (www. franchiseregistry. com) es un listado nacional en línea de sistemas de franquicias aprobados, como Flip Flop Shops, cuyos franquiciados reciben un trámite de préstamo acelerado cuando solicitan asistencia financiera de la Administración de Pequeños Negocios de los Estados Unidos (SBA). Centralizando el proceso de revisión, el Registro de Franquicias permite a la SBA tomar decisiones de elegibilidad consistentes con respecto a los sistemas de franquicias, reducir la burocracia en el sistema y acelerar el acceso a la asistencia financiera de la SBA. Los propietarios de pequeñas empresas obtener un mejor servicio y préstamos más rápidos.

Los materiales de esta página web con respecto a la oportunidad de franquicia FlipFlop Shops son sólo para información general y no pretenden ser una oferta de franquicia para cualquiera que acceda a este sitio. Las ofertas se realizan sólo después de la entrega de un documento de divulgación de franquicias efectivo de conformidad con las leyes federales y estatales aplicables.

Documentación

Flip-flop S-R

Cuando S es 1 y R es 0, el flip-flop pasa al estado de ajuste (Q n es 1). Cuando R es 1 y S es 0, el flip-flop pasa al estado de reposición (Q n es 0). Cuando S y R son 0, el flip-flop permanece en el estado anterior (Q n es Q n-1).

Evite el estado donde R y S son ambos 1. En este estado, tanto Q como Q son 0. Este estado es indefinido porque! Q no es el complemento de Q.

Soporte de tipo de datos

Los tipos de datos que acepta el bloque S-R Flip-Flop dependen de la configuración de las señales lógicas del implemento del modelo como parámetro de configuración de datos booleanos (frente a doble). Si este parámetro está activado, el bloque S-R Flip-Flop sólo acepta señales reales de tipo booleano; Si este parámetro está desactivado, el bloque de flip-flop S-R acepta señales escalares reales de tipo booleano o doble (ambas entradas deben tener el mismo tipo). Las señales de salida tienen el mismo tipo de datos que las señales de entrada.

Nota: La lógica del implemento señala como configuración de parámetros de configuración de datos booleanos (vs. doble) afecta a los tipos de datos de entrada y salida del bloque de flip-flop S-R porque este bloque es un subsistema enmascarado que utiliza el bloque de lógica combinatoria. Consulte Implementar señales lógicas como datos booleanos (en vez de doble) en el Simulink & # x00AE; Para obtener más información sobre este parámetro de configuración.

Parámetros y cuadro de diálogo

Estado inicial (estado de Q)

Especifique el valor inicial de la salida Q. Un valor distinto de cero se trata como true (1).

Selecciona tu pais

Etiquetado con retener efectivo

No es de sorprender que estamos los viernes y todavía no ver una gran cantidad de movimiento. Precio haciendo una pausa después de algunos movimientos interesantes desde mediados de enero hasta principios de febrero.

En general, la estrategia es hacer es trabajo y mantenernos al margen cuando el precio no se mueve como ahora. Esto esta vez para ser paciente, especialmente cuando vemos largos períodos de pausa como vemos ahora mismo

GBPJPY & # 8211; Consolidación confirmada

EURJPY - una consolidación ahora confirmada & # 8211; En este caso su ángulo ligeramente que podríamos llamar un canal. Su aún confinado y no lo suficientemente grande para cambiar tac y considerar el comercio de la gama

EURUSD - Toda la zona marcada es un desastre desagradable. Im que es muy cauteloso sobre esta carta y localización.

GBPUSD - una consolidación ahora confirmada & # 8211; Después de haber visto un precioso movimiento hacia arriba. Esperemos que el siguiente empuje puede ser igualmente impresionante.

YM Futures (Mar) - Comienza el flip-flop se mueve. Y bien podría destacar una consolidación. Nada confirmado todavía y el precio se mueve más alto para una nueva entrada larga.

Esta página se actualiza periódicamente durante el día. Por favor, revise con regularidad

T es la temporada que se está celebrando & # 8230; KakakakakarCashCashCash

Triste o afortunadamente dependiendo de su perspectiva ahora no es realmente el momento de buscar cualquier posición seria. Mi sistema es efectivamente plana y en modo de espera desde la mendicidad de la semana y la mayor parte de la semana pasada.

Mirando el momento de su su más probable no unsurprising que este es el caso.

A pesar de las observaciones interesantes sobre esta época del año es que normalmente vemos un empuje razonable en alguna parte en la tierra de la moneda de la cosa para el comercio. También interesante es que su parece un movimiento bianual y el año pasado (diciembre) vimos algunos movimientos fenomenales moviéndose a través de diciembre y bien en el nuevo año.

En su año hemos visto algunos grandes movimientos de nuevo sobre las tasas de yenes, pero no en diciembre. Como estoy escribiendo este precio es simplemente balanceándose hacia adelante y hacia atrás sin ninguna convicción real de moverse claramente en una dirección u otra. La mayoría de los otros mercados que estoy mirando están actuando de una manera similar y después de algunos funcionamientos grandes en el precio en octubre & amp; Nov vuelve a NO ser demasiado sorprendente que Dec es por el momento en modo de pausa.

El mejor consejo ahora & # 8230; Mantenga en efectivo & # 8211; El efectivo es rey & # 8230; No El Rey, que era Elvis & # 8230; Pero el rey es y lo mejor es mantenerlo

Complementario a todo esto & # 8211; Y bien hecho si se desplaza hacia abajo & # 8211; Es que debo recordarles que la retención de efectivo es el comercio tercero y olvidado y es una de las decisiones comerciales más importantes que puede tomar.

En este momento y excluyendo el factor tiempo del año, mi estrategia dice que no harán nada nuevo. Esta decisión para muchos comerciantes nuevos y aspirantes es casi ajena & # 8211; Pero tenga en cuenta lo que hace el 95%. Eso es ignorar la espera y mantener la decisión de efectivo.

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[Social-locker locker_id = "13b8eb4cee8747541" theme = "orange" message = "Me encantaría que lo compartiera" facebook = "true" likeurl = "CURRENT" google = "true" googleurl = "CURRENT" tweet = Tweettext = "" tweeturl = "CURRENT" sigue = "true" linkedin = "true" linkedinurl = "CURRENT"] [/ social-locker]

Productos estructurados para empresas

Los productos estructurados se ofrecen normalmente a los clientes corporativos en forma de swaps, donde los clientes pueden elegir entre una gama de productos para satisfacer sus necesidades. Los productos vinculados a los tipos de interés caen dentro de una de las dos categorías: lado activo y pasivo. En el lado del activo, el cliente tiene un activo que produce pagos de intereses regulares (flotantes o fijos). En el lado de la responsabilidad, el cliente tiene un pasivo variable o fijo.

En términos generales, hay varios tipos de productos estructurados que un cliente puede hacer sobre la base de sus requisitos subyacentes y opiniones sobre la clase de activos:

Productos de reducción de costes

Mejora del rendimiento

Productos de cobertura

Un producto estructurado también se puede ofrecer como una combinación de cualquiera de las categorías anteriores

Pocos ejemplos de productos estructurados son los siguientes:

Intercambio de acumulación de gama (o, simplemente, "Rango Accrual") - Mejora de rendimiento

El cliente recibe un cupón por cada número de días para los cuales el índice subyacente (una tasa de interés, un tipo de cambio, etc.) permanece en un rango preestablecido.

Una estructura típica de un Intercambio de Rango de Acumulación es la siguiente:

Tenencia: 5 años El cliente recibe: (USD 3 millones LIBOR + 1,00%) x D / N

Donde D = no. De días durante la vida del swap para el cual LIBOR de USD 3m permanece dentro del rango de 0.00% - 7.00% N = total no. De días en la vida del intercambio

El cliente paga: USD 3m LIBOR Callable Q

La estructura paga un cupón efectivo de (USD 3m LIBOR + 1.00%) p. a. Al cliente por el número de días en que el "LIBOR USD 3m" permanece dentro del rango de 0,00% - 7,00%. El cliente está efectivamente mejorando su rendimiento tomando una vista sobre el futuro "USD 3m LIBOR".

Acumulación de gama - Reducción de costos y cobertura

Tenencia: 5 años El cliente recibe: (USD 3m LIBOR) x D / N

Donde D = no. De días durante la vida del canje para el cual LIBOR de USD 3m permanece dentro del rango de 0.00% - 7.00% N = total no. De días en la vida del swap El cliente paga: 2.25% No exigible

Spot ref: 5y CMS (Swap de Vencimiento Constante) = 3.19%

Esta estructura paga USD 3 millones LIBOR al cliente por el número de días USD 3 millones LIBOR se mantiene dentro del 0,00% - 7,00%. El cliente está cubriendo así como reducir el costo de su responsabilidad. Si el cliente cubre su responsabilidad con un IRS él / ella se bloquea a una tasa de 3.19% (la tasa de CMS 5y). Con esta estructura el cliente se bloquea a una tasa del 2,25% al ​​tomar una vista de "LIBOR USD 3m" que permanecerá en el rango especificado.

Chanclas

Tenencia: 5 años El cliente recibe: USD 3 millones LIBOR El cliente paga: USD 3 millones LIBOR - 0,25%

ICICI Bank tiene el derecho de invertir la pierna de pago del cliente al 2,40% en cualquiera de las fechas de pago de cupones. Después de la vuelta la estructura se convierte en

La primera parte de la estructura actúa como una reducción de costos para el cliente, ya que el cliente recibe un 0,25% de carry. Después de que la estructura es invertida por el Banco ICICI, la estructura actúa como una cobertura para la responsabilidad del cliente en el 2,40%.

Productos relacionados con FX: ICICI Bank también ofrece productos vinculados a FX a sus clientes de GMG offshore que quieren cubrir sus exposiciones relacionadas con divisas o negociar en divisas basándose en sus puntos de vista. Los productos comunes ofrecidos por ICICI Bank incluyen Accruals de la gama, opciones etc. con las monedas como subyacente.

Swap de acumulación de rango (con un tipo de cambio como el índice subyacente):

Duración: 5 años El cliente recibe: 8,00% x D / ND = Número de días durante la vida del canje por el cual USD JPY = 95,00 N = Número total de días en la vida del swap El cliente paga: USD 3m LIBOR No - callable

Short Option Client vende la opción de compra de AUD JPY a 65.00 Vencimiento de la opción: 2 años Premium: 2.00%

Servicios de gestión de efectivo Ofrecemos una gama completa de servicios para satisfacer sus complejas necesidades de gestión de efectivo

Servicios comerciales globales Servicios comerciales para satisfacer sus necesidades de financiación

Cuentas Corrientes Múltiples variantes de cuentas corrientes para satisfacer sus necesidades

Mercados Globales Servicios FX innovadores para todos sus requerimientos únicos.

Si usted es nuevo en forex y / o Metatrader 5 para que pueda comenzar con este hilo. Cómo empezar con MT5, un resumen!

En cuanto a plantillas y sistemas para que pueda ver:

Primera versión de AsctrendND EA.

Cómo instalar .

Resultados de optimización para el periodo M15 para EURUSD, GBPUSD, USDCHF y USDJPY;

Los resultados de backtesting y los ajustes para el marco de tiempo EURUSD M15;

Resultados de optimización para esta EA para EURUSD H4 utilizando Balance + max Sharpe ration;

Backtesting resultados con la configuración 'Balance + Sharpe ratio', EURUSD H4;

Resultados de optimización de esta EA con el marco de tiempo EUR / USD M15;

Backtesting y los ajustes para EURUSD M15 con la relación máxima de Sharpe;

Esta es la otra configuración que puede ser algunos ajustes preliminares para la versión de martingala;

Los otros resultados de optimización de la GBPUSD M15

Próxima versión de AsctrendND EA (verion 1.02) con el filtro TrendStrength añadido.

Resultados de optimización para EURUSD M15 (por 1 año), cada tick, lento completo. Para el equilibrio máximo;

Resultados para backtesting y los ajustes para el marco de tiempo EURUSD M15, durante un año con 2 indicadores como los filtros: NRTR Color Line y TrendStrength;

Resultados de optimización para GBPUSD M15 durante 1 año - se adjuntan los resultados y el archivo de conjunto;

Los resultados del backtesting y los ajustes para el GBPUSD M15;

Los resultados de optimización durante un año para el período EUR / USD H1 con Balance + Sharpe máximo;

Backtesting resultados con los ajustes para este EURUSD H1 con Balance + Sharpe máximo;

SISTEMA DE BRAINTRADING

BrainTrending indicadores para descargar con la plantilla.

Reglas para el comercio manual

Cómo instalar

How To Create Your Own Manual Trading Signal System Based On Indicators From MT5 CodeBase - Instruction For Non-Programmers

PriceChannel Parabolic system basic edition

Market Condition Evaluation

story/thread was started from here /different thread

Market condition

the theory with examples (primary trend, secondary trend) - read staring from this post till this one

Summary about market condition theory is on this post

Practical examples about every market condition case by indicators: starting from this page till this one

trendstrength_v2 indicator is here ,

AbsoluteStrength indicator is here

AbsoluteStrengthMarket indicator is here to download.

good feature in Metatrader 5: moving stop loss/take profit by mouse on the chart (video about howto)

================================

Divergence - how to use, explanation and where to read about.

Scalp_net trading system

template/indicators and how to use are on this comment .

scalp_net_v132_tf EA is on this post with optimization results/settings for EURUSD M5 timeframe

possible settings #1 for this EA for EURUSD M5 timeframe with backtesting results is on this post .

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Detecting a trend is an important part of predicting direction in a currency pair. Tomorrow’s prices usually follow or continue today’s trend. There will, of course, be reversals and ranging behavior within the trend but it is easier to trade with a known trend than to predict when it changes. The task of the forex trader is to detect variations or waves of sentiment. The trader needs to ask: is there a shape to changes in sentiment and can it be detected? To answer this question, we can turn to price break charts (also called three-line break charts). In recent months, Bloomberg Professional stations added these charts. They also are available in many retail charting programs such as eSignal and ProRealTime.

Price break charts show only a new high close or a new low close. For example, if a trader using a candlestick chart of a daytime interval converts it to a three-line price break chart, he would see the price action from a different vantage point. The price break chart would only show consecutive new day high closes, or consecutive new day low closes. If no new high or new low is reached, then no additional bar would appear. But when the price reverses, it shows a new column only if the price reverses three previous highs (downward reversal) or three previous lows. This is why it is called a three-line break chart. The conditions for a bullish and bearish reversal are easily identified.

Three-line break charts enable significant insights into the shape of sentiment in the price action. A trader can detect the prevailing sentiment, how strong it is, whether a change in sentiment has occurred and project where the next trend reversal will occur. Several examples of using the three-line break as an indicator occurred in the GBP/USD pair in 2009 (see “Show me the move”).

The year started with a series of three consecutive new lows. It then reversed to a distance of four new consecutive highs. The sequence reversed back to four new consecutive lows followed by three consecutive new highs. In April, we see a very significant sentiment event, a flip-flop. This is a new downward reversal followed immediately by an upward reversal. In other words, market sentiment did not continue into a series. When a flip-flop occurs, it is rarely followed by another immediate reversal and therefore is a signal that the trend direction after the flip-flop will continue for a longer distance. This is exactly what occurred. The GBP/USD flipped from a low of 1.4252 on March 30 to a high of 1.5002 on April 15.

Also in the pound, we see a long sequence of 20 new consecutive day highs that occurred between May 1 and June 11, taking it from 1.4490 to 1.6598. While the ultimate length of the sequence is not predicable, what was clear to the trader was that the previous highest uptrend sequence before the long run up was five new consecutive highs. When a previous sequence of highs or lows is broken by a new sequence, this is an alert that the sentiment is becoming stronger than ever.

After the 20 new consecutive highs were achieved, GBP/USD no longer had the energy to repeat this sequence. It entered into a series of smaller consecutive new daily highs, and reversals into consecutive new lows. GBP/USD ended with a reversal up with two consecutive new daily highs.

Price break charts can be used for any time frame. Scalpers could use a one-minute price break to spot what is the intra-hour prevailing sentiment. While price break charts do not predict the duration, or the distance of a new trend, they reveal the strength of the prevailing sentiment. That can be enough to get an edge for the scalper or the long-term trader.

Hypertextual Finance Glossary

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Order via Amazon Order via Barnes and Noble A B C D E F G H I J K L M N O P Q R S T U V W X Y Z # F Fifth letter of a Nasdaq stock symbol specifying that the issue is a foreign company. FAC See: Federal Advisory Council FAS Abbreviation for the Incoterm Free Alongside Ship. FASB See: Financial Accounting Standards Board FCA Abbreviation for the Free Carrier FCIA See: Foreign Credit Insurance Association FCM See: Futures commission merchant FDI See: Foreign direct investment FDIC See: Federal Deposit Insurance Corporation FF See: Federal Funds FFO See: Funds from operations FI The two-character ISO 3166 country code for FINLAND. FICO See: Financing corporation FIFO See: First in, first out FIM The ISO 4217 currency code for the Finnish Markka. FIN The three-character ISO 3166 country code for FINLAND. FINRA See: Financial Industry Regulation Authority FIRREA See: Financial Institutions Reform, Recovery and Enforcement Act of 1989 FIVA See: Finanssivalvonta. FIXatdl See: Financial Information eXchange Algorithmic Trading Definition Language FJ The two-character ISO 3166 country code for FIJI. FJD The ISO 4217 currency code for the Fijian Dollar. FJI The three-character ISO 3166 country code for FIJI. FK The two-character ISO 3166 country code for FALKLAND ISLANDS (MALVINAS). FKP The ISO 4217 currency code for the Falkland Islands Pound. FLK The three-character ISO 3166 country code for FALKLAND ISLANDS (MALVINAS). FO The two-character ISO 3166 country code for FAROE ISLANDS. FOK See: Fill or kill order FOMC See: Federal Open Market Committee FM The two-character ISO 3166 country code for MICRONESIA, FEDERATED STATES OF. FMA See: Finanzmarktaufsicht. FPA Abbreviation for the insurance term Free of Particular Average FR The two-character ISO 3166 country code for FRANCE. FRA (1) The three-character ISO 3166 country code for FRANCE. FRA (2) See: Forward rate agreement FRF The ISO 4217 currency code for the French Franc. FRN See: Floating-rate note FRO The three-character ISO 3166 country code for FAROE ISLANDS. FSA See: Financial Services Authority. FSC See: Foreign Sales Corporation FSM The three-character ISO 3166 country code for MICRONESIA, FEDERATED STATES OF. F. T.C. See: Federal Trade Commission FX Rate See:Foreign exchange rate Face-amount certificate A debt security issued by face amount. The holder makes payments periodically to the issuer. and the issuer promises to pay the purchaser the face value at maturity or the surrendered value if the security is presented at the maturity specified in the certificate. Face value See: Par value Facilitation The process of providing a market for a security. Normally, this refers to bids and offers made for large blocks of securities, such as those traded by institutions. Listed options may be used to offset part of the risk assumed by the trader who is facilitating the large block order. See also: Hedge ratio. Factor A financial institution that buys a firm's accounts receivable and collects the accounts. Factor analysis A statistical procedure that seeks to explain a certain phenomenon, such as the return on a common stock. in terms of the behavior of a set of predictive factors. Factor model A way of decomposing the forces that influence a security's rate of return into common and firm-specific influences. Factor portfolio A well-diversified portfolio constructed to have a beta of 1.0 on one factor and a beta of zero on any other factors. Factor Return The return attributable to a particular common factor. We decompose asset returns into common factor components, based on the asset's exposures to common factors times the factor returns, and a specific return. Factoring Sale of a firm's accounts receivable to a financial institution known as a factor. Fade Refers to over-the-counter trading. Fill another OTC dealer's bid for or offer of stock. Fail A deal is said to fail if on the settlement date either the seller does not deliver securities in proper form or the buyer does not to deliver funds in proper form. Failure to deliver Shares not delivered from seller to buyer on the settlement date. Fair-and-equitable test A set of requirements for a plan of reorganization to be approved by the bankruptcy court. Fair game An investment prospect that has a zero risk premium. Fair market price Amount at which an asset would change hands between two parties, where both have knowledge of the relevant facts. Also referred to as market price. Fair price The equilibrium price for futures contracts. Also called the theoretical futures price. which equals the spot price continuously compounded at the cost of carry rate for some time interval. In the context of corporate goverance, Fair-Price provisions limit the range of prices a bidder can pay in two-tier offers. They typically require a bidder to pay to all shareholders the highest price paid to any shareholder during a specified period of time before the commencement of a tender offer and do not apply if the deal is approved by the board of directors or a supermajority of the target's shareholders. The goal of this provision is to prevent pressure on the target's shareholders to tender their shares in the front end of a two-tiered tender offer, and they have the result of making such an acquisition more expensive. A majority of states have fair price laws. Fair price provision See:Appraisal rights Fair rate of return The rate of return that state governments allow a public utility to earn on its investments and expenditures. Utilities then use these profits to pay investors and provide service upgrades to their customers. Fair Tax A proposal to change the federal tax laws in the United States from current tax system to a single national consumption tax on retail sales. The plan was introduced to the Congress as the Fair Tax Act for the first time in July 1999. The Act gained additional visibility in 2008. Fair value In the context of futures. the equilibrium price for futures contracts. Also called the theoretical futures price. which equals the spot price continuously compounded at the cost of carry rate for some time interval. More generally, fair value for any asset simply refers to the perception that it is neither underpriced (too cheap) nor overpriced (too expensive). Fair value accounting Refers to accounting for the value of an asset or liabiliy based on the current market price instead of book value. This term was started by Professor Matt Holden of UNLV. Fair value accounting has been a part of GAAP since 1990s. See: mark to market accounting Fairness opinion An investment banker's professional opinion as to the price an acquiring firm is offering in a takeover or merger. Fall Down In the context of general equities, may not be able to produce as indicated in one's advertised market. due to less help (than anticipated) from other parties or due to changing market conditions. Fall out of bed A sudden drop in a stock's price resulting from failed or poor business deals gone bad or falling through. Fallen angels Bonds that at the time of issue were considered investment grade but that have dropped below that rating over time. Fallout risk A type of mortgage pipeline risk that is generally created when the terms of the loan to be originated are set at the same time the sale terms are established. The risk is that either of the two parties, borrower or investor. fails to close and the loan "falls out" of the pipeline. False accounting Illegally altering accounting records by making misleading entries or omitting material information for personal gain or to mask poor firm performance. Fama, Eugene F. Finance professor at the University of Chicago. Developer of the Efficient Markets Hypothesis. Nobel Laureate in Economics, 2017. Fama and French Three Factor Model Created by Eugene Fama and Kenneth French to describe the expected return of a portfolio. Their model includes the market exposure (known as beta in the Capital Asset Pricing Model ) plus two other risk factors: SMB (Small Minus Big) and HML (High Minus Low.) SMB accounts for the tendency for stocks of firms with small market capitalizations generate higher returns. while HML accounts for the tendency that value stocks (of firms with high Book to Market ratios) generating higher returns. Family of funds A group of mutual funds offered by one investment company. Often, switching from one mutual fund to another can be done without incurring fees as long as both funds are in the same 'family'. Family office Entities (usually registered as corporations or limited liability company ) set up to manage the finances of a wealthy family. Fat fingers In the context of electronic trading, this refers to a trader incorrectly keying in an order. Far month Used in the context of option or futures to refer to the trading month of the contract that is farthest away. Antithesis of nearest month. Farther out; farther in Used in the context of options to refer to the relative length of option contract maturities. FAS 157 See: Statement of Financial Accounting Standards No. 157 FASB No. 8 U. S. accounting standard that requires US firms to translate their foreign affiliates' accounts by the temporal method ; that is, reporting gains and losses from currency fluctuations in current income. It was in effect between 1975 and 1981 and became the most controversial accounting standard in the US. It was replaced by FASB No. 52 in 1981. FASB No. 52 The US accounting standard that replaced FASB No. 8. US companies are required to translate foreign accounts in terms of the current rate and report the changes from currency fluctuations in a cumulative translation adjustment account in the equity section of the balance sheet. Fast market Excessively rapid trading in a specific security that causes a delay in the electronic updating of its last sale and market conditions, particularly in options. Favorable Balance of Trade The value of a nation's exports in excess of the value of its imports. Favorable trade balance Condition that total exports of a nation exceed total imports, creating a net export. Feasible portfolio A portfolio that an investor can construct, given the assets available. Feasible set of portfolios The collection of all feasible portfolios. Feasible target payout ratios Payout ratios that are consistent with the level of excess funds available to make cash dividend payments. Fed The short form for the U. S. Federal Reserve Bank. Fed Funds See: Federal Funds. FED Pass A Federal Reserve action adding more reserves to the banking system, increasing the money available for lending. and making credit easier to attain. Federal Advisory Council (FAC) Advisory group made up of one representative (in most cases a banker) from each of the 12 Federal Reserve districts. Established by the Federal Reserve Act, the council meets periodically with the Board of Governors to discuss business and financial conditions and make recommendations. Federal agency bond Fixed-income security issued by a government agency such as FNMA. Federal agency securities Securities issued by corporations and agencies created by the US government, such as the Federal Home Loan Bank Board and Ginnie Mae. Federal Agricultural Mortgage Corporation (Farmer Mac) A federal agency chartered in 1988 to provide a secondary market for farm mortgage loans. Federal credit agencies Agencies of the federal government set up to supply credit to various classes of institutions and individuals, e. g. S&Ls, small business firms. students, farmers, and exporters. Federal deficit (surplus) When federal government expenditures are exceeded by (are less than) federal government revenue. Federal Farm Credit Bank An institution created by the government with the purpose of uniting the financing activities of the Federal Land Banks, the Federal Intermediate Credit Banks. and the banks for cooperatives. See: Federal Farm Credit System. Federal Farm Credit System A system chartered in 1971 through the farm credit act providing farmers with credit services through a Federal Land Bank, a Federal Intermediate Credit Bank. and a bank for cooperatives. See: Federal Farm Credit Bank. Federal Deposit Insurance Corporation (FDIC) A federal institution that insures bank deposits. Federal Financing Bank A federal institution that lends to a wide array of federal credit agencies funds it obtains by borrowing from the US Treasury. Federal funds A Federal Funds Transaction is an unsecured loan of U. S. dollars to a "borrower" or "purchaser" that is a Depository Institution from a "lender" or "seller" that is a Depository Institution, foreign bank, government-sponsored enterprise or other eligible entity. Note that Fed Funds liabilities are not subject to reserve requirements. Federal funds market The market in which Depository Institutional can borrow or lend reserves, allowing banks temporarily short of their required reserves to borrow reserves from banks that have excess reserves. Federal funds rate The daily federal funds effective rate (FFER), calculated by the Federal Reserve Bank of New York (New York Fed), is one measure of the overnight fed funds rate. The FFER is based on data voluntarily provided to the New York Fed by major fed funds brokers, and is a weighted-average rate of all overnight fed funds transactions arranged through these brokers each business day. This rateoften points to the direction of US interest rates. The most sensitive indicator of the direction of interest rates. since it is set daily by the market. unlike the prime rate and the discount rate. Federal gift tax A federal tax imposed on assets conveyed as gifts to individuals. Federal Home Loan Banks The institutions that regulate and lend to savings and loan associations. The Federal Home Loan Banks play a role analogous to that played by the Federal Reserve Banks vis-à-vis member commercial banks. Federal Home Loan Mortgage Corporation (FHLMC) See: Freddie Mac Federal Housing Administration (FHA) Federally sponsored agency chartered in 1934 whose stock is currently owned by savings institutions across the United States. The agency buys residential mortgages that meet certain requirements, sells these mortgages in packages. and insures the lenders against loss. Federal Housing Finance Board (FHFB) US government agency chartered in 1989 to assume the responsibilities formerly held by the Federal Home Loan Bank system. Federal Intermediate Credit Bank A bank sponsored by the federal government to provide funds to institutions making loans to farmers. Federal intrafund transactions Intrabudgetary transactions in which payments and receipts both occur within the same federal fund group. Federal Land Bank A bank administered under the US Farm Credit Administration that provides long-term mortgage credit to farmers for agriculture-related expenditures. Federal margin call A broker's demand upon a customer for cash, or securities needed to satisfy the required Regulation T down payment for a purchase or short sale of securities. Federal Maritime Commission (FMC) A U. S. government agency that regulates and administers the shipping industry. This agency also grants freight forwarder licenses. Federal National Mortgage Association (Fannie Mae) A publicly owned, government-sponsored corporation chartered in 1938 to purchase mortgages from lenders and resell them to investors. Known by the nickname Fannie Mae, it packages mortgages backed by the Federal Housing Administration. but also sells some nongovernment-backed mortgages. Federal Open Market Committee (FOMC) The body that is responsible for setting the interest rates and credit policies of the Federal Reserve System. The FOMC sets a target level for the overnight fed funds rate, as the fed funds market has historically facilitated the transfer of the most liquid funds among depository institutions. The New York Fed then uses open market operations to change the supply of reserves in the system which, in conjunction with IOER, influence overnight fed funds to trade around this policy target rate or within the target rate range. Federal Reserve Act of 1913 Federal legislation that established the Federal Reserve System. Federal Reserve Bank One of the 12 member banks constituting the Federal Reserve System that is responsible for overseeing the commercial and savings banks of its region to ensure their compliance with regulation. Federal Reserve District (Reserve district or district) One of the twelve geographic regions served by a Federal Reserve Bank. Federal Reserve Board (FRB) The seven-member governing body of the Federal Reserve System. which is responsible for setting reserve requirements. and the discount rate. and making other key economic decisions. Federal Reserve float Float is checkbook money that appears on the books of both the check writer (the payor) and the check receiver (the payee) while a check is being processed. Federal Reserve float is float present during the Federal Reserve's check collection process. To promote efficiency in the payments system and provide certainty about the date that deposited funds will become available to the receiving depository institutions (and the payee), the Federal Reserve credits the reserve accounts of banks that deposit checks according to a fixed schedule. However, processing certain checks and collecting funds from the banks on which these checks are written may take more time than the schedule allows. Therefore, the accounts of some banks may be credited before the Federal Reserve is able to collect payment from other banks, resulting in Federal Reserve float. Federal Reserve notes Issued by the US government to the public through the Federal Reserve Banks and their member banks. They represent money owed by the government to the public. Currently, the item "Federal Reserv1e notes amounts outstanding " consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Federal Reserve System The monetary authority of the US, established in 1913, and governed by the Federal Reserve Board located in Washington, D. C. The system includes 12 Federal Reserve Banks and is authorized to regulate monetary policy in the US as well as to supervise Federal Reserve member banks. bank holding companies. international operations of US banks, and US operations of foreign banks. Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to regulate institutions that collect savings deposits and provide mortgage loans. Federal Trade Commission (FTC) An independent federal agency consisting of a five-member board, whose goal is to create economic competition by promoting consumer protection and prevent illegal business practices. The FTC was created in 1914 to battle monopolisitc trusts. and has since been granted the abilities to prohibit anti-competitive and illegal business practices and enforce industry-wide regulations. Federally related institutions Arms of the federal government exempt from SEC registration whose securities are backed by the full faith and credit of the US government (with the exception of the Tennessee Valley Authority). Fedwire A wire transfer system for high-value payments operated by the Federal Reserve System. Fee A fixed amount or a percentage of an underwriting or principal paid to the underwriter for its services. Also, the charge a mutual fund holder pays for expenses incurred in management and administration of the fund. Also, the rate an account holder pays to a portfolio manager for management of a discretionary account. Fee table Schedule found in a mutual fund's prospectus that discloses and illustrates the expenses and fees a shareholder will incur. Fee-and-commission compensation See: Fee-based compensation Fee-based compensation Payment to a financial adviser of a set hourly rate, or an agreed-upon percentage of assets under management, for a financial plan. When the plan is implemented, the adviser may also receive commission on some or all of the investment products purchased, which would be fee-and-commission compensation. Fee-only compensation Payment to a financial adviser of a set hourly rate, or an agreed-upon percentage of assets under management, for a financial plan. Under this arrangement, the adviser receives no commissions on any transactions to implement the plan. Feedback Systems An equation where the output becomes the input in the next iteration. This is much like a public address system where the microphone is placed next to the speakers generating feedback as the signal is looped through the PA system. FHA prepayment experience The percentage of loans in a pool of mortgages outstanding at the origination anniversary, based on annual statistical historic survival rates for FHA-insured mortgages. Fiat money Nonconvertible paper money. FICO score Credit scoring model developed by the Fair Issac Corporation. Fictitious credit A margin account's credit balance. Fictitious credit exists after the proceeds from a short sale are accounted for with respect to the margin requirement. The proceeds from the short sale are reflected as a credit, but must stay in the account to serve as security for the loan of securities made in a short sale, and are therefore inaccessible to the client for withdrawal. Fidelity bond See: Blanket fidelity bond Fiduciary One who must act for the benefit of another party. Fiduciary out A provision that permits the Board of Directors to terminate a proposed merger if a better deal arises with another party. Field warehouse Warehouse rented by a company on another firm's premises. Figure Refers to details about price including the bid and offer. See: Handle Figuring the tail Calculating the yield at which a future money market instrument (one available some period hence) is purchased when that future security is created by buying an existing instrument and financing the initial portion of its life with a term repo. Fill An executed order. Also, the price at which an order is executed. Fill or kill order (FOK) Has various definitions. 1) On some exchanges, a market or limited price order that is to be executed in its entirety as soon as it is represented in the trading crowd. and, if not so executed, is to be treated as canceled. In this context, no partial fills are accepted, and the FOK order is treated as an IOC. AON order. 2) On other exchanges, a market or limit order that is to be executed by filling the number of shares made available by the first bid or offer. and then canceling any unfilled balance. In this context, a FOK order is treated as an instruction to fill what can be filled by hitting the first bid or offer, and cancel the rest. In this case partial fills are possible, and the FOK order is treated as an IOC, Any Part order. Because of the prevalence of interlisted stocks. the ability of a broker ’s trading desk to direct trades to one exchange or another, and the different interpretations the order can have depending on which exchange the order is routed to, use of this type or order is discouraged. Instead, either an IOC AON, or an IOC Any Part, order will get the desired result regardless of the exchange. Filter A rule that stipulates when a security should be bought or sold according to its price action. Final Take In the context of project financing, the final participation. Finance A discipline concerned with determining value and making decisions. La función de finanzas asigna recursos, incluyendo la adquisición. Invertir Y la gestión de los recursos. Finance charge The total cost of credit a customer must pay on a consumer loan. including interest. Finance company A company whose business and primary function is to make loans to individuals, while not receiving deposits like a bank. Finance Lease An agreement where the lessor receives lease payments to cover its ownership costs. The lessee is responsible for maintenance, insurance, and taxes. Some finance leases are conditional sales or hire purchase agreements. Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). Financial adviser A professional offering financial advice to clients for a fee and/or commission. Financial analysis Analysis of a company' financial statements. often by financial analysts. Financial analysts Also called securities analysts and investment analysts. Professionals who analyze financial statements. interview corporate executives, and attend trade shows, in order to write reports recommending either purchasing, selling, or holding various stocks. Financial assets Claims on real assets. Financial Close The time when the documentation has been executed and conditions precedent have been satisfied or waived. Drawdowns are now permissible. Financial control The management of a firm's costs and expenses in relation to budgeted amounts. Financial Crimes Enforcement Network U. S. Treasury office that collects and analyzes information about financial transactions to combat money laundering, terrorist financing, and other financial crimes. Financial distress Events preceding and including bankruptcy. such as violation of loan contracts. Financial distress costs Legal and administrative costs of liquidation or reorganization. Also includes implied costs associated with impaired ability to do business (indirect costs). Financial engineering Combining or carving up existing instruments to create new financial products. Financial future A contract entered into now that provides for the delivery of a specified asset in exchange for the selling price at some specified future date. Financial guarantee insurance Insurance created to cover losses from specified financial transactions. Financial Industry Regulation Authority A regulatory body that resulted from merging the NASD and the NYSE regulatory committees. From the 2011 FINRA website, "The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s mission is to protect America’s investors by making sure the securities industry operates fairly and honestly. All told, FINRA oversees nearly 4,535 brokerage firms, about 163,620 branch offices and approximately 631,640 registered securities representatives. FINRA touches virtually every aspect of the securities business—from registering and educating industry participants to examining securities firms; writing rules; enforcing those rules and the federal securities laws; informing and educating the investing public; providing trade reporting and other industry utilities; and administering the largest dispute resolution forum for investors and registered firms. We also perform market regulation under contract for the major U. S. stock markets, including the New York Stock Exchange, NYSE Arca, NYSE Amex, The NASDAQ Stock Market and the International Securities Exchange." Financial Information eXchange Algorithmic Trading Definition Language The coding that helps traders quickly obtain new or updated algorithms in Algorithmic trading. Financial innovation Design of any new financial product, such as exotic currency options and swaps. Financial institution An enterprise such as a bank whose primary business and function is to collect money from the public and invest it in financial assets such as stocks and bonds. loans and mortgages, leases, and insurance policies. Financial institution buyer credit policy Insurance coverage for loans by banks to foreign buyers of exports. Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) Legislation that established the Office of Thrift Supervision. which was created in the wake of the savings and loan crisis of the late 1980s. Financial intermediaries Institutions that provide the market function of matching borrowers and lenders or traders. Financial intermediaries facilitate transactions between those with excess cash in relation to current requirements (suppliers of capital ) and those with insufficient cash in relation to current requirements (users of capital) for mutual benefit. Financial lease Long-term. noncancellable rental agreement. Financial leverage Use of debt to increase the expected return on equity. Financial leverage is measured by the ratio of debt to debt plus equity. Financial leverage clientele A group of investors who have a preference for investing in firms that adhere to a particular financial leverage policy. Financial leverage ratios Common ratios are debt divided by equity and debt divided by the sum of debt plus equity. Related: capitalization ratios. Financial market An organized institutional structure or mechanism for creating and exchanging financial assets. Financial meltdown Refers to events like steep fall in stock markets. decline in asset values. corporate losses etc. that hurt the economy and lead to losses for investors. Financial model A model that represents the financial operations or financial statements of a company in terms of its business parameters and forecasts future financial performance. Models are used for risk management by examining different economic scenarios for the future. Financial models are also used to provide valuations of individual assets that might not be actively traded in a secondary market. Financial needs approach A method of establishing the amount of life insurance required by an individual by estimating the financial needs of dependents in the event of the individual's death. Financial objectives Goals related to returns that a firm will strive to accomplish during the period covered by its financial plan. Financial plan A blueprint relating to the financial future of a firm. Financial planner An investment professional who assists individuals with long - and short-term financial goals. Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan. and then comparing future performance against that plan. Financial policy Criteria describing a corporation's choices regarding its debt /equity mix, currencies of denomination. maturity structure, method of financing investment projects, and hedging decisions with a goal of maximizing the value of the firm to some set of stockholders. Financial position The account status of a firm's or individual's assets. pasivo. and equity positions as reflected on its financial statement. Financial press Media devoted to reporting financial news. Financial price risk The chance there will be unexpected changes in a financial price, including currency (foreign exchange ) risk, interest rate risk, and commodity price risk. Financial public relations Public relations division of a company charged with cultivating positive investor relations and proper disclosure information. Financial pyramid A risk structure that spreads investor's risks across low-, medium-, and high-risk vehicles. The bulk of the assets are in safe, low-risk investments that provide a predictable return (base of the pyramid). At the top of the pyramid are a few high-risk ventures that have a modest chance of success. Financial ratio The result of dividing one financial statement item by another. Ratios help analysts interpret financial statements by focusing on specific relationships. Financial risk The risk that the cash flow of an issuer will not be adequate to meet its financial obligations. Also referred to as the additional risk that a firm's stockholder bears when the firm uses debt and equity. Financial Services Authority (FSA) The United Kingdom's supervisory authority for the British financial markets. British financial regulator. Financial service income Income from delivery of financial services such as banking, insurance. leasing. or financial service management fees. Financial sponsors In context of private equity. financial sponsor refers to private equity investment firms that engage in leveraged buyout or LBO transactions. Financial Stability Oversight Council A council established under the Dodd-Frank Act within U. S. Department of the Treasury to provide comprehensive monitoring to ensure the stability of national financial system. The Council is made up of ten voting members - nine federal financial regulatory agencies and an independent member with insurance expertise - and five nonvoting members. Financial statement A report of basic accounting data that helps investors understand a firm's financial history and activities. Financial statement analysis Evaluation of a firm's financial statements in order to assess the firm's worth and its ability to meet its financial obligations. Financial strategy Practices a firm adopts to pursue its financial objectives. Financial structure The way in which a company's assets are financed, such as short-term borrowings. long-term debt. and owners equity. Financial structure differs from capital structure in that capital structure accounts for long-term debt and equity only. Financial supermarket A company offering a wide variety of financial services such as a combination of banking services, investment services, and insurance brokerage. Financial tables Tables found in newspapers listing prices, dividends. yields. price-earnings ratios. trading volume. and other important data on stocks. cautiverio. mutual funds. and options and futures contracts. Financial Times (F-T)-Actuaries indexes Share price indexes for U. K. companies The denominator in the index formula is the market capitalization at the base date. adjusted for all capital changes affecting the particular index since the base date. See: Footsie (FTSE) (pronounced footsie). Financing Agreements In the context of project financing, the documents which provide the project financing and sponsor support for the project as defined in the project contracts. Financing Corporation (FICO) A government agency chartered in 1987 to bail out the Federal Savings and Loan Insurance Corporation (FSLIC) by issuing bonds. Financing decisions Decisions concerning the liabilities and stockholders' equity side of the firm's balance sheet, such as a decision to issue bonds. Financing Intermediaries Institutions that effect agreement terms between borrower and lender by reaching separate agreements with the borrower and the lender. Financing Cost Savings A source of competitive advantage that depends on access to low cost sources of capital. Finansinspektionen (Swedish FSA) Sweden's supervisory authority for the Swedish financial markets. Swedish financial regulator. Finanssivalvonta (FIVA) Finland's supervisory authority for the Finland financial markets. Finish financial regulator. Finanstilsynet (Danish FSA) Denmark's supervisory authority for the Denmark financial markets. Danish financial regulator. Finanzmarktaufsicht (FMA) Austria's supervisory authority for the Austrian financial markets. Austria's financial regulator. Finder's fee A fee a person or company charges for service as an intermediary in a transaction. FINEX The Financial Futures and Options Division of the New York Cotton Exchange (NYCE). with a trading floor in Dublin, FINEX Europe, creating a 24-hour market in most FINEX contracts. Finish Used in the context of general equities. See: Fill. Finite-Life Real Estate Investment Trust (FREIT) A Real Estate Investment Trust whose priority is to sell its holdings within a specified period to realize capital gains. Firewall The legal barrier between banking and broker /dealer operations within a financial institution created to prevent the exchange of inside information. Firm Refers to an order to buy or sell that can be executed without confirmation for some fixed period. Also, a synonym for company. Firm anomalies Trading strategies that generate abnormal returns based on firm - specific characteristics. Firm commitment underwriting An underwriting in which an investment banking firm commits to buy and sell an entire issue of stock and assumes all financial responsibility for any unsold shares. Also known as bought deal. Firm market In the context of general equities, prices at which a security can actually be bought or sold in decent sizes, as compared to an inside market with very little depth. See: Actual market. Firm order In the context of general equities, (1) order to buy or sell for the proprietary account of the broker - dealer firm ; (2) buy or sell order not conditional upon the customer's confirmation. Firm quote A definite price on a round-lot bid or offer declared by a market maker on a given security and not identified as a nominal quotation (therefore is not negotiable ). Firm-specific news News that affects only a specific firm. Mercado. news by contrast affects many firms. Firm-specific risk See: Diversifiable risk or unsystematic risk Firm's net value of debt Total firm value minus total firm debt. First board The Chicago Board of Trade's established dates for delivery on futures contracts. First call With collateralized mortgage obligation (CMOs.). the start of the cash flow cycle for the cash flow window. First call date A date stated in an indenture that is the first date on which the issuer may redeem a bond either partially or completely. First In, First Out (FIFO) An accounting method for valuing the cost of goods sold that uses the cost of the oldest item in inventory first. Ending inventory is therefore valued based on the most recently purchased items. First market Exchange - traded securities. First mortgage A type of mortgage that through a lien gives precedence to the lender of the first mortgage over all other lenders in case of default. First notice day The first day, varying by contracts and exchanges, on which notices of intent to deliver actual financial instruments or physical commodities against futures are authorized. First-pass regression A time series regression to estimate the betas of securities portfolios. First preferred stock A type of preferred stock that has priority over other preferred issues and common stock when claiming dividends and assets. Fiscal agency agreement An alternative to a bond trust deed. Unlike the trustee. the fiscal agent acts as a representative of the borrower. Fiscal agency services Services performed by the Federal Reserve Banks for the U. S. government. These include maintaining deposit accounts for the Treasury Department, paying U. S. government checks drawn on the Treasury, and issuing and redeeming savings bonds and other government securities. Fiscal policy Government spending and taxing for the specific purpose of stabilizing the economy. Fiscal stimulus See Economic stimulus. Fiscal year (FY) Accounting period covering 12 consecutive months over which a company determines earnings and profits. The fiscal year serves as a period of reference for the company and does not necessarily correspond to the calendar year. Fiscal year-end The end of a 12-month accounting period. Fisher effect A theory that nominal interest rates in two or more countries should be equal to the required real rate of return to investors plus compensation for the expected amount of inflation in each country. Fisher's separation theorem The notion that a firm's choice of investments is separate from its owner's attitudes toward investments. Also referred to as portfolio separation theorem. Fit The matching of the investor's requirements and needs such as risk tolerance and growth potential preference with a specific investment. Also, how well or how poorly a regression line represents the data points it is based on. A good ‘fit’ indicates a high correlation coefficient. Fitch sheet Used in the context of general equities. Chronological listing of trades in a security showing the price, size, exchange. and time (to the second) of the trades; obtained by hitting "#M" on Quotron. Five Cs of credit Five characteristics that are used to form a judgment about a customer's creditworthiness. character, capacity. capital, collateral, and conditions. Five hundred dollar rule A rule of the Federal Reserve that excludes deficiencies of $500 or less in margin requirements as a necessary reason for the firm to liquidate the client's account to cover a margin call. Five percent rule A rule of the National Association of Securities Dealers providing ethical guidelines for spreads created by market makers and commissions charged by brokers. Fixation The process of setting a price of a commodity. whether in the present or the future. See: Gold fixing. Fixed asset Long-lived property owned by a firm that is used by a firm in the production of its income. Tangible fixed assets include real estate. plant. and equipment. Intangible fixed assets include patents. trademarks. and customer recognition. Fixed asset turnover ratio The ratio of sales to fixed assets. Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. Fixed base index For this type of index. the value in any specific time period is based on the value in the initial time period and this base remains unchanged throughout the index. This is different from a chain base index in which values in any period are based on the preceding time period. See: Base period. Chain base index. Index number Fixed benefits Payments to a beneficiary that are paid in fixed preset amounts and are not variable. Fixed-charge coverage ratio A measure of a firm's ability to meet its fixed-charge obligations. the ratio of (Earnings before interest, depreciation and amortization minus unfunded capital expenditures and distributions) divided by total debt service (annual principal and interest payments). Notice that lease payments are sometimes included in the calculations. Fixed cost A cost that is fixed in total for a given period of time and for given production levels. Fixed dates In the Euromarket. the standard periods for which Euros are traded (one month out to a year out) are referred to as the fixed dates. Fixed-dollar obligations Conventional bonds for which the coupon rate is set at a fixed percentage of the par value. Fixed-dollar security A nonnegotiable debt security that can be redeemed at some fixed price or according to some schedule of fixed values, e. g. bank deposits and government savings bonds. Fixed exchange rate A country's decision to tie the value of its currency to another country's currency, gold (or another commodity). or a basket of currencies. Fixed for floating swap An interest rate swap in which the fixed rate payments are swapped for floating rate payments. Fixed income equivalent Also called a busted convertible. Convertible security that is trading like a straight security because the optioned common stock is trading well below the conversion price. Fixed income instruments Assets that pay a fixed dollar amount, such as bonds and preferred stock. Fixed income market The market for trading bonds and preferred stock. Fixed-income securities Investments that have specific and fixed interest rates or dividend rates. such as bonds. Fixed premium Payments of a fixed or equal amount paid to an insurance company for insurance or an annuity. Fixed price basis An offering of securities at a fixed price. Fixed-price tender offer A one-time offer by an acquirer company to purchase a stated number of shares of a target company at a stated fixed price, usually at a premium over the current market price. Fixed rate A traditional approach to determining the finance charge payable on an extension of credit. A predetermined and certain rate of interest is applied to the principal. Fixed-rate loan A loan whose rate is fixed for the life of the loan. Fixed-rate payer In an interest rate swap. the counterparty who pays a fixed rate, usually in exchange for a floating-rate payment. Fixed-term reverse mortgage A mortgage in which the lending institution provides payments to a homeowner for a fixed number of years. Fixed trust A unit investment trust consisting of securities that were agreed upon at the time of investment and are held for the duration of the trust. FIX Protocol Algorithmic Trading Working Group An industry group that developed and maintains the standard for algorithms for high frequency trading (HFT). Flag A pattern reflecting price fluctuations within a narrow range. generating a rectangular area on a graph both prior to and after sharp rises or declines. Flash Value of a security displayed, or flashed across the tape. when the tape display cannot keep up with volume on an exchange and lags the current price by more than approximately five minutes. Flash Crash Refers to the 700 point drop in the Dow Jones Industrial Average that happened in just a few minutes on May 7, 2010. Flash-light See: Spaceman Flat Convertibles: Earning interest on the date of payment only. General: Having neither a short nor a long position in a stock. Clean . Mercado. Characterized by horizontal price movement. usually the result of low activity. Equities: To execute without commission or markup. Flat benefit formula Method used to determine a participant's benefits in a defined benefit plan by multiplying months of service by a flat monthly benefit. Flat price (also clean price) The quoted newspaper price of a bond that does not include accrued interest. The price paid by the purchaser is the full price. Flat price risk Taking a position either long or short that does not involve spreading. Flat scale The pattern for new issues where shorter - and longer-term yields display very little difference over the bond's maturity range. Flat tax A tax which is levied at the same rate on all levels of income. See also progressive tax. Flat trades A bond in default trades flat; that is, the price quoted covers both principal and unpaid accrued interest. Any security that trades without accrued interest or at a price that includes accrued interest is said to trade flat. Flattening of the yield curve A change in the yield curve when the spread between the yield on long-term and short-term Treasuries has decreased. Compare steepening of the yield curve and butterfly shift. FLEX Options Exchange traded equity or index options, where the investor can specify within certain limits the terms of the options, such as exercise price Expiration date. exercise type, and settlement calculation. Flexible budget A budget that shows how costs vary with different rates of output or at different levels of sales volume and projects revenue based on these different output levels. Flexible expenses Expenses for an individual or corporation that can be adjusted or completely dispensed with, e. g. luxury goods. Flexible mutual fund Fund that invests in a variety of securities in varying proportions in order to maximize shareholder returns while maintaining a low level of risk. Flight to quality The tendency of investors to move toward safer investments (often government bonds ) during periods of high economic uncertainty. Flip-flop note Note that allows investors to switch between two different types of debt. Flip side In the context of general equities, opposite side to a proposition or position (buy. if sell is the proposition and vice versa). Flipping Buying shares in an initial public offering (IPO). and then selling the shares immediately after the start of public trading to turn an immediate profit. Float Currency. Exchange rate policy that does not limit the range of the market rate. Equities. Number of shares of a corporation that are outstanding and available for trading by the public. excluding insiders or restricted stock on a when-issued basis. A stock's volatility is inversely correlated to its float. Floater A bond whose interest rate varies with the interest rate of another debt instrument. p. ej. a bond that has the interest rate of the Treasury bill +.25%. Floating debt Short-term debt that is renewed and refinanced constantly to fund capital needs of a firm or institution. Floating exchange rate A country's decision to allow its currency value to change freely. The currency is not constrained by central bank intervention and does not have to maintain its relationship with another currency in a narrow band. The currency value is determined by trading in the foreign exchange market. Floating exchange rate system Purchase or sale of the currencies of other nations by a central bank for the purpose of influencing foreign exchange rates or maintaining orderly foreign exchange markets. Also called foreign-exchange market intervention. Floating lien General attachment against a company's assets or against a particular class of assets. Floating Rate Interest rate that is reset periodically, usually every couple of months or sometimes daily. Floating-rate contract An guaranteed investment instrument whose interest payment is tied to some variable (floating ) interest rate benchmark, such as a specific-maturity Treasury yield. Floating-rate note (FRN) Note whose interest payment varies with short-term interest rates. Floating-rate payer In an interest rate swap, the counterparty who pays a rate based on a reference rate. usually in exchange for a fixed-rate payment. Floating-rate preferred Preferred stock paying dividends that vary with short-term interest rates. Floating securities Securities bought in a broker's name and resold quickly to attain a profit in a short amount of time. Floating supply The aggregate of securities believed to be available for immediate purchase, that is, in the hands of dealers and investors wanting to sell. Floor The area of a stock exchange where active trading occurs. Also the price at which a stop order is activated (when the price drops low enough to activate such an order). In context of interest rates. a level which an interest rate or currency is structured not to go below. In context of OTC interest rate options, a series of interest rate put options. where the buyer of the floor guarantees a minimum interest income Floorless Convertible Used by companies that are in such bad shape that there is no other way to get financing. This instrument is similar to a convertible bond, but convertible at a discount to the share price at issuance and for a fixed dollar amount rather than a specific number of shares. The further the stock falls, the more shares you get. Popular in the mid to late 1990s. Also known as toxic convertibles or death spiral convertibles. Floor broker Member of an exchange who is an employee of a member firm and executes orders. as agent. on the floor of the exchange for clients. Floor official An employee of a stock exchange who settles disputes related to the auction process on the floor of the stock exchange. Floor picture Details of the trading crowd for a stock. such as the major players, their sizes, and the outside market +/- an eighth. Floor planning Arrangement used to finance inventory. A finance company buys the inventory, which is then held in trust for the user. Floor ticket Summary of a stock or commodities exchange order ticket by the registered representative on receipt of a buy or sell order from a client; gives the floor broker the information needed to execute a securities transaction. Floor trader A stock exchange member who generally trades only for his own account or for an account controlled by him, or who has such a trade made for him. Also referred to as a "local ." Flotation (rotation) cost The costs associated with creating capital through the issue of new stocks or bonds. including the compensation earned by the investment banker plus legal, accounting and printing expenses. Flow of funds In the context of municipal bonds. refers to the statement displaying the priorities by which municipal revenue will be applied to the debt.

In the context of mutual funds. refers to the movement of money into or out of a mutual fund or between or among various fund sectors .

Flow-through basis An account for an investment credit to show all income statement benefits of the credit in the year of acquisition, rather than spreading them over the life of the asset. Flow-through method The practice of reporting to shareholders using straight-line depreciation but using accelerated depreciation for tax purposes and "flowing through " the lower income taxes actually paid to financial statements prepared for shareholders. Flower bond Government bonds that when owned at the time of death are acceptable at par in payment of federal estate taxes. Fluctuation A price or interest rate change. Fluctuation limit The limit created by the commodity exchange that halts trading on a future if the price of the future changes, in either direction, more than a previously set amount. Also called daily price limit. Flurry A drastic volume increase in a specific security. Focus list Used in the context of general equities. Investment banks published list of buy and sell recommendations from its research department ; signified by a flashing "F" on Quotron. Follow-on offering Offering of additional stock of a company subsequent to its IPO. Footsie (FTSE) Financial Times (FT)-Actuaries 100 index. in London. Has the stature of the Dow Jones Industrial Average or the S&P 500 in London. For/At Used in the context of general equities. Conjunctions used in an order. market summary, or trade recap that signify a bid or an offer. respectivamente. See: On. For a number Used in the context of general equities. Implies that the quantity mentioned is not his total but instead is only approximate, and to open him up more will obligate one to participate. For valuation only (FVO) Refers to a quote for a security where the price is could be changed later. FVO quotes are made for informational purposes rather than transactions. For your information (FYI) A prefix to a security price indicating that the quote is for information purposes only, and not an offer to trade. Forbes 500 Forbes magazine's list of the largest publicly owned corporations in the United States according to sales. assets. Ganancias. and market value. Force Majeure Events outside the control of the parties. These events are acts of man, nature, governments and regulators, or impersonal events. Contract performance is forgiven or extended by the period of force majeure. Force majeure risk The risk that there will be a prolonged interruption of operations for a project finance enterprise due to fire, flood, storm, or some other factor beyond the control of the project's sponsors. Forced conversion Occurs when a convertible security is called in by the issuer, usually when the underlying stock is selling well above the conversion price. The issuer thus assures the bonds will be retired without requiring any cash payment. Upon conversion into common, the carrying value of the bonds becomes part of a corporation's equity. thus strengthening thebalance sheet and enhancing future debt capability. Forecasting Making projections about future performance on the basis of historical and current conditions data. Foreclosure Process by which the holder of a mortgage seizes the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract. Foreign banking market That portion of domestic bank loans supplied to foreigners for use abroad. Foreign base company income A category of Subpart F income that includes foreign holding company income and foreign base company sales and service income. Foreign bond A bond of a non-domestic company issued on the domestic capital market. Foreign bond market Issues floated by foreign companies or government in the domestic bond market. Foreign branch A foreign affiliate that is legally a part of the firm. According to the U. S. tax code, foreign branch income is taxed as it is earned in the foreign country. Foreign corporation A corporation conducting business in another country from the one it is chartered in and that abides by the laws of another country. See: Alien corporation. Foreign Corrupt Practices Act An amendment to the Securities Exchange Act created to prohibit bribery of foreign officials by publicly held US companies. Foreign Credit Insurance Association (FCIA) A private consortium of US insurance companies that offers trade credit insurance to US exporters in conjunction with the US Export-Import Bank. Foreign crowd NYSE members who trade in foreign bonds on the floor. Foreign currency Money of a country other than one's own. Foreign currency forward contract Agreement that obligates its parties to exchange given quantities of currencies at a prespecified exchange rate on a certain future date. Foreign currency futures contract Standardized and easily transferable obligation between two parties to exchange currencies at a specified rate during a specified delivery month; standardized contract on specified underlying currencies, in multiples of standard amounts. Purchased and traded on a regulated exchange on which margins are posted. Foreign currency option An option that conveys the right (but not the obligation ) to buy or sell a specified amount of foreign currency at a specified price within a specified time period. Foreign currency translation The process of restating foreign currency accounts of subsidiaries into the reporting currency of the parent company in order to prepare consolidated financial statements. Foreign direct investment (FDI) The acquisition abroad of physical assets such as plant and equipment, with operating control residing in the parent corporation. Foreign equity market Issues floated by foreign companies in the domestic equity market. Foreign exchange Currency of another country. Abbreviated Forex. Foreign exchange broker Intermediaries in the foreign exchange market that do not put their own money at risk. Foreign exchange controls Various forms of controls imposed by a government on the purchase/sale of foreign currencies by residents or on the purchase/sale of local currency by nonresidents. Foreign exchange dealer A firm or individual that buys foreign exchange from one party and then sells it to another party. The dealer makes the difference between the buying and selling prices. or the spread. Foreign exchange market Largely banks that serve firms and consumers who may wish to buy or sell various currencies. Foreign exchange rate The rate of one currency unit expressed in terms of another. Foreign exchange reserves Strict definition is the total of a country's foreign currency deposits and bonds held by the central bank and monetary authorities. However, the term often refers to the total of a country's gold holdings, convertible foreign currencies held in its banks, plus special drawing rights (SDR) and exchange reserve balances with the International Monetary Fund (IMF). Foreign exchange risk The risk that a long or short position in a foreign currency might have to be closed out at a loss due to an adverse movement in exchange rates. In general, the risk of an adverse movement in exchange rates. Foreign exchange swap An agreement to exchange stipulated amounts of one currency for another currency at one or more future dates. Foreign holdings The percentage of a portfolio's investments represented by stocks or American Depository Receipts (ADRs) of companies based outside the United States. Foreign investment risk matrix (FIRM) Graph that displays financial and political risk by intervals on which countries may be compared according to risk ratings. Foreign official institutions Central governments of foreign countries, including all departments and agencies of national governments; central banks. exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those of a treasury. central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies. created by treaty or convention between sovereign states. Foreign market Part of a nation's internal market. representing the mechanisms for issuing and trading securities of entities domiciled outside that nation. Compare external market and domestic market. Foreign market beta A measure of foreign market risk that is derived from the capital asset pricing model. Foreign public borrower Foreign official institutions ; the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority owned by the central government or its departments; and state, provincial and local governments of foreign countries and their departments and agencies. Foreign Sales Corporation (FSC) A special type of corporation created by the Tax Reform Act of 1984 that is designed to provide a tax incentive for exporting U. S.-produced goods. Foreign-source income Income earned from international operations. Foreign-targeted issue Notes sold between October 1984 and February 1986 to foreign institutions, foreign short-term branches of US institutions, foreign central banks or monetary authorities, and to international organizations in which the United States held membership. Sold as companion issues. they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Foreign tax credit Home country credit against domestic income tax. Received in return for foreign taxes paid on foreign derived earnings. Foreigner All institutions and individuals living outside the United States, including US citizens living abroad, and branches. subsidiaries. and other affiliates abroad of US banks and business concerns; also central governments, central banks. and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Forex See: Foreign exchange Forfaiter Purchaser of promises to pay issued by importers. Forfaiter (Primary) An individual or financial entity that arranges a forfaiting transaction directly with an exporter and then holds or sells on the payment obligations of the importer/ guarantor. Forfaiter (Secondary) An individual or financial entity that buys or sells the payment obligations of the importer/ guarantor. Forfaiting A form of factoring that involves selling large, medium to long-term receivables to buyers (forfaiters ) who are willing and able to bear the costs and risks of credit and collections. Forfeiting Method of financing international trade of capital goods. Forfeiture The loss of rights to an asset outlined in a legal contract if a party fails to fulfill obligations of the contract. Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 4 The form required by the SEC for a change in the holdings of an individual owning 10% or more of the outstanding stock or in the holdings of a company officer. Form S-3 A shorter form of registration statement than the Form S-1 that can be used by certain already-public companies to sell additional shares. It is also the form most often used to cover resales of restricted securities by selling stockholders. Form S-8 A very brief form of registration statement filed with the SEC ; registers shares to be issued under a stock plan. Form T The form required by the NASD to report equity transactions after the market's regular hours. Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 3 A form required by the SEC and the stock exchange from all holders of 10% or more of a company's stock and all directors and officers, which details securities owned. Form 13F A quarterly report of equity holdings filed to United States Securities & Exchange Commission (SEC) by investment managers with at least $100 million in equity assets under management. Form 13F only reports long positions, short positions are not required to be reported. Formula basis A method of selling a new issue of common stock in which the SEC declares the registration statement effective on the basis of a price formula rather than on a specific range. Formula investing A formula-based investment technique in which investment decisions are made using predetermined timing or asset allocation models, e. g. dollar cost averaging. Fortune 500 Fortune magazine's listing of the top 500 US corporations determined by an index of 12 variables. 48-hour rule PSA Uniform Practices requirement that all pool information in a to be announced (TBA) transaction be communicated by the seller to the buyer before 3 p. m. EST on the business day 48 hours prior to the agreed-upon trade date. Forward See: Forward contract Forward averaging A method of calculating taxes on a lump sum distribution from a qualified retirement plan that enables the tax payer to pay less than the current tax rate. Forward contract A contract that specifies the price and quantity of an asset to be delivered in the future. Forward contracts are not standardized and are not traded on organized exchanges. Forward cover The purchase in the cash market of the difference between what you are obligated to deliver in a forward contract and the amount of the asset you own. For example, if you agreed to sell 100,000 bushels of corn in September in a forward contract, but you only have 60,000, you need to purchase 40,000 to cover your obligation. Forward currency contract An agreement to buy or sell a country's currency at a specific price, usually 30, 60, or 90 days in the future. This guarantees an exchange rate on a given date. Forward delivery A transaction in which the settlement will occur on a specified date in the future at a price agreed upon on the trade date. Forward differential Annualized percentage difference between spot and forward rates. Forward discount A currency trades at a forward discount when its forward price is lower than its spot price. Forward exchange A type of foreign exchange transaction whereby a contract is made to exchange one currency for another at a fixed date in the future at a specified exchange rate. By buying or selling forward exchange, businesses protect themselves against a decrease in the value of a currency they plan to sell at a future date. Forward exchange rate Exchange rate fixed today for exchanging currency at some future date. Forward exchange transaction Foreign currency purchase or sale at the current exchange rate but with payment or delivery of the foreign currency at a future date. Forward Fed funds Fed funds traded for future delivery. Forward foreign exchange contract Agreement that obligates an investor to deliver a specified quantity of one currency in return for a specified amount of another currency on a specified future date. Forward foreign exchange rate The exchange rate available today to exchange currency at some specified date in the future. Forward forward contract In Eurocurrencies, a contract under which a deposit of fixed maturity is agreed to at a fixed price for future delivery. Forward interest rate Interest rate fixed today on a loan to be made at some future date. Forward-looking multiple A truncated expression for a P/E ratio that is based on forward (expected) earnings rather than on trailing earnings. Forward market A market in which participants agree to trade some commodity. security. or foreign exchange at a fixed price for future delivery. Forward parity Notion that the forward rate is an unbiased predictor of future spot exchange rates. Forward premium A currency trades at a forward premium when its forward price is higher than its spot price. Forward pricing Practice mandated by the SEC that open-end investment companies establish all incoming buy and sell orders on the next net asset valuation of fund shares. Forward rate A projection of future interest rates calculated from either spot rates or the yield curve. For example, suppose the one-year government bond was yielding 2% and the two-year bond was yielding 4%. The one year forward rate represents the one-year interest rate one year from now. You would solve the formula (1.04)^2=(1.02)(1+F). F is 6.03%. Forward rate agreement (FRA) Agreement to borrow or lend at a specified future date at an interest rate that is fixed today. Forward sale A method for hedging price risk that involves an agreement between a lender and an investor to sell particular kinds of loans at a specified price and future time. Forward start option An option that becomes effective some time after it is bought or sold. Forward trade A transaction for which settlement will occur on a specified date in the future at a price agreed upon on the trade date. Forward yield curve Calculate the one-year forward rate. For example, suppose the one-year government bond was yielding 2% and the two-year bond was yielding 4%. The one year forward rate represents the one-year interest rate one year from now. You would solve the formula (1.04)^2=(1.02)(1+F1). F is 6.03%. Now calculate the two-year forward rate one year from now. For example, suppose again the one-year bond is yielding 2% and the three-year bond was yielding 5% (annual basis). (1.05)^3=(1.02)(1+F2)^2. F2=6.53% Continue this exercise for all maturities and you have the one-year forward yield curve. The yield curve graph is usually yield (y-axis) against maturity (x-axis). Forwarder Acts as a travel agent for cargo. A forwarder specializes in arranging the transport and completing required shipping documentation. Some are affiliated with NVOCC services. In the United States they are licensed by the Federal Maritime Commission. Foul Bill of Lading A bill of lading that contains a notation indicating damage or shortage. Also called claused and is the opposite of clean bill of lading. 401(K) Under section 401(K) of the Internal Revenue Code, a deferred compensation plan set up by an employer so that employees can set aside money for retirement on a pre-tax basis. Employers may match a percentage of the amount that employees contribute to the plan. Contributions by both employees and employers, as well as investment earnings and interest, are not taxed until the employee withdraws the money; if the employee withdraws the money before retirement age, he or she pays an early withdrawal penalty tax. Currently, employees are allowed to annually contribute up to 15 percent of their salary but no more than $11,000 ($12,000 for people 50 or older). Many employers now offer these deferred compensation plans in lieu of or in addition to pensions. 403(b) Under section 403(b) of Internal Revenue Code, 403(b) plan is a tax-advantaged retirement savings plan for public education organizations, cooperative hospital service organizations, and some non-profit employers. Tax treatment is similar to that of 401(K) plan. Fourth market Refers to the practice of institutional investors trading large blocks of securities directly to avoid brokerage commissions. See: Instinet. Fractal An object in which the parts are in some way related to the whole. That is, the individual components are "self-similar ." An example is the branching network in a tree. While each branch, and each successive smaller branching is different, they are qualitatively similar to the structure of the whole tree. Fractal Dimension A number that quantitatively describes how an object fills its space. In Euclidean. or Plane geometry, objects are solid and continuous. That is, they have no holes or gaps. As such, they have integer dimensions. Fractals are rough and often discontinuous, like a wiffle ball, and so have fractional, or fractal dimensions. Fractal Distribution A probability density function that is statistically self-similar. That is, in different increments of time, the statistical characteristics remain the same. Fractal Market Hypothesis The fractal market hypothesis states that (1) a market consists of many investors with different investment horizons, and (2) the information set that is important to each investment horizon is different. As long as the market maintains this fractal structure, with no characteristic time scale, the market remains stable. When the market's investment horizon becomes uniform, the market becomes unstable because everyone is trading based upon the same information set. Theory due to Ed Peters. Fractional Brownian Motion A biased random walk. Unlike Standard Brownian Motion, the odds are biased in one direction or the other. It is like playing with loaded dice. Fractional coins Metal currency minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Fractional discretion order A type of order that gives the broker discretion to alter the price, up or down, within a specific fractional range in order to guarantee an execution. Fractional Noise A noise which is not completely independent of previous values. See Fractional Brownian Motion. 1/f Noise. White Noise. Fractional share Stocks amounting to less than one full share. usually resulting from splits. acquisitions. Intercambios or dividend reinvestment programs. Franchise agreement Contract by which a domestic company (franchisor ) licenses its trade name and/or business system and practices for a fee to an independent company (franchisee) in a foreign market. Franchising Provision of a specialized sales or service strategy, support assistance, and possibly an initial investment in the franchise in exchange for periodic fees. Frankfurt Stock Exchange The largest of Germany's eight securities exchanges. operated by Deutsche Borse AS. Freddie Mac (Federal Home Loan Mortgage Corporation) A Congressionally chartered corporation that purchases residential mortgages in the secondary market from S&Ls. banks, and mortgage bankers and securities for sale in the capital markets. Free Alongside Ship (FAS) An Incoterm (FAS) that means the seller is responsible for the cost of transporting and delivering goods alongside a vessel in a port in his or her country. Since the buyer has responsibility for export clearance under FAS, it is not a practical Incoterm for U. S. exports. FAS should be used only for ocean shipments since risk and responsibility shift from seller to buyer when the goods are placed within the reach of the ship's tackle (crane). Free on board (FOB) Implies that distribution services like transport and handling performed on goods up to the customs frontier (of the economy from which the goods are classed as merchandise) are included in the price. Free box A bank vault or other suitable storage place for the securities of a firm's customer. Free Carrier (FCA) An Incoterm meaning that the cost, risk and responsibility shift from the seller to the buyer when the goods are turned over to a carrier at a designated place. Free cash flows Cash not required for operations or for reinvestment. Often defined as earnings before interest (often obtained from the operating income line on the income statement ) less capital expenditures less the change in working capital. In terms of a formula:

Free cash flows =

Sales (Revenues from operations) - COGS (Cost of goods sold-labor, material, book depreciation) - SG&A (Selling, general administrative costs) EBIT (Earnings before interest and taxes or Operating Earnings) - Taxes (Cash taxes) EBIAT (Earnings before interest after taxes) + DEP (Book depreciation) - CAPX (Capital expenditures ) - ChgWC (Change in working capital) C (Free cash flows)

There is an issue as to whether you want to define the FCFs to the firm as a whole (the cash flow to all of its security holders), or the FCFs only to the firm's equity holders. For firm valuation. you want the former; for stock valuation you want the latter. To value the firm, calculate the stream of FCFs to the firm and discount this stream by the firm's WACC (Weighted average cost of capital ). This will give you the value of a levered firm, including the tax benefits of debt financing. Alternatively, you can discount the firm's FCFs by its unlevered cost of capital and add separately the present value of the tax benefits. To value the firm's equity, you can either take the above number and subtract the market value of all outstanding debt (liabilities ) or you can calculate the FCFs to the firm's equity holders and discount this stream by the firm's levered equity cost of capital. Notice that changes in working capital have the same effect on free cash flows as do changes in physical capital. i. e. capital expenditures. For example, suppose you had to spend $XX to increase the capacity of your plant. This expenditure would be a reduction in free cash flow in the year it was made. Likewise, if you had to increase the level of your cash balance. inventory or receivables by $XX to accommodate greater sales. then this too would result in a like reduction in free cash flows in the year the level of working capital was increased. [Definition and discussion courtesy of Professor Michael Bradley.] Free delivery Securities industry procedure whereby delivery of securities sold is made to the buying customer's bank without requiring immediate payment; thus a credit agreement of sorts. Antithesis of delivery vs. payment. Free float An exchange rate system characterized by the absence of government intervention. Also known as clean float. Free of Particular Average Marine cargo insurance that does not cover partial losses or partial damage unless caused by the vessel being sunk, stranded, burned, on fire, or in a collision. Free Indices Usually refers to indices constructed by Morgan Stanley Capital International such that the market capitalization weights reflect the degree to which a stock is investible by foreigners. For example, if a stock has $700 million capitalization but government restrictions only allow up to 50% to be held by foreigners, then the weight in the Free index would by $350 million. The Standard and Poors/International Finance Corporation indices call their equivalent indices Investible Indices (IFCI). Free reserves Excess reserves minus member bank borrowings at the Fed. Free rider A follower who avoids the cost and expense of finding the best course of action simply by mimicking the behavior of a leader who made these investments. Free-riding A forbidden practice in which the member of an underwriting syndicate retains a portion of an initial public offering (IPO) and resells the securities at a higher price determined by the market at a later time. Also forbidden is a brokerage customer's rapid buying and selling of a security without putting up money for the purchase. Free right of exchange An investor's right to transfer securities from one name to another name without paying charges that accompany a sales transaction. Free stock A stock that is paid for in full and is not pledged in any way as collateral. Free to trade Used in the context of general equities. Not subject to any internal (restricted list) or external restrictions on trading ; hence, the trader is free to solicit interest. Freed up A term used to indicate that an underwriting syndicate's members are no longer restricted to the fixed price agreed upon in the agreement among underwriters and are permitted to trade the security on a free market basis. Freedom of Information Act (FOIA) The Act was signed by President Lyndon B. Johnson on September 6, 1966. This act allows for the full or partial disclosure of previously unreleased information and documents controlled by the US Government. Freely floating exchange rate system Monetary system in which exchange rates are allowed to move due to market forces without intervention by country governments. Freeze out The action of pressurizing shareholders with relatively minor amounts of stock to sell their shares after a takeover. Freight A transportation term meaning either goods being transported, and/or charges incurred for such transport. Freight Forwarder See: forwarder. Freight shippers Agents who coordinate the logistics of transportation. FREIT See: Finite-Life Real Estate Investment Trust Frequency distribution The organization of data to show how often certain values or ranges of values occur. Fresh picture Updated estimation of a stock or market. usually following recent trading activity or news that has changed the previous look. Fresh signal Piece of information (fundamental or technical ) leading one to believe a stock will move in a certain manner. Friction costs Costs, both implied and direct, associated with a transaction. Such costs include time, effort, money. and associated tax effects of gathering information and making a transaction. Frictional cost The difference between an index fund return and the index it represents. The typically lower rate of return from the fund results from transactions costs. Frictionless market Ideal trading environment that imposes no costs or restraints on transactions. Frictions "stickiness" involved in making transactions ; the total process including time, effort, money. and tax effects of gathering information and making a transaction such as buying a stock or borrowing money. Friendly Merger A business combination that the management of both firms believes will be beneficial to stockholders. Friendly takeover Merger when the target firm's management and board of directors is in favor of the takeover. Antithesis of hostile takeover. Front-end load The fee applied to an investment at the time of initial purchase, e. g. on a mutual fund purchased from a broker or mutual fund company. Front fee The fee initially paid by the buyer upon entering a split-fee option contract. Front office Refers to revenue generating sales personnel in a brokerage, insurance. or other financial services operation. Front running Entering into an equity trade, options or futures contracts with advance knowledge of a block transaction that will influence the price of the underlying security to capitalize on the trade. This practice is expressly forbidden by the SEC. Traders are not allowed to act on nonpublic information to trade ahead of customers lacking that knowledge. Frozen account A disciplinary action taken by the Federal Reserve Board for some violation of Regulation T. where an individual investor cannot sell securities until they are paid for in full and certificates delivered. Fry a bigger fish Used in the context of general equities. Work on a trade of larger size than a trade just disclosed. FR Y-9C Quarterly report filed by bank holding companies with the Federal Reserve. It contains consolidated balance sheet and income statement with detailed schedules including a schedule for off-balance-sheet items and regulatory capital. Full Handle. Full compensation Payment for delivery of goods to one party by buying back more than 100 % of the value that was originally sold. Full coupon bond A bond with a coupon equal to the going market rate; the bond is therefore selling at par. Full disclosure Describes exchange and government regulations providing for the release and free exchange of all information pertinent to a given security. Full Employment and Balance Growth Act of 1978(Humphrey-Hawkins Act) Federal legislation that, among other things, specifies the primary objectives of U. S. economic policy-maximum employment, stable prices, and moderate long-term interest rates. Full faith-and-credit obligations The security pledges for larger municipal bond issuers. such as states and large cities that have diverse funding sources. Full-payout lease See: Financial lease Full price Also called dirty price; the price of a bond including accrued interest. Related: Flat price. Full recourse No matter what risk event occurs, the borrower or its guarantors guarantee to repay the debt. This is not a project financing unless the borrower's sole asset is the project. Full-service broker A broker who provides clients an all-inclusive selection of services such as advice on security selection and financial planning. Full-service lease Also called rental lease. Arrangement in which lessor promises to maintain and insure the equipment leased. Full Set of Bills of Lading All originals of an ocean bill of lading. Full trading authorization Indication that a broker with a discretionary account can operate without obtaining prior consent to each trade from the client. Fully depreciated An asset that has already been charged with the maximum amount of depreciation allowed by the IRS for accounting purposes. Fully diluted earnings per share Earnings per share expressed as if all outstanding convertible securities and warrants have been exercised. Fully distributed A new stock issue that has been completely resold to the investing public and is no longer held by dealers. Fully invested Used to describe an investor whose assets are totally committed to investments (typically stock ) rather than in cash. Fully modified pass-throughs Agency pass-throughs that guarantee the timely payment of both interest and principal. Related: Modified pass-throughs. Fully valued Used in the context of general equities. Said of a stock that has reached a price at which analysts think the underlying company's fundamental earnings power has been fully recognized by the market. Functional currency As defined by FASB No. 52. an affiliate's functional currency is the currency of the primary economic environment in which the affiliate generates and expends cash. Fund assets The total value of a portfolio's securities. cash, and other holdings, minus any outstanding debts. Funded status In the context of pension funds and/or insurance, funded status is the amount by which a pension plan's assets exceed the projected benefit obligations that will have to be paid in the future. Fund family Set of funds with different investment objectives offered by one management company. In many cases, investors may move their assets from one fund to another within the family at little or no cost. Fund of funds A mutual fund or hedge fund that invests in other funds. Fund manager The person whose responsibility it is to oversee the allocation of the pool of money invested in a particular mutual fund. The fund manager is charged with investing the money to attain returns consistent with the level of risk outlined in the mutual fund prospectus. Fund switching Moving money within a mutual fund family from one mutual fund to another. Fun money Money that can be used to invest in risky investments with high potential return. Fundamental analysis Security analysis that seeks to detect misvalued securities through an analysis of the firm's business prospects. Research often focuses on earnings. dividend prospects, expectations for future interest rates. and risk evaluation of the firm. Antithesis of technical analysis. In macroeconomic analysis, information such as interest rates. GNP. inflation. unemployment. and inventories is used to predict the direction of the economy, and therefore the stock market. In microeconomic analysis, information such as balance sheet. cuenta de resultados. products, management. and other market items is used to forecast a company's imminent success or failure. and hence the future price action of the stock. Fundamental beta The product of a statistical model to predict the fundamental risk of a security using not only price data but also other market - related and financial data. Fundamental descriptors In the model for calculating fundamental beta. ratios in risk indexes other than market variability, which rely on financial data other than price data. Fundamental forecasting Analyzing the future on the basis of fundamental relationships between economic variables and exchange rates. Fundamental Information Information relating to the economic state of a company or economy. In market analysis. fundamental information is related to the earnings prospects of the firm only. Funded debt Debt maturing after more than one year. Funded Liability A source of funds that a firm must take overt action to arrange and that carries an interest cost. Funded pension plan A pension plan in which all liabilities. including payments to be made to pensioners in the immediate future, are completely funded. Funding Used to describe the refinancing of a debt prior to its maturity (the same as refunding ). In corporate finance refers to the floating of bonds to raise finance and levels of capital. See also: refunding. Funding ratio The ratio of a pension plan's assets to its liabilities. Funding risk The risk associated with the impact on a project's cash flow from higher funding costs or lack of availability of funds. See: interest rate risk. Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. A similar term increasingly used is funds available for distribution (FAD), which is FFO less capital investments in trust property and the amortization of mortgages. Fungibility The substitutability of listed options. which is dependent upon their common expiration dates and strike prices. The congruence of expiration dates and strike prices lets investors close positions by offsetting transactions through the options clearing corporation. Furthest month Used in the context of commodities or options trading to refer to the month that is furthest away from the contract's date of settlement. FUTOP The Danish derivatives market, merged with the Copenhagen Stock Exchange in 1997. Future A term used to designate any contract covering the sale of financial instruments or physical commodities for future delivery on a futures exchange. Alternatively, a future is any forward contract that has been standardized and listed for trading on a futures exchange. Future investment opportunities The identification of additional, more valuable, investment opportunities in the future that result from a current opportunity or operation. Futures commission merchant (FCM) A firm or person engaged in soliciting or accepting and handling orders for the purchase or sale of futures contracts. subject to the rules of a futures exchange and, who, in connection with such solicitation or acceptance of orders, accepts any money or securities to provide margin for any resulting trades or contracts. The FCM must be licensed by the CFTC. Related: Commission house. omnibus account. Futures contract A legally binding agreement to buy or sell a commodity or financial instrument in a designated future month at a price agreed upon at the initiation of the contract by the buyer and seller. Futures contracts are standardized according to the quality, quantity, and delivery time and location for each commodity. A futures contract differs from an option in that an option gives one of the counterparties a right and the other an obligation to buy or sell, while a futures contract is the represents an obligation to both counterparties, one to deliver and the other to accept delivery. A future is part of a class of securities called derivatives. so named because such securities derive their value from the worth of an underlying investment. Futures contract multiple A constant set by an exchange. which when multiplied by the futures price gives the dollar value of a stock index futures contract. Futures market A market where contracts for future delivery of a commodity or a financial instrument are bought or sold. Futures option An option on a futures contract. Related: Options on physicals. Futures price The price at which parties to a futures contract agree to transact upon the settlement date. Future value The amount of cash at a specified date in the future that is equivalent in value to a specified sum today. Fuzzy Logic A system which mathematically models complex relationships which are usually handled in a vague manner by language. Under the title of "Fuzzy Logic" falls formal fuzzy logic (a multi-valued form of logic), and fuzzy sets. Fuzzy sets measure the similarity between an object and a group of objects. A member of a fuzzy set can belong to both the set, and its complement. Fuzzy sets can more closely approximate human reasoning than traditional "crisp" sets. See: Crisp sets. FVO (for valuation only) See: For valuation only.

Copyright y copia; 2017, Campbell R. Harvey. All Worldwide Rights Reserved. Do not reproduce without explicit permission.

[Version 27 March 2017.]

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Thanks for showing us the make it even (maybe even profitable) tricks for 'fixing' a losing position. I would have never known the trick if you didn't explain it. The option adjustment techniques are very helpful. Trading stocks would probably never offer that kind of flexibilities! ¡Gracias!

New member/1st time posting: Thanks Phil and Pharm for the rec on TOS. I've emailed Scott to get myself setup so I hope to hear back soon. As a newbie on PSW for a month now, I've been readin' and readin' and readin'. Gonna start paper-trading for a while. See how I do before putting a single dime into it. New at options but seems like this is the best training and educational platform out there. I'm a long-time mortgage broker who got too involved with real estate investing. LOVED your article, Phil, on mortgage interest scams. Right on. Let me know if and how I can contribute back to the community here. ¡Aclamaciones! - Mark

I have been a member of Phil's site for three years and counting, and my advice is that all investing takes time. There are o shortcuts, no secret way to riches. Same with Phil's site - you need time and patience to start benefitting fully from his advice. But it is often spot on and also very useful, especially to me as I try to keep a level head in this turbulent stock market environment.

Greetings Phil, I am an Economist at Harvard and some of my colleagues and I would like to let you know that we follow your posts on SA, and find your analysis refreshing, rigorous, and acute. Great work! Though many of us (including myself) have our work covered in the Wall St Journal, in many ways your macro commentary is more fearless and accurate than what is generally found in that venerable publication. Kind regards, Daniel

I subscribed to Phils Stock World full service for a year or so and found that it was extremely helpful. Now I just get the Stock World Weekly summary, which I find invaluable. Phil does not baby people and certainly can't make someone into a successful stock operator who does not make the effort on their own behalf, but he is extremely generous with his time in answering newbie questions. Although I found it difficult to follow and implement all his trades in real time, what I did find was that once you got the hang of his methodology and way of thinking, you could work out your own trades and be quite successful. Even just using his patent Rule Number One* alone is worth its weight in gold. Rule Number Two is even better.

- Rookie IRA Investor

I must add yet another paen to Phil's "cash and short" call, as my TZA shorts are past paying for Similac and Pampers and have now covered all doctors and Mt. Sinai hospital bills for young Charlotte, as TZA took the portfolio up 10%.

The strategy you have laid out pretty much mirrors much of my trading activity. I also mix in some momentum plays and "drop dead" bargains that come across my radar. My YTD trading profit is 63%. Back in March when Phil said "unless you think the world is coming to an end, then NOW is the time to start taking positions in Buy/Writes with the VIX so high." I jumped in with both feet - ( thanks, again Phil)

Thanks, Phil. I really appreciate your sentiment and commitment! Just want to thank you for what you do for all of us.

Being on this board is better than successfully completing the Times crossword. Phil's panoply of comments manage to excite, illuminate, frustrate, exasperate, confuse, enlighten, outrage, invigorate and stupefy (and that's par for the morning session only!). But goddammit, it's addictive, informative and when it all goes right extremely profitable.

Speaking of the "Man Who Planted Trees", it really works. I bought BTU back in March at $49.87. I practically bought it at the tippy top. However, I soon afterward found this site, started learning Phil's methodology(and those in the strategy section) and began selling calls/puts regularly against my bad position. As of yesterday, I still own the original 100 shares, but have brought my basis down by over $11.00. Couldn't be happier, what started out as a really bad entry, I have managed to work down to a good basis. Had I not watched that video and learned your system, I would sold out of the position, and been kicking myself for making such a bad entry.

Sold out my AAPL mar95 calls. Up over 100% today on them!

I think that Phil is super, I am up 39.3% YTD. Thank you for your kindness and the opportunity to observe Phil from February.

WOW, glad I went bearish… Phil, thanks for the help on the QID calls yesterday, I turned it into a partial cover rolling down to the Feb 52s selling the 55s 1/2 covered. Sold 1/2 and now lowered my cost basis to $4.38 on the $52s (fully covered).

Hi Phil, Thanks for the free disaster hedge ideas. I implemented variations of two of them on SDS bull call spreads and EEM bear put spreads (haven't done the TZA yet) and they really hedged my short term longs nicely today. Makes it seem a lot less like gambling. You are the man (of the people)!

GMCR – Just bought back my Jan $90 callers on GMCR for a nice $10,000 gain. Thanks for the recommendation Phil! It was nice to cash in on a momo.

Thank you so much for the good daily news in review Phil. I love your commentary! It is such a breath of fresh air in the smog cluttered news networks.

Phil Thank you very much, I appreciate your help and wisdom.

Your board has been fantastic helping the less experienced (includes me) navigate through all the turmoil. The contributions from your members has been well rounded, objective, and extremely helpful. Sans the politics you have built a fantastic community and that is a tribute to you. I thank you and all fellow members for there contributions over the past few days. Fantastic group!

I have been reading the "free" PSW for about a year and have always liked Phil's style as it closely resembled the way I like to trade (mostly naked put options). I have been a paid subscriber for about 5 weeks and I have been learning a lot from Phil and other members. I had made some money on Phil's "free" ideas in the past and I joined because one of Phil's futures ideas paid for my subscription within the same day (NG). Phil deserved my subscription and I was eager to learn more. I just did a quick tally and within the last 5 weeks the ideas that I chose to follow from Phil generated over 25K in options profits and 12K in futures profits (some of my trades were more conservative than what Phil's had suggested). I have a lot to learn, experience and confidence to gain. Thanks again Phil and Successful Trading to all.

The virtuous trade / Phil throws out so many ideas, that understandably he rejects all calls for a running total of how all ""quoted"" ideas are performing – it would be unworkable. But without such a list, I think it behooves us to call out the trades that have made a difference. January 13 expiration is going to be a big month for me as a significant number of sold put positions will expire worthless. One example of the power of patience and leaving well alone: VLO – sold Jan 13, 17.5 puts for $3.45 – and this trade was placed in August 2011. VLO is currently a tad over $35! And as time went by, and I got more experienced – with the help of Phil and the contributions from board members, I started selling short term puts and calls around this position. Sometimes having to roll, sometimes doubling down but always knowing what I was getting into, and feeling very calm and focussed that whatever happened I could handle it. And if I couldn't then there was always Phil to lend a helping hand. All in all, my profits since August 2011 would qualify as a tidy addition to any earnings from the day job. Thank you Sir.

Just closed out my V put for 50% in 24 hours thanks Phil!

Phil, did you by chance publish the weekly webinar on Youtube yet? I have been watching these and they are awesome. Unfortunately, I can't cut out of work to attend live webinars. Again, they are just awesome content – thank you.

You are doing a fantastic job. I think most of us our very well balanced and consequently have learned how to manage through these ever so short declines in the market without panic.

I would like to thank Phil and PSW crew for the insight and assistance (even the liberals). In December I initiated long stock positions buying stock, writing calls and puts in AAPL, WFR and CHK (scaling in and out). Over the last week I have been trimming back my positions selling stock and taking out my callers and putters. I am now back to my initial 25% position that I started with in December. However this time, my cost basis on shares AAPL, WFR, and CHK is $0! With money to spare from those positions.

I enjoy your informative materials, Phil. as it is obviously beneficial to so many "styles" of trading the markets. long term, swing or day trading the market moves. As a longer term trader, I really like you long term calls, as I for one recognize the difficulty of calling these, because the further out you go in time, projecting price movement becomes more difficult. I have to congratulate you for your accuracy. You called the March 2009 market upward reversal almost to the day, and the AAPL reversal to THE day. Only one who has been a student of the economy and the markets over a period of time could have done this, and so many other accurate calls. I'm sure it was difficult and consistent work, but it did pay off. thanks from one who benefited big time.

My watch list looks like a grid where Phil's recommendations went UP and everything else went DOWN! It looked something like an ad for Philstockworld. I am half in cash, followed the recommendations (AAPL TASR YHOO) on a 20K portfolio and still up 1% for the day. ¡Gracias!

Wow, Phil, we pretty much made your levels. Your levels: Dow 7,404, S&P 775, Nas 1,466, NYSE 4,839 and RUT 402 My sceen is showing: Dow 7,404, S&P 777, Nas 1,462, NYSE 4,868 and RUT 404

Phil - I just referred 10 people. Last week was a 50% gainer for me. There are companies that want to sell mentoring service for thousands of dollars. This is far better of a deal with very good advice.

Thanks to Phil (again) for the lessons on the art of the roll, selling premium and hanging tight under fire (particularly in the first hour of trading-MADNESS). Watching you manage the $25KP has really helped my trading in a big way.

Thanks Phil another great week of guiding us!

by phil - May 6th, 2017 8:14 am

Whenever the manipulators need to boost the markets, they just crash the Dollar .

And what a dive we've had! As you can see from Dave Fry's Chart. the Dollar is down 7% since last summer and down 2.5% this year and that keeps stocks and commodities 2.5% higher – because we buy them with Dollars .

Keep in mind, at the same time you are buying IBM shares for $200, someone is buying the same shares for 20,400 Yen and another guy is buying them for 340 British Pounds and yet another guy is buying them for 280 Euros.

It's obvious that, if the value of the Pound or the Yen or the Euro changes, the price of IBM in those currencies will change to reflect the currrency valuation but Americans tend not to realize the same thing happens when the Dollar gets stronger or weaker too. Once you do realize this – you have a huge advantage in trading the Futures ( and we have a Live Futures Workshop this afternoon at 1pm ).

The Fed's easy-money policies keep the Dollar weak (because we're printing another Trillion of them each year and, in this economy, no one is using them – ie. no demand) and that has goosed the market by 7% since last summer, when the S&P was about 1,650 – about 10% lower than it is now .

That means that 75% of the gains in the S&P since last summer have been the result of a weak currency and have noting to do with a "strong" economy. Now THAT makes sense, doesn't it?

"THEY" had to tank the Dollar to get us over the 1,600 level, which was a very key technical off our consolidated bottom at 800 during the crash. It's no coincidence that we were hitting resistance there in May and pulling back to 1,560 and looking weak in July when, suddenly, the Fed went into a new round of crazy, which led to 6 months of fairly steady value erosion for every single Dollar you have worked for and saved your entire life.

by phil - August 5th, 2011 8:30 am

As the great John "Hannibal" Smith used to say: " I love it when a plan comes together ."

Of course Smith’s plans usually involved a great deal of mayhem culminating in things blowing up – very apropos considering the massive market blow up this week. The plan in Monday Morning’s Alert to Members, which was titled " Cashing in Longs and Back to Cashy and Shortish " was pretty straight-forward:

If you want to play this rally for more upside, you can still short the VIX (we did the Aug $19 puts on Friday for $1, now 1.20) or play gold down with the GLL Aug $22s, that are still .35 or the GLD Aug $155 puts at .72 BUT I’m not really believing things are fixed so these are SPECULATIVE plays to follow the rally – WHICH I DON’T BELIEVE IN. Clear?

What I do believe in is shorting the Dow with DIA Aug $119 puts at $1.20 or the SQQQ Aug $21/23 bull call spread at .85, selling the Sept $19 puts for .55 for net .30 on the $2 spread.

USO Weekly $38 puts are .44, 20 of those in the $25KP for $880! (longs are, of course off).

Let’s be straight about that, all the short-term long, including the ones in the Income Virtual Portfolio – are DONE. This was the pop we hoped for and now it’s done and back to cash!

by ilene - September 18th, 2010 10:19 pm

Are you ready for a currency war? Well, buckle up, because things are about to get interesting. This week Japan fired what is perhaps the opening salvo in a new round of currency wars by publicly intervening in the foreign exchange market for the first time since 2004. Japan’s bold 12 billion dollar move to push down the value of the yen made headlines all over the world. Japan’s economy is highly dependent on exports and the Japanese government was becoming increasingly alarmed by the recent surge in the value of the yen. A stronger yen makes Japanese exports more expensive for other nations and thus would harm Japanese industry. But Japan is not the only nation that is ready to go to battle over currency rates. The governments of the U. S. and China continue to exchange increasingly heated rhetoric regarding currency policy. In Europe, there is growing sentiment that the euro needs to be devalued in order to help European exports become more competitive. In addition, exporters all over the world are already loudly complaining about the possibility that the Federal Reserve is about to unleash another round of quantitative easing.

Virtually all major exporting nations want the value of the U. S. dollar to remain high so that they can keep flooding us with lots of cheap goods. The sad reality is that our current system of globalized trade rewards exporting nations that have weak currencies, and many nations have now shown that they are willing to take the gloves off to make certain that their national currencies do not appreciate in value by too much.

Some nations have been involved in open currency manipulation for some time now. For example, Singapore is well known for intervening in the foreign exchange market in order to benefit exporters. Also, the Swiss National Bank experienced losses equivalent to about 15 billion dollars trying to stop the rapid rise of the Swiss franc earlier this year.…

by ilene - September 10th, 2010 6:27 pm

I gave an interview to My Private Banker the other day. They wanted to take my discussion of the potential bubble in currency trading a step further.

Investing in currencies is all the rage in wealth management. Currency ETFs, ETNs and currency structructured products are springing up like mushrooms. Inspired by the Euro crisis many private investors in the EU have started investing in currency products. Wealth managers and bankers play also a big role as more and more products are pushed on to their clients. But does currency investing make any sense? We talked about this topic to Josh Brown, who is one of the best known global finance bloggers providing daily comments on The Reformed Broker. Josh Brown has been recently a vocal critic of the boom in currency investing.

MyPrivateBanking: Why do you see a bubble in currency trading – comparable to bubbles in stocks or house prices?

Josh Brown: With currencies, we are still at the stage where we’re talking "prospective bubble", but all the ingredients are there. This isn’t going to be a Price Bubble, it will be an Activity Bubble should the mania take over.

MyPrivateBanking: What differentiates this bubble from “normal” investment bubbles?

Josh Brown: Normal investment bubbles require a certain backdrop of speculative fervor along with some exogenous encouragement to fan the flames (think innovative mortgages or freely available margin leverage). This one is more akin to the Texas Hold ‘Em craze of the mid-2000′s where all of a sudden all your friends and neighbors were poker sharks out of nowhere.

MyPrivateBanking: Why do wealth managers increasingly recommend currency products to their clients?

Josh Brown: I think wealth managers are introducing ETFs that are currency-related because of what’s known as "reverse inquiry". The financial media has done a really terrific job of painting the currency markets as unstable and exciting, this has led to product introductions and marketing which has in turn led to inquiries from the public to their advisors – "How can we get in on this". The reality is that it’s foolish to "invest" in a currency from an asset management standpoint, unless we’re talking about swinging for the fences with the Iraqi Dinar or something. Currency is not an investment, it…

by phil - July 28th, 2010 8:29 am

Wow, this is good stuff! Ben was not BS'ing - It's a slow, tedious recovery but a recovery nonetheless! On the whole, a pretty good report! Not enough to support $75 oil but a nice, not too inflationary recovery is in the works. It's no quick fix though, as it will take 2 good Qs before corporations will be willing to add staff so I bet not much until next spring unless the government steps in (and they'd better) .

At the time, the S&P was at 1,055 and we flew up to 1,120 on June 21st before the next market flip-flop, which we have just flip-flopped back from and yesterday we tested 1,120 again and here we are, back at the Beige Book. So now, the market is about where it should have been based on the last BBook (and no government help so far). I thought yesterday was too early to pop through ahead of the data and it turns out it was. If anything, I'm a lot more worried that a deteriorating report tanks the markets this afternoon (2pm release).

We'll get a clue this morning as we see Durable Goods at 8:30 and those are expected to be up 1% from down 0.6% in May. Oil Inventories are reported at 10:30 and don't expect demand to be picking up and no one has even mentioned what a disaster this is during summer driving season (speculators are circling their tankers one more time as they pray for hurricanes to make their long bets pay off). If we do survive the BBook this afternoon, we have a 10% upgrade to Q2 GDP to look forward to tomorrow morning (to 3% from 2.7%) along with Chicago PMI at 9:45.

We know that Leading Economic Indicators turned down 0.2% since the last BBook, the Philly Fed has dropped from 21 in May to 8 in June to 5.1 in July, Construction Spending fell 0.2% with Commercial far worse than Residential, ISM fell almost 6% with a 10% drop in orders leading the downturn and a very deflationary prices paid, Factory Orders in general were off 1.4% (which does not bode well for today's Durable Goods) , Auto Sales …

You must login to see all of Phil's posts. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here . To signup for a free trial membership, click here .

by phil - December 16th, 2009 8:07 am

What a great morning!

Well, if you are a futures bull anyway. We keep telling you that's where the action is. Last Thursday we gapped up 100, Friday another 50 and Monday another 50. Wow, what a market right? And where did we close a week ago Wednesday? 10,337. And where did we close yesterday after 200 points of futures gains? 10,452. So we LOST 80 points during real trading hours and gained 200 when no one was looking – yet no one is being arrested – go figure …

I already made my skeptical note to Members this morning as the pre-market action tacked on another 50-point gain that pretty much started at 3am on the dot as the Hang Seng threatened to fail 21,500. which would have been a serious breakdown on a triple test over 5 days. It still looks to me like the Hang Seng will be looking at a 10% correction in the very near future but the pump crowd aims to put off that day of reckoning for as long as possible.

The Nikkei, on the other hand, had their own gap up, back over our 10,200 target (we went long on EWJ again yesterday) but failed to hold it and closed at 10,177, up 1%. Once the Nikkei closed, the dollar was allowed to drop back to 89.5 Yen and the Euro was jammed up from $1.451 to $1.458 but that was nothing compared to the Pound, which went from $1.623 at 3:45 to $1.636 at 6:45 – a spectacular move that allowed copper to get back to $3.17 (up 1% from yesterday's close) along with 1% gains in Silver ($17.50), Gold ($1,135) and Oil ($71.50) all of which made great futures shorts at those prices.

The dollar is being jammed down on whispers in Europe that the Fed will announce today that the US Economy is much improved BUT they have no intention of raising rates in the foreseeable future. This enables the burgeoning dollar carry-trade to continue and, as John Carney points out at Clusterstock. it allows the Fed to keep buying Mortgage Backed Securities from the Banks as fast as they can turn them over.

The Fed can do this with confidence because the MBS's are, in turn, guaranteed …

You must login to see all of Phil's posts. To read the rest of this article now, along with Phil's live intra-day comments, live trading ideas, Phil's market calls, additional member comments, and other members-only features - Subscribe to Phil's Stock World by clicking here . To signup for a free trial membership, click here .

Excerpts of the original NY Times article by LIAQUAT AHAMED

The build-up of dollars abroad transformed the United States into a gigantic bank, and like any bank, it was vulnerable to a run .

It has long been recognized that the global financial structure — built as it is around the dollar as the world’s reserve currency — has a fundamental design flaw that makes it inherently unstable. The problem was first identified back in the early 1960s by the Belgian-American economist Robert Triffin, in “ Gold and the Dollar Crisis .” Writing about Europe’s accumulation of dollars, he argued that the system carried the seeds of its own destruction. Foreigners could acquire dollars only if the United States ran current account deficits — that is, spent more than it earned. But lending money to someone who lives beyond his means has obvious dangers, and the same is true of countries.

Thus, the American deficits necessary to supply dollars to the world for international transactions simultaneously undermined confidence in the currency. It was only a matter of time, Triffin predicted, before the system would be hit by a crisis — which it duly was in the early 1970s.

In the wake of the 1997 financial crisis there, countries in East Asia set out to build up war chests of dollars as insurance against domestic banking runs or downturns in the global economy. At about the same time, China embarked on a program of export-led growth, engineered by keeping its currency artificially low.

Interpretations of what happened next differ. Some argue that to absorb these goods from abroad while avoiding unemployment at home, the United States very consciously stimulated consumer demand. The country, in effect, was forced to live beyond its means. Others believe that the Fed misread the fall in prices as a symptom of inadequate demand rather than for what it was — an astounding, once-in-a-generation expansion in the supply of low-cost goods — and kept interest rates low for an unusually long time, which provoked the real estate bubble .

March 26th, 2017 11:03 pm

ECB president Mario Draghi has his work cut out for him. Not only is Draghi foolishly fighting price deflation, credit in Spain is on the deepest plunge compared to historical averages since 1970.

Via translation from the El Confidencial article Credit Does Not Flow .

The current weakness of lending in Spain is even more worrying if put in relation to its historical trend. If you compare the level of credit as a percentage of the economy with thi.

March 26th, 2017 10:39 pm

Financial Markets and Economy

The US economy grew at an annualised rate of 1.4% in the fourth quarter of 2017, according to official figures.

The US Commerce Department revised its fourth quarter GDP to upward from an initial estimate of 0.7%.

The squeeze is on for corporate profit margins, and it doesn’t look as if it is going to end soon. That doesn’t bode well for stocks.

March 26th, 2017 10:00 pm

Courtesy of ZeroHedge. View original post here .

Submitted by Tyler Durden.

Dr. Paul Craig Roberts, who served as an Assistant Secretary of the Treasury for Economic Policy in the Reagan administration, shares his view that there is a real likelihood of a nuclear war breaking out. Below are the main points covered in this radio programme.

(click image for link to full interview)

March 26th, 2017 10:00 pm

By Jacob Wolinsky. Originally published at ValueWalk .

Hugh Hendry march letter.

Performance Attribution Summary

• The Fund returned -1.9% in February.

• Equities lost -1.1%, with European positions responsible for the large majority of losses as the market declined a further -3.3%. Losses were partially offset by a short position in index futures and profits from German property companies which again bucked the overall trend.

• Japanese equity holdings were flat in aggregate with gains from positions in REITs neutralised by losses on our short steel/long bro.

March 26th, 2017 2:40 pm

We delve into the technicals of the Bitcoin Market in this video.

March 26th, 2017 10:42 am

The Department of Transportation's Federal Highway Commission has released the latest report on Traffic Volume Trends. data through November.

"Travel on all roads and streets changed by 2.0% (4.8 billion vehicle miles) for January 2017 as compared with January 2017." The less volatile 12-month moving average was up 0.15% month-over-month and 2.8% year-over-year. If we factor in population growth, the 12-month MA of the civilian population-adjusted data (age 16-and-over) is down 0.03% month-over-month but up 1.7% year-over-year.

Here is a chart that illustrates this data series from its inception in 1971. It illustrat.

March 26th, 2017 12:00 am

March 24th, 2017 1:40 pm

Reminder: Harlan is available to chat with Members, comments are found below each post.

To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene.

March 21st, 2017 10:01 am

Reminder: OpTrader is available to chat with Members, comments are found below each post.

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options.

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here.

March 4th, 2017 12:48 pm

Although we try to stay focused on finding and managing promising trade ideas, the comments in the comment section sometimes take a political turn (for access, try PSW — click here! ). So today, Jean Luc writes,

The GOP debate last night was just unreal – are these people running to be president of the US or to lead a college fraternity! Comparing tool size? The only guy that looks semi-sane is Kasich. The other guys are just like 3 jackals right now.

And something else – if Trump is the candidate, that little Romney speech yesterday is probably already being made into a commercial. And all these little snippets from the debate will also make some nice ads! If you are a conservative, you have to be scared now.

Phil writes back,

I was expecting them to start throwing poop at each other &n.

February 17th, 2017 9:08 am

CLICK ON CHART TO ENLARGE

The above chart looks at the yield on the 30-year bond, from an “inverted” angle. Why invert the bond chart? This way it looks like bond “price.”

The 30-year yield (inverted) has peaked along line (A) a couple of times over the past 8-years. Last week a large reversal pattern (bearish wick) took place a dual resistance price point (1). as it was attempting to break above resistance line (A).

Now yields are facing a test of steep rising support line at (2).

December 15th, 2017 2:15 pm

We know you love coming here for our Stocks & Options education, strategy and trade ideas, and for Phil's daily commentary which you can't live without, but there's more!

PhilStockWorld. com features the most important and most interesting news items from around the web, all day, every day!

News: If you missed it, you can probably find it in our Market News section. We sift through piles of news so you don't have to.

If you are looking for non-mainstream, provocatively-narrated news and opinion pieces which promise to make you think -- we feature Zero Hedge.

June 10th, 2017 10:48 pm

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

Baxter Int. (BAX) is splitting off its BioSciences division into a new company called Baxalta. Shares of Baxalta will be given as a tax-free dividend, in the ratio of one to one, to BAX holders on record on June 17, 2017. That means, if you want to receive the Baxalta dividend, you need to buy the stock this week (on or before June 12).

By Ilene with Trevor of Lowenthal Capital Partners and Paul Price

In its recent filing with the SEC, Baxter provides:

“This information statement is being.

May 22nd, 2017 5:03 pm

& Quot; Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at jennifersurovy@yahoo. com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

Thank you for you time!

About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders.

As Seen On:

About Ilene:

Ilene is editor and affiliate program coordinator for PSW. She manages the site market shadows. archives, more. Contact Ilene to learn about our affiliate and content sharing programs.

Note: The material presented in this commentary is provided for informational purposes only and is based upon information that is considered to be reliable. However, neither PSW Investments, LLC d/b/a PhilStockWorld (PSW) nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Ni PSW ni sus afiliados son responsables por errores u omisiones o por los resultados obtenidos con el uso de esta información. Past performance, including the tracking of virtual trades and portfolios for educational purposes, is not necessarily indicative of future results. Neither Phil, Optrader, or anyone related to PSW is a registered financial adviser and they may hold positions in the stocks mentioned, which may change at any time without notice. Do not buy or sell based on anything that is written here, the risk of loss in trading is great.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities or other financial instruments mentioned in this material are not suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only intended at the moment of their issue as conditions quickly change. The information contained herein does not constitute advice on the tax consequences of making any particular investment decision. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation to you of any particular securities, financial instruments or strategies. Before investing, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Site owned and operated by PSW Investments, LLC. Contact us at: 403 Central Avenue, Hawthorne, NJ 07506. Phone: (201) 743-8009. Email: admin@philstockworld. com.

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Flip robison home options made easy

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Excitation and Truth Table: RS flip flop

Before elaborating the realization process, let us briefly discuss the Excitation table and Truth Table of RS flip flop.

Regardless of the value of R input, when the S input is 0 the value of present state Q is retained. Consider the first 2 rows of the above table.

Similarly consider the 5 th row and 7 th row of the RS truth table.

Regardless of the value of S, When R is 0, the present state Q is retained for the next state Q (t+1).

From the above conclusions we can form the excitation table of RS flip-flop as shown below.

In the above Figure, X represents don't care condition (value has no significance). For example if X is found under R input, it indicates that the value of R will not affect the present or future (or) next state of the flip-flop.

From the above discussions we can conclude that, there are four possible transitions for a RS flip-flop.

The four transitions are:

0->0 transition; 0->1 transition, 1-> 0 transitions and 1 -> 1 transition.

Exciataion and Truth Table: D Flip-Flop

Now let us discuss the Truth table and excitation table of D Flip-Flop.

From the above table it is clear that for a D flip-flop, the next state Q (t+1) is always equal to the D input. The next state Q (t+1) is independent of the present state Q.

From the K-map and excitation table we can say that the characteristic equation of D flip-flop is

Converting an RS flip-flop To D Flip-flop

We can convert one flip-flop to another flip-flop by adding some additional gates to the existing flip-flop or giving some extra connections.

To convert a RS flip-flop into D flip-flop, we simply have to remap the state transitions of D flip-flop’s K-map into equations of R and S inputs of flip-flop.

The procedure for conversion of RS flip-flop to D flip-flop is as follows.

· Draw the K-map of R and S inputs separately with Input D and Present state Q.

· Fill the K-map using the data in the excitation table. When D=0 and Q=0, the next state Q (t+1) is 0. (Refer to D flip-flop truth table). For the next state to remain 0, the value of R and S should be X and 0 respectively. Here X denotes don’t care value. The value of R in this condition, will not affect the state of the system . 0->0 transition. R=X and S=0.

· When D=0 and Q=1, the value of Next state Q (t+1) should be 0. (Refer to D flip-flop truth table). Here there is a transition from 0 to 1. [Q=1 and Q (t+1) =0]. The RS input which corresponds to this transition is S=0 and R=1. 1-> 0 transition, R=1 and S=0.

· When D=1 and Q=0, the value of next state Q (t+1) should be 1(from D flip-flop truth table). Here there is 0 to 1 transition. The value of R and S should be 0 and 1 respectively. 0->1 transition, R=0 and S=1.

· When D=1 and Q=1, the value of next state should be equal to 1(from D flip-flop truth table). Here there is a 1->1 transition. The value of R and S corresponding to this transition is 0 and X respectively. X here represents don’t care condition . 1->1 transition, R=0 and S=X.

Thus from the above steps it is clear that the RS flip-flop can be converted to a D flip-flop.

K-Map and Logic diagram gives us a better understanding about the conversion of RS flip-flop to D flip-flop.

From the K-Map, we can conclude that S=D and R=D’.

Member Since Nov 21, 2011 1491 posts CrazyTrader (CrazyTrader) May 17 2017 at 13:16

bergax posted: High impact news, like NFP, CPI, Retails sales, just check news calender. I traded mainly straddle, but at the moment is it impossible to find broker who gives me good fill and low slippage. Don't bother to look for. they all play the low liquidy provider game to widen spread so any straddle strategy is useless.

You love my free signals. Like me on fb. )

Member Since Sep 20, 2017 233 posts theHand May 18 2017 at 06:54

Well actually, if there is any move on news it happens a bit after any news release when the knee jerking is over and the market had time to digest it, especially if it's something that's fundamentally earth shattering and you're in for a big fundamental move. Can take up to 15 minutes to get going.

Wait till spreads return to normal and then straddle the highs and lows of the knee jerks.

NFP has been useless for years now. I call it a dead fish event. Flip-flop. Flip-flop. Dead. I can't even remember last time NFP resulted in a move and normally by the time it comes out I'm drinking ice cold beer somewhere (SE Asian time zone). Not even worth watching it.

Member Since Nov 21, 2011 1491 posts CrazyTrader (CrazyTrader) May 18 2017 at 07:58 (edited May 18 2017 at 07:59 )

theHand posted: NFP has been useless for years now. I call it a dead fish event. Flip-flop. Flip-flop. Dead. I can't even remember last time NFP resulted in a move and normally by the time it comes out I'm drinking ice cold beer somewhere (SE Asian time zone). Not even worth watching it.

The way NFP moves is kinda similar most of the time, so indeed, Straddle doesn't look suitable for this. but the strategy I have coded should work. It would have worked for the last one in April. I backtested it, now I'm waitingend of May to check this out.

You love my free signals. Like me on fb. )

Member Since Sep 20, 2017 233 posts theHand May 19 2017 at 07:05

Meanwhile at least 500 0000 - 1 000 000 ticks/value changes a day slip by. why spend your time and energy on something that happens once a month for a few minutes ?

It be much more productive to try write something that can work all those value changes. Just saying.

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In a 2009 speech at Bar-Ilan University, Israeli Prime Minister Benjamin Netanyahu stunned many of his right-wing supporters by announcing that he was willing to accept the creation of an independent Palestinian state.

“I turn to you, our Palestinian neighbors, led by the Palestinian Authority, and I say: Let’s begin negotiations immediately without preconditions,” Netanyahu said. “In my vision of peace, in this small land of ours, two peoples live freely, side-by-side, in amity and mutual respect.”

Then, in the run-up to an election many thought he would lose, the prime minister reversed course and said a two-state solution was no longer viable.

“I think that anyone who is going to establish a Palestinian state today and evacuate lands is giving attack grounds to the radical Islam against the State of Israel,” Netanyahu told the news site NRG. “Anyone who ignores this is sticking his head in the sand.”

On Thursday, in what appears to be another reversal, Netanyahu said he still supported the idea of a Palestinian state.

“I haven’t changed my policy. What has changed is the reality,” Netanyahu told MSNBC’s Andrea Mitchell. “I don’t want a one-state solution; I want a sustainable, peaceful two-state solution, but for that, circumstances have to change.”

Call it Bibi’s flip-flop flip. Some have dismissed Netanyahu’s pre-election change of heart as an appeal to right-wing Israeli voters in advance of what was thought to be a neck-and-neck contest with the leftist Labor Party. In the end, Netanyahu’s Likud Party surged to an easy victory that will almost certainly keep the prime minister in power for a record fourth term.

Netanyahu’s latest reversal is a clear attempt to improve ties with the White House, which have plunged to historic lows because of sharp disagreements over Iran and the peace process — and because the Israeli leader and President Barack Obama make little attempt to hide their personal animosity. The White House said Obama reiterated his support for a two-state solution in a phone call with the prime minister Thursday afternoon. But the initial public response from the administration offered a vivid reminder of just how little Obama and his aides trust Netanyahu, and of how much further the Israeli leader will have to go to persuade them that he’s changed his stripes once again.

“We believe he changed his position just a few days ago,” State Department spokeswoman Jen Psaki said at a Thursday briefing. “Certainly the prime minister’s comments from a few days ago brought into question whether he … remains committed [to a Palestinian state].”

Unhappy with Jerusalem’s response to his peacemaking efforts, Obama may soon try his luck in Turtle Bay. On Wednesday, Foreign Policy reported that the White House was weighing whether to support a U. N. Security Council resolution that would call for the resumption of political talks to conclude a final peace settlement. That would be a major change: Washington has for years provided Israel with diplomatic cover at the U. N. despite fears that Netanyahu was never truly committed to the formation of a Palestinian state.

The concept of a peace deal framed around the formation of an independent Palestine has been around for decades. and Netanyahu has been involved in the on-again, off-again talks for years.

And despite his hard-line rhetoric, Netanyahu is actually one of the only Israeli leaders to ever sign a formal agreement with the Palestinians: In 1998, then-Prime Minister Netanyahu and Palestine Liberation Organization Chairman Yasser Arafat agreed to the Wye River Memorandum. which involved limited withdrawals from the West Bank and Gaza Strip and the expansion of Palestinian control over portions of both territories. Many Jewish settlers and right-wing politicians have never forgiven Netanyahu for the deal because it involved ceding some authority over Hebron, one of the holiest cities in Judaism.

In recent years, Netanyahu has been following a very different path. In 2017, nine months of talks initiated by Secretary of State John Kerry aimed at restarting the peace process collapsed. U. S. State Department envoy Martin Indyk blamed Israeli settlement activity in the occupied West Bank as the key reason the peace effort failed, while the State Department said that “both sides did things that were incredibly unhelpful.”

Netanyahu’s latest change of heart came after the White House openly criticized him and his Likud Party for what it called “divisive ” anti-Arab rhetoric during its campaign. European leaders expressed alarm after he dropped his support for a Palestinian state just days ago. The European Union called on him to make a firm commitment to two states at a “crucial moment .”

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Contacto rápido

The Flip Side

Energy Burrito - Seeking Alpha - Mon May 04, 9:09PM CDT

Just as there is a consequence to every action or two sides to every story, there are contrasting repercussions due to the precipitous oil price drop in the last year. This post takes a look at some such flip sides to see who is benefiting from the recent rout. and who is not.

The below image shows how the U. S. is seeing a varying benefit from low oil prices across the country. Low oil prices are negative for employment in eight states, such as Texas, Oklahoma, and North Dakota - where energy-related employment is strong - but positive elsewhere. Low oil prices are also a boost to the broader economy - through the medium of greater consumer disposable income, decreasing energy costs for firms, and higher capital investment and hiring, among other factors.

On the flip side, oil & gas companies unsurprisingly feel the pinch the most as capital expenditures are slashed to limit bloodletting, while material job losses in the oil & gas sector provide a drag on the economy. In summary, lower oil prices are a net positive - but unevenly distributed - benefit for the U. S.

The flip-flop of fortunes is also illustrated to great effect by the below image. which assesses the global impact of lower oil prices. While the IMF projects that lower oil prices this year could boost the global economy by 0.7%, this benefit is by no means evenly spread.

Net oil importing regions, such as the U. S. Europe, and Asia, are set to be the recipients of a sizeable $900 billion stimulus, while oil exporting nations are set to fund it. This wealth transfer is most starkly exhibited by the loss of $357 billion by the Middle East this year. and a $393 billion gain by Asia:

Next up is a trend which highlights the predicament faced by oil producers in the U. S. whether to weather the storm and keep on producing in a lower-price environment, or whether to delay operations and await for more favorable market conditions. The result of this conundrum has given birth to the buzzword "fracklog".

For rather than fracking wells now, companies are deciding to leave the oil in the ground, awaiting higher prices. The below image from Bloomberg shows 4,731 U. S. wells are drilled but uncompleted (DUCs), which equates to 322,000 barrels a day of oil not coming to market. The usual three suspects of the U. S. fracking boom - the Permian, Eagle Ford and Bakken shale plays - account for more than 3,400 of the fracklog .

Finally, we finish with a look at the flip we have seen along the forward curve for crude oil in the last few months. While nearer-term prices have been rising as expectations of slowing U. S. oil production materialize, longer-dated prices have been dropping.

This "flattening" of the forward curve is indicative of increased hedging activity, as U. S. producers are taking advantage of the recent rally in nearer-term prices to lock in prices for next year and beyond. In addition, after the near-term prices had been dragged to six-year lows earlier in the year as U. S. inventories ramped up, the unwinding of the contango in the market is indicative of of these oversupply fears abating .

As with everything in life, there are winners and losers, and the recent rout in the oil market is no different. These four aforementioned flip sides should be closely monitored in the coming months, for the oil market will be impacted by these factors - regardless of whether they change their tune or become a broken record. See you on the flip side!

Read more articles from Seeking Alpha:

Commodities Pick Up In April, But Fundamentals Tell Half The Story

Corn Planting Passes Mid-Point, Farmers Continue Impressive Pace

Rebound Revisited: 'New Normal' Undercuts Expectations

In The Wake Of Recent Months, Here's What To Expect From Oil

UC Rusal: Whistling In The Falling Aluminum Price's Wind

Flip-flop controlled clock gating system US 3997800 A

A flip-flop controlled clock gating system comprises a single-shot clock circuit including triggerable means effective to allow the passage of only one clock pulse from the clock input terminal to the output terminal; a clock inhibit circuit including a flip-flop network settable in a first condition enabling the passage of clock pulses from the input to the output terminal and STOP actuator means effective to actuate the flip-flop network to a second condition inhibiting the passage of such clock pulses; and a clock enable circuit including RUN actuator means effective when actuated to trigger the single-shot clock circuit to restore the flip-flop network to its first condition enabling the passage of clock pulses from the input terminal to its output terminal.

Патентная формула (17)

What is claimed is:

1. A clock pulse gating system having two modes of operation, comprising:

A. a clock pulse input terminal for inputting a train of clock pulses;

B. a clock pulse output terminal;

C. a single-shot clock circuit connected between said clock pulse input terminal and said clock pulse output terminal and including triggerable means selectively operable to allow the passage of only one clock pulse from said clock pulse input terminal to said clock pulse output terminal in one mode of operation of said gating system;

D. a clock inhibit circuit connected between said clock pulse input and output terminals and including:

yo. a flip-flop network settable in a first condition enabling the passage of plural clock pulses from said clock pulse input terminal to said clock pulse output terminal in a second mode of operation of said gating system,

Ii. and STOP actuator means selectively operable to actuate said flip-flop network to a second condition inhibiting the passage of said plural clock pulses from said clock pulse input terminal to said clock pulse output terminal whereby said second mode of operation is terminated;

E. and a clock enable circuit connected to said single-shot clock circuit and to said clock inhibit circuit, and including RUN actuator means selectively operable to trigger said single-shot clock circuit, said RUN actuator having further means cooperating with and responsive to said pulse from said triggered single-shot circuit to restore said flip-flop network to its first condition enabling the passage of said plural clock pulses from said clock pulse input terminal to said clock pulse output terminal in said second mode of operation.

2. A pulse gating system as defined in claim 1, wherein said triggerable means of the single-shot clock circuit comprises:

yo. a further flip-flop network settable in a first condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal,

Ii. and SINGLE-SHOT actuator means selectively operable to actuate said further flip-flop network to a second condition allowing the passage of only one clock pulse from the clock input terminal to the clock output terminal.

3. A pulse gating system as defined in claim 2, wherein said further flip-flop network of the single-shot clock circuit comprises:

yo. a first flip-flop having a first input connected to receive a binary signal from the SINGLE-SHOT actuator means, a second input connected to receive the complement of said binary signal, a first output, and a second output complementary to the first output;

ii a second flip-flop having a first input connected to the first output of the first flip-flop, a second input connected through a gate to the second output of the first flip-flop, a first output, and a second output complementary to the first output;

Iii. said gate having a first input connected to the second output of the first flip-flop, a second input connected to the first output of the second flip-flop, and a third input connected to receive the binary signal from the SINGLE-SHOT actuator means;

Iv. and means for applying the clock pulses inputted at the clock input terminal to said first and second flip-flops for clocking same.

4. A pulse gating system as defined in claim 3, further including a second gate, one input of the second gate being connected to the second output of the second flip-flop, a second input of the second gate being connected to receive the clock pulses inputted at the clock input terminal, the output of said second gate being connected to pass the clock pulse to the output terminal.

5. A pulse gating system as defined in claim 4, wherein said first and second flip-flop are both J-K flip-flops, said first and second inputs of each flip-flop being their J and K inputs, respectively; said first and second outputs of each flip-flop being their Q and Q output, respectively.

6. A pulse gating system as defined in claim 4, wherein said SINGLE-SHOT actuator means comprises a push-button switch.

7. A pulse gating system as defined in claim 6, wherein said SINGLE-SHOT actuator means further comprises a latching network including a pair of cross-connected gates between the push-button switch and the flip-flop network of the single-shot clock circuit.

8. A pulse gating system comprising:

A. a clock pulse input terminal for inputting a train of clock pulses;

B. a clock pulse output terminal;

C. a flip-flop network settable in a first condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal; y

D. single-shot actuator means selectively operable to actuate said flip-flop network to a second condition to allow the passage of only one clock pulse from the clock input terminal to the clock output terminal; said flip-flop network comprising:

yo. a first flip-flop having a first input connected to receive a binary signal from the SINGLE-SHOT actuator means, a second input connected to receive the complement of said binary signal, a first output, and a second output complementary to the first output;

Ii. a second flip-flop having a first input connected to the first output of the first flip-flop, a second input connected through a gate to the second output of the first flip-flop, a first output, and a second output complementary to the first output;

Iii. said gate having a first input connected to the second output of the first flip-flop, a second input connected to the first output of the second flip-flop, and a third input connected to receive the binary signal from the SINGLE-SHOT actuator means;

Iv. and means for applying the clock pulses inputted at the clock input terminal to said first and second flip-flops for clocking same.

9. A pulse gating system as defined in claim 4, further including a third gate connected as its output to said flip-flop network of the pulse inhibit circuit, one input of said third gate being connected to the RUN actuator means of the pulse enable circuit, a second input of the third gate being connected to the output of said second gate such that when the latter gate is enabled, said third gate is also enabled to permit said RUN actuator means to restore the flip-flop network of the clock inhibit circuit to its said first condition.

10. A pulse gating system as defined in claim 3, wherein said flip-flop network of the clock inhibit circuit comprises a third flip-flop having a first input connected to said RUN actuator means, a second input connected to said STOP actuator means, a clocking terminal connected to said clock pulse input terminal, and an output connected to enable the passage of the clock pulses to said pulse output terminal.

11. A clock pulse gating system, comprising:

A. a clock pulse input terminal for inputting a train of clock pulses;

B. a clock pulse output terminal;

C. a clock inhibit circuit connected between the clock input and output terminals and including:

yo. a flip-flop network settable in a first condition enabling the passage of clock pulses from the clock input terminal to the clock output terminal;

Ii. and STOP actuator means effective when operated to actuate the flip-flop network to a second condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal;

D. and a clock enable circuit including RUN actuator means effective when actuated to restore said flip-flop network to its first condition enabling the passage of clock pulses from the clock input terminal to the clock output terminal; said flip-flop network of comprising a flip-flop having:

a. a first input connected to said RUN actuator means;

segundo. a second input connected to said STOP actuator means;

do. a clocking terminal connected to said clock pulse input terminal;

re. and an output connected to enable the passage of the clock pulses to said clock pulse output terminal.

12. A pulse gating system as define in claim 11, wherein said last-mentioned flip-flop is a J-K flip-flop, said first input being its J-terminal and said second input being its K-terminal.

13. A pulse gating system as defined in claim 1, wherein said STOP actuator means includes a push-button switch effective when depressed to actuate said flip-flop network of the clock inhibit circuit to the said second condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal.

14. A pulse gating system as defined in claim 13, wherein said STOP actuator means further includes a latching network having a pair of cross-connective gates connected between the STOP push-button switch and the flip-flop network of the clock inhibit circuit.

15. A pulse gating system as defined in claim 1, wherein said STOP actuator means includes an electrical condition sensing device effective when sensing the electrical condition to actuate said flip-flop network of the clock inhibit circuit to the second condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal.

16. A pulse gating system as defined in claim 1, wherein said RUN actuator means includes a push-button switch effective when depressed to actuate said flip-flop network of the clock inhibit circuit.

17. A pulse gating system as defined in claim 16, further including a latching network comprising a pair of cross-connected gates connected between the RUN push-button switch and the flip-flop network of the clock inhibit circuit.

BACKGROUND OF THE INVENTION

The present invention relates to clock gating systems, such as are used for supplying clock pulses at a controlled rate to a digital data processor, and particularly to clock gating systems controlled by flip-flop networks.

There are many applications in digital data processing systems wherein it is necessary to supply clock pulses at a controlled rate. For example, in testing a data processor, it is frequently necessary to provide a single clock pulse in order to test a specific operation thereof. The single clock pulse is supplied by what is called a single-shot circuit triggered by an actuator, such as a depressible push-button switch, to allow the passage of only one pulse from the normal clock input. Another application, also frequently used in testing data processing systems, requires the provision of a train of clock pulses at the normal clock rate until another actuator is actuated to inhibit the pulses. Such a system usually includes a further actuator which, when actuated, restores the transmission of the clock pulses from the normal clock input.

The control of the clock pulse supply is usually effected by manual means, particularly in manual testing of equipment. The control, however, may also be by automatic means, for example when a testing program specifies supplying a single shot clock to the system being tested, or terminating a train of clocks, when a particular condition is sensed, such as the comparison of two signal levels.

An object of the present invention is to provide a simple and improved clock pulse gating system which is capable of supplying a controlled rate of clock pulses as and when required. Another object is to provide an improved single shot clock circuit, and a further object is to provide an improved clock enable/inhibit circuit.

BRIEF SUMMARY OF THE INVENTION

According to one aspect of the present invention, there is provided a clock pulse gating system, comprising:

A. a clock pulse input terminal for in putting a train of clock pulses;

B. a clock pulse output terminal;

C. a single-shot clock circuit connected between the clock input and output terminals and including triggerable means effective when triggered to allow the passage of only one clock pulse from the clock input terminal to the clock output terminal;

D. a clock inhibit circuit connected between the clock input and output terminals and including:

I. A FLIP-FLOP NETWORK SETTABLE IN A FIRST CONDITION ENABLING THE PASSAGE OF CLOCK PULSES FROM THE CLOCK INPUT TERMINAL TO THE CLOCK OUTPUT TERMINAL,

II. AND STOP actuator means effective when actuated to actuate the flip-flop network to a second condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal;

E. and a clock enable circuit connected between said single-shot clock circuit and said clock inhibit circuit and including RUN actuator means effective when actuated to trigger the single-shot clock circuit to restore said flip-flop network to its first condition enabling the passage of clock pulses from the clock input terminal to the clock output terminal.

In the preferred embodiment of the invention described below, the triggerable means of the single-shot clock circuit comprises:

yo. a further flip-flop network settable in a first condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal,

Ii. and SINGLE-SHOT actuator means effective when operated to actuate said further flip-flop network to a second condition allowing the passage of only one clock pulse from the clock input terminal to the clock output terminal.

According to another aspect of the invention, there is provided a single-shot clock circuit, particularly useful in the above-described gating system, the single-shot clock circuit comprising:

A. a clock pulse input terminal for inputting a train of clock pulses;

B. a clock pulse output terminal;

C. a flip-flop network settable in a first condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal; y

D. SINGLE-SHOT actuator means effective when operated to actuate said flip-flop network to a second condition to allow the passage of only one clock pulse from the clock input terminal to the clock output terminal; said flip-flop network of (C) above comprising:

yo. a first flip-flop having a first input connected to receive a binary signal from the SINGLE-SHOT actuator means, a second input connected to receive the complement of said binary signal, a first output, and a second output complementary to the first output;

Ii. a second flip-flop having a first input connected to the first output of the first flip-flop, a second input connected through a gate to the second output of the first flip-flop, a first output, and a second output complementary to the first output;

Iii. said gate having a first input connected to the second output of the first flip-flop, a second input connected to the first output of the second flip-flop, and a third input connected to receive the binary signal from the SINGLE-SHOT actuator means;

Iv. and means for applying the clock pulses inputted at the clock input terminal to said first and second flip-flops for clocking same.

According to a further aspect of the invention, there is provided a clock enable/inhibit circuit particularly useful in the above-described clock gating system, the clock enable/inhibit circuit comprising:

A. a clock pulse input terminal for inputting a train of clock pulses;

B. a clock pulse output terminal;

C. a clock inhibit circuit connected between the clock input and output terminals and including:

yo. a flip-flop network settable in a first condition enabling the passage of clock pulses from the clock input terminal to the clock output terminal;

Ii. and STOP actuator means effective when operated to actuate the flip-flop network to a second condition inhibiting the passage of clock pulses from the clock input terminal to the clock output terminal;

D. and a clock enable circuit including RUN actuator means effective when actuated to restore said flip-flop network to its first condition enabling the passage of clock pulses from the clock input terminal to the clock output terminal; said flip-flop network of (C) (i) above comprising a flip-flop having:

a. a first input connected to said RUN actuator means;

segundo. a second input connected to said STOP actuator means;

do. a clocking terminal connected to said clock pulse input terminal;

re. and an output connected to said clock pulse output terminal.

Further features and advantages of the invention will be apparent from the description below.

BRIEF DESCRIPTION OF THE DRAWINGS

The invention is herein described, by way of example only, with reference to the accompanying drawings, wherein:

HIGO. 1 is a logic diagram illustrating one form of clock pulse gating system constructed in accordance with the invention;

HIGO. 2a diagrammatically illustrates in block form a single J-K flip-flop of the type used in the gating system of FIG. 1;

HIGO. 2b is a Truth Table of the J-K flip-flop of FIG. 2a;

HIGO. 2c diagrammatically illustrates other logic elements used in the gating system of FIG. 1;

HIGO. 3 is a timing diagram illustrating the various pulses and signal levels in the single-shot clock circuit portion of the gating system of FIG. 1; and FIG. 4 is a timing diagram illustrating various pulses and signal levels in the clock enable/inhibit circuit portion of the gating system of FIG. 1.

DESCRIPTION OF THE PREFERRED EMBODIMENT General Arrangement

The system illustrated in FIG. 1 includes three J-K flip-flops (FF1, FF2, FF3) controlled by a number of actuators and gates so as to form a single-shot clock circuit supplying single clock pulses as and when demanded, and also a clock enable/inhibit circuit to supply a train of clock pulses as and when demanded.

Briefly, a train of clock pulses is inputted at terminal T1 from a clock pulse generator, shown diagrammatically at 2 in FIG. 1, and the output pulses from the gating system appear on output terminal T2. The single-shot clock circuit of the overall system supplies, at output terminal T2, a single clock pulse from the inputted clock train whenever SINGLE-SHOT push-button PB1 is depressed. The clock enable/inhibit circuit, when enabled, continuously supplies a train of clock pulses at output terminal T2 until a STOP push-button PB2 is depressed, or until a STOP signal is applied via terminal T3 from an external circuit, such as a comparator 4 sensing the signal levels on two lines 6, 8. When the supply of clock pulses is thus inhibited, it will remain inhibited until the system is restored by actuating a RUN push-button PB3.

Both the single-shot and the enable/inhibit circuits use a flip-flop of the J-K type.

J-K flip-flops are well known and are widely used in digital data processing systems since they combine the functions of the "T", "RS" and "RST" flip-flops. HIGO. 2a illustrates the various inputs and outputs of the J-K flip-flop, and FIG. 2b illustrates its Truth Table. As shown by the Truth Table, the Q and Q outputs of the flip-flop may or may not change state when a clock pulse is applied to the clock (CL) input, depending on the state of the J and K inputs.

The convention is herein adopted, purely for purposes of this description and without any limiting intention, that a "high" signal represents a binary 1 and a "low" signal represents a binary 0; and further, that in the "reset" (clear) condition of the flip-flop its Q output is 0 and its Q output is is 1, while in the "set" condition of the flip-flop its Q output is 1 and its Q output is 0. The latter is characteristic of DTL logic.

In accordance with the Truth Table of FIG. 2b and the above-defined convention, if both the J and K inputs of the flip-flop are 0, the next clock pulse will produce no change in its Q and Q outputs; if its J input is 1 and its K input is 0, the next clock will cause its Q output to go to 1 and its Q output to go to 0; if its J input is 0 and its K input is 1, the next clock will cause its Q output to go to 0 and its Q output to go to 1; and if both its J and K inputs are 1, the next clock will cause its Q and Q outputs to interchange.

HIGO. 2c diagrammatically illustrates the other logic elements used in the system of FIG. 1, namely an AND-gate, a NAND-gate, and an inverter.

SINGLE-SHOT CLOCK CIRCUIT

First described is the portion of the system involving mainly the single-shot clock circuit, this circuit being capable of supplying a single clock pulse, whenever commanded.

This circuit includes SINGLE-SHOT push-button PB1 which is connected to a latching network comprising a pair of cross-connected NAND-gates G1 and G2. Normally, push-button PB1 grounds the SSHOTOFF input of the latching circuit, but when the push-button is actuated, it grounds the SSHOTON input of that circuit. Such latching circuits, which are known per se, prevent the possible introduction of spurious electrical signals by contact bounce.

The SSHOT output of the latching circuit of gates G1 and G2 is connected to one input of a NAND-gate G3. A second input of NAND-gate G3 is connected to the switching circuit of RUN push-button PB3, as will be described more fully below.

The output of NAND-gate G3, identified as Z, is fed to the J1 input of flip-flop FF1, the complement of the Z signal being fed via inverter I 1 to the K1 input of flip-flop FF1.

The Q1 output of flip-flop FF1 is connected to the J2 input of flip-flop FF2, and the Q1 output of flip-flop FF1 is connected via AND-gate G4 to the K2 input of flip-flop FF2. AND-gate G4 has two other inputs, one being the Z output from gate G3, and the other being the Q2 output of flip-flop FF2.

The Q2 output of flip-flop FF2 is used as the "enable" input of NAND-gate G5, the second input of that gate being the train of clock pulses CLK inputted at terminal T1. Thus, whever Q2 is high, NAND-gate G5 will pass the train of clock pulses inputted at terminal T1. Each of these pulses in inverted by NAND-gate G5 to form a negative-going pulse SSCLK and is applied to another NAND-gate G6 which gate, when enabled by a high signal NCLK (described below), reinverts the pulse so that it appears at output terminal T2 as a positive-going clock pulse PCLK.

The clock pulses CLK inputted at terminal T1 are also applied to the clock terminals of both flip-flops FF1 and FF2, and clock the flip-flops. The two flip-flops are initialised by an asynchronous INIT. signal inputted at terminal T4.

CLOCK ENABLE/INHIBIT CIRCUIT

The clock enable/inhibit circuit of the gating system illustrated in FIG. 1 includes the third J-K flip-flop FF3. Only its Q3 output is used, and when it is high ("set" condition, see Truth Table, FIG. 2b ), it enables NAND-gate G7 to supply the train of clock pulses CLK inputted at terminal T1 to NAND-gate G6 mentioned below. The pulses NCLK exiting from NAND-gate G7 are negative-going and are reinverted by NAND-gate G6 as the positive-going pulses PCLK (assuming the SSCLK output from the single-shot circuit is high) outputted at terminal T2.

The K3 input to flip-flop FF3 is connected to STOP push-button PB2 via a latching network comprising cross-connected NAND-gates G8, G9, and a further NAND-gate G10. The latching network of gates G8, G9 prevents possible spurious signals by contact bounce of push-button switch PB2, as does the latching network of gates G1 and G2.

Normally, STOP push-button PB2 is in the STOPOFF ("pulse-enable") position illustrated in FIG. 1, wherein it grounds the input line STOPOFF of the latching circuit of gates G8 and G9 so that the STOP output of the latching circuit is high. When push-button PB2 is depressed, it grounds input line STOPON of the latching circuit, whereupon the STOP output of the latching circuit goes low.

The STOP output of the latching circuit of gates G8 and G9 constitutes one input ot NAND-gate G10. The second input of that gate is the signal from terminal T3. The latter signal may be supplied, for example, by a condition-sensing device, such as a comparator 4 sensing the signal levels appearing on two lines 6 and 8, respectively.

If STOP push-button PB2 is in its normal (STOPOFF) position thereby making the STOP output of the latching circuit high, and if the signal inputted at terminal T3 is also high, a low signal will be outputted from NAND-gate G10 to the K3 input terminal of flip-flop FF3. However, if either or both of the above input signals to NAND-gate G10 is low, the output of that gate to the K3 input terminal of flip-flop FF3 will be high.

The J3 input of flip-flop FF3 is connected to RUN push-button PB3 via another latching network (comprising cross-connected NAND-gates G11, G12), an inverter I 2 . and an AND-gate G13. Normally, RUN push-button PB3 grounds RUNOFF input of the latching circuit, so that the RUN signal outputted from the latching circuit is high, and the RUN outputted from inverter I 2 is low. AND-gate G13, which receives the latter signal at one of its inputs, also receives a signal from NAND-gate G5 of the single-shot clock circuit, the latter signal (SSCLK) being inverted by an inverter I 3 before being applied, as signal SSCLK, to the second input of AND-gate G13.

Thus, the J3 input to flip-flop FF3 will be high only when both the RUN and SSCLK signals are high; if either or both of the above input signals to AND-gate G13 is low, the J3 input to flip-flop FF3 will also be low.

Flip-flop FF3 of the clock enable/inhibit circuit is also clocked by the train of clock pulses CLK inputted at terminal T1, and is initialised to its "set" condition by the asynchronous signal INIT. applied at terminal T4, as the previously described flip-flops FF1 and FF2.

OPERATION OF THE DESCRIBED EMBODIMENT Single-Shot Clock Circuit Operation

This circuit will normally be used only when the clock enable/inhibit circuit is in the "inhibit" mode, i. e. flip-flop FF3 is in its "reset" condition. When the circuit is used, it generates a single pulse (PCLK) at output terminal T2 whenever the single-shot push-button PB1 is depressed. This is acccomplished in the following manner, reference being made particularly to the timing diagrams of FIG. 3.

As shown in FIG. 3, the train of clock pulses CLK inputted at terminal T1 are positive-going pulses. The single output pulse PCLK generated by the circuit is also positive as shown in FIG. 3.

Initially the condition of SINGLE-SHOT push-button PB1 is as illustrated in FIG. 1, wherein the SSHOTOFF input of the latching circuit of gates G1 and G2 is grounded, so that its output signal SSHOT is high. RUN push-button PB3 is also initially in the position illustrated in FIG. 1 wherein the RUNOFF input to the latching circuit of that push-button is grounded, so that its RUN output is also high. Accordingly, the output Z of NAND-gate G3 will initially be low, as shown in FIG. 3.

The J1 input of flip-flop FF1 will therefore also initially be low, and the K1 input of flip-flop FF1 (by virtue of inverter I 1 ) will initially be high. The Q1 output of flip-flop FF1 is initially (or will be after the first clock) low, and the Q1 output is high (FIG. 2b). In addition, since the Z signal is low, AND-gate G4 will keep the K2 input of flip-flop FF2 low. The J2 input of flip-flop FF2 is also low by virture of its direct connection to the Q1 output of flip-flop FF1.

Accordingly, since the J2 and K2 inputs of flip-flop FF2 are both low, the outputs of flip-flop FF2 will not change when it is clocked (Truth Table of FIG. 2b); thus if the Q2 output is initially low (which is the case), it will remain low. The SSCLK output of NAND-gate G5 will therefore be clamped high, irrespective of the presence of the clock pulses CLK at the second input of NAND-gate G5. The level of NCLK is high during this operation (see below), and therefore the PCLK output of NAND-gate G6 will be low.

Thus initially, when single-shot push-button PB1 is in its raised condition as illustrated in FIG. 1, none of the clock pulses CLK inputted via terminal T1 will appear as output pulses PCLK at output terminal T2.

Now, when SINGLE-SHOT push-button PB1 is depressed, input signal SSHOTON to the latching circuit of gates G1 and G2 is grounded so that the output line SSHOT of the latching circuit goes low. Signal level "Z" outputted from NAND-gate G3 therefore goes high, as will the J1 input of flip-flop FF1, the K1 input of the flip-flop going low by virtue of inverter J1.

Since output Q1 of flip-flop FF1 was previously high, as was signal Q2 from flip-flop FF2, the fact that signal "Z" now goes high causes gate G4 to produce a high signal on the K2 input to flip-flop FF2. Also, since the J2 input to flip-flop FF2 was low, when flip-flops FF1 and FF2 are clocked, Q1 and J2 both go high, Q1 and Q2 go low, and Q2 goes high.

Q2 going high enables NAND-gate G5, so that the next clock pulse CLK appearing on input terminal T1 and applied to gate G5 will appear as a negative pulse on line SSCLK outputted from NAND-gate G5, and (assuming NCLK is high, which it is as described below) as a positive pulse PCLK outputted from NAND-gate G6. The latter pulse appears at output terminal T2.

The CLK pulse appearing on output terminal T2 as pulse PCLK also clocks the flip-flops FF1 and FF2. Assuming that the time interval between the successive pulses in the train of clock pulses CLK inputted at terminal T1 is much less than the time in which the SINGLE-SHOT push-button PB1 is depressed, signal level Z outputted from NAND-gate G3 will remain high, but a signal level Q1 from flip-flop FF1 will have gone low, thereby causing input terminal K2 of flip-flop FF2 to go low. Thus, when flip-flops are clocked again, the Q2 output of flip-flop FF2 will go low, at which condition it remains, thus clamping output line PCLK low. Accordingly, no further pulses will appear on output terminal T2.

Clocking the flip-flops will have no further effect on the output appearing at terminal T2 until SINGLE-SHOT push-button PB1 is released. When this happens, SSHOT goes high, Z goes low, J1 goes low, and K1 goes high; and when the flip-flops are next clocked, Q1 goes low, and Q1 goes high, thus returning the circuit to its initial condition.

CLOCK ENABLE/INHIBIT CIRCUIT OPERATION

As indicated earlier, the clock enable/inhibit circuit including flip-flop FF3 is used to provide a series of output pulses (PCLK) at output terminal T2 until STOP push-button PB2 is actuated to its STOPON position, or a low signal from circuit 4 is produced at terminal T3, at which time the output pulses PCLK are inhibited; the supply of output pulses is restored by moving RUN push-button PB3 to its RUNON position. The manner in which these functions are performed by the circuit of FIG. 1, will now be described with the help of the timing diagrams of FIG. 4.

This circuit is initialized by the INIT. signal from terminal T4 to set flip-flop FF3 so that its Q3 output is high. Since the STOPOFF input of the latching circuit (gates G8, G9) is grounded by STOP push-button PB2, the STOP output of the latching circuit is high. Also, the signal level on input terminal T3 (from the external condition-sensing device, such as comparator 4) is also high, so that the output of gate G10 is low. Accordingly, the K3 input of flip-flop FF3 is low.

Also initially, since the RUN push-button PB3 grounds the RUNOFF input to the latching circuit (gates G11 and G12) of that push-button, the RUN ouput of the latching circuit is high, so that the RUN output of inverter I 2 is low. Further, as described above signal SSCLK of the single-shot clock circuit is initially high, so that the output signal SFFCLK of inverter I 3 is low. Accordingly, the output of AND-gate G13 is low. Therefore, the J3 input of flip-flop FF3 is low.

The foregoing initial conditions are illustrated by the timing diagrams of FIG. 4.

Since the Q3 output of flip-flop FF3 is high as indicated above, NAND-gate G7 is enabled so that each positive clock pulse inputted at terminal T1 appears as a negative pulse at the NCLK output of NAND-gate G7, and (SSCLK being high) as a positive pulse at the PCLK output of NAND-gate G6. As the J3 and K3 inputs of flip-flop FF3 are both low, clocking flip-flop FF3 by the clock pulses CLK inputted at terminal T1 will not change the condition of the flip-flop (Truth Table, FIG. 2b).

Accordingly, with each positive-going clock pulse CLK inputted at terminal T1, there will be produced a positive-going PCLK clock pulse at output terminal T2.

Now, when STOP push-button PB2 is actuated, this grounds the STOPON input to the latching circuit of gates G8 and G9. The STOP ouput of the latching circuit will therefore go low. This causes the output of NAND-gate Glo and the K3 input terminal of flip-flop FF3 to go high. The J3 input terminal of flip-flop FF3 still remains low, so that the next time the flip-flop is clocked, its Q3 output goes low (Truth Table FIG. 2b). With Q3 low, the output of NAND-gate G7 will be clamped high, irrespective of the clock pulses CLK; and (SSCLK being high) the PCLK output of NAND-gate G6 is clamped low.

Accordingly, the clock pulses CLK inputted at terminal T2 will be inhibited, and no clock pulses PCLK will appear at output terminal T2.

To restore the supply of pulses at output terminal T2, RUN push-button PB3 would be depressed. When this occurs, the RUNON input to its latching circuit (gates G11, G12) is grounded, whereupon the RUN output of the latching circuit goes low, and the RUN output of inverter I 2 goes high.

Depressing RUN push-button PB3 also actuates the single-shot clock circuit of flip-flop FF1 and FF2, in the same manner as described above when SINGLE-SHOT push-button PB1 is depressed since the outputs of the latching circuits of both push-buttons are inputted into NAND-gate G3. Triggering the single-shot clock circuit of flip-flops FF1 and FF2 causes the next clock CLK to produce a single negative-going pulse at the output SSCLK of NAND-gate G5 (as described above), which pulse is inverted by inverter I 3 . so that a single positive-going pulse appears at SSCLK.

Now with the two inputs (RUN, SSCLK) to AND-gate G13 being high, the J3 input to flip-flop FF3 also goes high for the single-pulse produced by triggering the single-shot clock circuit. As flop-flop FF3 is clocked at the end of that period, its output Q3 goes high, thereby reenabling NAND-gate G7 to pass the next clock pulse CLK inputted at terminal T1. That clock pulse CLK therefore appears as a negative-going pulse on the output line NCLK of NAND-gate G7, and as a positive-going pulse on the output line PCLK of NAND-gate G6.

Upon the termination of the single pulse produced by triggering the single-shot clock circuit, signal level SSCLK goes low, thus restoring the original low level to input terminal J3 of flip-flop FF3. Signal K3 would also be low (see below) so that subsequent clocks to flip-flop FF3 will not change the high level of its Q3 output terminal (Truth Table, FIG. 2b). With Q3 thus clamped high, the subsequent input clock pulses CLK appear as negative-going pulses at NCLK and (SSCLK being high) as positive-going pulses at PCLK.

As indicated above, when the single-shot clock circuit is triggered causing the J3 input of flip-flop FF3 to go high for one pulse period, the K3 input of the flip-flop would normally be low (as shown by the full lines K3, FIG. 4). This is because the STOP push-button PB2 would probably have been released, thus restoring its original condition (illustrated in FIG. 1) of grounding the STOPOFF input of the latching circuit (gates G8, G9), causing the STOP output of the latching circuit to go high, and thereby the output of NAND Gate G10 to go low. However, should the STOP push-button PB3 still be depressed when the RUN Push-button PB3 is depressed, the K3 input of flip-flop FF3 will remain high, whereupon the Q3 output of the flip-flop will go high for one pulse period and then will go low again, and only two pulses will be produced at PCLK -- a pulse generated from SSCLK, followed by a single pulse generated from NCLK.

The foregoing describes the operation when STOP push-button PB2 is depressed to inhibit the clock pulses, this actuation of the push-button causing the STOP level inputted to NAND-gate G10 to go low. The same operation occurs when the condition-sensitive device (e. g. comparator 4) causes the signal on input terminal T3 to go low, this signal also being inputted into NAND-gate G10. Thus, the circuit illustrated will inhibit the supply of clock pulses to output terminal T2 whenever either the STOP push-button PB2 is depressed (manual operation), or when a predetermined condition is sensed by circuit 4 (automatic operation), the supply of clock pulses being re-enabled under either operation when the RUN push-button PB3 is actuated.

It will be appreciated that when the single-shot clock circuit (flip-flop FF1, FF2) is to be used, STOP push-button PB2 would have previously been activated, so that flip-flop FF3 is cleared, whereby Q3 is low, thereby causing NCLK to be high. Thus, when the single-shot clock circuit is triggered by depressing push-button PB1, the single negative-going pulse SSCLK produced thereby will be outputted by gate G6 as a single positive-going pulse PCLK.

As one example, the above described system may be constructed using DTL logic, which is characteristic of the convention defined above. Such a logic permits the control of a clock pulse train of 1 MHz. It will be appreciated, however, that the system could be used with other clock frequencies. The lower limit is set by the criterion that the pulse cycle time must be less than the minimum time for which the push-button would be held down, while the upper limit is determined by logic delays. The longest logic path between synchronous elements in the system is three gate delays; this gives an upper frequency limit of about 3.5 MHz using DTL circuit elements. The upper frequency limit could be extended further by using TTL logic.

Further, in the example described, the SINGLE-SHOT, STOP, and RUN actuators are all illustrated as manually-operated push-buttons, PB1, PB2, and PB3, respectively. Such an arrangement is particularly useful for testing digital processing systems, to provide manually-controlled single pulses or trains of pulses as and when required during the testing procedure. In the described example, an automatic actuator for the clock inhibit circuit is used, this being comparator 4 which senses a given condition (e. g. the relative signal levels of inputs 6, 8) so as to inhibit the supply of clock pulses to the data processing system whenever this condition is sensed, for example to permit an examination, at that time, of the state of the data processor being tested. It will be appreciated, however, that the other actuators could also be automatic, for example by programming a single-shot, inhibit, or enable command in a program fed to the data processing system.

Many other variations, modifications and applications of the illustrated embodiment will be apparent.

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When it comes to trading, self-discipline consists of three primary components: mental, technical and physical discipline. Successful traders and I often talk about discipline being a requirement for a successful trader, and if you don’t have much discipline I have good news for you!

I believe discipline can be learned, although at times it is very painful. It can be painful at the beginning but once you see the results that’s when it becomes easy and a habit.

My definition of discipline is:

The ability to master your thoughts, your emotions, your body, therefore mastering your mind, regardless of profit or loss. Your ability to plan the trade then trade the plan

A quotes on trading discipline book Market Wizards by Jack D. Schwager. Explains the importance of discipline:

The key to trading success is emotional discipline.

If intelligence were the key, there would be a lot more people making money trading… I know this will sound like a cliché, but the single most important reason that people lose money in the financial markets is that they don’t cut their losses short.

Maintaining discipline is a central component of keeping your capital intact and building a profitable, sustainable trading portfolio. Entering trades too early, closing trades too late and getting greedy are all key signs of an undisciplined approach to trading, and they can often be the ruin of inexperienced, new traders, leading to exaggerated losses, underperforming positions and limited profits on the upsides. So too does discipline creep lead to the restraint of stops, and lingering over positions when better judgment and market data indicates strongly in the reverse direction.

Indiscipline can also be seen in traders who flip flop between strategies, and lack both the will power and the perseverance to see through their theories to fruition. Building up a nose for a trade takes time and experience, and it’s inevitable that many early trades will go wayward. Of course, even the most experienced traders in the world can get it horribly wrong – see the recent banking crisis as a prime example of this proposition in action.

Now you understand the importance of discipline let’s take an in-depth look at the 3 components of trading discipline:

Mental discipline

Mental discipline requires that you understand whole heartedly that: No-one knows with a 100% certainty what will happen next in the market.

Meaning that no one knows how much money will be made or lost on any buy or sell order they make Forex Trading. To help a trader with reaching this conclusion they need to understand that every market is different and unique in its own way. There may be similarities but they are never the exactly the same therefore you can’t predict the market with 100% certainty.

Once this is accepted the forex trader can focus on what is known, and make the best judgment they possibly can.

The things that are known need to be analyzed in conjunction with your trading plan. Your trading plan should guide you and should consist of some very important questions:

Why you are investing in the Forex Market?

The results you hope to achieve from your trades?

The timeframe for you to achieve them?

How much money you will invest in the market, invest within the strategy or invest in each individual trade?

How much money you will risk per trade?

The system or methodology or framework of guidelines / rules you will use to engage the market

It is virtually impossible for anyone to know what the market will do next – be it the next minute, hour, day or week. The only thing we can truly ‘know’ is what we must do, how we must react, when something does occur in the market. With the use of a system and a well-developed and documented trading plan we can determine how we will react to whatever the market throws our way. This provides us with the mental discipline required to continually engage the market and implement trades consistently over time despite what may be going on around us.

Technical Discipline

Technical discipline means that we will regularly and consistently execute our trades in the marketplaces according to steps, and guidelines our trading plan. This means that if the market is doing this, then your trading plan says to do “B” after “A” has occurred in the market.

Too often though many traders ‘second guess’ or pre-empt their own trading guidelines getting into trades before the real BUY signal has been produced. They do this because they lack discipline and patience to wait for the right signals in there trading plan.

The result is more often than not a loss, as the ultimate trade entry trigger doesn’t occur and they are left with a losing trade that doesn’t officially meet their designated entry criteria. However, a worse mistake has occurred, they have been undisciplined as they did NOT “behave in accordance with their forex trading plan.”

An even worse scenario is when breaking the rules leads to a profit trade because the trader will associate back to this event when their discipline is challenged again in the future and be tempted to be undisciplined again, even though it was just a sample of one profit trade. Being undisciplined ultimately leads to energizing dysfunctional beliefs because there will always be occasions when rule breaking is rewarded with a positive outcome.

These are costly mistakes that arise from not adhering to the rules of the trading system and not maintaining strong technical discipline despite having taken a huge amount of time and effort to develop a profitable trading strategy with an edge only to see it destroyed by a lack of discipline.

Physical Discipline

Forex traders and need to release tension in a positive way. Take time away from the market and do some type of exercise or hobby. It will allow you to approach the market with the freshness and disciplined commitment that you will need.

The market is not the place to seek excitement and thrills. It should be seen as a professional work environment in which your plan for success is implemented according to the rules of your trading plan. Thrill seeking in the market can be dangerous mentally, financially and psychologically and this can creep in with physical and mental fatigue.

In order to operate at peak mental capacity your body needs to also be maintained at a high level. Thus, it is important to maintain regular physical exercise to keep you fit and healthy and keep your mind fresh and focused. The majority of traders and investors I know have a regular exercise regime or hobby that allows them to stay fresh and in shape physically and mentally. The use of yoga, breathing and meditation practices also help sharpen and focus our minds and help to keep us in the present rather than stewing on the past or agonizing about the unknowns of the future.

Taking time out from the markets and having a complete break will also re-invigorate your mental wellbeing and have you motivated and focused to return to the job at hand.

Investing is a lifelong commitment. It’s critical that you remain fresh in both body and mind.

5 Tips for Trading During Volatile Markets

Increased volatility leads many traders to seeing an increase in trading opportunities. The huge market swings trigger thoughts of monumental upside, but also for potential loss especially if traders do not take the necessary precautions. During times of volatility, traders need to adjust their strategy to compensate for erratic market. When trading during these market conditions, traders should follow the rules below.

1. Be More Selective Before Placing Trades

Wanting to take advantage of all the trading opportunities that present themselves in volatile markets, traders are tempted to place an increase number of trades. This temptation should be avoided. It is important to remember that in volatile times, losses are likely to be big. Before placing a trading, assess risk tolerance levels. Determine the level of risk that is acceptable for the trader both psychologically and financially before placing any trades.

2. Use Less Leverage

During high market volatility, losses can be traumatic. With the average trading range increased in volatile times traders should be considering how leverage will affect trades. At a one percent or even a half percent margin, investors should be mindful of how much leverage or even the size position being traded can affect their portfolio. In normal market conditions, placing a 2 lot position is fine when you are looking to make about 50-100 pips. During a more volatile time, when the potential loss is 100-200 pips, it stops being an effective risk to reward ratio. To compensate traders should look to taking on smaller trading positions, in this case only one lot as opposed to the average 2 lot position.

3. Trade with More Discipline

Traders should always follow their predetermined trading strategy regardless of market condition. During volatile markets, this is even more important to use that same level of restraint. Traders must adhere to any set stops, contingency plans or risk management benchmarks without hesitation. This will help to define how much risk is taken should price action be uncontrollable. Without this level of discipline and self control losses can be great.

Many traders are hesitant to use tighter stops in volatile markets because they see the large swings increasing the likelihood that the position will be taken out. Having tighter stops can also provide great risk managers in times of extreme volatility. For example, on a EURUSD trade, rather than setting an 80 pip stop to protect your position, consider placing a 50-60 pip stop. This will insure the protection of your currency position and if the stop is broken, there is a high likelihood that the trend will continue lower and the stop took you out before you could potentially lose more money.

The width of the stop being set does depend on the currency pair being trading as some pairs have wider ranges. In a Yen cross like the GBPJPY or AUDJPY, traders may be more likely to have wider stops as their average daily range is 50% more than that of the EUR/USD. With that said, stops during volatile market conditions should not as wide as before. Instead of a stop 100 pips below entry, traders may consider a 25 pip reduction and have a 75 pip stop. Below is a chart showing the EURUSD and the GBPJPY on the same very volatile day in the forex market. The EURUSD had an impressive range of nearly 600 pips! The GBPJPY far dominated though with nearly a 2000 pip trading range.

It also helps a trader to know what is causing the current spate of volatility in the markets in order to be prepared for the unexpected. As such, an investor can accommodate their strategy to the market environment and not just the currency pair being traded. The first of these considerations is accounting for emotions in a market: is fear currently driving the market lower? Or is it buyer's mania that is keeping the bullish tone alive? Traders' overreaction and emotion tend to push markets to overextended targets. This fact alone creates volatility through simple supply and demand.

Volatility can also, and more than likely will, be sparked by economic events. In this instance, market participants may interpret fundamental data differently and not as cut and dry as the more novice trader. A perfect example of this is usually monthly manufacturing reports that are released in pretty much all industrial economies. The classic scenario has the market honed in on a particular number for the month. However, traders young and old will sometimes wonder why the market sold off if manufacturing showed positive growth. The answer is simple. The market had a different interpretation and positions were violently reshaped and shifted. These tend to create great opportunities for some and horrible memories for others. Below is an hourly chart of the EUR/USD during ISM Manufacturing for October 1, 2008. Here we can see the huge price gap that occurred due to market volatility as well as the resulting trend.

Panic and erratic momentum can additionally be found in certain market environments. Not to be confused with fear or greed, panic selling and buying can create very choppy and relatively untradeable markets. These conditions will lead some to flip flop their positions while leaving others gaping at the fact that the position was right, only to be stopped out prematurely. These two common examples will create further panic and volatility as traders abandon their own individual strategy for the possibility of instant profits or stoppage revenge. As a result, a vicious cycle of volatility ensues until a definitive market direction can be established.

The simple rules above, and a task of getting to know the current trading environment, can empower every trader through the ranks. Although some relate volatility with difficult and untouchable markets, opportunities continue to remain abound in these less than attractive conditions to those focused and fortunate.

By following these five simple steps, trading in volatile market conditions should be a little simpler. Don't forget to adjust leverage based on volatility, follow your trading plan, tighten your stops and know why you are getting into a trade before you place it.

Flip Flop Shop EDI

Certification/Testing - We will test and get you EDI certified with Flip Flop Shop.

EDI Training - Hands On Training on how to electronically trade with Flip Flop Shop.

Support - 24/7/365 Support for you and your trading partner Flip Flop Shop.

Security - 24/7/365 security monitoring using world-class industry standard security tools and protocols.

On-Demand Staffing - If you have an employee on vacation, out sick or if you have a large order to fill, you can hire our EDI Staff as a temporary resource.

Integration - Infocon's web-based EDI solution can integrate with Any ERP/Accounting system.

Communication - Flexible Communication: Infocon provides connections to all major public and private VAN's(Value Added Networks).We also support AS1, AS2, FTP, SMTP or any other specialized data communication requirements

Flip Flop Shop Required Transaction Sets:

810 - Invoice

850 - Purchase Order

997 - Functional Acknowledgement

Flip Flop Shop Optional Transaction Sets:

820 - Payment Order/Remittance Advice

855 - Purchase Order Acknowledgment

856 - Ship Notice/Manifest

860 - Purchase Order Change Request

864 - Text Message

Any New Forms Required by Flip Flop Shop.

GS1-128 (UCC 128) Labels Service

Customized Packing Slip

Flip Flop Shop EDI Integration Options:

Quickbooks, Dynamics

Sage MAS 90/200/500

Oracle, QAD, SAP

NetSuite, Salesforce, Magento, Shopify

Any other ERP system

Flip-flop Forex Sistema

Flip-flop Forex Sistema

Forex Flip-flop - Sistema da ebay basa n Forex Flip-flop nessun indicatore Repaint per MT4. Forex Flip-flop è una strategia di trading manuale che è possibile utilizzare per generare profitti dal mercato forex ogni giorno. Non è necessario essere un professionista con esperienza per essere in grado di utilizzarlo. Infatti, anche se non si ha esperienza di trading in tutto si sarebbe ancora fare un sacco di soldi da esso, proprio come i commercianti pro.

Esso contiene un indicatore di misura. Ogni cambio di direzione volta riceverete pop-up di avviso.

GO BREVE Appare Flip-Flop Bianco X e la linea croce verde linea rossa al ribasso.

Il pacchetto contiene:

- Forex flip-flop di sistema PDF (Manuale)

- La vostra licenza personale coprirà un conto demo e un conto "live". - Non sarà mai scadenza e non ci sono "canoni mensili" o altri oneri straordinari per l'uso

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Potrebbe piacerti anche

flip-flop

flip-flop

An electronic circuit that alternates between two states. When current is applied, it changes to its opposite state (0 to 1 or 1 to 0). Made of several transistors, it is used in the design of static memories and hardware registers.

flip-flop

1. Gymnastics a backward handspring

2. Electronics an electronic device or circuit that can assume either of two stable states by the application of a suitable pulse

flip-flop

A digital logic circuit that can be in one of two states which it switches (or "toggles") between under control of its inputs. It can thus be considered as a one bit memory. Three types of flip-flop are common: the SR flip-flop. the JK flip-flop and the D-type flip-flop (or latch ).

Early literature refers to the "Eccles-Jordan circuit" and the "Eccles-Jordan binary counter", using two vacuum tubes as the active (amplifying) elements for each bit of information storage. Later implementations using bipolar transistors could operate at up to 20 million state transitions per second as early as 1963.

Flip-Flop

a trigger circuit ( see FLIP-FLOP CIRCUIT ) that can remain for an arbitrary length of time in one of two (or, less frequently, of more than two) stable states and can be abruptly switched from one state to the other by the application of an input signal.

A flip-flop has two outputs: a main output and an inverse output. Specific output signals of differing levels correspond to each flip-flop state. In one state a high-level signal is formed at the main output, and a low-level signal is formed at the inverse output. In the other state the high-level and low-level signals are formed at the inverse and main outputs, respectively.

A flip-flop is characterized by the following important parameters: the speed, the response time, and the levels of the input and output signals. The speed is defined as the maximum possible number of switching operations per unit time. The response time is defined as the time required for the flip-flop to go from one state to the other; this time characterizes the time lag between the output signal and the input signal. The level of the input signal is understood to be the minimum signal value required to switch the flip-flop. The level of the output signal in most flip-flops is not lower than the level of the input signal; this situation makes it possible to connect flip-flops in series without intermediate amplification.

The most widely used types of flip-flops are electronic devices that incorporate such components as electron tubes, gas discharge devices, semiconductor diodes, various types of transistors, and, especially, integrated microcircuits. Flip-flops based on magnetic elements, pneumatic or hydraulic control devices, and other elements are also sometimes used. According to the nature of the input signals, flip-flops with potential inputs (direct and inverse) and with dynamic inputs (also direct and inverse) are distinguished. Flip-flops with potential inputs respond to a high-level signal at the direct input and a low-level signal at the inverse input. Flip-flops with dynamic inputs respond to differences between input signals, that is, to variations in signal levels. Such flip-flops respond to a positive difference at the direct input and to a negative difference at the inverse input.

A description of the most frequently used types of flip-flops follows. Flip-flops with a counting input (T flip-flops) change their state with each input signal. Flip-flops with two conditioning inputs (R-S flip-flops) change their state only when a control signal is applied to a specific input (the R or the S input); in this scheme the repeated action of a signal at the same input does not change the state of the flip-flop. Universal flip-flops (JK flip-flops) combine the properties of the T flip-flop and the R-S flip-flop. In delay flip-flops (D flip-flops) the state and the output signal corresponding to that state duplicate the input signal. In addition to flip-flops of these types there are also combination flip-flops, which are universal multifunction devices with large numbers of inputs.

The flip-flops described above are called symmetrical; asymmetrical flip-flops, or Schmitt triggers, are also used. An asymmetrical flip-flop goes from one state to the other when the input signal reaches a level called the response threshold and returns to the original state when the input signal decreases to a certain level. There are also multistable flip-flops, which have more than two stable states.

Flip-flops of various types are used in digital computers and in automation. With the use of flip-flops, one can construct such devices as digital automatic machines with program control for discrete data processing (for example, counters, scalers, registers of various kinds, decoders, and adders), pulse shapers, and digital frequency dividers. In digital automation flip-flops function as elementary automatic devices with a memory and two states corresponding to the two possible values of the binary logic variable ( x = 0 and x = 1). Such flip-flops are classified as asynchronous or synchronous. Synchronous, or clocked, flip-flops operate only when periodic clock signals, usually of the meander type, that synchronize the operation of the flip-flop are applied to the inputs. Synchronous flip-flops are subdivided into single-cycle and double-cycle types. The latter type is a system consisting of two flip-flops that execute the same logic operation, but with a time shift equal to the duration of half a cycle of the input clock signal. This duplication of flip-flop operation is required for time division of the reception of the data conveyed by the input signals and for transmission of data from the flip-flop outputs to other components of the device or to its input.

REFERENCES

Itskhoki, la. S. and N. I. Ovchinnikov. Impul’snye i tsifrovye ustroistva. Moscow, 1972. Starostin, A. N. Impul’snaia tekhnika. Moscow, 1973. Kagan, B. M. and M. M. Kanevskii. Tsifrovye vychislitel’nye mashiny i sistemy. Moscow, 1973.

December 2017 eurozone HICP flash -0.2% vs -0.1% exp y/y

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FTSE flip-flops higher as resources march higher

By StockMarketWire | Tue, 17th March 2017 - 18:07

FTSE indices pulled a double flip-flop to close a jot firmer on a string of northbound resources stocks, which only just outpaced falls among multiple financial and retails issues. Wall St was southbound in early deals.

FTSE 100 closed up 33.53 points, or 0.49%, to 6837.61, while FTSE 250 was up a muted 1.96, or 0.01%, to 17,202.9. Both began the session higher before pivoting lower to midday, and then revitalising this afternoon. At 4.41pm, WTI was down 0.87% to $43.5/bbl. Brent was down 2.25% to $53.44/bbl.

Lonmin (LMI) was loved 7.84% higher to 119.7p on appointing a new COO, and analyst upgrades. Mining-sector pals followed. BHP Billiton (BLT) managed a 3.32% rise to 1463p on recommending shareholders okay the proposed South32 demerger. Oil stocks rose behind Tullow Oil (TLW), up 6.12% to 298.4p, with Petrofac (PFC), Shell (RDSA) and BP (BP.) up despite crude's fall.

A trolley-train of supermarkets were softer behind Morrisons (MRW), which fell 2.19% to 201.3p, and Tesco (TSCO), off 1.74% to 237.15p. Sainsbury (SBRY) lost early strength to close down 0.82% to 266.4p as its Q4 total and like-for-like retail sales fell. It noted a challenging trading environment. Other retail stocks softened.

Whilst a number of financials tiptoed higher more were southbound. Schroders (SDR) led formalities with a 2.11% fall to 3199p, while Legal & General (LGEN), ICAP (IAP) and Barclays (BARC) faded, too. Meantime, Sky (SKY), up 0.9% to 1011p, has invested a further $5m in 1Mainstream.

OneSavings Bank (OSB) climbed 18.03% to 249.63p after announcing a 132% surge in FY pretax profit to £69.6m. This was the result of taking 33% more on deposit to £4.3bn, 29% growth in the loan book as well the benefits of cost-cutting.

French Connection (FCCN) fell 12.7% t 53.25p as weaker-than-expected FY figures prompted downgrades. Despite narrower FY losses, chairman and CEO Stephen Marks said high street trading 'remains challenging and we are planning accordingly.'

WANdisco (WAND), down 12.39% to 311p, has almost doubled its FY pretax loss to $39.4m, from a year-earlier loss of $19.99m. Revenue was $11.2m, from $8.0m.

Stateside, US privately owned housing starts fell to a seasonally adjusted annual rate of 897,000 in February, US Census Bureau and the Department of Housing and Urban Development said. This was 17.0% below the revised January estimate of 1,081,000

US privately owned housing units authorised by building permits rose to a seasonally adjusted annual rate of 1,092,000 in February, US Census Bureau and the Department of Housing and Urban Development said. This was 3.0% above the revised January rate of 1,060,000.

Euro - zone annual consumer price inflation (CPI) came in at -0.3% in February, from January's -0.6% and in line with forecasts. Annual core CPI rose to 0.7%, trumping the estimate and previous print of 0.6%. On a monthly basis, CPI rose 0.6% in February, from -1.6% in January.

Deltex Medical Group (DEMG), down 11.54% to 5.75p, said a new study validates the Pulse Pressure Waveform Analysis (PPWA) algorithm in its CardioQ-ODM+ monitoring system.

Pennant International's (PEN) FY pretax profit slipped a jot to £2.17m, from £2.25m. Revenue was £17.8m, from £18.7m. Its total dividend was 2.9p, from 2.6p. Shares in the outfit fell 14.29% to 84p.

Regenersis (RGS), down 13.67% to 195.75p, has hiked its H1 pretax profit to £3.5m, from £1.6m. Revenue was £101.9m, from £99.7m. It proposed an interim dividend of 1.65p a share, from 1.32p.

Diamondcorp (DCP) jumped 6.25% to 8.5p after securing $7m of financing from Acrux Resources. The latter would get a 3% net revenue royalty on Diamondcorp's Lace mine in South Africa in exchange for the upfront cash.

Sound Oil (SOU) rose 5.93% to 15.63p as it secured environmental approval for its Badile exploration well. The targeted prospect was estimated to contain about 178bn cu ft of gas.

Other stocks in the news included Ubisense (UBI), Gem Diamonds (GEMD), Circle Oil (COP), Tungsten Corp (TUNG), St Ives (SIV), Just Eat (JE.), Zotefoams (ZTF), Safecharge (SCH), Kingspan (KGP), Good Energy (GOOD), Mears Group (MER) and Kier Group (KIE).

These are done expeditiously without user's interventions. It will also recover itself to its most current state after a VPS failure or disruption. Indeed, it is near impossible for all of these trades to be executed timely and correctly via manual trading.

Back Test Results:

These back tests were run on a Fxprimus ECN account with 1:100 leverage.

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This test generated a ROI of more than 400% with a $10,000 trading capital for the period 1/1/14 to 30/9/14.

This test generated a ROI of 50% with a $10,000 trading capital from 1/9/14 to 6/3/15, using the same EA under a different name for one of my trading partners.

Win more, Lose less

Notice the cycles of gradual declines and the steep climbs whenever the market turns favorable for the EA?

Since the market will not flip flop forever before it swings upward or downward, we can have the confidence that the recoveries will come sooner or later.

The relatively low draw-down risking only 0.1% of trading capital for all trades is also essential in the preservation of our trading capitals during prolonged sideway movements.

The results from these back-tests show that the EA will limit its losses when the market ranges and become s increasingly profitable when the market trends.

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Intraday trading forex pdf

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Day Trading Forex Live – Learn To Trade Pro Forex Strategies

With the EUR/USD trading more off the intraday pushes than I have seen in a long time I am more inclined to think we have 2 pushes up now and will see the third today. However I will remain cautious and be ready for some clear signs they intend to push it down. What I will want to see for a long position is Fridays high hold during the Asian session and see price leave the Asian box in the middle or on its highs. Then have London test down into that for a stop run before I am convinced totally they intend the next push up. Otherwise I will be willing to short if I see the hourly conviction close during the London session below the 1.3059 level. Wait for the pullback and manipulation against it and short from the Asian highs or preferably the overall highs at 1.3106. If Asia does make the push down below 1.3059 it will change my plan but only in that I will be looking for the same things at 1.3042.

The issue I have with yesterdays price action is it took the worse than expected news from the US (in the form of ISM Manufacturing dropping below the 50 level) to make this move up. They clearly think this was big enough to make Helicopter Ben think twice about tapering off the QE. I tend to agree somewhat but with all the talk of inflation risks and the massive drop in stocks with a not so great retracement I think the market isn’t really sure what Ben will do so we will have to play it by ear and wait to see.

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The GBP/USD is again in the same situation as the Euro today. Having two intraday pushes to the upside. Now that it seems the Asian session isn’t willing to make the push down the probability for the next push up has gone up in the last 40 minutes since I took the screenshot of the Euro. As long as this continues and we don’t see the push down later I will be bias more for the long than short today.

Take notice of the line I have at 1.5321. This is a significant daily level from May 16th that was broken out from yesterday and finding support now. This will make the Asian lows more significant today so what I will want to see is either the stop run there for the long while still watching the hourly close below to change my bias for the short. If they do intend to turn and go south what we will see is the hourly close below the Asian lows, a run to the next support at 1.5286 or so then a pullback with the manipulation at 1.5320 area. If the hourly close is not very convincing there is the chance they go back to the upside but I will want to see the clear trapping patterns at 1.5286 to take the long from there.

Forex News Today

The economic calendar is light today with only a couple medium impact events of note. The UK has Construction PMI expected to rise slightly. Probably a non event

The US has its trade balance and barring a large miss will also be a non event. Late in the US session FOMC Member Fisher Speaks but his views are well known against QE so I don’t expect much here unless he does a flip flop which I highly doubt.

If you have questions about joining Day Trading Forex Live and becoming an active member please feel free to contact Robin Haywood. He is a current member and has volunteered to answer any questions to give you an idea of what the service involves and support we provide.

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This is a 4hr strategy based on two indicators published on

MQL4 forum. ( I call it GHOSTZONE STRATEGY)

First of all i commend the authors of these two great indicators,

they are worth all the time spent on them.

(1). indicator strenght( macd strenght=true)

*** to sell: macd strength paints a red downward stroke which coincides

with a red block painted on chart by i-saduky. ONLY THE

FIRST COINCIDENCE IS VALID.

*** candle properties: The signal candle must be formed same time as

as the indicator signals and the red paint on chart by i-saduky

should be above the open price of the candle.

***to buy: macd strength paints a green upwaed stroke which coincides with

a blue paint on chart by i-saduky and ONLY THE FIRST

COINCIDENCE IS VALID.

***candle properties: The signal candle must be formed sane time as the indicator

signals and the blue paint by i-saduky should be below the open price

(1) when a trade is closed and it is not a loss, the last used lot size is retained but when

a trade is lost, the last used lot size is doubled for only the next trade then it is returned

to the original value set.

(2) If a buy signal does not close at a target take profit, the the next signal which must be a

sell signal is valid when i-saduky paints a red block above a candle and the candle is formed same

time as the i-saduky signal. The reverse is the case when a sell signal does not close at the

target profit. SEE eg 3A

(3) If as at the time of formation of a candle the signals for buy or sell do not match,

and while the said candle is still being formed, the colours change to matching colours,

the signal is valid but the last used lot size is halved for such trade after which the lot size

is returned to the set value. eg

(4) The robot should have.

adjustable trailing stop

sound alert for a correct buy or sell signal.

The above described system or strategy has been tested for May

and has returned profits in 94.% of trades but it is not perfect. is there a perfect system.

I want all to criticize constructively and pass judgements as seen fit BUT who can code it for

me into an expert advisor? is there anyone out there.

No thank you . I Searched this forum, forexfactory and forex-tsd to no avail :(

Didnt 'guess the typos'!

What great (looking) indis - will have to investigate more!

& Gt; How would you calculate the stop & take automatically?

By checking out the action at higher timeframes

No - I have done a huge amount of work on that - and dont like it, its one of those that just dont work as good as it looks

The tendency to flip-flop in rangy conditons makes it unsuitable for general use IMHO ;)

You have to look at its original purpose (stock trading on daily charts during established trends) and leave it there :)

& Gt; are there established methods based on day ranges etc

Oh did you want to know what they are.

& Gt; I have to say BB I usualy find your comments on this forum most useful

You're very welcome :)

& Gt; couple of other peoples. most useful

Damn right, they're great - so I usually let them answer. the difficult ones :)

Especially where any higher maths is involved - doh!

No thank you . I Searched this forum, forexfactory and forex-tsd to no avail :(

Didnt 'guess the typos'!

What great (looking) indis - will have to investigate more!

& Gt; How would you calculate the stop & take automatically?

By checking out the action at higher timeframes

No - I have done a huge amount of work on that - and dont like it, its one of those that just dont work as good as it looks

The tendency to flip-flop in rangy conditons makes it unsuitable for general use IMHO ;)

You have to look at its original purpose (stock trading on daily charts during established trends) and leave it there :)

& Gt; are there established methods based on day ranges etc

Oh did you want to know what they are.

& Gt; I have to say BB I usualy find your comments on this forum most useful

You're very welcome :)

& Gt; couple of other peoples. most useful

Damn right, they're great - so I usually let them answer. the difficult ones :)

Especially where any higher maths is involved - doh!

Indeed BB, your input is most helpfull in this forum.

I use your 'move stop to psar' mq4 on a 1h time frame and with the trend.

Tip: set PsarStep to 1.00 instead of 0.02; it's much closer to price action.

In fact it can function as a scalping tool on the lower time frames.

Great work BB. Thanks for your work.

Dawn News

KARACHI: The US currency crossed Rs104 in the open market on Wednesday, providing a premium of more than Rs2 per dollar to sellers dealing with the banks.

Though the Forex Association of Pakistan (FAP) provided the closing rate of Rs103.50, a random market survey showed that the rate charged all over the city was in the range of Rs104 to Rs104.20.

Currency dealers emphasised that Haj pilgrims were the biggest buyers of foreign currencies, including Saudi riyals and US dollars.

Gap in the rates of open and inter-bank markets has reached Rs2

“The supply of foreign currencies has dropped sharply to about $6 million to $8m per day from $15m in June,” said FAP President Malik Bostan.

Saudi riyals had a dominant share in the foreign currencies available in the open market. These foreign currencies, other than the greenback, are exported to Dubai and an equal amount of US dollars are purchased and remitted into Pakistan.

The State Bank has recently allowed currency dealers to bring dollars from Dubai directly in their accounts in Pakistan instead of surrendering dollars to a bank and then getting them within a week’s time. The step was taken on demand of currency dealers and for speedy supply of dollars in the open market.

Since maximum Saudi riyals are being consumed by pilgrims, less foreign currencies are available to sell in Dubai for buying and remitting dollars into the country.

Market experts said China has a major role in creating higher demand for the US currency in the local market as Pakistan’s imports from the neighbouring country have witnessed the fastest growth in the last five years.

Opening letter of credits (LCs) for imports from China is problematic since the banking relations with the country have yet to improve.

“Importers have been paying advance money through hundi system for imports from China and they buy dollars from the open market of Pakistan,” said Mr Bostan. He said 60 per cent imports from China are not reflected in the official figures of Pakistan.

Officially, the total volume of imports from China in FY15 was $7.041 billion compared to $4.7bn in FY13. The two years showed sharp growth in imports.

The FAP president said dollars from the open market are also being used to smuggle goods like petroleum products, cements, etc from Iran. Last week, the Exchange Companies Association of Pakistan also pointed out smuggling of dollars to Afghanistan.

Currency dealers said the gap in the rates of open and inter-bank markets has reached over Rs2 per dollar which would certainly boost the illegal transactions of the currency.

“One million dollars can yield an extra Rs2m for somebody if they sell the currency in the open market instead of inter-bank market,” said another dealer.

Currency dealers also noted that the dollar price in Dubai is equivalent to Rs105 which helps the US currency gain against the rupee.

Published in Dawn, August 20th, 2017

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November 23, 2017

‘Flip Or Flop Host’ Tarek El Moussa Diagnosed By Viewer With Cancer, Now In Remission

Tarek El Moussa co-hosts HGTV’s popular series Flip or Flop with his wife, Christina. Back in 2017, when registered nurse Ryan Read was watching a Flip or Flop marathon, she noticed something troubling. There seemed to be a lump on Tarek’s neck in the thyroid area. According to Zap2It . what she did next probably saved his life. She didn’t hesitate and wrote an email to the show’s production company. She did stop long enough to think about how to properly word the email so they took her seriously.

“This is not a joke. I’m a registered nurse. I’ve been watching ‘Flip or Flop.’ I noticed that the host Tarek has a large nodule on his thyroid, and he needs to have it checked out.”

Fortunately, no one thought the email was a joke. Tarek discovered he had thyroid cancer and it had spread to his lymph nodes. During an interview on The Doctors . Read said she had “a gut feeling ” when she spotted the lump on Tarek’s thryoid. Although the El Moussas and Read had previously corresponded with each other after the diagnosis, they had an emotional first meeting in person where they both gave Read a hug and thanked her.

They are now sharing that Tarek is in remission and other than a few lingering effects from the thyroid radioactive iodine therapy he received, El Moussa has made a full recovery. Tarek is now able to enjoy a cancer-free life with his wife and two children. Tarek and Chistina have one daughter, Taylor, and their son, Brayden James, was born in August.

Tarek and Christina are back with all-NEW #FlipOrFlop starting Thursday, December 3 at 9|8c! https://t. co/7T3s6kG8vn

Tarek and Christina were both real estate agents and started flipping homes after the real estate crash of 2008. A few years later, Tarek asked a friend to tape them flipping a home and he then sent the tape in to HGTV. The rest, as they say, is history. HGTV liked what they saw, and in 2012, Tarek and Christina had their own weekly show. Each week, fans of the show watch as the couple take some of the most rundown and distressed properties, and turn them into beautiful homes.

The process of flipping a house isn’t that easy, however. Each episode usually shows that things often go wrong, but working together, Tarek and Christina are able to solve the most vexing and complicated problems. Christine has the magic touch when it comes to design, and the transformations Tarek handles with her input are amazing. They are almost always able to make a large profit from their flips, although there have been a few instances where they weren’t so fortunate, but overall, Tarek and Christina have been very successful in their house-flipping venture.

Although Tarek has been battling cancer the last three years, he and Christina still have a lot of irons in the fire. They run an agency aptly called Tarek and Christina: The El Moussa Group, which is located in Orange County, California. Tarek and Christina also conduct real estate investment seminars. For those who would like to try their hand at flipping homes, the Success Path Education seminars are held all over North America. The workshops are designed to explain how the process of flipping homes works, and how to avoid the many pitfalls and mistakes.

After flipping hundreds of homes, Tarek and Christina have the process down down to a science. The system they have refined helps them to maximize profit and reduce costly errors. According to Success Path Education’s website, since Tarek and Christina started coaching, “Success Path has become one of the most popular real estate training workshops in North America.”

Now that he is feeling much better and has a clean bill of health, there’s no telling what Tarek and Christina will do now. Tarek has admitted that the last three years were quite a challenge, but that doesn’t seem to be holding him back. Tarek El Moussa did tell People that in regards to his health. he does have a lot to look forward to.

“There is always that chance of reoccurrence but every year that goes by the odds of reoccurrence goes down so it’s good… I have slowed down quite a bit. Which is actually a good thing because I can actually relax now.”

In regard to slowing down, it’s a fairly safe bet that Tarek was talking about not taking on any ambitious new projects while undergoing treatment, and that he can now relax knowing that his cancer is in remission. Slowing down or taking a long break from current projects doesn’t seem to be in Tarek’s plans for the future, however. As time goes by and as Tarek feels stronger, he will undoubtedly pick up the pace once again.

Are you a fan of the show? Leave your comments, thoughts and opinions below. Flip or Flop returns with all new episodes airing on Thursday’s at 9 p. m. ET on HGTV.

[Photo by Jerod Harris/Getty Images]

the CEO - size 10 Darin Kraetsch theCEO@FlipFlopShops. com

Kraetsch is a Co-Founder of FFS Holdings, LLC the parent company of Flip Flop Shops Franchise Company, LLC and has been serving as CEO for both since 2007. The company is the world’s first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals from big names such as REEF, Sanuk, Flojos, VANS, havaianas, OluKai, Cobian, and O’NEILL. The recipient of the International Council of Shopping Centers’ prestigious “Hot Retailer Award,” Flip Flop Shops began franchising in January 2008 and has already been recognized in the Entrepreneur 500 list as well at the INC 5000. Flip Flop Shops is an Environmentally Responsible Retailer ™ and encourages the world to Free Their Toes®.

Kraetsch previously spent over five years as a Co - Founder, Principal and Officer for Raving Brands Holdings LLC . the Atlanta-based leader in the fast-casual dining industry which consists of nine of the fastest growing franchise brands in America. The company was ranked #1 in Fast Casual magazine's "Top 100 Movers and Shakers." The company's flagship brand, Moe's Southwest Grill . a 2005 Inc. magazine Top 25 Company, was rated 6th in Fast Casual magazines "Top 100 Movers and Shakers" and was awarded the prestigious award of "Hot Concepts of the year" from the industries top trade publication, Nations Restaurant News.

Kraetsch is one of the founding Partners of the Raving Brands multi-concept portfolio. Kraetsch brought a tremendous amount of past expertise in helping to create a successful franchise system as the foundation for the explosive growth of this now dominant 800 unit parent company. During his five year career at Raving Brands he served as Executive Vice President and has had direct oversight for the Real Estate and Store Development divisions for all nine brands as well as the company's overall strategic plan. Kraetsch also served as Brand Leader, Franchise Sales Director and assisted in the company's International growth and has co-founded and helped design several of the company's current concepts.

Prior to becoming a Principal with Raving Brands . Kraetsch held several key management positions during the critical start-up phase with Scottsdale, Arizona based franchisor Cold Stone Creamery, Inc. He is credited with being a vital member of the initial start-up team that built the franchise system of this now category leading concept as well as one of the most successful franchise systems in America. Kraetsch has had direct responsibility for training, operations, compliance as well as research and development. Kraetsch was one of the original five partners that helped build this company from the ground up in the mid 1990s. He was also a partner in the first Area Development Company in Southern California as well as an owner of the first store to open in that market. And as Vice President and Principal for the Southeast Area Developer, he was instrumental in introducing Cold Stone Creamery to franchises in Georgia, Alabama, and Florida.

Kraetsch earned a bachelor's degree from Arizona State University . and is a member of the International Council of Shopping Centers . International Franchise Association, National Retail Federation, U. S. Green Building Council and has also served on the Nation's Restaurant News Hot Concept "Council of Sizzle."

Flip Flop Shops Catches a Wave to the Caribbean

World-Wide Movement to ‘Free Your Toes’ Coming Ashore in St. Maarten

ATLANTA – The world-wide movement to “Free Your Toes” has reached yet another milestone. Flip Flop Shops, North America’s leading flip flop and sandal retailer, announces the signing of a franchise agreement that will bring the growing brand to the Caribbean island of St. Maarten.

“Now, more than ever, it is a great time to become a Flip Flop Shops franchisee. We are doing the right things, with the right people in the right markets,” said Brian Curin, the President (Size 10) of Flip Flop Shops. “We are totally stoked to bring our unique lifestyle brand and ‘Free Your Toes’ state-of-mind to the Caribbean where flip flops are part of the culture and the unofficial footwear of the islands.”

Once reserved only for poolside or beachwear, flip flops have grown to become the “global youth uniform,” as well as accepted footwear for anyone ranging from surfers to high-level corporate executives. Flip Flop Shops’ mission is to provide the opportunity for anyone, in any climate, to “live…work …play with their toes exposed®” while wearing the freedom of flip flops on their feet. The shops carry the hottest brands of flip flops and sandals – such as REEF, Sanuk, VANS, havaianas, Flojos and O’Neill, among others – and sell on average for $45 to $56. Higher-priced flip flops by Olukai are made of premium leather.

“A shop in the Caribbean is long overdue,” added Darin Kraetsch, the CEO (Size 10) of Flip Flop Shops. “Can you honestly think of a better place for flip flops? By day, people are enjoying the sun, the laid-back lifestyle and the beaches, and by night, soaking up the island atmosphere.”

The smell and sound of each shop captures the Flip Flop Shops laid-back, yet adventurous character. If the 500-900 square foot shops aren’t near the beach, they bring the beach to consumers with coconut suntan oil scents wafting through the air, active lifestyle inspired music tickling consumer senses and the top action sport films playing on flat screens.

“Flip Flop Shops is the perfect fit for me and for our magnificent island of St. Maarten,” said Vanessa Essed (Size 8), who will be opening the Caribbean shop some time this year. “I am super amped to be pioneering the St. Maarten market and being the first to ‘Free My Toes’ in the Caribbean.”

At a time when 1/3 of all small business startups fail during the first two years and less than half make it to four years*, Flip Flop Shops, North America’s first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals, has defied the odds and grown its franchise system at a record pace. Since 2008, the growing brand has received nearly 5,000 franchise applications, generated more than $1 million in franchise fees and opened 12 shops throughout the United States, Guam and Canada.

With 14 shops currently operating and 40 more in development, the company plans to open 236 shops by 2017.

About Flip Flop Shops Founded in 2004, Flip Flop Shops is North America’s first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals from big names such as REEF, Sanuk, Flojos, VANS, Havaianas and O’NEILL. The company began franchising in January 2008. Flip Flop Shops is an Environmentally Responsible Retailer™ and encourages the nation to free their toes®. The executive team boasts more than 50 years of franchise experience building and growing some of the world's fastest-growing franchise concepts, category leaders and some of America's most well-known brands, including Cold Stone Creamery, Moe's Southwest Grill and Nike. With 14 shops currently operating and 40 more in development, the company plans to open 236 shops by 2017. For more franchise opportunity information, visit www. flipflopshops. com.

Take the money and run

Foreign exchange is the most liquid market sector and is therefore the anchor of many diversified trend following programs. In recent years, higher volatility in currency markets has made trading forex difficult for long-term trend followers, yet short-term traders have thrived.

Given the performance of the U. S. dollar in 2007, it would have been easy to assume that the long-term trend following programs fattened up in the currency sector, but that was not the case. John W. Henry & Company’s International FX program dropped 31.07% in 2007, the program’s fourth consecutive down year. Its financial and metals program, which has a significant (38%) allocation to currencies, also was down, as were programs of stalwart trend followers Campbell and Company and Dunn Capital Management (all of these programs are up double digits in the first two months of 2008). While there were solid trends in the currency market, short-term spikes caused by the increasing volatility shook a lot of managers out of winning trades and others may have found it difficult shorting the dollar against specific currencies at record levels.

Bob Kozak, currency futures analyst for Alaron Trading, says, “Currencies probably are one of the strongest trending markets of all the sectors.” But Kozak has noticed a change of late. “These markets have been very volatile. When you are a trend follower you take large risks. From the standpoint of the short-term trader, they can pick and choose.”

And they have. Alex Moisseev, principal of Dighton World Wide Investments, trades forex from a short, medium and long-term perspective in his diversified program. His program has a substantial portion of its return in forex, but only with his short-term model.

Joe Gelet, president and head trader of Elite E Services, sees this as a more substantial shift. Gelet, whose FX V1 program earned 67.97% in 2007 and had profitably traded his short-term strategy since 2002, says the “old school” long-term trend followers have failed to keep up with the changes in the forex markets. “A lot of these old school guys are trading the same strategies they were before there was a euro. Currencies would trend for months at a time and they would trade five times a year and do well. A lot of old models stopped working.”

Darren Merwitz, vice president of system trading for the FXCM Sentiment Fund, says, “Longer-term systems are more focused on trending and carry strategies. They are also more likely to let positions go fairly substantially against them because they are focused on the bigger picture and not as concerned with shorter-term noise.”

But when that short-term noise becomes deafening, long-term traders get hurt. “Shorter term volatility traders are able to take advantage of the volatility being experienced on a day to day basis, whereas the shorter term ranging traders, on the other hand, would likely be suffering,” Merwitz adds.

The subprime debacle, the credit crunch, massive infusions of money from central banks, rising geopolitical concerns, the Fed taking an aggressive easing stance, all time record prices in equity indexes, $100 crude oil, record prices across the commodity sector, a couple of the worst single day drops in equity indexes, investment banks with multi-billion dollar write downs; the list goes on. It is not exhaustive, but suffice it to say volatility was on the rise and with markets based on money, the one market that is money is going to experience quite a bit of that volatility. All the managers we spoke with attributed strong performance in their short-term programs to a massive increase in volatility.

“Greater volatility is what is creating this,” Kozak says, “I see a lot of central banks flip flop positions within 30 days.”

Michel Landert, principal of Zurich - based Harmony Investment Managers’ Pro Fund FX program, expects the trend of strong performance in short-term currency programs to continue. His program earned 31.44% in 2007 trading forex markets from one to four days. “It will be a longer-term trend because of the increase in volatility. A lot of long-term guys are getting stopped out of the market. If volatility stays high, short-term traders will perform quite well,” Landert says.

The greatest spike in volatility was due to the subprime crisis and resulting liquidity crunch. “They have to bring in liquidity and they have to close out positions,” Landert says.

Markets can move for either fundamental or technical reasons, but the credit crunch caused greater volatility because many participants in forex needed cash due to a downgrade in a credit position. They needed to find liquidity fast and exit the currency markets. They were not reacting to any technical or fundamental analysis in the euro or yen or Swiss franc but to a sudden need for cash. “Subprime woes have a lot to do with the volatility. It is the major pairs that have the liquidity they need,” Kozak says.

The carry trade has long been used by professional forex traders as a way to add value to a portfolio. Basically you are buying the currency of a country offering higher interest rates and selling a currency from a country with lower interest rates.

Futures’ 2007 Top Trader Gregory Cotter (see March 2007) attributed much of his success in 2007 to taking the other side of an overheated carry trades in the EUR/JPY and GBP/JPY (see “Carried away,” above). Cotter noticed that any time he visited a currency related Web site, it was always discussing the carry trade. What was once an obscure insider trade had become mainstream and extremely oversubscribed.

Dighton took advantage of the overextension in the carry trade. “When you see imbalances in the carry trade three times what they normally are — then we take the other side, when the lenders are over stretched,” Moisseev says.

Kozak says that normally when the equity markets weaken, the carry trade falls. “When equity markets move higher they take more risk, same with carry traders.”

The large reversals in the carry trade corresponded with corrections in equity indexes in February and August.

“They got whacked in the carry trade,” says longtime forex trader Osman Ghandour. Ghandour has avoided the volatility of forex in playing his short-dollar position by simply being long gold. “I am still long gold and am comfortable staying long over $1,000.”

Landert says it is harder from a psychological standpoint for a long-term trader to buy a new high, which brings another factor in increased volatility. Many traders expect the dollar to have a strong rebound and this has caused spikes any time the dollar shows signs of life, as no one wants to be caught on the wrong side of a major move. This has meant some dramatic short-term spikes that stop programs out. Having the agility to move in and out of markets taking quick gains is an advantage in this environment.

An example is the March 4 tightening in Australian interest rates. Australia raised its short-term interest rates to 7.25% but indicated that this could be the last increase, causing a buy the rumor sell the fact sell-off. The Aussie dollar dropped more than 100 ticks based on speculation that this could be the last increase even though the U. S. Fed was likely to lower rates 50 to 75 basis points in two weeks, increasing the interest rate differential between the USD/AUD to a whopping 4.75%. The technicals indicated a bullish Aussie dollar and so did the fundamentals as even a neutral stance indicated a greater interest rate differential with the U. S. dollar in the future, yet many trend followers were stopped out.

Gelet says that his trading has improved because he has now completely automated his systems. “Before automated trading techniques you could trade only so many accounts and strategies,” él dice.

His trades last from a few hours to a couple of weeks. Algorithms determine the signal and the stop loss and profit target. He says that his models are better because they are intelligent systems that constantly change with additional data. “What we have developed is something that works in real time,” Gelet says. This is important because he believes the current volatility is here to stay. “What if the Chinese float [their currency]? That will make currencies more volatile. It will throw off all the models,” él dice.

Another factor in the success of short-term trading programs is the huge influx of small undercapitalized retail traders. Kozak points out that the influx of small retail traders as a result of the explosion of numerous forex trading platforms increases volatility and provides low-hanging fruit for short-term professional forex traders. “There are guys opening accounts for $300, $500, $1,000 using 100-1 leverage. Is it a level playing field?”

The answer is probably no, as short-term volatility knocks these traders out, but so far there has been a steady stream of people to replace them. And there has been a steady stream of short-term forex trading programs to pick off this low hanging fruit (see “Currency only”).

Will volatility remain?

“Volatility will be here for some time,” Merwitz says. “Risk aversion can jump into the market very quickly as a result of any number of causes, but even when the underlying cause has passed, which I don’t think it has, it takes some time for things to return to normal as traders’ jitters calm down.”

And forex may see the bulk of it. “The current volatility being experienced is by no means restricted to forex. It has been seen across almost all markets. Forex, however, has two characteristics that few other markets offer, and that is the ability to leverage high cheaply, which obviously increases the risk and reward, and the ability to sell short as easily as going long,” he adds.

Any trading program will perform better or worse in different market environments and there is no guarantee that a market will move in the future the same way that it is moving today. However the sheer number of factors contributing to the increase in volatility in forex markets would indicate that an elevated level of volatility in these markets will be around for a while.

“All these elements make the market more complex, adding to the volatility,” Kozak says. “They also give an edge to the shorter term trade. You have to be more nimble.”

Sobre el Autor

Editor-in-Chief of Modern Trader . Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange. Dan joined Futures magazine in 2001, before the name change to Modern Trader . and in 2005 he was promoted to Managing Editor, responsible for overseeing all the content that went into Futures and futuresmag. com. Dan’s incisive reporting and no-holds barred commentary places him among the most recognized national media figures covering futures, derivative trading and alternative investments.

Forex

Ultimate FX Sniper give you a complete risk management system that will allow you to make consistent high profits while risking very, very little. This system also takes emotion out of the equation – so you won’t leave a trade too early and miss out on even bigger profits or hang on to a trade too long and see all your profits evaporate. This system identifies potential money-making trades with startling accuracy. It’ll be like you have the world’s most accurate psychic telling you exactly what is going to happen next in the Forex market. This system is perfect for making money while you keep your day job – then when your trading income hits a certain level you can quit your boring job and focus solely on trading Forex from home. The strategy used with this system is trend following, plus trading support and resistance levels. This system allows you to enjoy on average 1 to 3 winning trades per day. The system comes with an easy-to-understand manual that includes templates, proprietary indicators and an installer. With Ultimate Fx Sniper. you won’t need anything else to become a profitable trader. It literally does everything for you. All you need to do is counting your profits. You simply pick the trades that work best for you and watch your trading account balance grow. Sure, there will be occasional misses but with a 90.1% accuracy mark those will be few and far between and thanks to this system’s risk management plan a loss will barely affect your account balance

FOREX SUPREME ROBOT” can predict price movements a few seconds before they even happen. It is not magic but an advanced IT technology that enables the Robot to “see” where the price is going; therefore you will always be on the right side of the market – on the winning side. Totally automated, working 24 hours a day, trading as you relax or rest. It is designed mainly for FX aficionados who have at least basic knowledge about Forex and have been trading already. Of course those who never traded before can buy it and with some instructions, use it perfectly as well. A ROBOT NEVER GETS TIRED. It can “run” 24 hours a day. And, doesn’t “gamble”. And doesn’t get emotional. Never gets excited when it makes big trades, or annoyed when it makes small trades or loses. With a good system, let the Robot do the “manual” trabajo. is designed to remove the “risk factor”, the fear of losing and the fact of losing. Stay relaxed. Use the “FOREX SUPREME ROBOT” on your platform and lie on the bed and watch a movie. Or lie on the beach and read a book and log in to see how your “FOREX SUPREME ROBOT” is accruing you trade profits. In Forex terminology the method which the “FOREX SUPREME ROBOT” uses is called “scalping”. It’s 100% legal, and and often used by experienced traders to make money by taking a few pips profit at a time. The scalping method allows mainly profitable trades to be open since the Robot “knows” the direction of the price movements within the next few seconds. The question is only “how much” it makes. Sometimes only 1 or 2 pips. But occasionally even 10 or 20 pips in just 1-10 up to 60 seconds. So watch the trades carefully, since you might even not notice them! So fast is the “FOREX SUPREME ROBOT”.

FOREX SUPREME ROBOT” can predict price movements a few seconds before they even happen. It is not magic but an advanced IT technology that enables the Robot to “see” where the price is going; therefore you will always be on the right side of the market – on the winning side. Imagine this is your own account where the “FOREX SUPREME ROBOT” is working on. Nowhere else can you watch real-time trades happening at the moment they are placed and closed. It cannot be more exciting to see how money is made right in front of your eyes. A Forex trading Robot has one big advantage. A ROBOT NEVER GETS TIRED . It can “run” 24 hours a day. And, doesn’t “gamble”. And doesn’t get emotional. Never gets excited when it makes big trades, or annoyed when it makes small trades or loses! With a good system, let the Robot do the “manual” trabajo.

Systems that always make money – regardless the ups and downs of currencies, conditions and market fluctuations, are called “Holy Grails”. Easy to fantasize about, hard to get one that in fact does this and brings you the pot of gold at the end of the rainbow. So don’t be misled by all the “hype” you hear. Most systems are not Holy Grails and for even the trader with great experience and finesse, there is always lurking the “risk factor. My “FOREX SUPREME ROBOT” is designed to remove the “risk factor” . the fear of losing and the fact of losing. Stay relaxed. Use the “FOREX SUPREME ROBOT” on your platform and lie on the bed and watch a movie. Or lie on the beach and read a book and log in to see how your “FOREX SUPREME ROBOT” is accruing you trade profits.

FX Flash is for you, if you have been working long and hard to become successful. Whether that involved going to school, getting good grades, getting a job, or just about everything else society expects you to do, then you probably find yourself stuck in an endless cycle of life. It’s a 100% automated software that fills your Forex account with profitable pips, giving you the time you need to take care of your family without the hassle of having to do everything yourself. You can just set up FX Flash and walk away. It trades with lower risk and higher accuracy than traditional trading systems. This means less stress for you, less worrying about waking up to dreadful trades or a destroyed account. It’s really easy to setup and get going. You don’t need any trading experience or to be tech savvy. It’s really simple to use, It’s really easy to setup and get going. You don’t need any trading experience or to be tech savvy. It’s really simple to use and It’s really easy to setup and get going. You don’t need any trading experience or to be tech savvy. It’s really simple to use, and also It’s based on proven fundamentals that have never and will never change. The trend is your friend and you should always trade with the trend, that is exactly what FX Flash does. Giving you a competitive advantage. It’s based on proven fundamentals that have never and will never change. The trend is your friend and you should always trade with the trend, that is exactly what FX Flash does. Giving you a competitive advantage and It’s based on proven fundamentals that have never and will never change. The trend is your friend and you should always trade with the trend, that is exactly what FX Flash does. Giving you a competitive advantage.

If You‘ve Got 8-10 Minutes, I’ve Got For You a Forex Trading System That Will Explode Your Income & Change Your Life FOREVER! Think Only the Insider Fat Cats Are Making Thousands a Day Trading Forex? You Better Think Again – And Remember With What I’m About to Reveal, You Don’t Need Any Experience & You Don’t Need Lots of Money in the Bank! This is a done-for-you solution. The System comes along with a Trade Assistant software. Buy/sell/SL/TP signals appear automatically on the chart… together with the alerts.

This is a manual trading system in which you have final say on all trades. The system will provide you with buy and sell signals that you can choose to act on or not. However the system comes with Trade Assistant software that will give you all the alerts needed enter, exit, place stoploss/target profit. Everything is almost 100% automated! This system makes this a really easy decision by taking emotion out of the equation – it gives you clear visual signals of not just went to enter a trade but when to exit for maximum profits. Just follow the signals to watch your account balance grow and grow and grow.

It doesn’t require hours and hours of hard work and research!

It doesn’t require any charting whatsoever!

And it doesn’t require you to take any crazy risks with your money!

Forex Pro Star Details

Forex PRO Star is software which provides trading signals from two professional trader Joe O Reilly and Richard. Two traders provide trading signals automatically executed on the client’s account once a star PRO Forex MT4 platform has been installed on the client.

The developers claim that one of their customers to make $ 13K in one month using PRO Forex Star and other customers to make a profit of $ 75K on a deposit of $ 5K. Both developers have made a video in which they log into their live MT4 account in front camera and show a profit of $ 63,552.17.

They also showed a Bank of America account with their bank account balance is greater than $ 900K. According to the developers, all the hard work done by them while customers only need to install the software and let the trades made ​​by them executed on client accounts automatically.

The developers of Forex PRO Star also provide a 30 day no questions asked money back guarantee so that anyone interested can test drive their signal software. According to the developers, anyone interested can test drive their PRO Forex with an investment of only $ 100 and if it makes $ 1.171% return, can continue to use the software on a monthly subscription of $ 47/month.

There is very little information about the Forex Pro Star. I know I say that a lot but this time I really mean it. If you go onto the website you see a couple of buy now buttons, results from one day of trading in what looks to be a binary options broker and very little else.

I find it very strange that this is the Forex Pro Star and they’re showing us results from a binary options broker. I guess you can trade Forex through these brokerages as well but it is very uncommon that the product will be promoted in this way. The results really don’t show us much either, they show a few different pairs and they show about nine trades and of those trades three are losers.

So the best results they were able to show us what the Forex Pro Star is actually a winning percentage around 70% over two days and that’s really all they show us. I really think that this is a binary options system and that it is just name being correctly but there is so little information about this product on the website it’s inconceivable.

Once you learn my system you will have a major advantage over most people trying to make money in the Forex market. With a little practice you can be winning in the Forex market unlike 95% of the others out there. And believe me, it’s sure a lot more fun taking money from them than it is letting them take money from you.

The Forex Trading Rules will teach you how to spot winning trades and also how to manage those trades for high profitability. I will show you exactly how to earn a consistent income from taking trades based on a sound trading plan. There are no tricks or gimmicks, just an easy-to-learn trading plan that can help you to grow your trading account at a steady rate while risking only 1%, 2%, or even less, on any one trade.

Here is a typical example of a trade using the Forex Trading Rules:

Within minutes you can get your hands on this powerful strategy. You simply cannot afford to miss out on this revolutionary Forex trading system. My system is an extremely simple-to-learn strategy designed to trade the 5-minute charts and the 15-minute charts on currency pairs with low spreads such as the GBP/USD, USD/JPY, EUR/USD, and others.

The Forex Trading Rules book includes step by step instructions that will teach you a strategy that can pull in consistent profits day after day using easy-to-recognize trading patterns. But even if you don’t know what a pip is, or what a currency pair is, don’t panic. I will teach you everything you need to know to be a winning trader.

The Forex Trading Rules is a very clever strategy that can even turn potential losing trades into winners. The money management techniques you will learn can help reduce the amount of losing trades you experience which also protects your account balance.

Most people place a trade and then watch and worry . They watch the market move in their favor and then agonize when it suddenly reverses against them, often turning winning trades into losing trades. But by following just one of my trade management rules you will be able to turn many potential losing trades into winning trades very quickly. And once your trade has been turned into a winner you can rest easy from then on, knowing that you can win, but you can no longer lose. It gives you the opportunity to win and win big while removing the possibility of losing.

The Forex Trading Rules can give you small risks and big rewards . On the chart below you will see a FX trade returning a large profit. Can you imagine how much stress you would have experienced if you entered this trade, “scalped” a 10 pip profit from it, and then watched as it continued onward without you, costing you thousands of dollars? That would be stress with a capital “S.”

Here are just a few of the things you will discover inside the Forex Trading Rules:

Learn an entry system that has a very high probability of success while keeping your risk extremely low. You can place trades requiring a risk that is 1% or less while giving you the potential of earning profits many times that amount. In other words, minimum risk and maximum gain.

Easy-to-learn step by step instructions on all aspects of the FX Trading Plan Pro. It’s so easy even a 12 year old can learn it.

Easy-to-spot patterns. Some systems have very complicated rules, but the Forex Trading Rules relies on easy-to-recognize price patterns. Once you see a pattern you enter a trade. It couldn’t be any easier.

Learn trade management techniques that can turn many potential losing trades into winning trades.

Learn trade management techniques that can lock in profits quickly, allowing you to trade with much less stress.

Learn money management skills that can keep your losses small while allowing your profits to build to very large levels.

Learn the “golden goose” of trading, spotting market tops and market bottoms.

Here are some of the potential benefits from the Forex Trading Rules©:

The opportunity to win high percentages of money on your trading account!

Learn how to identify market reversal points, the key to huge profits.

See many actual chart examples with explanations of where to enter and exit.

Learn trade management tips to protect your account with this low-risk strategy.

Learn tips for turning potential losing trades into winning trades.

Learn how to turn trading into a full time income.

Learn how to easily spot bearish divergences and bullish convergences, two patterns that can help you spot extremely profitable trades. (These may seem like big words to you, but you will get a detailed explanation along with easy-to-understand charts concerning everything you need to know to be a successful trader)

My system is so effective you’ll wonder why I am not charging you 5 times as much for it! I certainly could? Many systems lose money or are satisfied with small profits. Imagine how much money you can rake in, consistently capturing large profitable trades. Imagine the thrill of knowing that each time you enter a trade you have a very high probability of success!

PIPSPEED PRO is a truly professional Expert Advisor that measures dramatic changes in price action and acts upon it. No lagging indicators are used. All trades have tight stops and a genuine way of taking profits. It makes about 100 trades per year, per currency pair. Profits average above 100% every year. Never more than 2 trades are opened per currency pair.

It is fully optimized for 13 currency pairs: eurusd, eurusd, usdchf, gbpusd, usdcad, audusd, nzdusd, eurjpy, usdjpy, gbpjpy, euraud, eurcad, eurgbp and xauusd. You’ll not find anything like this system on the internet. PIPSPEED PRO is optimized for H1 charts.

Pipspeed PRO is amazing system! No lagging indicators are used. All trades have tight stops and a genuine way of taking profits.

The EA looks at the 1H timeframe and detects strong volatile movements that predict a new momentum. Never more than 2 trades are opened. It is fully optimized for 8 Currency pairs as well as Gold. Optimizations for other currency pairs will follow in the near future.

Pipspeed PRO is developed for the 1H charts, but can also be optimized for other timeframes.

The EA looks at the 1H timeframe and detects strong volatile movements that predict a new momentum. Never more than 2 trades are opened. It is fully optimized for 8 Currency pairs as well as Gold. Optimizations for other currency pairs will follow in the near future.

This EA works “out of the box” so no optimization of the included presets is needed..ever!

Currency pairs: AUD/USD, EUR/AUD, EUR/CAD, EUR/GBP EUR/JPY, EUR/USD, GBP/JPY, GBP/USD NZD/USD, USD/CAD, USD/CHF, USD/JPY, XAU/USD Timeframes: H1 Started: 03/23/2017

Leverage may increase gains or losses. La negociación de divisas en margen conlleva un alto nivel de riesgo, y puede no ser adecuado para todos los inversores. You should make sure you understand the risks involved, seeking independent advice if necessary.

Los resultados anteriores y los resultados simulados no son necesariamente indicativos del rendimiento futuro. All the content on this website represents the sole opinion of the author and does not constitute an express recommendation to purchase and/or use any of the goods and/or services described on this website.

PA Trade stands for Price Action Trade. I created this EA with one thing in mind: the EA must perform all years with one single setting. And I’ve done just that. The EA uses price action patterns to select its trades on the daily charts.

The EA identifies 4 price action patterns to enter trades: inside bars, pinbars, high/low-breakouts and engulfing bars. ALL trades have a stoploss. Half of the trades have a fixed takeprofit, the other half uses a trailing stop. The EA is already optimized for 16 currency pairs and can be optimized for ANY other pair if you like.

The best way to use the EA is by letting it run on all 16 pairs (or more in the future) and trade the market as a whole. That way, the risk is spread among the different pairs and the growth curve is much smoother. Further optimization for other pairs will follow in the near future. Remember: you will never need to optimize it again in the future once a pair is optimized! PA Trade is developed for the daily charts!

Key Advantages of the EA:

No martiginale or grid.

Always use of stop loss to protect capital.

User-friendly.

Optimizable for all currency pairs (already optimized for: EURUSD, GBPUSD, AUDUSD, GBPJPY, EURJPY, USDCAD, USDCHF, USDJPY, EURGBP, AUDCAD, AUDNZD, NZDUSD, EURAUD, EURCAD, AUDJPY and XUAUSD).

Works for ALL years SINCE 2000 with one setting!

Very good Risk/Reward ratio.

Based on true Price Action signals on daily charts.

No scalping, no hedging.

Low drawdown.

slippage or spread-size don’t really matter.

Works on all brokers!.

Never need to optimize again!

PA-TRADE uses 3 different trade-entry strategies combined in 1 EA:

– Strategy 1: ​INSIDE BARS: The formation of inside bars is a good sign that price will break out strongly in one direction. PA-TRADE detects these inside bar formations and trade on the breakout of the mother candle.

– Strategy 2: PINBARS: The formation of a pinbar on a daily charts is a clear indication that the price is being rejected at a certain level. These pinbars are a good price action pattern to consider when looking for profitable trades. PA-TRADE detects these pinbars and selects a good entry point for the trade (sometimes at the break of the pinbar, sometimes at a retracement of the pinbar).

– Strategy 3: HIGH/LOW BREAKOUTS: When the price break through the high or low of a longer period on the daily charts, it is a good indication that price will move to new highs or lows. PA-TRADE trades these breakouts always respecting a good Risk/Reward ratio.

– NEW. Strategy 4: ENGULFING BARS (see below): When the daily candle of the previous day totally engulfs the daily candle from the day before that one (close above the ‘high’ of a bearish bar, or close below the ‘low’ of a bullish bar), is an indication that the price will move strongly in that direction, especially in a strong trend.

Who Else Wants To Make Thousands In The Forex Market?

We all know we can’t depend on a corporate jobs these days because you never know when its time for lay-offs or job cuts, it can happen all of a sudden . Si usted fuera despedido mañana ¿tiene un plan para apoyar a usted ya su familia?

Secure Your Financial Future

Muchos de nosotros pasamos el tiempo mirando la TV y nos preguntamos a menudo cómo la gente consigue ponerse en las playas, bebe los cocteles, y pasa tiempo con sus familias todo el día y no tiene que trabajar un 9 a 5 como nosotros?

Siento que se supone que disfrutar de la vida, no estar atascado detrás de un escritorio todo el día o debo decir más del 75% de su vida.

I’m about to reveal something to you that will allow you to do things you see on TV everyday. people enjoying life. Ya no tendrá que preocuparse por lo que su futuro se celebrará, ya que tendrá un control total sobre lo que viene a continuación en su vida!

With Miracle Forex Secrets I will show you exactly how the banks and other successful people use the Forex market to achieve greatness in the currency exchange market.

When starting any business venture you should always follow a proven plan never take anyone’s word for it. I have spent tons of money perfecting this guide so that you too can enjoy doing the things you love to do without worry.

Most mistakes Forex traders make are….

Not knowing when to cut your losses! Never make things worst on yourself. Trading on feelings not going by the rules! Overtrading is a BIG one!

Te mostraré cómo evitar estos errores como la plaga para maximizar sus ganancias sobre una base diaria. If you jump right in without a plan it’s a recipe for disaster. It may all sound complicated but don’t worry —

I’ve Already Done All The Hard Work For You

The secret of the Forex market that almost all of traders miss…and how you can leverage the secrets to surpass other traders…

How to follow the market and know when to trade to gain the most, I will show you how to target the gaps in the market to rise above all other market trade

This is the complete blueprint to earning a six figure income minimum from the comfort of your own home…

Major benefits of Miracle Forex Secrets

Know what to trade and when. With guidance from Miracle Forex Secrets there will be little to, no errors made!

Be able to set your own hours and work from the comfort of your own home!

Be able to spend as much time with your family as want, and take vacations whenever you like!

You don’t need a website, any special training or previous experience – start filling up your bank account with massive cash right now!

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NEWS TICKER: THURSDAY, March 24th: BNP Paribas Securities Services has been awarded a mandate to provide Canaccord Genuity Limited with global clearing, settlement and foreign exchange services. Canaccord Genuity Limited is part of the global capital markets division of Canaccord Genuity Group Inc. offering institutional and corporate clients idea-driven investment banking, research, sales and trading services. BNP Paribas Securities Services will provide single agent solutions for clearing and settlement services across 100+ markets, underpinned by an extensive proprietary network as part of the mandate. “Canaccord Genuity Limited is a significant player in the UK broker-dealer space and we are delighted it has awarded us with this mandate,” explains Julien Kasparian, UK head of sales and relationship management for banks and brokers at BNP Paribas Securities Services - Tim Brazier has joined GFT, the leading provider of business, design and technology consulting to the financial services community, as Head of the newly created Application Simplification Practice. Brazier joins GFT from the Royal Bank of Scotland, where he was managing director of Application Simplification. He has over 10 years’ experience working in consultancy as both a practice head and COO at Thales Information Systems and Catalyst Ltd. At GFT, Tim will lead a specialist team within Design & Technology Consulting, where he will utilise his skills and knowledge gained in Architecture, Application Management, Business Consulting, Technology and Governance – with the long weekend coming up, traders look to be reluctant to take on large positions. Tomorrow US GDP data is due for release which could turn markets either way when trading resumes next Tuesday. Swissquote reports that “risk-off sentiment supporting gold is ironically helping the Russian economy to fight in the currency war and some of the previous losses against the greenback are likely to be erased”. As a consequence, the firm says it is reversing its position on the USD/RUB “and we think that the ruble should appreciate further to 65 for one green note over the next two weeks.” Yann Quelenn, market analyst explains: Russia – Buying gold starts to pay off: Earlier in 2017, the ruble reached its all-time low against the dollar (above 82 rubble) against a backdrop of collapsing crude oil. Russia’s economic situation is concerning. Its double-digit inflation makes any action from the central bank difficult. Yet, commodities have experienced a large surge over the past months. Gold has gained more than 14.19 since the start of the year and a barrel of Brent is now trading above $40. This is a great news for Russia for which gold represents 13% of its foreign exchange reserves and crude oil is a major source of revenues”. Swissquote believes the current upside momentum for gold is definitely helping the central bank to remove some pressures on the ruble. Indeed, the Russian currency has strengthened against the dollar and the price of gold - In Asia, the Straits Times Index (STI) ended 34.59 points or 1.2% lower to 2847.39, taking the year-to-date performance to -1.23%. The top active stocks today were DBS, which declined 1.48%, UOB, which declined 1.22%, OCBC Bank, which declined 2.62%, SingTel, which declined 0.26% and Keppel Corp, with a 2.82% fall. The FTSE ST Mid Cap Index declined 0.69%, while the FTSE ST Small Cap Index declined0.99%. That pretty much reflects the mood as we move into the Easter weekend. Stocks in Shanghai fell 1.63% and the Shenzhen Composites settled down 1.39%. In Hong Kong, the Hang Seng slid 1.41%, while Japan's Nikkei Stock Average fell 0.6%, and the broader Topix index was down 0.70%. while Australia's commodity-heavy S&P ASX200 fell 1%. Global stocks extended losses, as a resurgent dollar and weaker commodities prices cut into the rally of recent weeks. Copper and iron ore prices dipped today while Brent crude oil is down to $40.08 a barrel, largely a result of news that US crude oil stockpiles are larger than expected. The EIA’s latest report suggests US commercial crude inventories increased by 9.4m barrels last week, compared to an expected increase of 2.5m barrels. WTI naturally fell and has once again dropped below the relatively reassuring $40 threshold in overnight trading. As the dollar has strengthened to its highest point for a week, the impact on emerging markets has necessarily been to the downside. We still think warnings of a US rate hike any time soon are over-egging the influence of the hawks in the US Federal Reserve’s FOMC; we might be wrong, but we think that Yellen will insist on caution while markets remain so twitchy. However, the hawks have it for now, and the result is that the dollar continues to strengthen. The euro was last down 0.2% against the dollar at $1.1166, while the dollar was up 0.4% against the yen at ¥ 112.8920. According to Peter O’Flanagan, head of trading at Clear Treasury, “Interestingly, the JPY was not a benefactor of safe haven flows, the JPY has appreciated consistently over the last couple of months, even despite BOJ dropping deeper into negative rates, the recent rally perhaps suggesting the JPY strength is becoming a problem for the BOJ. Last night’s BOJ minutes suggest concerns on the lack of impact of NIR policy, suggesting perhaps additional easing may be required, leading to JPY weakness”.- Today traders will be watching Gfk consumer confidence from Germany; manufacturing confidence from France; PPI from Sweden; industrial orders from Italy; retail sales from the UK and Italy; Turkey’s rate decision (no change expected); initial jobless claims, durable goods orders and Markit service and composite PMI from the US – The next ticker and set of news updates will take place on Tuesday, March 29th. We will all our readers and clients a very happy and restful Easter break.

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Latest Video

Midyear Equities and Fixed-Income Outlook: Central Banks Fuel Global Stock Rally

Wednesday, 30 July 2017 Written by Alfonso Esparza

Midyear Equities and Fixed-Income Outlook: Central Banks Fuel Global Stock Rally The combination of low volatility and the low-rate environment created by central banks has given risky assets carte blanche as investors continue to disregard geopolitical risk in the search for higher yields. Economic recovery in the United States -- and to the International Monetary Fund’s (IMF) surprise -- England contrast with the struggle with deflation in Europe and falling exports in Japan. http://www. ftseglobalmarkets. com/

The combination of low volatility and the low-rate environment created by central banks has given risky assets carte blanche as investors continue to disregard geopolitical risk in the search for higher yields. Economic recovery in the United States -- and to the International Monetary Fund’s (IMF) surprise -- England contrast with the struggle with deflation in Europe and falling exports in Japan.

Quantitative easing (QE) policies around the world have fed stock rallies. Lower-for-longer continues to be the mantra of 2017. The U. S. Federal Reserve will end the tapering of its bond-buying program in the fall. Chair Janet Yellen had famously hinted that rate hikes would begin “six months” after the end of tapering. This would put the first U. S. interest rate rise in the spring of 2017.

Billionaire investor Warren Buffet has praised former Fed Chair Ben Bernanke for doing what was necessary. In this case, keeping rates low to boost economic growth has benefitted stock market investors. Buffet continuously warned bond investors that he sees them as a terrible investment as the asset class has been inflated by the Fed’s stimulus.

Global equity markets have enjoyed a record high year. Developed and emerging markets have taken advantage of record low rates. The big exception is Russia which is suffering because of tough U. S. and European Union sanctions after its involvement in Ukraine. It has to be said that the fall would have been much worse if major central banks had not been running accommodative policies.

Equity Markets Deaf to Geopolitical Shocks

Equity markets have for the most part ignored geopolitical risks. 2017 has been full of close election cycles; the Ukraine-Russia crisis has dominated headlines, as have conflicts in Libya and Iraq, as well as Israel’s military incursion in the Gaza Strip. Public company earnings have stoked investor appetite as major indices print one record high after another. Mergers and acquisitions, even in cases where both companies are underperforming, have resulted in positive stock returns in the current climate.

Central Bank Divergence on Tap

Central banks established QE programs after the 2008 crisis to inject liquidity into the system and avoid a global meltdown. Some economies have fared better than others. The U. S. was singled out by the IMF last year for moving ahead of Japan and Europe in terms of growth. An unusually harsh winter made a big dent in the first quarter of 2017, but the U. S. economy seems to have thawed out and is pushing ahead. The Fed was the most likely candidate of the first major economy interest rate hike until the United Kingdom overtook it in the summer.

After the U. K. economy recovery surprised both the IMF and even the Bank of England (BoE), Governor Mark Carney sought to be ahead of the curve, and there were heavy hints of a hike before the end of the year. After disappointing retail sales data and a few flip-flop statements, Carney was labeled an “unreliable boyfriend” by a U. K. member of parliament. The Fed remains in the pole position for a rate hike, but expectations are of spring at the earliest with a possible delay until mid-2017.

On the other end of the table, the central banks of Japan and Europe will be forced to step in actively in the second half of the year. The Bank of Japan (BoJ) has so far been able to use only rhetoric, but it is running on the fumes of its massive stimulus in March of 2017 which made Abenomics a concrete reality. To counter the long-lasting effect of the sales tax and the hard-to-visualize legal reforms, the BoJ will have to step into the spotlight if Prime Minister Shinzo Abe’s goal of creating a Japan comeback story is to materialize.

The European Central Bank (ECB) has rarified normal market dynamics so that even Spanish bond yields are below U. S. Treasurys given the default risk and eurozone breakup risks are minimal. German bunds that are a destination for risk-averse investors are posting yields that were last seen before the fear of a potential eurozone breakup. Low European yields will push the ECB into providing further stimulus. Expected actions by both the Fed and the ECB will further increase the divergence between bunds and Treasurys.

European and Japanese equities will continue to attract investors as both countries’ central banks will continue to keep adding liquidity in order to spark growth.

A Topsy-Turvy World Looks for Guidance Down Under

The Reserve Bank of New Zealand (RBNZ) has raised its benchmark rate four times this year to 3.5%. It was the first of the western economies to start increasing rates. RBNZ Governor Graeme Wheeler has been optimistic about New Zealand’s growth and that of its main trading partners. The central bank has signaled that the current rate will be held for some time, most likely after the Fed makes its move in 2017. The challenge facing New Zealand and Australia is how to balance a booming housing market from turning into a bubble while at the same time keeping their currency devalued to aid exporters.

The expectation Down Under is that the Fed will hike in 2017 with a high probability that the U. S. benchmark rate will finish the year at 1%. The Antipodean central banks are positioning themselves ahead of a U. S. economic recovery which would strengthen the USD and give New Zealand and Australia an exporting edge. The risk, of course, is if that recovery does not materialize or if the rate hikes are too sudden it could have global consequences the IMF warned about.

Some Markets are More Emerging than Others

Emerging markets have weathered the storm, but fundamentals will continue to differentiate between solid performers and riskier propositions. Twin deficit countries will suffer (Brazil, Indonesia, Turkey and South Africa) while countries like Mexico and Korea can take advantage of strong economic fundamentals to keep boosting stock and currency strength in 2017.

Flip or Flop Home Edition

Poor Granny has gotten herself in trouble again. She forgot to pay her taxes and now the Government has taken beautiful house. Now You have to help your poor Granny and start buying, renovating and selling houses. This is no easy task with over 99 houses to improve and make money selling you will have to match 3 your way thru tons of hours of gameplay to achieve your goal.

3 modes of Difficulty for 3X the replay ability

Over 100 renovating Levels

10 Different renovation pieces

4 different Neighborhoods to renovate and explore

New customers get your first game for $2.99!*

Use Coupon: NEW299

* Collector's Editions and free to play games not included.

Game System Requirements:

OS: Windows 2000/XP/VISTA/7/8

CPU: 600MHz or faster Processor

RAM: 128 MB

Big Fish Games App System Requirements:

Browser: Internet Explorer 7 or later

Flip or Flop Home Edition 3.2 5 6 6

Great timed game I very rarely like or buy timed match-3 games and even when I do I can't finish all the levels so it was a rare treat that I could. So I loved the fact that it was easy (or forgiving) enough. If you're faster you can make more money faster and buy Granny's home sooner but if you're slow like me you still can earn money and "flip" the house even if you don't complete it. I will replay so I can pay more attention to the renovation rather than just rushing to match. April 1, 2017

my 8th big fish review this game would be much more fun, if it was a little more challenging. but its still fun to play. it took me a while to figure out, but when i did, i enjoyed it. i just wish it wasnt so easy to play. November 5, 2012

It's a Different Kind of Match 3 In this M3 you don't swap, group or chain tiles. The goal is to make matches on the grid by clicking arrows located at the top, bottom, left and right sides of the grid, causing the line of icons to shift one place and match two other like icons, or a matching bomb, in the line (Note: the background color of the bomb tells you which icons you can match it with. Took me a while to figure that out!). It's not as easy as it sounds in the beginning. Your brain has to shift from what it knows in traditional M3 to this concept. You are given a certain number of each type of renovation material to collect to achieve the goal of the level. If you do, you increase your earnings and are able to move onto another property on that level to renovate. That's about all there is to this game, but the different kind of matching has it's appeal. I didn't care for the music but the graphics are bright and colorful. When you've earned enough money, the game will tell you that you're eligible to move to a better neighborhood where the purchase price of the properties is more in line with your current available funds. Give it a try. I enjoyed the trial, got about 30% through the game in the one hour, but not one I would purchase. October 24, 2012

Fun for a little while This was definitely a different sort of match 3. The sounds were ok, and so were the visuals. Didn't notice a storyline so much as I only made it through first level before getting a notice that I was allowed to play in other areas. Simply put it is a nice idea and was fun for awhile before getting bored. I would not play this game continuously on end like some. More for the easy to medium levels. March 23, 2017

Short fun game This game is very short with only four neighborhoods to play, from trailer park to very rich houses and there is no going back to completed areas once you move out of the neighborhood or any replay of level. It either flipped by earning money or flopped by losing money. There are no other objectives but to earn enough money to buy granny a house. It will cost you 3 million, ha. I love granny but dag, should of had to buy her a reasonable priced house and continue to earn money from flipping houses so you could buy furniture and other things. It would of helped in the monotony. The good things about this game is the match 3 variation on how you make matches. Instead of the traditional way, you have to slide the whole grid. I liked that and it made it fun and different. Also by flipping houses you had to repair items like the doors, windows, tile ect. which depended on the number of matches you made of that type in order to complete repair. If you made more of these matches than needed you wasted material and it reflected in your profits. The not so good was after you bought granny the house the game is over. No bonus free play or untimed unlock or nothing, you start at beginning and game starts new again without saving profile. Also it claims 3 difficulty levels, but you don't get to pick which ones you play, they are mixed in every neighborhood. You have to be good enough to play all difficulties. I got through the game with only flopping one or two houses so therefore made my money fast to move through the more profitable neighborhoods. It took very good concentration and quickness with that timer going, so the challenge was sufficient. I liked the easy to medium grid but hated the hard grid. It was too tiny and hard on the eyesight with too many like colors, they all started looking the same and hard to make matches. It didn't even offer a shuffle unless you were completely out of matches. Regardless even with the timer I managed to finish the whole game in one day. I was hoping it would have replay value with an endless story line so you could continue to play. Maybe to earn money to pay granny's monthly bills, but nope. They don't even give a trophy for any achievements. Very disappointing. Was it worth the buy? No. Maybe on a very good sale. I would hope they would improve it and come out with a flip or flop 2 because I did enjoy this type of match 3 and earning money with this concept. Just too short with one objective, although it was fun so I will recommend. February 1, 2017

My first review Here is my review. There is not a lot to do in the game. There should be more stuff. I thought the visuals and sound was pretty good. The game needed a lot more challenge. It is just getting matches in a grid when fixing a house and managing money. The storyline goes like this: Your granny forgets to pay bills and looses her house (which is more like a mansion). To buy her house back, you need to earn money by fixing up other houses. That's the review. Hope you enjoyed. April 15, 2012

1 - 6 of 6 Reviews

What is a Flip-Flop

We know that a latch is a digital circuit that can store one bit of data in it. A flip-flop is nothing but a latch with clocked inputs. It provides a control mechanism that enables or disables the registration of new inputs in to a latch. This is done by performing an AND operation on all the inputs with the Clock signal C so that the inputs get registered in to the flip-flop only when the Clock signal C is high or 1.

Thus the new input signals of an S-R flip flop (input bits S and R) synthesized out of an S-R latch (input bits S* and R*) by using a clock signal C can be written as:-

Thus when the clock signal C is 0, the inputs to the latch are 0 irrespective of the flip-flop inputs S and R. The output of the flip flop therefore retains the previous output and continues to act as a memory element. Such a control mechanism can help a designer to make sure that an output state of a flip-flop is available for use by the subsequent circuits in the system for as long as required without having to worry about any fluctuations in the input bits.

It is a good practice in digital systems to make changes in the inputs when the clock is low and then make the clock high to let the inputs to get absorbed in to the system. If any fluctuations in the input occur during the clock period, then the outputs will change with a chance of the previous output not getting processed by the subsequent circuitry and the system becomes unreliable.

The importance of this control mechanism is so much that flip-flops are now regarded as the basic memory elements in digital systems rather than latches. The flip flops are the basic building blocks of complex systems like shift registers, binary counters etc. Some of the most popular flip-flops are:

S-R Flip Flop D Flip Flop or Data Flip Flop. It is synthesized by shorting the S-R inputs and using an inverter before R. It is the basic building block of shift registers. J-K Flip Flop. It is synthesized by performing AND operations between S and Q bit and also R and Q bit and then driving the S-R flip flop by the outputs of these AND gates. Master-Slave J-K Flip Flop. It is synthesized by using two J-K flips in a Master-slave configuration to eliminate the race around condition.

T Flip-Flop. It is synthesized by shorting the inputs of an edge triggered J-K flip flop. It is used in binary counters.

Mensaje de navegación

Flip-flop

In the electronics world, a flip-flop is a type of circuit that contains two states and are often used to store state information. By sending a signal to the flip-flop, the state can be changed. In sequential logic, it is the basic element of storage. Flip-flops are used in a number of electronics, including computers and communications equipment.

The first flip-flop was built by William Eccles and F. W. Jordan in 1918 and called the Eccles-Jordan trigger circuit. The common term "trigger circuit" or "multivibrator" was used to describe the earlier flip-flops, which were two-state circuits. While basic in design, there were multiple varieties of these flip-flops: astable multivibrator, monostable multivibrator and bistable multivibrator. The latter variety was typical known as a flip-flop. Over time, there were a number of types of flip-flops developed, including D flip-flop, T flip-flop, and JK flip-flop.

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Форекс триггерной системы

Форекс триггерной системы

Форекс триггера - Система с Ebay на основе п Форекс триггера Нет Repaint Индикатор MT4. Форекс триггера ручной торговая стратегия, вы можете использовать для создания прибыль от рынка Форекс каждый день. Вы не должны быть опытным трейдером, чтобы иметь возможность использовать его. На самом деле, даже если у вас нет опыта торговли на все, что вы до сих пор делают много денег от него, как про трейдеров.

Он содержит одного выполненного на заказ индикатора. Каждый раз, когда изменение направления вы получите всплывающее предупреждение до.

Идти в короткую Триггера Белый X появляется и зеленый крест линия красная линия в сторону снижения.

- Форекс триггерной системы PDF (Manual)

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Sentiment Indicators. Renko, Price Break, Kagi, Point and Figure

Sentiment Indicators. Renko, Price Break, Kagi, Point and Figure

Content. 1 The Geometry of Emotions and Price Action Building Investor Emotional Intelligence 2 Price Break Charts: Key Concepts High-Probable Entry Conditions What are Price Break Charts? Basic Concepts Reversal Distances: A Key Metric Consecutive High and Low Close Sequences Is the Reversal Serious? 3 General Trading Strategies for Applying Price Break Charts Trading in the Direction of the Trend after a Counterreversal Block Join the Trend after the Appearance of the First or Second Reversal Block Fibonacci Resistance Confi rmation Countertrend Scalper Always-In Strategy Flip-Flop Reversal Entry Momentum Trading—Six-Line Break Price Break and Volume Data for Equity Charts Multiple Setting Intervals and Price Break Charts

4 Applying Price Break Charts to Markets and Data S&P 500: Price Break Chart Patterns Using the Day Chart Crude Oil and Price Break Charts Microdetection of Sentiment Reversals — The Use of Price Break Charts for Momentum Trading Price Break and Tick-Level Price Action Six-Line Breaks and Fibs 5 Channel Patterns, Cycles, and Price Breaks Cycles and Price Break Charts 6 Multiple Market Applications of Price Break Charts Contemporaneous Visual Correlation of Instruments Volatility and Price Break Charts Price Break Charts and Sentiment Data: Innovative Applications Price Break Charts and the Global Financial Crises 7 Price Break Charts and Option Trading Selecting Direction with Price Break Charts Selecting the Strike Price Risk Reversal Price Break Charts Analysis for Currency Traders Price Breaks and Currency Volatility Smiles 8 Renko Charts Revived: The Microdetection of Sentiment What is Renko Charting? Tactical Trading Rules for Renko Charts Key Components of a Renko Charts Trade Step 1: Renko Chart Setting Sizes and Time Intervals Step 2: Select Chart Time Interval: Use Three Time Intervals Step 3: When a Trade Enters the Average Target of Profi tability, Turn On the Renko Charts Time and Bricks Renko Charts and Economic Data Release Trading Using Renko Charts to Enter Positions Renko Charts in Multiple Markets

Renko Charts and Six-Line Break: Tools for the Scalper Renko Bricks at the Tick Level Renko and Volume 9 Kagi Charts: Waiting for the Turn of Sentiment Kagi Chart Basics Buy and Sell Signals with Kagi Charts—When Yin Turns to Yang Kagi Charts: The Keys to the Turn of Sentiment Quantifying Kagi Charts Kagi versus Candlesticks—Which Is Better? 10 Point and Figure Charts How Point and Figure Charts Work Variations in Settings in Selected Markets Combining Chart Types 11 Integrating Price Break, Kagi, Renko, and Point and Figure Charting Using the Price Landmark Matrix 12 New Directions in Sentiment Analysis: Charting Words Decreasing Frequency Comparison 13 Beyond the Trend: Cycle Indicators Independent of Time Cycle Detection and Projection Epilogue

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From: "Bonate, Peter, Quintiles" <pbonate@qkcm. quintiles. com> Subject: flip-flop kinetics Date: Fri, 2 Apr 1999 10:23:52 -0600

I have never had occassion to model a drug with flip-flop kinetics before. I understand that if you model a one-compartment system as C=A*exp(-alpha*t)+B*exp(-beta*t) then you have to assume that Ka>Kel. But what if you model a system as a series of differential equations: dX1/dt = - Ka*X1 dX2/dt = Ka*X1 - Kel*X2 with scaling parameter C=X2/V? Are the output rate constants from such a fit really the right values? The standard errors are quite precise and the fit appears excellent.

Unfortunately, I do not have iv data. Any comments on this would be appreciated. Gracias.

PETER L. BONATE, PhD. Clinical Pharmacokinetics Quintiles POB 9708 (L4-M2828) Kansas City, MO 64134 phone: 816-767-6084 fax: 816-767-3602

From: "Nick Holford" <n. holford@auckland. ac. nz> Subject: Re: flip-flop kinetics Date: Sat, 3 Apr 1999 09:07:56 +1200

Yes (well at least within the usual caveat of all models being wrong). The closed form solution parameterised in A, alpha, B,beta is obtained by integrating the DEs and hiding the DE parameterisation. The hiding of the parameters is part of the legacy of having mathematicians rather than biologists think about how to express the model. It does not change the solution. However, reparameterisation can change the final solution if the obj function minimum is not well defined because the search depends on the parameterisation. Any differences in the model prediction are usually small. If they are big something is wrong with the way the model is coded or the data is very poor for identifying the model parameters. -- Nick Holford, Dept Pharmacology & Clinical Pharmacology University of Auckland, Private Bag 92019, Auckland, New Zealand email:n. holford@auckland. ac. nz tel:+64(9)373-7599x6730 fax:373-7556 http://www. phm. auckland. ac. nz/Staff/NHolford/nholford. html

From: ABoeckmann <alison@c255.ucsf. edu> Date: Fri, 2 Apr 1999 16:04:23 -0800 (PST) Subject: flip-flop kinetics

I agree with Nick's comments on Peter's question. I'd like to add that I know of no reason why flip-flop should be any more or less likely when one uses an analytic solution (ADVAN2) vs. a numerical solution (integrating differential equations in ADVAN6). But the predictions from the two ADVAN's will inevitably have tiny numeric differences, and the estimation step *might* follow a slightly different path to the minimum, which *might* lead to a flip-flop with

one or both methods.

To avoid flip-flop, you can include observations of the drug in the depot (absorption) compartment. Probably you do not have this data.

Or, model your parameters so that KA>K

P. ej. KA = K + a term that must be positive

This can be done with both ADVAN2 and ADVAN6.

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Mount without tools to all popular seatpost sizes; set them high or low depending on frame design.

The Flip-Flop Advantage

Reversible support mast mounts in a high or low position: When more tire clearance is desired, flip the mast to the “rise” position.

Quick-release seatpost clamp mounts swiftly and securely: Use the lever to adjust the brace to the desired size and clamp it down.

Quick-release lever system allows the rack platform to be removed: Security and convenience: release levers to slide platform and cargo on/off.

Did you know? Because the Flip-Flop can be mounted in a high or low position, it is compatible with any frame size – from extra small to extra large.

Low Power Flip-Flop and Clock Network Design Methodologies in High-Performance System-on-a-Chip

* Los precios brutos finales pueden variar según el IVA local.

Abstracto

In many VLSI (very large scale integration) chips, the power dissipation of the clocking system that includes clock distribution network and flip-flops is often the largest portion of total chip power consumption. In the near future, this portion is likely to dominate total chip power consumption due to higher clock frequency and deeper pipeline design trend. Thus it is important to reduce power consumptions in both the clock tree and flip-flops. Traditionally, two approaches have been used: 1) to reduce power consumption in the clock tree, several low-swing clock flip-flops and double-edge flip-flops have been introduced; 2) to reduce power consumption in flip-flops, conditional capture, clock-on-demand, data-transition look-ahead techniques have been developed. In this chapter these flip-flops are described with their pros and cons. Then, a circuit technique that integrates these two approaches is described along with simulation results. Finally, clock gating and logic embedding techniques are explained as powerful power saving techniques, followed by a low-power clock buffer design.

Key words

Flip-flop small-swing low-power clock tree statistical power saving clock gating double edge-triggered logic embedding clock buffer

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Operacion circuitos contadores binarios, minimum risk option strategies.

OPERACION DE CICUITOS ELECTRONICOS DIGITALES 3203. Operación de circuitos con contadores. Binarios. - Síncronos. - Asíncronos. BCD. - Síncronos. Gratuitos Ensayos sobre Circuito Contador Binario Con 74293 para estudiantes. Use nuestros documentos de ayuda para su CONTADORES BINARIOS SÍNCRONOS La figura muestra un contador binario síncrono de n bits. El flip-flop contador y los circuitos de control asociados a éste son.

Operacion circuitos contadores binarios:

Circuito Contador binario - YouTube. Elmer Faucett Este trabajo se presentara el proceso para el diseño e implementación de una serie de números binarios utilizando un contador binario de cuatro. Contagem electrónica com circuitos binários. É um sistema de contagem. Diversos contadores de década que usam o BCD podem ser inter.

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La figura muestra un contador binario síncrono de n bits construido a base de. El flip-flop contador y los circuitos de control asociados a éste son una etapa del. En condiciones de operación normales, las entradas J y K de cada flip-flop. Contadores binarios Un contador es un circuito lógico secuencial que cuenta o acumula el número de impulsos de entrada y lo almacena como una palabra binaria.

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Análisis de circuitos lógicos empleando sistemas numéricos. B. Operación de circuitos con contadores. • Binarios. Síncronos. Asíncronos. • BCD. Síncronos. Operacion Logica OR osea O 1 ENCENDIDO Y 0 APAGADO A B R 0 - 0 = 0 0 - 1 = 1 1 - 0 = 1 1 - 1 = 1

Sequential Logic Circuits

Sequential Logic Basics

Unlike Combinational Logic circuits that change state depending upon the actual signals being applied to their inputs at that time, Sequential Logic circuits have some form of inherent “Memory” built in to them as they are able to take into account their previous input state as well as those actually present, a sort of  ”before” and “after” effect is involved with sequential logic circuits.

In other words, the output state of a “sequential logic circuit” is a function of the following three states, the “present input”, the “past input” and/or the “past output”. Sequential Logic circuits remember these conditions and stay fixed in their current state until the next clock signal changes one of the states, giving sequential logic circuits “Memory”.

Sequential logic circuits are generally termed as two state or Bistable devices which can have their output or outputs set in one of two basic states, a logic level “1” or a logic level “0” and will remain “latched” (hence the name latch) indefinitely in this current state or condition until some other input trigger pulse or signal is applied which will cause the bistable to change its state once again.

Sequential Logic Representation

The word “Sequential” means that things happen in a “sequence”, one after another and in Sequential Logic circuits, the actual clock signal determines when things will happen next. Simple sequential logic circuits can be constructed from standard Bistable circuits such as: Flip-flops. Latches and Counters and which themselves can be made by simply connecting together universal NAND Gates and/or NOR Gates in a particular combinational way to produce the required sequential circuit.

Classification of Sequential Logic

As standard logic gates are the building blocks of combinational circuits, bistable latches and flip-flops are the basic building blocks of Sequential Logic Circuits. Sequential logic circuits can be constructed to produce either simple edge-triggered flip-flops or more complex sequential circuits such as storage registers, shift registers, memory devices or counters. Either way sequential logic circuits can be divided into the following three main categories:

1. Event Driven – asynchronous circuits that change state immediately when enabled.

2. Clock Driven – synchronous circuits that are synchronised to a specific clock signal.

3. Pulse Driven – which is a combination of the two that responds to triggering pulses.

As well as the two logic states mentioned above logic level “1” and logic level “0”, a third element is introduced that separates sequential logic circuits from their combinational logic counterparts, namely TIME . Sequential logic circuits return back to their original steady state once reset and sequential circuits with loops or feedback paths are said to be “cyclic” in nature.

We now know that in sequential circuits changes occur only on the application of a clock signal making it synchronous, otherwise the circuit is asynchronous and depends upon an external input. To retain their current state, sequential circuits rely on feedback and this occurs when a fraction of the output is fed back to the input and this is demonstrated as:

Sequential Feedback Loop

The two inverters or NOT gates are connected in series with the output at Q fed back to the input. Unfortunately, this configuration never changes state because the output will always be the same, either a “1” or a “0”, it is permanently set. However, we can see how feedback works by examining the most basic sequential logic components, called the SR flip-flop .

SR Flip-Flop

The SR flip-flop . also known as a SR Latch . can be considered as one of the most basic sequential logic circuit possible. This simple flip-flop is basically a one-bit memory bistable device that has two inputs, one which will “SET” the device (meaning the output = “1”), and is labelled S and another which will “RESET” the device (meaning the output = “0”), labelled R .

Then the SR description stands for “Set-Reset”. The reset input resets the flip-flop back to its original state with an output Q that will be either at a logic level “1” or logic “0” depending upon this set/reset condition.

A basic NAND gate SR flip-flop circuit provides feedback from both of its outputs back to its opposing inputs and is commonly used in memory circuits to store a single data bit. Then the SR flip-flop actually has three inputs, Set. Reset and its current output Q relating to it’s current state or history. The term “ Flip-flop ” relates to the actual operation of the device, as it can be “flipped” into one logic Set state or “flopped” back into the opposing logic Reset state.

The NAND Gate SR Flip-Flop

The simplest way to make any basic single bit set-reset SR flip-flop is to connect together a pair of cross-coupled 2-input NAND gates as shown, to form a Set-Reset Bistable also known as an active LOW SR NAND Gate Latch. so that there is feedback from each output to one of the other NAND gate inputs. This device consists of two inputs, one called the Set . S and the other called the Reset . R with two corresponding outputs Q and its inverse or complement Q (not-Q) as shown below.

The Basic SR Flip-flop

The Set State

Consider the circuit shown above. If the input R is at logic level “0” (R = 0) and input S is at logic level “1” (S = 1), the NAND gate Y   has at least one of its inputs at logic “0” therefore, its output Q must be at a logic level “1” (NAND Gate principles). Output Q is also fed back to input “A” and so both inputs to NAND gate X are at logic level “1”, and therefore its output Q must be at logic level “0”.

Again NAND gate principals. If the reset input R changes state, and goes HIGH to logic “1” with S remaining HIGH also at logic level “1”, NAND gate Y inputs are now R = “1” and B = “0”. Since one of its inputs is still at logic level “0” the output at Q still remains HIGH at logic level “1” and there is no change of state. Therefore, the flip-flop circuit is said to be “Latched” or “Set” with Q = “1” and Q = “0”.

Reset State

In this second stable state, Q is at logic level “0”, ( not Q = “0”) its inverse output at Q is at logic level “1”, ( Q = “1”), and is given by R = “1” and S = “0”. As gate X has one of its inputs at logic “0” its output Q must equal logic level “1” (again NAND gate principles). Output Q is fed back to input “B”, so both inputs to NAND gate Y are at logic “1”, therefore, Q = “0”.

If the set input, S now changes state to logic “1” with input R remaining at logic “1”, output Q still remains LOW at logic level “0” and there is no change of state. Therefore, the flip-flop circuits “Reset” state has also been latched and we can define this “set/reset” action in the following truth table.

Truth Table for this Set-Reset Function

It can be seen that when both inputs S = “1” and R = “1” the outputs Q and Q can be at either logic level “1” or “0”, depending upon the state of the inputs S or R BEFORE this input condition existed. Therefore the condition of S = R = “1” does not change the state of the outputs Q and Q .

However, the input state of S = “0” and R = “0” is an undesirable or invalid condition and must be avoided. The condition of S = R = “0” causes both outputs Q and Q to be HIGH together at logic level “1” when we would normally want Q to be the inverse of Q. The result is that the flip-flop looses control of Q and Q. and if the two inputs are now switched “HIGH” again after this condition to logic “1”, the flip-flop becomes unstable and switches to an unknown data state based upon the unbalance as shown in the following switching diagram.

S-R Flip-flop Switching Diagram

This unbalance can cause one of the outputs to switch faster than the other resulting in the flip-flop switching to one state or the other which may not be the required state and data corruption will exist. This unstable condition is generally known as its Meta-stable state.

Then, a simple NAND gate SR flip-flop or NAND gate SR latch can be set by applying a logic “0”, (LOW) condition to its Set input and reset again by then applying a logic “0” to its Reset input. The SR flip-flop is said to be in an “invalid” condition (Meta-stable) if both the set and reset inputs are activated simultaneously.

As we have seen above, the basic NAND gate SR flip-flop requires logic “0” inputs to flip or change state from Q to Q and vice versa. We can however, change this basic flip-flop circuit to one that changes state by the application of positive going input signals with the addition of two extra NAND gates connected as inverters to the S and R inputs as shown.

Positive NAND Gate SR Flip-flop

As well as using NAND gates, it is also possible to construct simple one-bit SR Flip-flops using two cross-coupled NOR gates connected in the same configuration. The circuit will work in a similar way to the NAND gate circuit above, except that the inputs are active HIGH and the invalid condition exists when both its inputs are at logic level “1”, and this is shown below.

The NOR Gate SR Flip-flop

Switch Debounce Circuits

Edge-triggered flip-flops require a nice clean signal transition, and one practical use of this type of set-reset circuit is as a latch used to help eliminate mechanical switch “bounce”. As its name implies, switch bounce occurs when the contacts of any mechanically operated switch, push-button or keypad are operated and the internal switch contacts do not fully close cleanly, but bounce together first before closing (or opening) when the switch is pressed.

This gives rise to a series of individual pulses which can be as long as tens of milliseconds that an electronic system or circuit such as a digital counter may see as a series of logic pulses instead of one long single pulse and behave incorrectly. For example, during this bounce period the output voltage can fluctuate wildly and may register multiple input counts instead of one single count. Then set-reset SR Flip-flops or Bistable Latch circuits can be used to eliminate this kind of problem and this is demonstrated below.

SR Flip Flop Switch Debounce Circuit

Depending upon the current state of the output, if the set or reset buttons are depressed the output will change over in the manner described above and any additional unwanted inputs (bounces) from the mechanical action of the switch will have no effect on the output at Q .

When the other button is pressed, the very first contact will cause the latch to change state, but any additional mechanical switch bounces will also have no effect. The SR flip-flop can then be RESET automatically after a short period of time, for example 0.5 seconds, so as to register any additional and intentional repeat inputs from the same switch contacts, such as multiple inputs from a keyboards “RETURN” key.

Commonly available IC’s specifically made to overcome the problem of switch bounce are the MAX6816, single input, MAX6817, dual input and the MAX6818 octal input switch debouncer IC’s. These chips contain the necessary flip-flop circuitry to provide clean interfacing of mechanical switches to digital systems.

Set-Reset bistable latches can also be used as Monostable (one-shot) pulse generators to generate a single output pulse, either high or low, of some specified width or time period for timing or control purposes. The 74LS279 is a Quad SR Bistable Latch IC, which contains four individual NAND type bistable’s within a single chip enabling switch debounce or monostable/astable clock circuits to be easily constructed.

Quad SR Bistable Latch 74LS279

Gated or Clocked SR Flip-Flop

It is sometimes desirable in sequential logic circuits to have a bistable SR flip-flop that only changes state when certain conditions are met regardless of the condition of either the Set or the Reset inputs. By connecting a 2-input AND gate in series with each input terminal of the SR Flip-flop a Gated SR Flip-flop can be created. This extra conditional input is called an “Enable” input and is given the prefix of “ EN “. The addition of this input means that the output at Q only changes state when it is HIGH and can therefore be used as a clock (CLK) input making it level-sensitive as shown below.

Gated SR Flip-flop

When the Enable input “EN” is at logic level “0”, the outputs of the two AND gates are also at logic level “0”, (AND Gate principles) regardless of the condition of the two inputs S and R. latching the two outputs Q and Q into their last known state. When the enable input “EN” changes to logic level “1” the circuit responds as a normal SR bistable flip-flop with the two AND gates becoming transparent to the Set and Reset signals.

This additional enable input can also be connected to a clock timing signal (CLK) adding clock synchronisation to the flip-flop creating what is sometimes called a “ Clocked SR Flip-flop “. So a Gated Bistable SR Flip-flop operates as a standard bistable latch but the outputs are only activated when a logic “1” is applied to its EN input and deactivated by a logic “0”.

In the next tutorial about Sequential Logic Circuits . we will look at another type of simple edge-triggered flip-flop which is very similar to the RS flip-flop called a JK Flip-flop named after its inventor, Jack Kilby. The JK flip-flop is the most widely used of all the flip-flop designs as it is considered to be a universal device.

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Review Apple TV best for iTunes addicts

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(CNET. com) — Apple’s answer to the digital media adapter is finally here.

The Apple TV is essentially a stationary, networked iPod that lets you enjoy all of your iTunes digital media (video, audio, and photos) on the wide-screen HDTV and sound system in your living room — rather than the confined screens of your video iPod or your PC.

The good news is the $300 Apple TV largely succeeds in bringing iPod-like simplicity and elegance to TV-based network media devices. The bad news is its narrow iTunes-only compatibility severely limits the quantity — and quality — of the video content you can enjoy on your TV.

The box

The Apple TV itself is a tiny silver square with rounded corners measuring 7.7 inches per side and just 1.1 inches high. That’s far smaller than most standard DVD players and stereo equipment; like the similarly sized Mac Mini (Read review ) or Nintendo Wii (Read review ), the Apple TV will fit just about anywhere.

It also sports a minimalist aesthetic that’s classic Apple — the front panel has only a power light and the remote sensor. There are absolutely no buttons, nor is there a front-panel display.

Once you plug it in, it’s always on.

There’s no cooling fan, which makes for essentially silent operation, an important feature in a home theater device. The box does get at least as hot as your average laptop, however, so be sure to give it plenty of ventilation.

The included remote will be familiar to Apple aficionados. It’s the exact same gumstick-sized clicker that ships with recent iMac models, featuring the same five-way navigation pad found on an iPod Shuffle (play/pause, back/forward, and the plus/minus buttons), plus a menu button that doubles as back when navigating the Apple TV menus.

Unfortunately, the little remote can’t be programmed to control the volume of your TV or A/V receiver. Because it’s a standard infrared remote, you can program a universal remote to control the Apple TV.

Apple’s package includes the remote, the power cord, the instruction manual, and the unit itself. The lack of any A/V cables is a disappointment, though Apple is offering a selection of affordable XtremeMac cables at its online and retail stores. The HDMI cable, for example, costs $19.95. Of course, any compatible cables you have on hand will work just fine.

Connectivity

The Apple TV has a decent set of network and A/V jacks crammed onto its backside, but it’s by no means comprehensive. There are two video output options: component (red, green, blue) and HDMI. If you connect to a TV or an A/V receiver via HDMI, that single cable will handle video and audio. Otherwise, audio can be output via analog stereo (red and white RCA jacks) or optical digital.

The dearth of composite and S-video connectors means that the Apple TV is not just HD-friendly, it’s pretty much HD only–if your TV can’t support a 480p (enhanced definition), wide-screen image or better, you can’t use Apple TV. While we’re all in favor of future-proofing, a little backwards compatibility would’ve been nice, too.

Apple TV is the first digital media adapter we’ve seen to include built-in support for 802.11n wireless networking. That’s the latest — and fastest — iteration of the Wi-Fi standard. Designed to support speeds of up to 200 Mbps, the 11n standard is fast enough (on paper, at least) to deliver the high bandwidth required to stream high-def video.

The device will still interact with older wireless standards, but don’t expect 802.11g, and especially 802.11b, networks to reliably stream video. Thankfully, an Ethernet port is present for those who prefer to bypass wireless altogether and opt for a wired connection instead.

Apple TV also includes a single USB 2.0 port on the rear, but it’s currently just a service jack–meaning it lacks any consumer application for the time being.

Because the Apple TV doesn’t have a laptop-style external power brick, it is possible to get the device up and running with two cables–the power cable to wall outlet and an HDMI cable to the TV or A/V receiver.

Setup

Once we got our Apple TV review sample connected and powered up, it was time to go through the setup routine. On many such devices, connecting to a wireless network and interfacing with a connected computer can be a Sisyphean ordeal that taxes even the most patient and knowledgeable gadget fan. But with Apple TV, the setup process couldn’t be simpler.

After prompting us to choose a display language and a resolution (choices range from 480p, 720p, and 1080i to Euro-friendly 576p and 50Hz HD flavors), the Apple TV automatically searched for wireless networks in the area. We simply selected our Wi-Fi network of choice and entered the password on the onscreen keyboard (WEP and WPA encryption is supported).

Once it was on the network, the Apple TV displayed a random five-digit code, at which point the action turned to iTunes. We headed over to our Windows PC and booted up iTunes. Of course, Apple TV works equally well with Macs, although all computers you want the device to access have to be on the same network and turned on.

The computers must be running iTunes too. If you’re using the latest version (7.1 or later), it should automatically detect the Apple TV and show it under devices–the same header under which you see your iPod (Read review) when it’s connected. Enter the five-digit code, and your iTunes should immediately begin talking to your Apple TV.

The Apple TV will be authorized to play iTunes Store content purchased on your account, and you can check off which of your media types–movies, TV shows, music (including music videos and audiobooks), podcasts, and photos–you wish to synchronize with Apple TV.

If the sync options sound familiar, that’s because they’re identical to the options that iTunes offers when syncing to an iPod. And as with the iPod, you can make the syncing options as general (all TV shows) or as granular (only unwatched episodes) as you’d like.

Once the syncing options are applied, the files begin copying over from your computer to your Apple TV. Obviously, the first sync will be the longest–it’s far slower over the fastest network than syncing with your USB-connected iPod–and fat movie files will go considerably slower than TV shows and song files. However, with the exception of photos (which need to go through a bit of processing), all of the content to be synchronized is immediately available for streaming.

You also can stream content (but not sync) to the Apple TV from up to five additional computers. Other computers need only be invited to stream to the Apple TV.

To do so, choose sources on the main menu, enter the randomly generated five-digit security code, and you’ll be good to stream to the Apple TV. The process is simple enough that you can easily authorize, say, the laptop of a visiting friend, allowing playback of the latest episode of a favorite TV show–or a home movie–on the big-screen TV.

The interface

Most video-enabled network media devices have an onscreen interface that could best be described as serviceable–blocky text on monochromatic backgrounds that take you from one series of hard-to-navigate menus to the next. (A notable exception is the media boxes offered by Escient, such as the FireBall E2, but they’re considerably pricier than the Apple TV.)

Not surprisingly, the Apple TV’s interface is a thing of beauty–exactly what you’d expect from the company that’s been a trailblazer for interface and aesthetic design in the fields of computer hardware, software, and now, consumer electronics. The onscreen display looks just like a scaled-up iPod menu, with all of the familiar choices on the main menu — movies, TV shows, music, podcasts, and photos.

Settings also are available for changing configuration options and connecting to new PCs. But unlike a narrow-screen iPod, the Apple TV uses the left half of the wide-screen display to show contextual graphics — album art for music, logos for podcasts, posters and cover shots for movies and TV shows, and so forth.

Diving into submenus and pulling back out to main menus is — again — as simple and intuitive as doing so on your iPod: use the center play/pause button to select, plus/minus to move up and down a list, and menu to go back. When you enter a submenu or linger on, say, a movie selection, the graphic will pull back to show a short summary with relevant information (including running time, rating, and the like).

Otherwise, the system uses subtle animations and the iTunes cover flow effect to showcase your digital media. It’s all very cool, very slick, and very Apple.

After a few seconds of inactivity, the system will default to a screensaver that consists of a cavalcade of your photos, or a default set of natural landscapes. Any keystroke brings it back to life. Similarly, playing music shows the relevant cover art, if available, and the system will quickly flip-flop it from one side of the screen to the other. In other words, Apple TV is careful to ensure that plasma TV owners won’t find album art, titles, or photos burned into their screen.

Another nice usability touch to the system is smart resume. Apple TV remembers where you stopped watching a movie or a TV show — even if it was being watched in iTunes on your laptop. Returning to a previously watched video file gives you an option to resume from that point, or start from the beginning.

Because the Apple TV has live access to the Internet–something no pre-iPhone iPod could muster — it does have a few extra options you won’t find on your Apple portable. Movie and TV trailers, for example, are available for streaming live, straight off the Web. There was one curious omission, however: unlike iTunes, you can’t get streaming Internet radio stations on your Apple TV.

Streaming performance

We used two Windows PCs to stream content to the Apple TV–an old Dell laptop (with an 802.11g Wi-Fi card) and a Dell desktop on a wired network connection. Both were connected to a Belkin N1 router, to which the Apple TV also was connected wirelessly.

For streaming tests, we concentrated on video rather than audio–the higher bandwidth of video files has always been the biggest challenge. We purchased two movies (The Royal Tenenbaums and The Incredibles) and three TV episodes (one each from Lost, Battlestar Galactica, and The Office) to give the Apple TV a streaming torture test, and the results were impressive. Even before syncing, each of the videos was watchable within a few seconds of selecting from the menu.

Once it buffered up, the video was smooth and stutter-free in every case, even though it was streaming wirelessly from a laptop to a router in the next room and from the router (again, wirelessly) to the Apple TV. That said, don’t expect to fast-forward and rewind while streaming as easily as you would on a DVD–each time you do, the file needs to rebuffer to the new location.

Still, we’ve played with a lot of media streaming products that completely fall down when trying to rewind and fast-forward through long movie files, so the fact that the Apple TV offers usable navigation while streaming is a definite plus. As you’d expect, response time is much faster, smoother, and more DVD-like if the file has already been synchronized to the Apple TV’s internal hard drive.

Overall, we’d rate the streaming performance as excellent, and that was even while streaming from an 802.11g laptop (which is theoretically somewhat slower than the 802.11n maximum wireless speed). Of course, it’s always important to note that streaming performance is reliant on the vagaries of one’s network. Don’t expect smooth sailing if family members are simultaneously battling on Xbox Live, downloading a BitTorrent file, and making a Skype call, for instance.

Video quality

Unfortunately, the excellent streaming performance is offset by a drawback that’s more the fault of iTunes than Apple TV: generally disappointing video quality. Movies and TV shows in iTunes are currently available in what Apple calls near-DVD quality — a maximum of 640×480. Perhaps bad analog cable quality would be more descriptive–all of the videos were quite soft, lacking the sort of fine detail we’ve come to expect from well-mastered DVDs.

But the resolution isn’t the full story: we found the quality to be very uneven across our cross-section of sample videos. The Phyllis’ Wedding episode of The Office looked pretty good — no complaints for a 247MB file that cost us a mere $2. But Lost looked pretty chunky — square MPEG artifacts were clearly visible in the lush jungle scenes. Galactica looked even worse — the dark corridors and exterior space battles found in Resurrection Ship, Part 2 were muddy to the point of distraction.

The movies were somewhat better, but even nonvideophiles could pick out a litany of problems: Wes Anderson’s repeated panning shots in The Royal Tenenbaums showed considerably more frame judder than you’d see on DVD, and the various details of the family house — crowded bookcases and wood paneling — were often submerged in splotches of black and brown with no detail.

Similarly, false contouring artifacts were in evidence on the brick walls of the rooftop scene in the first chapter of The Incredibles, as well as on Jack-Jack’s head during the family dinner scene. The streaming movie trailers were worst of all: 300, Grindhouse, and Zodiac were all a mess–but they were freebies and streaming straight off the Web, so we were far more forgiving.

In other words, the video quality on the Apple TV wasn’t that different from what we found on products such as the MovieBeam and the RCA Akimbo Player. Likewise, especially when blown up on a big-screen (42 inches or larger) television, Apple TV videos were a step down from what you’d see on a $50 DVD player.

iTunes only To be clear, none of the video quality problems are necessarily the fault of the Apple TV. It’s the movies and TV shows that you’re buying at the iTunes Store that are falling down.

Even with the higher resolution (they were formerly optimized for 320×240), iTunes videos are still optimized for the small screen and the storage capacity of the iPod. And they look fine on that 3.5-inch screen, or even a 15-inch laptop screen.

But these same videos just can’t scale up to a 50-inch plasma without suffering. Ideally, Apple will someday begin selling files that are optimized for true DVD resolution (720×480) or even true HD resolution (1280×720), and do so with considerably less compression.

In the meantime, though, there’s not much of an alternative. That’s because the Apple TV is strictly a one-trick pony, and its trick is iTunes. Apple TV’s huge advantage in the market, compared to the competition, is it’s the only noncomputer networking product that’s capable of streaming content purchased from the iTunes Store — the number one digital media retailer in the world. But, unlike the majority of competing products, it can’t stream anything else. If it’s not in iTunes, the Apple TV can’t see it.

So it’s up to you to get your media files into iTunes–an easy task for music (CDs and MP3s), podcasts, and photos, but a much bigger challenge for videos.

Anything already encoded in the MPEG-4 or H.264 formats is generally good to go. But that leaves a lot of AVI, WMV, DivX, and Xvid files on many people’s hard drives with nowhere to go. Apple’s own Quicktime Pro ($30) offers an Apple TV-friendly conversion preset and plenty of third-party software is already or will soon be available, but to use it to get those other formats into iTunes requires a lot of transcoding. (Even worse: a lot of people have already done this to optimize their digital videos for iPod viewing. Those files will work on Apple TV, but the resolution will be so low that it’ll look horrible on your TV.)

For the record, the Apple TV is capable of handling files encoded at a maximum resolution of 1,280×720 at 24 frames per second, and 960×540 at 30 frames per second, all of which is scaled to the output resolution you select (480p, 720p, or 1080i).

What’s missing The narrow iTunes-only compatibility problem–and the iffy video quality found on many current iTunes Store offerings–is the biggest stumbling block to recommending the Apple TV. But there are some other problems as well.

For instance, while the audio quality for the movies and TV shows was fine, it was limited to stereo. Unfortunately, even if Apple wanted to encode its iTunes Store movies with surround sound, the Apple TV’s audio bandwidth (for video files) is a paltry 160kbps–far below the 640kbps standard found on surround-encoded DVDs. And the Apple TV’s hard drive is a mere 40GB–of which only 33 are usable. That’s far less then the 80GB you’ll find on an iPod that costs a mere $50 more.

Furthermore, the Apple TV has a superslick interface and the ability to pull content straight off the Net, including trailers for the most popular movies and TV shows. But if you want to actually buy them, you still need to run back to your computer — which could be in another room or on another floor of the house. We can understand why you wouldn’t want to browse the entire store using a six-button remote, but the inability to click-to-buy from a streamlined list seems a bit counterintuitive.

The easy setup, iTunes compatibility, and iPod-like interface and design is probably more than enough to make the Apple TV a slam dunk for consumers who are already faithful devotees of all things Mac and iPod. And there’s no denying that its design and video streaming performance bests similar network media products we’ve seen to date.

But the product’s iTunes-only compatibility means that you’re locked into Apple’s online offerings, which — for now, anyway — don’t look so good on exactly the sort of big-screen HDTVs with which the Apple TV is designed to be paired. If and when Apple improves the quality of its store’s offerings — or includes a better option for reading or converting existing video files — the Apple TV would be a much easier recommendation. Until then, it’s best suited for iTunes addicts only.

'I'm changing': Donald Trump casually announces policy flip-flop at debate

(AP Photo/Robert F. Bukaty) Donald Trump.

At the Thursday-night presidential debate, Donald Trump simply said he was "changing" his position on H-1B visas when he was confronted by his diverging statements on the issue.

Moderator Megyn Kelly pressed Trump on the visas, which allow foreign workers into the US to take jobs in high-skilled specialty occupations.

Mr. Trump, your campaign website to this day argues that more visas for highly skilled workers would, quote, "decimate American workers." However, at the CNBC debate, you spoke enthusiastically in favor of these visas. So which is it?

Trump shrugged off the question and said he was in favor of the visas.

"I'm changing. I'm changing. We need highly skilled people in this country," Trump said. "And if we can't do it, we'll get them in."

And one of the biggest problems we have is people go to the best colleges. as soon as they're finished, they get shoved out. They want to stay in this country. They want to stay here desperately. They're not able to stay here. For that purpose, we absolutely have to be able to keep the brainpower in this country.

Kelly seemed surprised at the ease at which Trump announced his policy change while his campaign website still indicated on Thursday night that he opposed the H-1B visa program.

"So you are abandoning the position on your website?" Kelly asked.

Trump replied: "I'm changing it and I'm softening the position because we have to have talented people in this country."

After the debate, however, Trump issued a statement suggesting that his position on the issue had not changed:

Megyn Kelly asked about highly-skilled immigration. The H-1B program is neither high-skilled nor immigration: these are temporary foreign workers, imported from abroad, for the explicit purpose of substituting for American workers at lower pay. I remain totally committed to eliminating rampant, widespread H-1B abuse and ending outrageous practices such as those that occurred at Disney in Florida when Americans were forced to train their foreign replacements. I will end forever the use of the H-1B as a cheap labor program, and institute an absolute requirement to hire American workers first for every visa and immigration program. No exceptions

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AXIATA

FY15 Q3 Results Highlight:

3Q15 normalised earnings (excluding gain on disposal of XL towers and FX loss on borrowings) increased 6.2%yoy to RM756.66m.

AXIATA reported 9M15 earnings of RM2,224.6m, an increase of +21.8%.

Impacted by higher operating costs, mainly from the Bangladeshi and Sri Lankan operations.

Axiata’s 9M15 capex increased by +26.2%yoy to RM3,470.0m largely directed to boosting its mobile data leadership. The bulk of the capex was spent on its Indonesian (XL) and Bangladeshi (Robi) operations amounting to RM1,234.0m and RM1,029.0m respectively.

Absolute EY%:

Historical

Trailing:

FY14 (EPS: 0.288) – 6.726 (Uncertainty Risk: MEDIUM)

R4Q (EPS: 0.334) – 7.803 (Uncertainty Risk: LOW)

Forward:

FY15 (EPS: 0.271 ± 5%) – From 6.006 to 6.639 (Uncertainty Risk: MEDIUM to HIGH)

FY16 (EPS: 0.299 ± 5%) – From 6.624 to 7.321 (Uncertainty Risk: MEDIUM)

EPS applied to reach the current stock price (6.11): 0.262

Industry

Trailing:

FY14 (EPS: 0.288) – 6.88 (Uncertainty Risk: MEDIUM)

R4Q (EPS: 0.334) – 7.98 (Uncertainty Risk: LOW)

Forward:

FY15 (EPS: 0.271 ± 5%) – From 6.14 to 6.79 (Uncertainty Risk: MEDIUM to HIGH)

FY16 (EPS: 0.299 ± 5%) – From 6.78 to 7.49 (Uncertainty Risk: MEDIUM)

5-Y DCF:

Good Scenario (8.0% – 10.0%): From 6.65 to 7.10 (Uncertainty Risk: MEDIUM)

Base Scenario (5.0% – 7.0%): From 6.04 to 6.44 (Uncertainty Risk: HIGH)

Bad Scenario (2.0% – 4.0%): From 5.48 to 5.85 (Uncertainty Risk: VERY HIGH)

Ugly Scenario (-2.0% – 0.0%): From 4.81 to 5.13 (Uncertainty Risk: VERY HIGH to EXTREME)

At current price (6.11), based on RDCF, assumption of FCFF growth rate in the next 5 years is 5.5%.

In my opinion, fair value of AXIATA range from 6.7 to 7.3. Uncertainty risk of fair value is from LOW to MEDIUM.

Future prospects of strong earnings growth from the group’s main operating segments i. e. Celcom and XL remains as the primary concern mainly due to intensifying competition.

Despite the IT and system problems limiting the group’s ability to launch new and more competitive products has largely been resolved, the group will still lag in terms of competitiveness. This is because its other peers have been rolling out very competitive products for the past many quarters, intensifying the price war.

XL’s transformation plan could be impacted as it battles Telkomsel and Indosat which are state-owned enterprises.

At present, both segments contributed more than 70% to the group’s revenue.

In addition, a sizeable exposure to forex would also apply downward pressure on the group’s profitability.

I will continue to hold AXIATA, and accumulate AXIATA when the timing is right.

At the time of writing, I owned shares of AXIATA.

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At the time of writing, I owned shares of AXIATA.

Changes:

24 Aug 2017 – First write up of AXIATA using new style, and covers FY15 Q2 results.

Important: MYR in ‘000s except per share data

Business Profile

The AXIATA Group is principally engaged in the provision of mobile services, leasing of passive infrastructure, and others such as provision of interconnect services, leased services, pay television transmission services and provision of other data services.

It provides its mobile communication services and network transmission related services predominantly in Malaysia under the brand name “Celcom”. The Group also has controlling interests in mobile operators in Indonesia (PT XL Axiata Tbk) under the brand name “XL”, Sri Lanka (Dialog Axiata PLC) under the brand name “Dialog”, Bangladesh (Robi Axiata Limited) under the brand name “Robi”, Cambodia (Smart Axiata Company Limited) under the brand name “Smart” and significant strategic stakes in India under the brand name “Idea”, and Singapore under the brand name “M1”. The Group also has stakes in non-mobile telecommunications operations in Pakistan under the brand name “Multinet”.

The Group has also established a communications infrastructure solutions and services company called “edotco”. The Axiata Digital Services unit was set up also to focus on digital entertainment, digital commerce, digital payment and digital advertising services.

The following chart shows revenue by geographical locations in 2017.

Ownership

Main shareholders of AXIATA are government linked and private institutional funds. Liquidity of this counter is very high.

Economic Moats

Cost Advantage (Moat: Narrow)

Higher ARPU if compare to DIGI, but lowest net profit margin if compare to MAXIS and DIGI.

Switching Costs (Moat: None)

Nowadays, changing Telco is piece of cake. However, good coverage service will retain subscribers longer.

Network Effect (Moat: Narrow)

Statistics shows that AXIATA subscribers are increasing over the years.

Number of CELCOM subscribers is higher than MAXIS and DIGI.

Intangible Assets (Moat: Narrow)

Large network of dealers and shops

Efficient Scale (Moat: None)

The following chart shows ROIC and CROIC of DIGI in the past 5 years. If you compare this to DIGI. AXIATA doesn’t enjoy economic moats as wide as DIGI.

Rentabilidad

AXIATA managed to grow its revenue in 4.8% CAGR (FY10: 15,620,674; FY11: 18,711,777). However, in contrast, AXIATA’s EBITDA didn’t grow in alignment to the growing revenue. This also shown in its declining margin, from 45.5% (FY11) to 40.2% (FY14). Based on Moody’s standard, AXIATA’s EBITDA margin is rated as A.

The drop in margin is mainly caused by:

Higher operating expenses in expanding business to other countries

Higher marketing costs

Aggressive competition in Indonesia has impacted profitability

Cost incurred in merge and acquisition activities

Higher customer acquisition costs (via heavy handset’s subsidies)

Leverage & Cash Flow

In the past few years, AXIATA has been taking quite a high gearing for M&A activities and business expansion. Por ejemplo,

2 Sep 2017 – AXIATA has an option to subscribe to its share, which may result in a cash outflow of about USD120m. AXIATA indicated that they are currently undertaking a business study of the above-mentioned cash call, which we believe the country’s policy execution risk will remain as one if its key consideration. As of end 2Q13, AXIATA has cash pile of RM6.6b with a gross debt to EBITDA ratio of 1.89x. The ratio is still below its optimal capital structure of 2.0—2.2x gross debt/EBITDA level, thus suggesting that AXIATA still has headroom to leverage up if need be.

24 Apr 2017 – PT XL Axiata Tbk (XL Axiata), a unit of Axiata Group Bhd, is seeking new funds to refinance its debt of 1.7tr rupiah (RM500m) in the second half of the year. Kontan, a local Indonesian finance and business newspaper, quoted XL Axiata finance director Mohamed Adlan, as saying after the company’s annual general meeting (AGM) two days ago that it had approached a few banks for new funds. However, he did not specify the banks. XL Axiata was reported to have amassed 24.97tr rupiah in debts as at the end of last year. Its debt-to-equity ratio grew to 1.63 times at the end of 2017 due to its acquisition of PT Axis Telekom Indonesia (PT Axis) for US$865m (RM2.83bn). XL Axiata was reported to have secured new funds early this year amounting to US$1bn, primarily to pay for the acquisition of PT Axis.

As of FY14, AXIATA’s leverage and cash flow are as below:

To avoid from being overly leveraged, AXIATA has been setting capex guidance. FY15 capex guidance is MYR4.8b.

Cobertura

For Telco, there are two important ratios to assess coverage:

(EBITDA-CAPEX)/ Int. Exp. – This ratio considers the ability of a telco to cover interest expenses after it has made the necessary re-investments into it core operations. The concept represents the need to maintain/sustain operating cash flow, while servicing ongoing interest payments. It is important in the telecommunications industry as substantial investments in evolving and existing technology are required.

(FFO+Int. Exp.)/ Int. Exp. – This ratio provides a measure of a telco’s ability to fund interest expenses from operational cash flow prior to payment of dividends, working capital movements, and capital expenditure investment.

By Moody’s standard, AXIATA’s coverage is rated as A, which is still at healthy level.

FY15 Q2 Results

6M15 revenue of RM9.45 billion (+2% y-o-y), was mainly driven by:

Dialog (+16.3% YoY) on the back of contribution from higher mobile revenue (+5.7% YoY)

Robi (+16.6% YoY) on growth in data revenue (+94.7% YoY)

Associates contribution (+88.5% YoY) especially contribution from Smart by 55.4% YoY.

Axiata EBITDA weakened by 5bps to 37.2%, but rose on absolute by 1% YoY in 6M15 respectively. Axiata high cost trend still not over and hence, shaving EBITDA margin to 37.2% YoY (-5bps) in 6M15. Celcom and Dialog clocked-in noticeably higher operating cost as it rose by 4% YoY and 21% YoY respectively.

Despite resolving its IT issue, Celcom’s 2Q15 performance has been impacted by the GST implementation with flip flop decision in prepaid reload decision that has stopped its dealer and reseller in the selling of Celcom reload, pushing revenue to drop by 6.3% y-o-y to RM1.8 billion. Despite that, subscribers grew by 61k q-o-q with notable addition in postpaid segment. Prepaid segment saw Celcom lost 122k subscribers derailed by price cuts war by telcos.(M&A Securities, 21 Aug 2017 )

XL’s net loss improved to IDR93 billion vs loss of IDR 758 billion in 1Q15 driven by lower forex losses. Revenue dropped by 7% y-o-y in 2Q15, however this was largely expected given the execution of XL’s new strategy to focus on higher value subscribers. EBITDA margins however improved to 35.5% (+16bps) on lower operating costs by 6.4% y-o-y on the back of lower network costs. The high value strategy has yet to translate into high subscribers numbers, which in turn declined by 6.1k subscribers. Management has guided 3 years transformation for XL separated under three waves, this includes revamping its product portfolio & pricing, stop high subscribers gross addition game, realigning traditional sales channels, and strengthening the management team. (M&A Securities, 21 Aug 2017 )

Dialog’s revenue improved by +6.5% y-o-y (constant currency) in 2Q15 driven by higher mobile revenue due to higher broadband revenue. EBITDA margins for the quarter weakened to 33.4% from 34.5% in 1Q15 as a result of higher customer related costs and regulatory costs. Robi’s revenue grew 5.6% y-o-y (constant currency) driven by higher data revenue. EBITDA weakened on both absolute and percentage by 2% y-o-y and 7bps respectively.(M&A Securities, 21 Aug 2017 )

Axiata’s capital spending accelerated by +28.7%yoy in 1H15 to RM2,284.0m in order to boost its mobile data leadership. Bulk of the capex was spent on its Indonesia (XL) and Bangladesh (Robi) operations amounting to RM894.0m and RM691.0m respectively.

Growth Drivers

4 Dec 2017 – Axiata buys 80% in Singapore’s Adknowledge Asia Pacific for US$9mil

9 Jan 2017 – Robi’s earnings growth potential

AXIATA’s strategic growth plans will focus on:

New services – investing aggressively in data services but moderately in digital services;

New approach – transforming its? traditional core business to digitalising promotions, pricing and products;

New assets – pursuing in-country consolidation, small investment in digital services, while cautiously and opportunistically expanding new footprint in the region (prudent investment philosophy).

More cost savings from collaboration with DiGi.

Peak utilisation rate of Celcom’s network is comfortable at 70%, with ample transmission capacity due to its collaboration with DiGi and leasing agreement with TM

Its entire network is now running on single RAN equipment, better than Maxis but on par with DiGi

A single RAN strategy can offer 21% savings for LTE deployment. (http://www. analysysmason. com/About-Us/News/Newsletter/Single-RAN-LTE-overlay-Oct2017-RDTW0/ )

27 Apr 2017 – In Indonesia, AXIATA have launched digital commerce through an integrated commerce website called elevenia. co. id. It is an open market platform where you buy and sell online. It is a joint venture with a company called SK Planet, which is owned by SK Telecom, the No. 1 player in South Korea. AXIATA is also doing a similar thing in Sri Lanka on a smaller scale.

2 Jul 2017 – Axiata announced that it has entered into an agreement with Samart Corporation Public Company Limited (Samart) to dispose its entire shareholding of approximately 24% of the total issued and outstanding share capital in Samart i-Mobile Public Company Ltd (Samart i-Mobile) for total gross consideration of approximately USD88.6m.

1 Oct 2017 – PT XL Axiata is selling its 3,500 telecommunication towers there to PT Solusi Tunas Pratama for Rp5.6 trillion (US$460 million / RM1.5 billion). The deal would enable XL Axiata to unlock the value of its telecommunication towers at an attractive price. The sale proceeds will be used to reduce XL Axiata’s debt. XL Axiata would lease back the telecommunication towers from Solusi for 10 years with competitive terms, which would result in cost savings.

Issues/Risks/Challenges

Irrational competition

AXIATA is highly leveraged, and AXIATA has to restrict its capex to RM4.8b as guidance (FY15). A stronger MYR could result in weaker earnings due to translation risks

Overpaying for M&A targets could result in impairment losses if the macro environment becomes unfavorable.

SMS revenue continues to be under pressure in Malaysia & Indonesia due to intense competition from internet players (OTT)

7 May 2017 – Weaker revenue with lower subscriber base. In line with XL’s new business model which shifted subscriber acquisition strategy from volume to value, its prepaid subscriber base fell to 52m (4Q14: 59m, 1Q14: 68m).

Shareholder Return

The table below is a simulation of shareholder return. Assumptions:

Commission paid is ignored in this simulation.

The current price is as of the time of writing.

Unit purchased is 1,000.

Stock price as of 25 Aug 2017 was 5.87.

Valuation

Historical EY% Valuation

Trailing:

FY14 (EPS: 0.288) – 6.62 (Uncertainty Risk: MEDIUM)

R4Q (EPS: 0.33) – 7.58 (Uncertainty Risk: LOW)

Forward:

FY15 (EPS: 0.285 ± 5%) – From 6.22 to 6.88 (Uncertainty Risk: MEDIUM)

FY16 (EPS: 0.308 ± 5%) – From 6.72 to 7.43 (Uncertainty Risk: LOW to MEDIUM)

EPS applied to reach the current stock price (5.81): 0.255

Industrial Avg. EY% Valuation

Trailing:

FY14 (EPS: 0.288) – 7.11 (Uncertainty Risk: MEDIUM)

R4Q (EPS: 0.33) – 8.14 (Uncertainty Risk: LOW)

Forward:

FY15 (EPS: 0.285 ± 5%) – From 6.68 to 7.38 (Uncertainty Risk: LOW to MEDIUM)

FY16 (EPS: 0.308 ± 5%) – From 7.22 to 7.98 (Uncertainty Risk: LOW to MEDIUM)

5Y DCF

Good Scenario (8.0% – 10.0%): From 6.68 to 7.13 (Uncertainty Risk: MEDIUM)

Bad Scenario (5.0% – 7.0%): From 6.06 to 6.47 (Uncertainty Risk: MEDIUM to HIGH)

Bad Scenario (2.0% – 4.0%): From 5.50 to 5.87 (Uncertainty Risk: HIGH to VERY HIGH)

Ugly Scenario (-2.0% – 0.0%): From 4.83 to 5.16 (Uncertainty Risk: VERY HIGH)

At current price (5.87), based on RDCF, assumption of FCFF growth rate in the next 5 years is 4%.

In my opinion, fair value of AXIATA range from 6.8 to 7.3 .

Peer Comparison

Compare to others, subscriber base of CELCOM increased constantly from FY10 to FY13. A slight drop in FY14 was mainly caused by price war from competitors in acquiring new customer base. CELCOM has the highest number of subscribers in Malaysia.

For postpaid segment, in overall, ARPU of three Telcos are stagnant, and CELCOM ranked No. 2. For prepaid segment, CELCOM ARPU can be considered the lowest one.

Prepaid service ARPU of CELCOM were adversely impacted from competition intensity especially in IDD services and aggressive prepaid sim pack offers in the market. This was further compounded by effects from post GST implementation confusion and challenges which slowed down operational momentum significantly in 2Q 2017.

Surprisingly, MAXIS prepaid ARPU increased from 34 to 38.

In terms of EBITDA Margin, compare to MAXIS and DIGI, CELCOM’s margin is the lowest one. Nevertheless, three of them enjoy very good margin so far.

In terms of CROIC and ROIC, AXIATA is obviously the least efficient company in generating revenue and cash flow. Despite MAXIS having some unfair competitive advantages in network infrastructure, DIGI is still able to achieve outstanding operational excellence in building very wide economic moats.

Going Forward

Future prospects of strong earnings growth from the group’s main operating segments i. e. Celcom and XL remains as the primary concern mainly due to intensifying competition. Despite the IT and system problems limiting the group’s ability to launch new and more competitive products has largely been resolved, the group will still lag in terms of competitiveness. This is because its other peers have been rolling out very competitive products for the past many quarters, intensifying the price war.

XL’s transformation plan could be impacted as it battles Telkomsel and Indosat which are state-owned enterprises. At present, both segments contributed more than 70% to the group’s revenue. In addition, a sizeable exposure to forex would also apply downward pressure on the group’s profitability.

I will continue to hold AXIATA, and accumulate AXIATA when the timing is right.

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Forex Trading: The Perfect Forex Trading System

Trading the Forex market has became very popular in the last few years. But how difficult is it to achieve success in the Forex trading arena? Or let me rephrase this question, how many traders achieve consistent profitable results trading the Forex market? Unfortunately very few, only 5% of traders achieve this goal. One of the main reasons of this is because Forex traders focus in the wrong information to make their trading decisions and totally forget about the most important factor: Price behavior.

Most Forex trading systems are made off technical indicators (a moving average (MA) crossover, overbought/oversold conditions in an oscillator, etc.) But what are technical indicators? They are just a series of data points plotted in a chart; these points are derived from a mathematical formula applied to the price of any given currency pair. In other words, it is a chart of price plotted in a different way that helps us see other aspects of price.

There is an important implication on this definition of technical indicators. The fact that the readings obtained from them are based on price action. Take for instance a long MA crossover signal, the price has gone up enough to make the short period MA crossover the long period MA generating a long signal. Most traders see it as "the MA crossover made the price go up," but it happened the other way around, the MA crossover signal occurred because the price went up. Where I'm trying to get here is that at the end, price behavior dictates how an indicator will act, and this should be taken into consideration on any trading decision made.

Trading decisions based on technical indicators without taking price action into consideration will give us less accurate results. For example, again a long signal generated by a MA crossover as the market approaches an important resistance level. If the price suddenly starts to bounce back off that important level there is no point on taking this signal, price action is telling us the market doesn't want to go up. Most of the time, under this circumstances, the market will continue to fall down, disregarding the MA crossover.

Don't get me wrong here, technical indicators are a very important aspect of trading. They help us see certain conditions that are otherwise difficult to see by watching pure price action. But when it comes to pull the trigger, price action incorporation into our Forex trading system will definitely put the odds in our favor, it will generate higher probability trades.

So, how to create a perfect Forex trading system?

First of all, you need to make sure your trading system fits your trading personality; otherwise you will find it hard to follow it. Every trader has different needs and goals, thus there is no system that perfectly fits all traders. You need to make your own research on various trading styles and technical indicators until you find a concept that perfectly works for you. Make sure you know the nature of whatever technical indicator used.

Secondly, incorporate price action into your system. So you only take long signals if the price behavior tells you the market wants to go up, and short signals if the market gives you indication that it will go down.

Third, and most importantly, you need to have the discipline to follow your Forex trading system rigorously. Try it first on a demo account, then move on to a small account and finally when feeling comfortably and being consistent profitable apply your system in a regular account.

Rupee closes at 2-yr low, falls 29 paise at Rs 65.83

The rupee plunged sharply by 29 paise to close at a fresh two-year low of 65.83 against the US dollar on high demand for greenback from banks and importers.

Heightened fears of a China-driven global economic crisis as well as worries of imminent Fed rate hike predominantly kept intense pressure on the domestic currency.

Besides, escalating tensions between South Korea and North Korea and weakness in emerging market currencies weighed on sentiments.

A combination of domestic factors like growth constraints in the midst of lack of revival in investment climate as well as weak earnings made a strong case for erosion in the rupee value, forex dealers said.

Heavy offloading in portfolios by foreign investors and global traders also led to the sudden rupee weakness, they added.

While, dollar continued to trade weak against a basket of other major currencies and slipped to a fresh six-week low, following emergence of confusing signals from the US Federal Reserve meet.

At the Interbank Foreign Exchange (Forex) market, the domestic unit commenced sharply lower at 65.73 as against Thursday's closing level of 65.54 at the Interbank Foreign Exchange (Forex) market on strong demand for the American unit as well as tracking early sell-off in local stocks.

It kept on descending as trading progressed to hit fresh two-year low of 65.91 in mid-afternoon trade before concluding at 65.83, revealing a sharp loss of 29 paise or 0.44%.

The rupee had touched a high of 65.69 during the session.

The US dollar index, which tracks the greenback against a basket of six major currencies, was 0.38% lower at 95.41.

Meanwhile, the benchmark BSE Sensex ended sharply lower by 241.75 points, or 0.88%, to settle at 27,366.07.

Master slave flip flop

Published: 23, March 2017

Flip Flop :

A Flip Flop is backbone of the digital electronics. It is one bit memory unit structure. It has two stable states and thereby is capable of serving as one bit of memory.

A flip-flop is generally controlled by one or two control signals and/or a gate or clock signal. The output often includes the complement as well as the normal output. As flip-flops are implemented electronically, they require power and ground connections.

Introduction to Basic Flip-Flop Circuit :

Two NAND gates or two NOR gates can be used to construct Flip flop. Each flip-flop has two outputs, Q and Q', and two inputs, set (1) and reset (0). This type of flip-flop is referred to as an SR flip-flop or SR latch. Conditions are sa follows :

When Q=1 and Q'=0, it is in the set state (or 1-state). When Q=0 and Q'=1, it is in the clear state (or 0-state). The outputs Q and Q' are complements of each other and are referred to as the normal and toggled outputs, respectively. The binary state of the flip-flop is taken to be the value of the normal output.

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If a 1 is applied to both the set and reset inputs of the flip-flop in figure below both Q and Q' outputs go to 0. This condition opposes the fact that both outputs are complements of each other. In normal operation this condition must be avoided by making sure that 1's are not applied to both inputs simultaneously.

(a) Logic diagram

Basic flip-flop circuit with NAND gates

The NAND basic flip-flop circuit in figure operates with inputs normally at 1 unless the state of the flip-flop has to be changed. A 0 applied momentarily to the set input causes Q to go to 1 and Q' to go to 0, putting the flip-flop in the set state. When both inputs go to 0, both outputs go to 1. This condition should be avoided in normal operation.

Master-Slave Flip-Flop

INTRODUCTION:

A master-slave flip-flop is constructed from two seperate flip-flops. One circuit serves as a master and the other as a slave..The master flip-flop is enabled on the positive edge of the clock pulse CP and the slave flip-flop is disabled by the inverter. The information at the external R and S inputs is transmitted to the master flip-flop. When the pulse returns to 0, the master flip flop is disabled and the slave flip-flop is enabled. The slave flip-flop then goes to the same state as the master flip-flop.

Logic diagram of a master-slave flip-flop

In addition to these two flip-flops, the circuit also includes an inverter. The inverter is connected to clock pulse in such a way that the inverted CP is given to the slave flip-flop. For example, if the CP=0 for a master flip-flop, then the output of the inverter is 1, and this value is assigned to the slave flip-flop. In other words if CP=0 for a master flip-flop, then CP=1 for a slave flip-flop.

A master-slave flip flop can be constructed using any type of flip-flop which forms a combination with a clocked RS flip-flop, and with an inverter as slave circuit.

An RS master-slave flip-flop consists of two RS flip-flops; one is the master flip-flop and the other a slave. The inverted CP is given to the slave flip-flop. Now when CP=0, the master flip-flop is disabled. So the external inputs R and S of the master flip-flop will not affect the circuit until CP goes to 1. The inverter output goes to 1 and it enables the slave flip-flop. The output Q=Y and Q'=Y'.

When CP=1, the master flip-flop is enabled and the slave flip-flop remains isolated from the circuit until CP goes back to 0. Now Y and Y' depends on the external inputs R and S of the master flip-flop.

Suppose that the flip-flop is in a clear state and no clock pulse is applied to the circuit. The external inputs given are S=1 and R=0. This input will not affect the state of the system until the CP=1. Now the next clock pulse applied should change the state to SET state (S=1, R=0). During the clock pulse transition from 0 to 1, the master flip-flop goes to set state and changes the output Y to 1. However this does not affect the output of the system since the slave flip-flop is isolated from the system (CP=0 for slave). So no change is observed at the output of the system.

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When the CP returns to 0, the master flip-flop is disabled while the slave is enabled. So the information from the master is allowed to pass through to the slave. Since Y=1, this changes the output Q to 1.

The output of the flip-flop and the external input with same clock pulse can be changed in case of the master slave flip flop. This is because the external input S can be changed at the same time while the pulse goes through its negative edge transition. When CP=0, change in external input S would not affect the state of the system. From this behavior of the master slave flip-flop it is quite clear that the state change in flip-flops coincide with the negative edge transition of the pulse.

Negative edge transition means an inverter is attached between the CP terminal and the input of the slave. In positive edge triggered master slave flip-flops an additional inverter is attached between the CP terminal and the input of the master. Such flip-flops are triggered with negative pulses. Negative edge of the pulse affects the master and positive edge affects the slave.

Timing Diagram

The timing relationship is shown in figure and is assumed that the flip-flop is in the clear state prior to the occurrence of the clock pulse. The output state of the master-slave flip-flop occurs on the negative transition of the clock pulse. Some master-slave flip-flops change output state on the positive transition of the clock pulse by having an additional inverter between the CP terminal and the input of the master.

Timing relationship in a master slave flip-flop

Need for implementing Master Slave Flip Flop:

Race Around Condition:

Consider a JK Flip flop. The excitation table of this FF is as given here :

1 1 Qn C (toggle of Qn)

Suppose that a clock of certain frequency is fed to the flip flop, and consider the case of J K being 11. The propagation delay of flip flop is very very less than the clock pulse time. The flip flop continues toggling the output an unpredictable number of times, thus leading to the final output after the pulse time of the clock is completed. At the end the clock pulse, the value of Q is uncertain. This continuous toggling of output when clock is HIGH is known as Race Around condition. This can be eliminated by

1. Clock time should be less than the propagation delay time of the latch.

2. By using Masterslave JK Flip flop.

Pulse-Triggered Master-Slave

These flip-flops are constructed from two separate flip-flops. The term pulse-triggered means that data are entered into the flip-flop on the leading edge of the clock pulse, but the output does not reflect the input state until the trailing edge of the clock pulse. This is due to the master flip-flop being rising edge triggered and the slave flip-flop being falling edge triggered as illustrated in the figure below.

R-S Master-Slave configuration

Master-Slave J-K Flip-Flop

A master slave flip flop is a cascade of two S R flip flops with feedback from the outputs of the second to the inputs of the first. Positive clock pulses are applied to the first flip flop and clock pulses are inverted before these are applied to the second flip flop.

The logic symbol for the master-slave flip-flop only indicates the initial inputs to the master and the outputs from the slave as indicated by the J-K master-slave flip-flop shown in figure

Logic symbol for J-K master-slave flip-flop

J-K Flip-flop Truth Table

Let us now examine the operation of the master-slave J-K flip-flop as shown in figure

Operation of master-slave J-k flip flop

Whe CK=1, the first flip flop is enabled and the outputs Q and Q(toggle) respond to the J & K according to its truth table. At this time the second flip flop is inhibited because its clock is LOW. When CK goes LOW, the first flip flop is inhibited and the second flip flop is enabled, because now its clock isHIGH. Since the second flip flop simply follows the first one it is referred to as slave and he first one as the master.

TIMING DIAGRAM OF MASTER SLAVE JK FLIP FLOP

Master-slave D flip-flop

Consider the following terms :

RIPPLE THROUGH: An input changes level during the clock period, and the change appears at the output.

PROPAGATION DELAY: The time between applying a signal to an input, and the resulting change in the output.

These problems can be overcome by masterslave D Flip flop.

A master-slave D flip-flop is created by connecting two gated D latches in series, and inverting the enable input to one of them. It is called master-slave because the second latch in the series only changes in response to a change in the first (master) latch.

The term pulse-triggered means that data is entered on the rising edge of the clock pulse, but the output does not reflect the change until the falling edge of the clock pulse.

It responds on the negative edge of the enable input usually a clock.

For a positive-edge triggered master-slave D flip-flop, when the clock signal is low (logical 0) the "enable" seen by the first or "master" D latch (the inverted clock signal) is high (logical 1). This allows the "master" latch to store the input value when the clock signal goes from low to high. As the clock signal goes high (0 to 1) the inverted "enable" of the first latch goes low (1 to 0) and the value seen at the input to the master latch is "locked". Nearly simultaneously, the twice inverted "enable" of the second or "slave" D latch transitions from low to high (0 to 1) with the clock signal. This allows the signal captured at the rising edge of the clock by the now "locked" master latch to pass through the "slave" latch. When the clock signal returns to low (1 to 0), the output of the "slave" latch is "locked", and the value seen at the last rising edge of the clock is held while the "master" latch begins to accept new values in preparation for the next rising clock edge.

By removing the leftmost inverter in the above circuit, a D-type flip flop that strobes on the falling edge of a clock signal can be obtained. The truth table obtained is as follows:

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Rupee closes up 80 paise against dollar

Jun 28, 2017, 06.02PM IST PTI

MUMBAI: In tune with surge in stocks, the rupee on Friday rose by a staggering 80 paise, its biggest single - day gain in last nine months, to close above the 60-mark at 59.39 amid signs of strong fund inflows on hopes that US Fed will not begin tapering monetary stimulus soon.

Forex dealers said sustained dollar selling by exporters tracking weakness in the US currency overseas also boosted the rupee.

The rupee commenced at 59.95 a dollar as against previous close of 60.19 at the Interbank Foreign Exchange (Forex) market and immediately touched a low of 60.02.

Later, it rebounded sharply and rallied to a high of 59.21 before settling at 59.39, revealing a rise of 80 paise, or 1.33 per cent. This is rupee's biggest single-day gain since September 21, 2012, when it had gained 93 paise, or 1.71 per cent.

"Pulling back of rupee today was mainly driven by sentiment after the announcement of gas price hike and formation of a coal regulator among others by the government.

"Also, market's expectation of improved scenario on CAD front on the back of falling gold prices and lesser buying of the yellow metal supported the currency," said Hemal Doshi, currency strategist at Geojit Comtrade.

He also said rupee may pull back more from the current level if RBI and government come up with more measures. Foreign institutional investors pumped in a massive Rs 1,124.31 crore into domestic equities today, according to BSE provisional data.

The BSE benchmark Sensex today zoomed by 520 points, or 2.75 per cent, to end at 19,395.81 on rally refinery counters.

The dollar index was down by 0.05 per cent against other major rivals as three US Federal Reserve officials yesterday indicated investors had overreacted to recent remarks by Fed Chairman Ben Bernanke signalling tapering of bond purchases.

Pramit Brahmbhatt, CEO, Alpari Financial Services (India) said: "Trading range for the spot rupee is expected to be within 59.10."

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Mazibuko worries ‘flip-flop’ may cost DA

Democratic Alliance parliamentary leader Lindiwe Mazibuko. Picture: TREVOR SAMSON

DA parliamentary leader Lindiwe Mazibuko admits the party’s flip-flopping over the Employment Equity Amendment Bill could cost it votes

DEMOCRATIC Alliance (DA) parliamentary leader Lindiwe Mazibuko has admitted that the party’s flip-flopping over the Employment Equity Amendment Bill could cost it votes.

The DA backtracked over its support for the bill in the National Assembly last week and has reshuffled its caucus as a result of the fallout. This was after DA members and leaders in various provinces last week expressed shock at the party’s position on the bill, with many warning they would withdraw their support.

E-mails among the party’s leaders point to differences between Ms Mazibuko and DA leader Helen Zille.

Ms Mazibuko on Monday said it was a "management failure" on her part and had accepted full responsibility. This was after Ms Zille conceded in her newsletter last week that the party had "dropped the ball".

Ms Mazibuko said the issue could prove costly. "It would be irresponsible not be worried (about the effect on voters) ."

Ms Zille’s message in her newsletter was aimed at eliminating the confusion the party’s support of the legislation created. She admitted DA members in the portfolio committee on labour were "inadequately prepared".

The party was unable to debate the implications of the bill "adequately" in caucus, Ms Zille said. An explanatory memorandum from its spokespeople was "defective" and the party had five minutes "literally" to consider seven different bills.

"A number of sequential errors — on their own, none would have led to a crash," Ms Zille said. "In a cumulative sequence, they did.

"I, as the captain of this plane, must take responsibility. I believe it is best to acknowledge mistakes and seek to rectify them."

Ms Mazibuko swiftly reshuffled her shadow cabinet following Ms Zille’s explanation on Friday. MP Sejamothopo "Sej" Motau was moved from the labour to the economic development portfolio.

Mr Motau told City Press on Sunday he stood by his vote in favour of the employment equity amendment bill. He could not be reached for comment yesterday.

E-mails posted on Politicsweb on Monday, but dating from May this year, document a long-running discussion between Ms Zille, Ms Mazibuko and other leaders. Further, the correspondence points to a rift over the party’s approach to several bills.

In the e-mails, Ms Zille said the DA supported black economic empowerment (BEE), affirmative action and employment equity, but with the proviso that they " fulfilled the intended purpose, which is to redress the legacy of apartheid".

"The ANC’s past and current strategies do not. This is what we have to expose; we support BEE that works — the DA must present two alternatives for the future of BEE.

"We must clearly delineate roles going forward. But we must be on the same page on this crucial issue.

"I think we need a task team to meet and discuss all of the elements that we require to flesh out and communicate this approach, inside and outside Parliament," Ms Zille said.

Ms Mazibuko, for her part, said. "Any position that we put out on a piece of draft legislation has to be based on a thorough reading of the law in question, which is driven and managed by the relevant portfolio spokespersons — in this case, Wilmot James and Sej Motau."

She later asks why processes were being "short-circuited" on the processing of bills. "I am very confused about why we are discussing short-circuiting processes around our positioning on bills which have been in place for many years, and processes around how draft policies are ratified which were themselves recently ratified by Federal Council.

"On issues as important as these, we must be directed by substance, not speculation. What is the substantiation for the claim that both these bills will curb black advancement, for example?"

Ms Mazibuko on Monday said that if the DA parliamentary caucus was "more informed", it would have been better placed to make a decision.

Forex trading psychology

Five fundamental truths

Please read FIVE FUNDAMENTAL TRUTHS before enter forex world. Good trading! ___________________________________________________________________________________________________

1. Anything can happen. 2. You don't need to know what is going to happen next in order to make money. 3. There is a random distribution between wins and losses for any given set of variables that define an edge. 4. An edge is nothing more than an indication of a higher probability of one thing happening over another. 5. Every moment in the market is unique.

Brett N. Steenbarger, Ph. D.

I've never seen a trader succeed whose explicit or implicit goal was to not lose. The trader who trades to not lose is like the person who lives to avoid death: BOTH BECOME SPIRITUAL HYPOCHONDRIACS.

Two traders: one increases size after a loss; the other gets smaller. BOTH CONTINUE TO LOSE.

Brett N. Steenbarger, Ph. D. ___________________________________________________________________________________________________

It is one of the great paradoxes of the stock market that what seems too high usually goes higher and what seems too low usually goes lower.

William O’Neil ___________________________________________________________________________________________________

After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!

Jesse Livermore ___________________________________________________________________________________________________

I must admit, I am not smart enough to have devised these ridiculously simple trading rules. A great trader gave them to me some 15 years ago. However, I will tell you, they work. If you follow these rules, breaking them as infrequently as possible, you will make money year in and year out, some years better than others, some years worse - but you will make money. The rules are simple. Adherence to the rules is difficult.

If I've learned anything in my decades of trading, I've learned that the simple methods work best. Those who need to rely upon complex stochastics, linear weighted moving averages, smoothing techniques, Fibonacci numbers etc. usually find that they have so many things rolling around in their heads that they cannot make a rational decision. One technique says buy; another says sell. Another says sit tight while another says add to the trade. It sounds like a cliche, but simple methods work best.

The first and most important rule is - in bull markets, one is supposed to be long. This may sound obvious, but how many of us have sold the first rally in every bull market, saying that the market has moved too far, too fast. I have before, and I suspect I'll do it again at some point in the future. Thus, we've not enjoyed the profits that should have accrued to us for our initial bullish outlook, but have actually lost money while being short. In a bull market, one can only be long or on the sidelines. Remember, not having a position is a position.

Buy that which is showing strength - sell that which is showing weakness. The public continues to buy when prices have fallen. The professional buys because prices have rallied. This difference may not sound logical, but buying strength works. The rule of survival is not to "buy low, sell high", but to "buy higher and sell higher". Furthermore, when comparing various stocks within a group, buy only the strongest and sell the weakest.

When putting on a trade, enter it as if it has the potential to be the biggest trade of the year. Don't enter a trade until it has been well thought out, a campaign has been devised for adding to the trade, and contingency plans set for exiting the trade.

On minor corrections against the major trend, add to trades. In bull markets, add to the trade on minor corrections back into support levels. In bear markets, add on corrections into resistance. Use the 33-50% corrections level of the previous movement or the proper moving average as a first point in which to add.

Se paciente. If a trade is missed, wait for a correction to occur before putting the trade on.

Se paciente. Once a trade is put on, allow it time to develop and give it time to create the profits you expected.

Se paciente. The old adage that "you never go broke taking a profit" is maybe the most worthless piece of advice ever given. Taking small profits is the surest way to ultimate loss I can think of, for small profits are never allowed to develop into enormous profits. The real money in trading is made from the one, two or three large trades that develop each year. You must develop the ability to patiently stay with winning trades to allow them to develop into that sort of trade.

Se paciente. Once a trade is put on, give it time to work; give it time to insulate itself from random noise; give it time for others to see the merit of what you saw earlier than they.

Be impatient. As always, small loses and quick losses are the best losses. It is not the loss of money that is important. Rather, it is the mental capital that is used up when you sit with a losing trade that is important.

Never, ever under any condition, add to a losing trade, or "average" into a position. If you are buying, then each new buy price must be higher than the previous buy price. If you are selling, then each new selling price must be lower. This rule is to be adhered to without question.

Do more of what is working for you, and less of what's not. Each day, look at the various positions you are holding, and try to add to the trade that has the most profit while subtracting from that trade that is either unprofitable or is showing the smallest profit. This is the basis of the old adage, "let your profits run."

Don't trade until the technicals and the fundamentals both agree. This rule makes pure technicians cringe. I don't care! I will not trade until I am sure that the simple technical rules I follow, and my fundamental analysis, are running in tandem. Then I can act with authority, and with certainty, and patiently sit tight.

When sharp losses in equity are experienced, take time off. Close all trades and stop trading for several days. The mind can play games with itself following sharp, quick losses. The urge "to get the money back" is extreme, and should not be given in to.

When trading well, trade somewhat larger. We all experience those incredible periods of time when all of our trades are profitable. When that happens, trade aggressively and trade larger. We must make our proverbial "hay" when the sun does shine.

When adding to a trade, add only 1/4 to 1/2 as much as currently held. That is, if you are holding 400 shares of a stock, at the next point at which to add, add no more than 100 or 200 shares. That moves the average price of your holdings less than half of the distance moved, thus allowing you to sit through 50% corrections without touching your average price.

Think like a guerrilla warrior. We wish to fight on the side of the market that is winning, not wasting our time and capital on futile efforts to gain fame by buying the lows or selling the highs of some market movement. Our duty is to earn profits by fighting alongside the winning forces. If neither side is winning, then we don't need to fight at all.

Markets form their tops in violence; markets form their lows in quiet conditions.

The final 10% of the time of a bull run will usually encompass 50% or more of the price movement. Thus, the first 50% of the price movement will take 90% of the time and will require the most backing and filling and will be far more difficult to trade than the last 50%.

There is no "genius" in these rules. They are common sense and nothing else, but as Voltaire said, "Common sense is uncommon." Trading is a common-sense business. When we trade contrary to common sense, we will lose. Perhaps not always, but enormously and eventually. Trade simply. Avoid complex methodologies concerning obscure technical systems and trade according to the major trends only.

These trading rules below should help your swing trading efforts yield more profits. By following some trading rules, your trading approach will be far superior to any trading method without rules. The objective for all of us is to maximize gains while minimizing losses along the way. Successful trading requires discipline, and these guidelines will help you in your quest for profitability.

1. Emotional control is at the heart of good trading.

Controlling yourself allows the ability to think clearly at each moment, resulting in success as a trader.

2. Cut losses with the most strict discipline.

We must preserve capital at all times. Losing is part of trading, but opportunity cost is to be considered when hoping for a losing position to reverse course. If your trade reverses and violates support, get out and be willing to re-enter. This will save you from big losses and you can always re-enter if the stock crosses the entry price again.

3. Make good decisions and winning will take care of itself.

Focus on how you play the game and not on the scoreboard. Trade with discipline and follow your game plan.

4. When you lose, don’t lose the lesson!

Forget the names but remember the events. Those who don’t remember the past are doomed to repeat it. Make mistakes with composure and character, without blaming others, and don’t dwell on mistakes.

5. When in doubt, get out.

Scrutinize your positions at all times, each day, and you will not be left holding a stock without reason. Be willing to change direction at any time, because your flexibility as an individual investor is a big advantage which should be embraced!

6. Keep your risk/reward profile in check.

Profits can exceed losses even if the number of losing trades is greater than the number of winning trades. Always properly manage money, size positions accordingly, obey stops, and protect profits. This will keep you in the game!

7. Avoid scheduled news.

We are unable to foresee breaking news, but scheduled news we can step aside from. Scheduled news includes interest rate announcements, corporate earnings announcements, and various daily economic releases. Remember to trade only when you’ve got the best of conditions.

8. Consider your account size for appropriate trading.

An account that is too small magnifies the effects of each trade, which keeps us from thinking rationally. Trade with the attitude that the next trade will simply be 1 of the next 1000 trades you will make.

9. Get a charting program that allows you to build watch lists, sort stocks, and draw trendlines.

This is essential to learning. Price action and volume are vitally important in finding good chart patterns .

10. Scale out of winning positions as they work for you.

This achieves two goals: taking some off the table and keeping you in the game. If your trade reverses, you took some profit at good spots. If the move continues, you are still on board for the ride.

11. Don’t dig yourself into a hole early in the day or in your career.

Be willing to observe the market and make an informed decision. Missed money is better than lost money, so wait patiently for the best opportunities to arrive.

12. Trade with a blend of anticipation and confirmation.

Balancing these two will mean that you adopt a system of “if this happens, I will do that.” Wait for your pitch!

13. Beware of your trading process following a winning streak.

After a win streak, be extra disciplined! Many will make money in the market, but discipline is required to KEEP it. Stay on your guard at all times!

14. Evaluate your results at least monthly.

Monitor your P&L, your win/loss ratio, and the relationship between your biggest wins and worst losses. Reviewing these results helps you continually improve your understanding of the markets and yourself.

15. Finally (perhaps most important), always be patient.

Long-term patience will keep your confidence and optimism high, and short-term patience will help you wait for the best trades. Success doesn’t come easy, and rarely are fortunes made overnight. Be willing to pay your dues and put in the work in order to achieve your goals.

Since entering the financial markets in 1969, Martin J. Pring has become a leader in the global investor community. He is the chairman of a conservative money management firm, Pring Turner Capital. He is known for developing economic indicators and also well known for his contribution in educating traders and investors. In fact some of his books are requirements for those seeking the CMT (Chartered Market Technician) designation. In one of these books, Investment Psychology Explained – Classic Strategies to Beat the Markets . he lists 19 classic trading rules. Below is a summary and my interpretation of his rules and how I think they can be applied. Rule 1-10 are psychological management rules while 11-19 are risk management rules. Rule 1: When in Doubt, Stay Out – Sure, you can’t ever get rid of all uncertainty. However, if you are going to do the research and come up with a trade idea, you need to have confidence in the reason you are entering the trade. Otherwise, you will not have the conviction to stick with a trade and might get “shaken” out by noise. On the other hand if you do have a sound reason to enter the trade, but that reason becomes invalid, you no longer have the justification to stay in. In this case, an exit is warranted because otherwise it is simply a gamble. You are not in this business to gamble, but to invest or trade into sound market research and analysis. Application: make a list of setups, or events that need to happen before a trade should be considered. Rule 2: Never Invest or Trade Based on Hope – This complements rule 1. If you are not confident in your analysis and reason for trading, you invite hope into the picture. When you start praying to your God or lady luck, you have become a gambler, and not a trader/investor. Because in both gambling and investing, there is uncertainty, there is a thin line between the two “fields”. Application: Try to be as mechanical as possible when it comes to entry and exit methodology. Don’t leave room for hope when the market is against you and hit your stop level. Rule 3: Act on Your Own Judgement or Else Absolutely and Entirely on the Judgement of Others - Basically, what Pring is saying here is to have consistent method in your trading, and have confidence in it. Your sources of information from which you derive a strategy should be sound, and if you trade frequently, they should not vary from trade to trade. You don’t scrap all your analysis just because some analyst somewhere offers his or her expert opinion. If you try to resolve what all these “experts” are trying to say, you might end up with analysis paralysis. Find a consistent method and stick to it, otherwise keep working on your method, OR let a professional manage your account. (In this scenario, make sure you do the research on your money manager). Application: Make a checklist of resources that you based your information on. es decir. economic releases, technical analysis. opinions of analysts you follow consistently. If someone offers analysis you have not encountered before, take time to work it into your routine decision making instead of just taking it face value.

Rule 4: Buy Low (into Weakness), Sell High (into Strength) – This is probably the first thing anybody hears about in trading. It does not mean pick a top or bottom. It does not mean trade against the trend. It is also much harder and more complicated then it sounds. In the end, the idea is to avoid chasing the market. Let the market come to you. Application: In a range bound market, define areas of support and resistance. Look for selling opportunities at resistance and buying opportunities at support. In a trending market, say bullish, only look to buy on dips. Vice versa during a bearish market look to fade rallies. Again, this is just a general concept and the actual decision to trade should be determined along with other factors. Rule 5: Don’t Overtrade – The only reason to trade is if the market is giving you the signals you believe to provide trading opportunities. However, there will be times when being objective is difficult. Other reasons can cloud your judgement. For example if you had a disappointing week, you might pin your hopes in trading to pick yourself up. Or subconsciously trading might be an entertainment and provide emotional fulfillment. Application: Making the trading process as mechanical as you can will eliminate some of the “garbage” factors in trading. It is also important to prepare yourself mentally and emotionally before your trading sessions. Get your mind cleared up of outside influences. Treat trading as a professional endeavor, because as soon as you don’t, it becomes gambling. Rule 6: After a Successful and Profitable Trading Campaign, Take a Trading Vacation - This rule helps to eliminate overconfidence and addresses the fact that trading performance is cyclical. Besides, don’t you want to have a life? Application: Knowing when NOT to trade is as much a discipline as knowing when to trade. Therefore you need to define what it is to have a profitable campaign and what it takes to return to objectivity after gaining confidence. When you feel like you’re superman, and when you start making projections into the future based on your recent period of success, you should be alarmed that you are near that peak of your cycle. Rule 7: Take a Periodic Mental Inventory to See How You are Doing - This rule basically reminds you to stay objective, and understand that trading is a very cerebral process. Application: Create a checklist of questions before you trade ie. Am I emotionally stable at the moment? Am I overtrading? Am I sticking to my trading plan? Can I afford the risk if the market does not go the direction anticipated? Rule 8: Constantly Analyze Your Mistakes – Understanding yourself is very important in a world full of uncertainties. When you win, it is very likely that you attribute success to hard work, and when you lose the tendency is to attribute it to bad luck. Knowing this bias, you should look deeper to recognize mistakes in judgement. Application: There are different types of mistakes. 1) Bad execution – Did you make a trade that is not part of your system? If so ask yourself why. Did it come from an emotional trigger like fear of missing a trade. 2) Bad trade management – It is one thing to make the wrong call, it is another to allow the bad call to become a major drawdown. Ask yourself if the mistake was contained. Were you hoping the market comes back? Did you exit due to despair after loss of hope? If so, you probably entered the trade without enough consideration of the risk and only looked at the prospect of profit. Lack of preparation therefore can lead to inability to manage your loss. 3) Systematic – Only when you can rule out the first 2 types of mistake, can you truly be objective in analyzing your method. If losses are piling up despite sticking to your plan and containing losses, it is time to get back to the drawing board. Step away and look at your trading strategy. Rule 9: Don’t Jump the Gun - Be disciplined. That’s all. If you have a specific trading strategy, you have to wait until the signals are there. Otherwise, what’s the point of having a strategy. Unless you have been in this profession for 20 years and still surviving, don’t rely on “intuition”. This is something you have to build through countless trades, and the only way to gain intuition is to begin with discipline. Application: Be as mechanical as you can. Refrain from the temptation of justifying a trade without your signals simply because you believe it is an exceptional situation. There can be exceptional factors everyday, so if you go on these reasons, you might as well not have a trading plan at all. So again, a checklist of signals required might be helpful in making the trading process as mechanical as possible. Rule 10: Don’t Try to Call Every Market Turn – Yes we want to buy into weakness and sell into strength. But that does not mean picking tops and bottoms. It might be emotionally satisfying to be able to call the top, then pick the bottom, but to be able to do this is an unrealistic expectation. Application: You might want to set up for counter-trend trades near some major market tops and bottoms, but trying to get in at all the twist and turns will make you overtrade and be chopped up by the market. Rule 11: Never Enter into a Position Without First Establishing a Reward to Risk - Pring suggests trading at least 3-1 reward to risk ratio. Also, knowing what type of risk is involved helps with position sizing and limiting losses to level that won’t devastate your account. This also provides emotional preparation in the case of a bad call. Application: Be careful not to give false expectation of reward to risk in order to justify a trade. You have to define where your trade idea becomes invalid. That is your projected stop. You also have to define where you can expect the market to go in your favor by looking at some pivots (support and resistance ). Now just because you made these assessments, it doesn’t mean you should always just set your stop and limit and walk away. There will be times where you have to adjust and maybe lock in profits before the market reaches your target. Sometimes you might have to make an emergency exit before reaching your stop. While your exit might require more agility, your entry should follow a more rigid reasoning and having a minimum reward to risk is important. While 3-1 is a good reward to risk ratio, a minimum could probably be 2-1. Rule 12: Cut losses, Let Profits Run – This is another one of those sounds easier said than done type of rule, but it is probably the most important as far as trade management is concerned. Cutting losses requires discipline and leaves no room for hope. Don’t justify staying in the trade if the market action already invalidates your reason of entry. This does not mean to abandon a trade at the first sign of failure. You will often need to give the market some “elbow space” to have a chance to go in the direction you anticipated. Cutting losses means your original reasoning is invalid AND the risk is no longer acceptable. Of course, you would have ad to establish what risk is involved before hand. Letting profit run is also a difficult task. You have to define before hand what signals you look for in exiting. If these signs are not there, letting the profit run is the prudent action. But you also have to consider locking in profits. Application: Again, in reality this process is more difficult then it sounds. Knowing when to cut your losses and how to let your profit run will require experience with your trading methodology. Spend as much time if not more in developing exit strategy as developing your entry tactic. A trade is not over until the exit and it is the exit that defines the performance of trade, not the entry. Rule 13: Place Numerous Small Bets on Low Risk Ideas – Statistically, the more you trade your system, the more likely the performance will reflect that of the system. There will be inevitable losses and in having few trades with large exposure, you risk being in the period of drawdown in your system. Allowing more trades means allowing more chance of your trading system to show its true nature. This means limiting the exposure for each trade. Application: Pring and the conventional suggestion for exposure per trade (EPT) is 5%. I would say even lower EPT is better especially if you plan on having multiple positions open because there could be a period where you will actually have exposure up to 10%. If you do, make it a point to reduce that exposure at specific times. For example if you are a intraday trader, you might want to close some positions that are not looking as good as others during the end of a trading session for the region ie (end of the US trading session). Or if your positions are already in the black, you might want to move your stop close to lock in a profit and thereby reducing exposure. Remember, exposure is how much you are willing to risk and can be defined by where you place your stop. Rule 14: Look Down, not Up – Pring reminds traders that the decision to trade is not just based on potential profit, but also potential of loss and acceptability of this loss relative to expectation of the profit. Application: Also start a trade decision with consideration of loss. Then look at what the potential reward is. This is important because if you look at the potential reward first, you might become too optimistic and overlook the real risk involved. Rule 15: Never Trade or Invest More Than you Can Reasonably Afford to Lose - Only trade your risk capital. Not diaper money, not grocery money. If you trade money that if lost will devastate your living standard, you will have too much emotional attachment to each trade and that can cloud your judgement. Application: I think this is quite clear – only invest risk capital. This is why brokers will ask you about your income and such. Regulatory agencies have made it the broker ’s responsibility to deny accounts to people that are not suitable in terms of having risk capital. As a trader though, this responsibility should be all on your shoulder. Rule 16: Don’t Fight the Trend – The trend is your friend is a common saying in the trading/investment community. While there are times to be contrarian and play major tops or bottoms, it wouldn’t be wise to always be a contrarian. Most of the time you want to run with the herd. Don’t try to catch a falling knife is another saying warning you from trading against a sharp move. Application: You might ask, doesn’t this go against the buy into strength, sell into weakness rule? f you can resolve these two rules you understand the uncertainty of the market and how you have to juggle contradicting ideas. As mentioned in the application of rule 4, trade in the direction of the trend. after noise against the trend. In order to do all these, you have to define what is a trend. and what is noise. That is a topic for another day. Rule 17: Whenever Possible Trade Liquid Markets – A Liquid market as Pring defines it is one that has many participants with differing opinions so there are traders on each side of the market willing to take positions. In this case, your trading cost will be lower. Although forex is the most liquid financial market, especially in popular instruments like EUR /USD, the spread can widen in event of economic releases or important press conferences and speeches. Trading during these events can be costly not only because of the wider spread, but also because it is often impossible to determine how the market will react, and react to the reaction, and so forth. For the short-term trader, it is probably more prudent to stay away from these event risks, and wait for the dust to settle before getting in. Application: Avoid trading 30 minutes before or after an important release. This means you will inevitably miss some moves. But if you look at it objectively, you are always missing moves. When you happen to be right and miss a move, you might kick yourself. But is your emotional impact the same when your opinion is wrong and instead of missing profit, you avoided a loss? You’re likely to give the latter the same weight and therefore have a faulty bias that you are always missing good calls. Now, if objectively you do find yourself to always make good calls in terms of reactions to risk events, go for it. But the wiser thing to do is probably to first see how the market reacts to them before making a decision to trade these events. Rule 18: Never Meet a Margin Call - “Never meet it by sending in more money” is Pring’s advice. If you are meeting a margin call, something very wrong is happening. Either you are overleveraged or overtrading, or both. Also, it means you are not monitoring your EPT. Whatever the reason, adding more funds immediately to remedy a margin call is like pouring more gas into a leaking tank. You have to first fix the leak. Application: In this unfortunate time, Pring suggests taking a vacation. Your emotional state is probably not right for trading at the moment and you will have to step away from the market to regain clarity before deciding to add more funds. If you have enough funds, and it was solely overleveraging and overtrading, you might have to make a request to your broke to lessen that leverage. and also get it in your head to limit your EPT. Rule 19: If You Are Going to Place a Stop, Put it at a Logical, Not Convenient Place - The position of the stop should be based on fundamental and technical reasons, and not based on how much you can afford to lose. For example, if you determine that you can only expose $300 in the trade, don’t place the stop simply where the market would give you that loss. Instead, after determining the stop placement, and with the understanding of your EPT, decide on your position size.

By David Rodriguez, Quantitative Strategist and Timothy Shea,

Summary: Traders are right more than 50% of the time, but lose more money on losing trades than they win on winning trades. Traders should use stops and limits to enforce a risk/reward ratio of 1:1 or higher.

Big US Dollar moves against the Euro and other currencies have made forex trading more popular than ever, but the influx of new traders has been matched by an outflow of existing traders.

Why do major currency moves bring increased trader losses? To find out, the DailyFX research team has looked through amalgamated trading data on thousands of FXCM live accounts. In this article, we look at the biggest mistake that forex traders make, and a way to trade appropriately.

David Rodriguez, Quantitative Strategist at DailyFX presented this research at the 2011 FXCM Currency Trading Expo. Watch the video at fxcmexpo. com.

Why Does the Average Forex Trader Do Wrong?

Many forex traders have significant experience trading in other markets, and their technical and fundamental analysis is often quite good. In fact, in almost all of the most popular currency pairs that FXCM clients trade, traders are correct more than 50% of the time.

The above chart shows the results of a data set of over 12 million real trades conducted by FXCM clients worldwide in 2009 and 2010. It shows the 15 most popular currency pairs that clients trade. The blue bar shows the percentage of trades that ended with a profit for the client. Red shows the percentage of trades that ended in loss. For example, in EUR/USD, the most popular currency pair, FXCM clients in the sample were profitable on 59% of their trades, and lost on 41% of their trades.

So if traders tend to be right more than half the time, what are they doing wrong?

The above chart says it all. In blue, it shows the average number of pips traders earned on profitable trades. In red, it shows the average number of pips lost in losing trades. We can now clearly see why traders lose money despite bring right more than half the time. They lose more money or their losing trades than they make on their winning trades.

Let’s use EUR/USD as an example. We know that EUR/USD trades were profitable 59% of the time, but trader losses on EUR/USD were an average of 127 pips while profits were only an average of 65 pips. While traders were correct more than half the time, they lost nearly twice as much on their losing trades as they won on winning trades losing money overall.

The track record for the volatile GBP/JPY pair was even worse. Traders were right an impressive 66% of the time in GBP/JPY – that’s twice as many successful trades as unsuccessful ones. However, traders overall lost money in GBP/JPY because they made an average of only 52 pips on winning trades, while losing more than twice that – an average 122 pips – on losing trades.

Cut Your Losses Early, Let Your Profits Run

Countless trading books advise traders to do this. When your trade goes against you, close it out. Take the small loss and then try again later, if appropriate. It is better to take a small loss early than a big loss later. Conversely, when a trade is going well, do not be afraid to let it continue working. You may be able to gain more profits.

This may sound simple – “do more of what is working and less of what is not” & # 8211; but it runs contrary to human nature. We want to be right. We naturally want to hold on to losses, hoping that “things will turn around” and that our trade “will be right”. Meanwhile, we want to take our profitable trades off the table early, because we become afraid of losing the profits that we’ve already made. This is how you lose money trading. When trading, it is more important to be profitable than to be right. So take your losses early, and let your profits run.

How to Do It: Follow One Simple Rule

Avoiding the loss-making problem described above is pretty simple. When trading, always follow one simple rule: always seek a bigger reward than the loss you are risking. This is a valuable piece of advice that can be found in almost every trading book. Typically, this is called a “ risk/reward ratio ”. If you risk losing the same number of pips as you hope to gain, then your risk/reward ratio is 1-to-1 (sometimes written 1:1). If you target a profit of 80 pips with a risk of 40 pips, then you have a 2:1 risk/reward ratio. If you follow this simple rule, you can be right on the direction of only half of your trades and still make money because you will earn more profits on your winning trades than losses on your losing trades.

What ratio should you use? It depends on the type of trade you are making. You should always use a minimum 1:1 ratio. That way, if you are right only half the time, you will at least break even. Generally, with high probability trading strategies, such as range trading strategies, you will want to use a lower ratio, perhaps between 1:1 and 2:1. For lower probability trades, such as trend trading strategies, a higher risk/reward ratio is recommended, such as 2:1, 3:1, or even 4:1. Remember, the higher the risk/reward ratio you choose, the less often you need to correctly predict market direction in order to make money trading.

Stick to Your Plan: Use Stops and Limits

Once you have a trading plan that uses a proper risk/reward ratio, the next challenge is to stick to the plan. Remember, it is natural for humans to want to hold on to losses and take profits early, but it makes for bad trading. We must overcome this natural tendency and remove our emotions from trading. The best way to do this is to set up your trade with Stop-Loss and Limit orders from the beginning. This will allow you to use the proper risk/reward ratio (1:1 or higher) from the outset, and to stick to it. Once you set them, don’t touch them (One exception: you can move your stop in your favor to lock in profits as the market moves in your favor).

Managing your risk in this way is a part of what many traders call “money management”. Many of the most successful forex traders are right about the market’s direction less than half the time. Since they practice good money management. they cut their losses quickly and let their profits run, so they are still profitable in their overall trading.

Does This Rule Really Work?

Absolutamente. There is a reason why so many traders advocate it. You can readily see the difference in the chart below.

The 2 lines in the chart above show the hypothetical returns from a basic RSI trading strategy on USD/CHF using a 60 minute chart. This system was developed to mimic the strategy followed by a very large number of FXCM clients, who tend to be range traders. The blue line shows the “raw” returns, if we run the system without any stops or limits. The red line shows the results if we use stops and limits. The improved results are plain to see.

Our “raw” system follows FXCM clients in another way – it has a high win percentage, but still loses more money on losing trades than it gains on winning ones. The “raw” system’s trades are profitable an impressive 65% of the time during the test period, but it lost an average $200 on losing trades, while only making an average $121 on winning trades.

For our Stop and Limit settings in this model, we set the stop to a constant 115 pips, and the limit to 120 pips, giving us a risk/reward ratio of slightly higher than 1:1. Since this is an RSI Range Trading Strategy, a lower risk/reward ratio gave us better results, because it is a high-probability strategy. 56% of trades in the system were profitable.

In comparing these two results, you can see that not only are the overall results better with the stops and limits, but positive results are more consistent. Drawdowns tend to be smaller, and the equity curve a bit smoother.

Also, in general, a risk/reward of 1-to-1 or higher was more profitable than one that was lower. The next chart shows a simulation for setting a stop to 110 pips on every trade. The system had the best overall profit at around the 1-to-1 and 1.5-to-1 risk/reward level. In the chart below, the left axis shows you the overall return generated over time by the system. The bottom axis shows the risk/reward ratios. You can see the steep rise right at the 1:1 level. At higher risk/rewards levels, the results are broadly similar to the 1:1 level.

Again, we note that our model strategy in this case is a high probability range trading strategy, so a low risk/reward ratio is likely to work well. With a trending strategy, we would expect better results at a higher risk/reward, as trends can continue in your favor for far longer than a range-bound price move.

Game Plan: What Strategy Should I Use?

Trade forex with stops and limits set to a risk/reward ratio of 1:1 or higher

Whenever you place a trade, make sure that you use a stop-loss order. Always make sure that your profit target is at least as far away from your entry price as your stop-loss is. You can certainly set your price target higher, and probably should aim for 2:1 or more when trend trading. Then you can choose the market direction correctly only half the time and still make money in your account.

The actual distance you place your stops and limits will depend on the conditions in the market at the time, such as volatility, currency pair, and where you see support and resistance. You can apply the same risk/reward ratio to any trade. If you have a stop level 40 pips away from entry, you should have a profit target 40 pips or more away. If you have a stop level 500 pips away, your profit target should be at least 500 pips away.

DailyFX Resources for Successful Money Management

The DailyFX Trading Instructors have years of experience trading the markets and helping thousands of new traders learn forex. Here are a few of their many tips that can help you trade better by improving your money management:

Exclusive for FXCM Clients: Sign Up for Live Classes

FXCM Clients can take free interactive classes via the DailyFX PLUS Trading Course.

For our models in this article, we simulated a “typical trader” using one of the most common and simple intraday range trading strategies there is, following RSI on a 15 minute chart.

Entry Rule: When the 14-period RSI crosses above 30, buy at market on the open of the next bar. When RSI crosses below 70, sell at market on the open of the next bar.

Exit Rule: Strategy will exit a trade and flip direction when the opposite signal is triggered.

When adding in the stops and limits, the strategy can close out a trade before a stop or limit is hit, if the RSI indicates that a position should be closed or flipped. When a Stop or Limit order is triggered, the position is closed and the system waits to open its next position according to the Entry Rule.

The Traits of Successful Traders

This article is Part I of our Traits of Successful Traders series.

Over the past several months, the DailyFX research team has been closely studying the trading trends of FXCM clients, utilizing trade data from FXCM. We have gone through an enormous number of statistics and anonymized trading records in order to answer one question: “What separates successful traders from unsuccessful traders?”. We have been using this unique resource to distill some of the “best practices” that successful traders follow, such as the best time of day, appropriate use of leverage, the best currency pairs, and more.

04/10/2011

Always use stops. Risk control is the true measure of a good consistent trader. If you lose all your capital on the lemons, you can’t play when the great trades set up. Consider cash as having an option value.

Don’t over trade. This is the number one reason why individual traders and investors lose money. Look at your trades of the past year and apply the 90/10 rule. Dump the least profitable 90% and watch your performance skyrocket. Then aim for that 10%. Over trading is a great early retirement plan for your broker, not you.

Don’t forget to sell. Date, don’t marry your positions. Remember, pigs get slaughtered. Always leave the last 10%-15% of a move for the next guy.

Don’t chase the market. If you do, it will turn back and bite you. Wait for it to come to you. If your miss the train, there will be another one along in hours, days, weeks, or months. Patience is truly a virtue in this business.

When I put on a position, I calculate how much I am willing to lose to keep it . I then put a stop just below there. If I get triggered, I just walk away. Only enter a trade when the risk/ reward is in your favor. You can start at 2:1. That means only risk a dollar to potentially make two.

Always be willing to go Long (Buy) and Short (Sell). You have to be flexible and dynamic in your trading…one minute I could be long the market and the very next minute I may be short the market. You need to be able to flip flop and be quick and nimble in your trading.

You don’t have to be a genius to play this came . If that was required, Wall Street would have run out of players a long time ago. If you employ risk control and stops, then you can be wrong 40% of the time, and still make a living. That’s little better than a coin toss. If you’re wrong only 30% of the time, you can make millions. If you’re wrong only 20% of the time, you are heading a trading desk at Goldman Sachs. If you’re wrong a mere 10% of the time, you’re running a $20 billion hedge fund that the public only hears about when you pay/invest $100 million. And if someone tells you they’re never wrong, as is often claimed on the Internet, run a mile, because it’s simply impossible!

Trading is hard work. Trading attracts a lot of wide eyed, naïve, but lazy people because it appears so easy from the outside. You buy a stock (futures contract. forex. option. etf, etc.), watch it go up, and make money. How hard is that? The reality is that successful trading and or investing requires twice as much work as a normal job. The more research you put into a trade, the more comfortable you will become, and the more profitable it will be.

Don’t confuse a bull market with brilliance. When the market goes straight up (i. e. 1995 to 2000) anybody and their grandmother can make money.

John Maynard Keynes, the great economist and early hedge fund trader of the thirties, once said: “Markets can remain illogical longer than you can remain solvent.” Hang around long enough, and you will see this proven time and time again.

Don’t believe the media. Look for the hard data, the numbers, and you’ll see that often the talking heads, the paid industry apologists, and politicians don’t know what they’re talking about.

Sometimes the conventional wisdom is right.

INVEST like a fundamentalist, execute like a technical analyst. (Swing) TRADE using technical analysis …then by understanding basic fundamentals will make you even better.

Technical analysis …knowing how to read charts like a daily newspaper is key to successful trading. That said, learn what an “outside vertical bar” is, and who the hell is Leonardo Fibonacci.

The simpler a market approach, the better it works (the ‘KISS’ method). Everyone talks about “buy low and sell high”, but few actually do it. All black boxes eventually blow up, if they were ever there in the first place.

Markets are made up of people. Understand and anticipate how traders think, and you will make a lot of money. The market is made up of peoples fear and greed…it’s all psychological…learn how to read people and you’ll certainly be ahead of everybody else.

Understand what information is in the market and what isn’t and you will make more money.

Do the hard trade, the one that everyone tells you that you are “Crazy” que hacer. If you add a position and then throw up or feel sick afterwards, then you know you’ve done the right thing.

If you are trying to get out of a hole, the first thing to do is quit digging and throw away the shovel – exit your trade asap. A blank/neutral/flat position can be invigorating.

Making money in the market is an unnatural act. We humans are predators and hunters evolved to track game on the horizon of an African savanna. Modern humans are maybe 5 million years old, but civilization has been around for only 10,000 years. Our brains have not had time to make the adjustment. In the market, this means that if a stock has gone up, you believe it will continue. This is why market tops and bottoms see volume spikes. To make money, you have to go against these innate instincts. Some people are born with this ability, while others can only learn it through decades of training.

30/09/2011

Mindfulness - The Most Important Trading Psychology Skill for Traders

By Dr. Gary Dayton,

Mindfulness: The Most Important Trading Psychology Skill for Traders

Of all the mental skills a trader can learn, mindfulness is perhaps the most important trading psychology skill.

Mindfulness comes from ancient, eastern traditions associated with Buddhism and Yoga. Although people associate mindfulness with spiritual practices, it is a practical mental skill from which everyone can benefit. Mindfulness is changing the landscape of western psychology. For traders, mindfulness has numerous important benefits.

Exciting Research on Practicing Mindfulness

New scientific research shows mindfulness practice can actually alter brain structure. Researchers studied the brain’s gray matter to see whether or not it changed after practicing mindfulness. Those who practiced mindfulness for just 30 minutes a day over 8 weeks had significant changes in the hippocampus and amygdala regions of the brain. These are the brain areas involved in learning and memory, emotional regulation, and perspective taking.

This is the first time research has shown physical brain changes due to mindfulness practice.

What Mindfulness Means For Traders

There are many advantages mindfulness can bring to traders:

We can read the market better when mindful. Mindfulness promotes improved concentration and attention. As the brain research shows, it also improves memory and helps in learning. Traders can help themselves in better reading and understanding the complex patterns and movements of the market by practicing mindfulness.

Reduce emotional trading. Mindfulness helps us regulate emotions. The current research tells us that the brain’s emotional center is positively influenced by mindfulness practice. Through mindfulness, we can become inoculated against emotional trading and emotional hijackings – the bane of consistent trading. This is a big plus for traders.

Develop a consistent, accurate perspective. We stay present when mindful. We see reality clearly. Past events (recency bias) or projections about the future are less likely to affect trading. Distracting thoughts that cause poor trading behaviors such as hesitating to take a trade and cutting winners short can become less influential – p. ej. “My last three trades were losers; I better sit this one out” (past event) or “This trade looks like it could go against me, I better get out” (projection of the future). Mindfulness can help us develop the perspective that what the mind is saying is unrelated to a trade’s expectancy and often unrelated to what ultimately happens in the market.

Developing Your Mindfulness Practice

Start by setting aside 5 to 10 minutes a day; increase the time with practice.

& # 8226; Sit quietly and simply watch your breath. Pay attention to your belly rising and falling or the air flowing across the tips of your nostrils

& # 8226; Notice how the mind wanders repeatedly. It will slip into the past or the future. Gently return the mind to the breath and the present.

& # 8226; Notice how you feel afterword.

Mindfulness has important benefits for traders and is simple to practice. To help you develop your mindfulness skills, you are invited to claim your free, instant access Mindfulness Skill Builder for Traders at: http://www. tradingpsychologyedge. com/free-resources/mindfulness-skill-builder/

You will receive access to a free guided mindfulness exercise you can immediately use to start building your mindfulness skills.

The market can do only three things once you are in trade: fail, go sideways, or follow thru in the direction of the trigger. A professional will have a modest loss on one of those circumstances, make a bit on the second, and bank on the third, for a net profit. A novice on the other hand will lose on the first two trades, make a bit on the 3rd, for a net loss. The difference is, among other things, the pro spends a lot less time analyzing the set-up and trigger and a lot more time sitting tight in the trade, compared to the novice, who over analyzes the situation and then panics 6 minutes into the trade because he can’t take the stress of a market 12 pips against him…

The reasons so many don’t stick w/ the trade is they lack confidence in thier trading method, and haven’t addressed trade management properly. I host what we call Live Market Exercise on the London / U. S. overlap for 3 days a week for three hours a day. It’s my job to highlight trade set-ups and triggers in live markets for my clients, to demonstrate the trading methods we recommend. When I walk to the office in the mornings I imagine getting into a trade, and staying in the trade all morning as the market follows thru for me. My first mentor Bill Williams told me that as a trader you get paid to wait. As an educator I know the first thing I need to do is address the client’s penchant for what I call “jack-rabbit trading”. Unless you’re a professional scalper, all that in and out virtually guarantees you losses.

Making the right decisions, and sticking w/ your method thru intra-trade draw-down’s is what trade management is all about and it’s even more important than money management. If you have a hard time sitting thru routine draw-down’s and can’t seem to be able to allow a profit to run, it’s likely because you have not done enough manual back-testing and demo-trading to acquire a strong enough believe in your method to overcome the fear of failure and loss. It also can be that you don’t have the proper method to start. One big tip-off is if you aren’t using “time” based triggers — signals that only occur on the close of the candle. A signal that fires mid-candle and fails, won’t show up in a back-test because the back-test can only account for closed candles. This is a problem for individuals using moving average crosses, or oscillators. They don’t fully understand that a moving average can cross and uncross several times during the life of an individual candle, as can a stochastic or other centered oscillators, and it’s only on the candles close when it’s recorded. It’s therefore very important that you undserstand the difference between a fact (time) based trigger and one that is not. Otherwise when you go back on the chart it will look like the method works great, until you demo trade it, and find out it’s flaws.

You will determine pretty quickly if a method is sound or not because on the the times you lose, it will most likley be because you muffed the management on the trade, because you still had resisual fear left over from a previous method you counted on that was flawed. The good news there is the method works, you just mismanaged it. That’s a surface blemish…easy to correct. A bad method though, that will cut you to the bone…

Feeling unsure about your next steps.

Jumping from one strategy or tactic to another.

Lacking the confidence and certainty you need to achieve your trading dreams.

Being unclear about when you'll reach your goals.

All of these issues (and many more) can be traced back to one of the biggest challenges struggling traders face: a lack of focus.

It's called fuzzy thinking.

Fuzzy Thinking Stems from Neglected Critical Knowledge

Too many traders are missing critical information. Not having this information inflicts incredible damage to their chances of success. Because it makes the path to reach their dreams remain out of focus, fuzzy.

And you can't follow a fuzzy path . So traders bounce around, get confused, become overwhelmed, and attempt to purchase short-cuts. But the path that'll lead them to ultimate success still remains out of focus.

What's worse is that most online traders are unaware that this information is absolutely essential . They don't realize it's missing, so they never track it down and think it through.

In order to go from fuzzy thinking to focused thinking, you need to know the answers to three questions.

What exactly do you want? What's the absolute minimum necessary to have it? What's the fastest and easiest way to get it?

Fuzzy thinking can be traced back to one of these questions not being clearly answered.

Sound far-fetched? It shouldn't. Piensa un momento en ello. If you knew exactly what you wanted, the minimum necessary to have it, and the exact steps that would get it for you in the fastest and easiest way possible. wouldn't you ALREADY HAVE IT?

Answering these three critical questions is necessary for your success.

Now, don't be fooled by the simplicity of this solution . Answering these questions - especially question three - requires heavy-duty thinking. And nobody can give you the answer; you have to think your way to it. Which means you can't purchase it or copy it. That's why most traders never follow the fastest and easiest path to their trading dreams: they don't realize they have to develop it themselves.

When you shift your thinking from fuzzy to focused, you'll know the specific steps you must take to dramatically reduce your efforts, reach your dreams faster, and make a lot more money than you do now.

Many traders are so emotionally invested in their dreams and the difference it'll make in their lives, they are unable to think as clearly and as focused as they need to.

They mistakenly believe that since they want something bad enough, they're clear enough about how best to achieve it. But they're not.

Do your best to look past the emotional attachments you have to your dreams. Pretend you are your own coach, and your job is to ensure your client is clearly focused on the outcome they desire in trading, knows exactly what's required to achieve it, and understands the steps they'll take to reach it.

You want to accurately assess the answers to the three questions I mentioned above.

Let's take a closer look.

What Exactly Do You Want?

How do you specifically define the success you're seeking?

It's rare I meet a trader who's got a well-thought-out answer. Sure, you want money and freedom. Who doesn't? But what exactly do you want your trading to do for you? And what does that look like? How can it be objectively measured?

If you're unclear about what you're striving for, you pay the price for your fuzziness daily. ¿Por qué? Because unclear goals make it impossible for you to know which actions will produce the best results. You can't distinguish between the essential and the non-essential. You can't distinguish between worthless and worthwhile tasks.

Without clarity, your day becomes a series of haphazard steps designed to deal with symptoms produced as a direct result of fuzzy thinking. Symptoms like over trading, not trading at all, over analysis paralysis, etc.

All of this leads to a common symptom for struggling traders: Confusing activity with accomplishment!

Consequently: If you're not crystal clear about what your trading success looks like, you're wasting a massive amount of time daily.

Worse, your chances of success are slim to none.

What's the Minimum Necessary to Have It?

Once you're clear about what trading success means to you, the next question is just as vital:

What's absolutely necessary to getting the trading success you desire?

It shocks me how many traders can't answer this question. If you're not absolutely clear about what is necessary for your trading success, then guess what? You're also not clear about what's NOT necessary. And once again, that's a big problem.

What's the least number of ways you need to know to exit a trade? Of all the ones available, which ones are absolutely necessary for you to achieve the trading success you desire?

How about which currency pairs to trade? Of all the pairs available which are the most 'reliable' and sensible to trade?

How many systems do you need? One, two, perhaps three or four? What time frame do they need to be based on?

If you're stumped on any of these questions, you've got a problem. Your thinking is fuzzy. And your thinking cannot get focused until you've got the answers.

I often tell clients, "Before you focus on 'how-to,' you must first focus on 'what.'" But opportunity seekers and struggling traders make this mistake all the time. They buy a program based on its promises. overlooking the fact it isn't necessary in the first place. Wasting their time, their effort, their money, and all the while diminishing their chances for success.

In fact, this is one of the chief causes of failure in online trading. There are simply too many options for every essential element of currency trading to employ even a fraction of them. All these options make it easy to go off in a million different directions at every turn unless you know what's absolutely essential to your success. And that's exactly what happens when your thinking isn't as focused as it needs to be.

In order to piece together the fewest elements that'll produce the trading of your dreams, you need to make many decisions. Decisions that require: (1) you have a general knowledge of what's required, and (2) you're familiar enough with your options to choose a few amongst the many alternatives.

What's the Fastest and Easiest Way to Get It?

Say you've got a clear trading goal and you know the minimum necessary to get it. There's no doubt you're already making progress. But you'd like it if success came faster. Who wouldn't?

For successful traders, impatience gets channelled into searching for the fastest path to their goals and then acting with urgency. For opportunity seekers, this impatience gets channelled into a search for immediate gratification, desperately believing the hype, and buying multiple "magic bullets" with big promises.

There is almost always a shortcut. A faster path to getting the trading success you desire. But you won't find it in a box or an online course. It's just not that simple.

What it requires is thinking. Not daydreaming. But real mental effort. The type that leaves you exhausted after doing it for an hour or so. And you can't even engage in this level of thinking until you first have your answers to exactly what you want and the minimum necessary to achieve it.

Now that we've covered these three critical questions, answering them must become one of your top priorities.

Once you have your answers, most of the issues you're struggling with right now will disappear.

Stop and think about it for a second. Think about how different your day-to-day experience would be if you were already 100% confident that your answers were spot-on to these three straightforward questions.

You'd know exactly what your #1 objective was at all times. You'd know the exact steps you need to take to immediately move closer to your trading goals. Information overload would be a problem of the past. And you'd never struggle with a lack of motivation ever again. Instead, you'd be stoked to get the very next task done because you knew exactly what it would do for you.

If you're struggling at all, I hope you see the contrast between your current situation and the one I've just laid out for you.

And the difference is simply knowing: (1) what you want, (2) the minimum necessary to have it, and (3) the fastest path to getting it. That's exactly what replaces fuzzy thinking with focused thinking.

Kiên tâm

Có người thuở nay thường mang tiếng "làm chi không nên việc". Bất câu việc gì, lúc ban đầu thì hô hào sốt sắng, rồi không bao lâu lại thối chí, ngã lòng thành ra cuộc bán đồ nhi phế. ấy là tại không hay chịu cực và chẳng biết kiên tâm (bền lòng). Việc thế mà còn vậy, hà huống là việc tu hành khổ hạnh? Cho nên bực tu hành cần phải biết kiên tâm trì chí hơn người ở thế mới nên cho; khó khăn phải rán, cực khổ phải cam, thì mới mong giữ tròn bổn phận.

Nghĩ coi, muốn làm quan cần phải xôi kinh nấu sử khuya sớm nhọc nhằn từ mười năm sắp lên mới đặng, hà huống là muốn đạt phẩm vị Thần Tiên, thì bảo sao không phải cần lao khổ hạnh? Cho nên ngạn ngữ có câu: "Chí công mài sắt chầy ngày nên kim".

Chư Ðạo hữu cần phải nhắc nhở nhau về hạnh nầy cho lắm.

Lưu trữ Blog

I am your constant companion.

I am your greatest helper or heaviest burden.

I will push you onward or drag you down to failure.

I am completely at your command.

I am managed with care—you must be firm with me. Show me exactly how you want something done, and after enough lessons, I will do it automatically.

I am the servant of all great people and, alas, of all failures.

Those who are great, I have made great.

Those who are failures, I have made failures.

I am not a machine, though I work with the precision of a machine and the intelligence of a person. You may run me for profit or run me for ruin—it makes no difference to me.

Take me, train me, and be firm with me, and I will place the world at your feet. Be easy with me and I will destroy you.

Who am I? I am habit!

Two personality traits of successful trader

Foreign exchange (forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. investment objectives, risk appetite and the trader' level of experience should be carefully weighed before entering the forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which is which it can't afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Ngo Anh Quyen

Derechos de autor & # 169; 2010 Ngo Anh Quyen. Mẫu Watermark. Cung cấp bởi Blogger.

Flip-Flop HSV-BAC: bacterial artificial chromosome based system for rapid generation of recombinant herpes simplex virus vectors using two independent site-specific recombinases

Abstracto

Fondo

Oncolytic herpes simplex virus (HSV) vectors that specifically replicate in and kill tumor cells sparing normal cells are a promising cancer therapy. Traditionally, recombinant HSV vectors have been generated through homologous recombination between the HSV genome and a recombination plasmid, which usually requires laborious screening or selection and can take several months. Recent advances in bacterial artificial chromosome (BAC) technology have enabled cloning of the whole HSV genome as a BAC plasmid and subsequent manipulation in E. coli . Thus, we sought a method to generate recombinant oncolytic HSV vectors more easily and quickly using BAC technology.

Resultados

We have developed an HSV-BAC system, termed the Flip-Flop HSV-BAC system, for the rapid generation of oncolytic HSV vectors. This system has the following features: ( i ) two site-specific recombinases, Cre and FLPe, are used sequentially to integrate desired sequences and to excise the BAC sequences, respectively; and ( ii ) the size of the HSV-BAC-insert genome exceeds the packaging limit of HSV so only correctly recombined virus grows efficiently. We applied this to the construction of an HSV-BAC plasmid that can be used for the generation of transcriptionally-targeted HSV vectors. BAC sequences were recombined into the UL39 gene of HSV ICP4-deletion mutant d120 to generate M24-BAC virus, from which HSV-BAC plasmid pM24-BAC was isolated. An ICP4 expression cassette driven by an exogenous promoter was re-introduced to pM24-BAC by Cre-mediated recombination and nearly pure preparations of recombinant virus were obtained typically in two weeks. Insertion of the ICP4 coding sequence alone did not restore viral replication and was only minimally better than an ICP4-null construct, whereas insertion of a CMVIE promoter-ICP4 transgene (bM24-CMV) efficiently drove viral replication. The levels of bM24-CMV replication in tumor cells varied considerably compared to hr R3 (UL39 mutant).

Conclusión

Our Flip-Flop HSV-BAC system enables rapid generation of HSV vectors carrying transgene inserts. By introducing a tumor-specific-promoter-driven ICP4 cassette into pM24-BAC using this system, one should be able to generate transcriptionally-targeted oncolytic HSV vectors. We believe this system will greatly facilitate the screening of a plethora of clinically useful tumor-specific promoters in the context of oncolytic HSV vectors.

Electronic supplementary material

The online version of this article (doi: 10.​1186/​1472-6750-6-40 ) contains supplementary material, which is available to authorized users.

Fondo

Oncolytic virus therapy is a new modality of cancer treatment, which has shown promising results in clinical trials [ 1 ]. Oncolytic viruses are designed to selectively replicate in and kill cancer cells without harming normal tissue. Since reporting the successful treatment of a brain tumor model by a tk - mutant herpes simplex virus (HSV) vector in 1991 [ 2 ], we have focused on the development of increasingly efficacious and safe, replication-competent oncolytic HSV vectors. For the generation of new oncolytic vectors, insertion of exogenous genes or promoter sequences is often performed to enhance anti-tumor activity or tumor-selectivity of the vector. An example of the former is insertion of an interleukin gene and of the latter, insertion of a tumor - or tissue-specific promoter [ 3. 4 ]. Traditionally, recombinant HSV vectors have been generated through homologous recombination by co-transfecting mammalian cells with purified HSV DNA and a plasmid containing exogenous sequences flanked by viral sequences homologous to the insertion site. This method usually requires laborious screening or selection and can take several months. Recent advances in bacterial artificial chromosome (BAC) technology have enabled cloning of the whole HSV genome as a BAC plasmid and subsequent manipulation in E. coli [ 5 – 8 ]. Thus, we sought a method to generate recombinant oncolytic HSV vectors more easily and quickly using BAC technology.

It is not practical to manipulate BAC-cloned HSV DNA using conventional subcloning methods such as restriction enzyme digestion and ligation, because HSV-BAC DNA is usually more than 150 kilobases (kb) in length. To circumvent this problem and achieve efficient and accurate manipulation in E. coli . site-specific recombination (e. g. Cre/loxP system), homologous recombination/allelic exchange (e. g. RecA, RecE/T, bacteriophage λ red system), and transposon integration have been used for mutagenesis or the introduction of foreign sequences into BAC-cloned virus genomes [ 6. 8 – 16 ]. Another factor to consider in BAC-mediated recombinant HSV construction is the packaging capacity of the HSV virion. It has been reported that packaging of DNA fragments larger than 156 kb into HSV virions is not efficient [ 17. 18 ]. BAC cloning requires insertion of mini F plasmid sequences and antibiotic resistance genes into the viral genome and the length of these BAC backbone sequences is usually greater than 6 kb in total [ 19 ]. Insertion of BAC sequences into the wild-type HSV genome (152 kb) will increase the genome length to

158 kb, and there will be no space left for the insertion of additional sequences. To avoid deleterious effects of the BAC sequences, including growth defects and potential transmission between bacteria and man, some herpesvirus BAC clones have been constructed with loxP site-flanked BAC sequences, which can be removed by Cre recombinase [ 8. 20. 21 ]. In this study, we chose to use two independent site-specific recombination systems, Cre/loxP and FLP/FRT, sequentially in two separate steps. These two steps are: ( i ) integration of the shuttle vector containing a foreign sequence into the HSV-BAC genome and ( ii ) excision of the BAC sequences from the integrated HSV-BAC-shuttle DNA. We also employed another strategy for efficient generation of correctly recombined HSV vectors. The size of the integrated HSV-BAC-shuttle DNA was designed to exceed the packaging capacity of the HSV virion by inserting a stuffer sequence, so that recombinant HSV genomes are efficiently packaged and propagated only after removal of the BAC and stuffer sequences by FLPe. This strategy enabled us to obtain nearly pure (>99%) preparations of correctly recombined virus lacking the BAC sequences by simply co-transfecting mammalian cells with the integrated HSV-BAC-shuttle vector and an FLPe expression plasmid. We termed this system the Flip-Flop ( FLP / F RT and Cre/ lo x P mediated) HSV-BAC system.

In this paper, we describe the Flip-Flop HSV-BAC system and its use for the generation of recombinant HSV vectors with the essential ICP4 gene driven by the CMVIE promoter. ICP4 (infected cell protein 4) is the product of the immediate-early α4 or IE-3 gene, and functions as the main transcriptional activator of viral genes [ 22. 23 ]. Previously, we reported the generation of transcriptionally-targeted oncolytic HSV vectors using an ICP4-deletion mutant HSV d120 as a backbone [ 4 ]. We introduced an albumin-promoter-driven ICP4 expression cassette into the tk gene locus of d120 and showed that the resultant virus G92A selectively replicated in and killed hepatoma cells and tumor xenografts in which the albumin promoter was active [ 24 ]. Using the same strategy, another group generated an oncolytic HSV vector targeting soft tissue and bone tumors with an ICP4 cassette driven by human calponin promoter [ 25 ]. For the present study, we cloned d120 as a BAC plasmid, with the BAC sequences integrated in the UL39 (ICP6) gene, and then inserted ICP4 expression cassettes into d120-BAC using the Flip-Flop HSV-BAC system. ICP6 is the large subunit of viral ribonucleotide reductase and disruption of this gene limits HSV growth to actively dividing cells [ 26 – 28 ]. We showed that insertion of an ICP4 expression cassette driven by the CMVIE promoter efficiently drove viral replication, whereas insertion of the ICP4 coding sequence (CDS) alone did not restore viral replication. Use of a tumor-specific promoter instead of the CMVIE promoter, should generate a transcriptionally-targeted oncolytic HSV vector. Furthermore, these studies illustrate the power of the Flip-Flop HSV-BAC system to rapidly generate HSV recombinants.

Resultados

Outline of the Flip-Flop HSV-BAC system

The Flip-Flop HSV-BAC system for the generation of exogenous promoter driven HSV vectors is illustrated in Figure 1. The two starting plasmids for this system are the prototype HSV-BAC clone, pM24-BAC, and the promoterless shuttle vector pFLS-ICP4, both of which carry one loxP and one FRT recombination site. pM24-BAC contains the genome of d120 virus with the HSV ICP6 gene (UL39) disrupted by insertion of the BAC cassette (Fig 2a ). The shuttle plasmid pFLS-ICP4 contains the ICP4 CDS with a multiple cloning site (MCS) upstream so exogenous promoters can be inserted to drive ICP4 expression, the R6Kγ origin of replication, kanamycin resistance gene, LacZ marker gene, and a stuffer sequence derived from bacteriophage lambda (Fig 2b ). Promoters of interest (Pr) are inserted into the MCS by conventional subcloning methods to create a shuttle plasmid containing an ICP4 expression cassette driven by that promoter (pFLS-Pr) (Fig 1 ).

Schematic outline of the Flip-Flop HSV-BAC system for the generation of exogenous promoter driven HSV vectors . Prior to recombinant virus construction, a promoter of interest (Pr) is inserted into the MCS of the promoterless shuttle vector pFLS-ICP4 to generate the ICP4 expression cassette driven by that promoter. The prototype HSV-BAC vector plasmid, pM24-BAC contains the genome of replication-deficient ICP4-deletion mutant d120. In the first step of the Flip-Flop HSV-BAC system, the shuttle vector pFLS-Pr is integrated into the loxP site on pM24-BAC, using Cre recombinase, and then electroporated into E. coli to obtain the integrated pM24-BAC-shuttle. The second step is performed in mammalian E5 cells, which carry the ICP4 gene and are permissive for ICP4- mutant replication. When FLPe recombinase expression plasmid pCAGGS-FLPe is co-transfected with pM24-BAC-shuttle to E5 cells, the FRT-flanked segment on the oversized vector (marked with orange arrow), containing the BAC vector and stuffer sequences, is excised by the recombinase. The reduction in genome size permits efficient packaging and production of the recombinant virus (bM24-Pr). As pM24-BAC-shuttle is oversized (>166 kb), the vector containing BAC sequences cannot be packaged efficiently into the HSV virion. BAC: BAC backbone and replication origin (mini F plasmid sequences), Cm: Chloramphenicol resistance gene, EGFP: Enhanced Green Fluorescence Protein gene, Km: Kanamycin resistance gene, LacZ: β-galactosidase gene, Stuffer: Stuffer sequence from bacteriophage lambda, ICP4: HSV ICP4 coding sequence, Pr: Exogenous promoter of interest, U S. Unique short sequence of HSV, U L. Unique long sequence of HSV, Open circle: R6Kγ plasmid replication origin, ICP6 5': 5' portion of the HSV ICP6 coding sequence, ICP6 3': 3' portion of the HSV ICP6 coding sequence, Closed triangle: loxP recombination site, Open triangle: FRT recombination site.

Schematic representation of the prototype recombinant virus M24-BAC and the promoterless shuttle vector pFLS-ICP4 . ( a ) M24-BAC recombinant virus has the BAC sequences inserted into the UL39 (ICP6) gene of mutant HSV d120. (upper) d120 has a 4.1 kb deletion in both copies of the diploid ICP4 gene. (middle) The ICP6 gene coding the large subunit of viral ribonucleotide reductase is located in the 9.4 kb HindIII restriction fragment of the HSV genome. (lower) The BAC vector sequences were inserted into the d120 genome between the StuI and the XhoI sites of UL39 via homologous recombination using the recombination plasmid pBAC-ICP6EF. The mini F plasmid sequences contain four regulatory genes ( oriS . repE . parA . and parB ) essential for replication and copy number control of the plasmid [19]. H, HindIII; S, StuI; X, XhoI; Open boxes, HSV inverted repeats. The numbers in rectangles at the top of the figure show the lengths in kb of HindIII restriction fragments of d120. The numbers in parentheses show the lengths in kb of terminal restriction fragments. ( b ) Schematic map of the promoterless shuttle vector pFLS-ICP4. MCS is situated upstream of the HSV ICP4 coding sequence so that an exogenous promoter can be inserted to drive ICP4 expression.

In the first step, the shuttle vector pFLS-Pr is integrated into pM24-BAC by Cre recombinase in vitro and an integrated BAC clone (pM24-BAC-shuttle) isolated in E. coli by selection with kanamycin and chloramphenicol. As replication from the R6Kγ origin is dependent on the π protein encoded by the pir gene and the BAC host E. coli strain is pir -, the R6Kγ origin in the integrated BAC does not interfere with BAC replication [ 29 ]. In the second step, the integrated pM24-BAC-shuttle DNA and the FLPe expression plasmid are co-transfected to ICP4-complementing E5 cells and the BAC backbone and stuffer sequences, flanked by FRT sites derived from pM24-BAC and the shuttle vector, are excised by FLPe recombinase (Fig 1 ). Any HSV genome retaining the BAC sequences (from the original pM24-BAC-shuttle DNA) is oversized and cannot be packaged efficiently.

Cloning of the prototype HSV-BAC clone pM24-BAC

To initiate HSV-BAC cloning, a recombinant HSV mutant containing BAC sequences was generated by homologous recombination. The BAC cassette was inserted into the ICP6 (UL39) locus of ICP4-deletion mutant d120 (Fig 2a ). Resultant ICP4/ICP6 double-deletion mutant HSV (M24-BAC) formed EGFP-positive plaques, somewhat smaller than those of parental d120, presumably due to the additional ICP6 deletion (data not shown). The genomic structure of M24-BAC was confirmed by HindIII restriction analysis (Fig 3 ; left panel).

Genomic structure of M24-BAC virus and pM24-BAC plasmid DNA . HindIII restriction analysis of M24-BAC virus DNA (left panel) and pM24-BAC plasmid DNA (right panel) is shown. Closed arrowhead: 9.4 kb HindIII fragment of d120 (containing ICP6 region), Open arrowheads: 15 kb and 2.2 kb HindIII fragments generated by insertion of the BAC sequences. A band present in M24-BAC digest just above the closed triangle is the submolar terminal restriction fragment (9.8 kb) derived from the short terminal repeat. This band is overlapped by the 9.4 kb restriction fragment of d120 and absent from pM24-BAC. The restriction pattern of pM24-BAC indicates that this clone contains both the U L and U S sequences of HSV genome in the forward orientation. Other bands present in the M24-BAC digest but not in pM24-BAC are submolar terminal fragments or L-S junction fragments derived from other isomeric forms of virus genome.

An HSV-BAC plasmid containing the whole genome of M24-BAC, pM24-BAC, was isolated by transforming DH10B E. coli with circular viral DNA and its genomic structure confirmed by HindIII restriction analysis (Fig 3 ; right panel). pM24-BAC DNA was infectious, generating virus, bM24-BAC (b refers to B AC/ b acterial derived virus) after transfection of E5 cells. Two independent plaque-purified bM24-BAC isolates and parental M24-BAC had similar properties: ( i ) they formed comparably sized EGFP-positive plaques; ( ii ) they had identically sized restriction endonuclease fragments [see Additional file 1 ]; and ( iii ) they had identical virus growth kinetics and similar virus yields [see Additional file 2 ]. Therefore, we concluded that the reconstituted bM24-BAC virus retains the same characteristics as the original M24-BAC virus and that the HSV-BAC plasmid pM24-BAC contains a faithful copy of the M24-BAC virus genome.

Shuttle vector integration into pM24-BAC by Cre recombinase

As a proof-of-principle and to validate the Flip-Flop HSV-BAC system, we constructed three recombinant viruses (Table 1 ): ( i ) bM24-CMV, with the ICP4 CDS driven by the human CMVIE promoter, ( ii ) bM24-null, with the ICP4 CDS lacking a promoter, and ( iii ) bM24-empty, with no ICP4 CDS, which was generated with shuttle vector pFLS2 lacking the ICP4 CDS. First, the specificity and efficiency of Cre recombinase mediated integration into pM24-BAC (Step1) was examined. In the pM24-BAC-CMV cloning, three BAC clones (clones #3, 6, 7; Fig 4a. marked with asterisks) contained a single integrated copy of pFLS-CMV, whereas six other clones (#1, 2, 4, 5, 8, 10) had an additional 7.8 kb band (Fig 4a closed arrowhead ), indicating integration of multiple copies of the shuttle vector (for HindIII restriction map, see Fig 2a and Additional file 3 ). The remaining one clone (#9) had not undergone recombination and showed a pattern identical to that of pM24-BAC. We used the single insert clones for bM24-CMV virus generation. In the pM24-BAC-null cloning, six out of 13 BAC clones contained the complete HSV-BAC genome based on HindIII restriction analysis, all of which carried a single integrated copy of the shuttle vector, whereas the remaining seven clones contained a partially deleted, incomplete HSV-BAC genome (Fig 4b ). These deletions seemed to have occurred randomly at different locations, presumably due to shearing during DNA manipulation (Step1). In the pM24-BAC-empty cloning, nine out of ten clones contained the complete HSV-BAC genome, all of which carried multiply integrated pFLS2 shuttle vector (data not shown). Even with multiple copies of the shuttle vector integrated into the loxP site of pM24-BAC, FLPe recombination between the most distal pair of FRT sites during virus generation should remove any extra copies of the shuttle vector along with the BAC backbone sequences [see Additional file 3 ]. Thus, these multiple insert clones were used to create bM24-empty virus.

List of recombinant viruses and shuttle and BAC plasmid clones used for their generation

BAC-derived recombinant virus

(N/A: not applicable)

Analysis of BAC clones after site-specific recombination . (a) HindIII restriction analysis of chloramphenicol/kanamycin double-resistant clones (pM24-BAC-CMV) after Cre-mediated integration between pM24-BAC and pFLS-CMV shuttle vector. Clones #3, 6, and 7 (marked with asterisks) show the expected restriction pattern. Clones #1, 2, 4, 5, and 8 contain an additional 7.8 kb fragment ( closed arrowhead ) and a greater amount of the 6.2 kb fragment ( open arrowhead ) which is consistent with the expected digestion pattern of pM24-BAC-CMV with doubly inserted shuttle vector [see Additional file 3 ]. Clone #10 also contains a greater amount of the 7.8 kb fragment, suggesting insertion of three or more copies of the shuttle vector. The remaining clone (#9) did not undergo recombination and shows a pattern identical to that of pM24-BAC. (b) HindIII restriction analysis of pM24-BAC-null clones obtained after Cre-mediated integration between pM24-BAC and pFLS-XICP4 shuttle vector. Clones #1, 2, 5, 9, 10 and 11 (marked with asterisks) show a restriction pattern consistent with singly integrated pM24-BAC-null. The other seven clones contain a partially deleted, incomplete HSV-BAC genome. The 8.2 kb HindIII fragment containing the BAC backbone ( arrow ) and the two neighboring fragments (20.1 and 2.2 kb; closed arrowheads ) are preserved in all clones, and the 8.6 kb fragment ( open arrowhead ) adjacent to the 2.2 kb fragment is preserved in all clones except clone #13. Other fragments are lost in the deletion clones and new fragments of varying lengths are observed, suggesting that these deletions occurred randomly at different locations. For the HindIII restriction map, see Fig 2a and Additional file 3 .

Recombinant virus generation by FLPe recombinase excision of BAC sequences

Next, we compared the efficiency of recombinant virus generation following transfection of pM24-BAC-shuttle DNA with or without the FLPe plasmid to determine whether the increased size was sufficient to inhibit packaging of BAC-containing viral genomes. E5 cells were transfected with: ( i ) the prototype HSV-BAC, pM24-BAC (152 kb) alone, ( ii ) pM24-BAC-null alone (166 kb or approximately 14 kb larger than the wild-type HSV genome), or ( iii ) pM24-BAC-null and the FLPe expression vector (pCAGGS-FLPe). Progeny viruses were harvested 5 days after transfection and titered on E5 cells. As illustrated in Figure 1. expression of LacZ indicates the precise integration of the shuttle vector into pM24-BAC and the lack of EGFP expression, the loss of the BAC vector sequences. When pM24-BAC alone was transfected, the virus yield was 2.5 × 10 7 pfu and all harvested viruses formed EGFP-positive and LacZ-negative plaques (Fig 5a, b ). On the other hand, the titer after pM24-BAC-null transfection (bM24-BAC-null virus) was two logs lower (2.2 × 10 5 pfu). Furthermore, the virus formed much smaller plaques than pM24-BAC derived virus and almost all of the plaques were both EGFP - and LacZ-positive, as would be expected. When pM24-BAC-null was co-transfected with the FLPe expression plasmid, most of the harvested viruses formed EGFP-negative/LacZ-positive plaques and their sizes were comparable to those of the viruses derived from pM24-BAC (Fig 5a, b ). There was a very low proportion of EGFP/LacZ double-positive plaques (5.7 × 10 3 pfu, compared to 1.7 × 10 6 pfu for single LacZ-positive), similar in size those formed by bM24-BAC-null. Thus, more than 99% of the harvested viruses were EGFP-negative/LacZ-positive. Similar results were obtained in the generation of bM24-CMV and bM24-empty viruses. In order to confirm the impaired growth of the oversized virus carrying the BAC and stuffer sequences, we performed single-step growth assay using the crude virus preparations harvested in Fig 5b. While the virus burst sizes of bM24-BAC and bM24-null were similar, that of bM24-BAC-null was 5-7-fold less (Fig 5c ). Two independently generated isolates (designated as #1 and #2) of the EGFP-negative/LacZ-positive virus were plaque-purified and their genomic structure confirmed by restriction endonuclease analysis (Fig 6 ).

Recombinant virus generation after FLPe recombinase excision of BAC sequence . (a) EGFP and LacZ marker expression by recombinant viruses harvested after transfection of pM24-BAC (prototype HSV-BAC) or pM24-BAC-null DNA with or without the FLPe recombinase plasmid. E5 cells were transfected with indicated DNA and 6 days after transfection, viruses were harvested and titered on E5 cells. Detection of EGFP was performed without fixation before LacZ staining. When pM24-BAC alone was transfected, all harvested viruses formed EGFP-positive plaques none of which were LacZ positive. When pM24-BAC-null alone was transfected, the viruses formed both EGFP - and LacZ-positive plaques. Sizes of the plaques were smaller than those of viruses harvested from pM24-BAC transfected cells. When pM24-BAC-null and pCAGGS-FLPe were co-transfected, all harvested viruses formed LacZ-positive plaques and most of them were EGFP-negative. A very few number of EGFP-positive plaques, which were smaller in size than EGFP-negative plaques, were observed in lower dilution wells. All photos are at same magnification. (b) Titer of EGFP-positive and LacZ-positive viruses harvested in each transfection group (error bars show standard deviation. N = 3). Ratios between titers of EGFP-positive and LacZ-positive virus in each group are shown below. (c) Single-step growth assay of viruses harvested in Fig 5b. 8 × 10 3 of E5 cells plated in 48-well plates were infected at an MOI of 2.5. Progeny viruses were harvested 24 or 38 hours after infection and titered on E5 cells. The virus yield was divided by the number of infected cells (Virus burst).

Analysis of genomic DNA from recombinant viruses generated using the Flip-Flop HSV-BAC system . DNA from two independent isolates was purified, digested with HindIII and electrophoresed on an agarose gel. The DNAs of parental viruses bM24-BAC and d120 illustrate the common fragments, while the asterisks denote fragments containing inserts derived from the shuttle vector. [see Additional file 3 ].

The recombinant viruses replicate efficiently only when ICP4 is expressed

In order for pM24-BAC to be a suitable backbone vector for the generation of transcriptionally-targeted HSV vectors, viruses generated from it should not replicate in non-complementing cells in the absence of an active upstream promoter. This was tested in Vero cells, which are the parental cell line for the ICP4-complementing E5 cells, by comparing the growth of bM24-CMV to bM24-null and bM24-empty. The expression of ICP4 was detected in cells infected with bM24-CMV as early as 4 hours post-infection and increased up to 24 hours at least, but not in cells infected with bM24-null or bM24-empty (Fig 7a ). This is similar kinetics to that seen after KOS (wild-type HSV strain) or hr R3 (ICP6- mutant strain) infection, but at much lower levels (Fig 7a ). bM24-CMV formed plaques efficiently on Vero cells, similar to hr R3, while only a few small plaques were formed after infection with over 30-fold more bM24-null and no plaques with bM24-empty (Fig 7b ). In a virus burst assay, bM24-CMV yielded

5–10 pfu/cell, while bM24-null and bM24-empty yielded 0.1 and 0.01 pfu/cell, respectively (Fig 8a ). The replication of bM24-CMV was delayed compared to hr R3 or KOS (Fig 8b ), probably reflecting the limited expression of ICP4. However, this level of ICP4 expression is sufficient to drive viral replication. Interestingly, there was over a 100-fold difference in bM24-CMV virus yield in different human tumor cell lines, with HepG2 the most susceptible and SW480 the least, whereas hr R3 replication was similar in all 3 tumor cell lines and bM24-null did not appreciably replicate in any of the cells (Fig 8c ).

Phenotype of recombinant viruses generated by the Flip-Flop HSV-BAC system . ( a ) Time course of ICP4 expression in Vero cells infected with recombinant viruses. bM24-CMV induced weak expression of ICP4 as early as 4 hours post-infection (pi), which increased over time up to 24 hours pi. Vero cells infected with bM24-null and bM24-empty showed no detectable ICP4 expression. hr R3 and KOS which retain two copies of the wild-type ICP4 gene showed very strong expression of ICP4 after 8 hours pi. ( b ) Plaque forming assay on Vero cells. Vero cells grown in 6-well dishes were infected with the indicated amounts of recombinant virus, fixed five days after infection and stained with X-gal. A few tiny plaques are visible in the bM24-null well.

Replication of recombinant viruses in Vero and human tumor cells . ( a ) The virus burst on Vero cells. 1.8 × 10 5 cells were infected with the indicated recombinant viruses (2 independent isolates each) at an MOI of 3 and viruses harvested 31 hours pi and titered. The virus yield was divided by the number of infected cells. Error bars show standard deviation (N = 3). ( b ) Time course of virus replication on Vero cells, from a similar experiment as in a, except virus was harvested at the indicated times post-infection. ( c ) Replication assay of bM24-CMV, bM24-null and hr R3 viruses on different tumor cell lines. Cells were infected with 10 4 pfu of the indicated viruses (MOI

0.01) and virus harvested 72 hours pi. Fold amplification of virus (Virus yield/input virus) is shown, with 1 being the amount of input virus. bM24-CMV grew in all tumor cell lines in varying degree, whereas bM24-null grew only on ICP4-complementing E5 cells. hr R3 grew to a similar degree in all three tumor cell lines.

Discussion

Transcriptionally-targeted oncolytic virus vectors are promising cancer therapeutic agents and some of them have already been applied to cancer patients in clinical trials. For example, an oncolytic adenovirus vector CV706 whose replication is driven by the prostate-specific antigen (PSA) promoter/enhancer element has completed Phase I clinical trials and some of the patients showed a significant decrease in serum PSA levels [ 30 ]. Although there are many potentially promising tumor-specific promoters reported in the literature and many of them have been used for generation of oncolytic adenoviruses [ 31 ], only a few have been tested in the context of transcriptionally-targeted HSV vectors due to the extensive labor involved in constructing recombinant HSV vectors [ 4. 25. 32 ].

Traditionally, recombinant HSV vectors have been generated via homologous recombination between purified HSV DNA and recombination plasmid in co-transfected cells. In addition to the inefficiency of recombination, there is the need to screen or select plaques for the correct recombinant. This has hampered the development of new recombinant HSV vectors. Recent advances in BAC technology have enabled the cloning of herpesvirus genomes as BACs and their manipulation in E. coli [ 5 – 14. 16. 20. 21 ]. Using our Flip-Flop HSV-BAC system, once a shuttle vector containing a promoter of interest is constructed, nearly pure (>99%) preparations of recombinant vector can be obtained typically within two weeks, which can be easily plaque-purified subsequently. It should be noted that this system can also be applied to the generation of transgene-expressing HSV vectors if replication-competent HSV-BAC is used as a prototype BAC [ 33 ]. A similar strategy for the generation of oncolytic HSV vectors, termed the HSVQuik system, has recently been reported [ 34 ].

In Step1 of the Flip-Flop HSV-BAC system, Cre-mediated recombination was performed biochemically and then integrated BAC DNA electroporated into E. coli . As high-molecular-weight BAC DNA is vulnerable to mechanical shearing, these procedures could cause double-strand breaks, lowering the proportion of correctly integrated HSV-BACs. When we generated pM24-BAC-null clones, more than half of the clones (7 out of 13) had suffered large deletions occurring at random locations (Fig 4b ), while for pM24-BAC-CMV and pM24-BAC-null cloning, 90% (9 out of 10) of the BAC clones contained a full-length HSV-BAC genome, with either single or multiple shuttle inserts (Fig 4a and data not shown). To date, we have generated several different transcriptionally-targeted HSV vectors using this system and found that the efficiency of full-length HSV-BAC cloning after Cre recombination varied between 40 to 100% (average 69%; 67 complete clones out of 97 clones) (TK, unpublished data). An alternate way to avoid BAC DNA shearing in Step1 would be to perform site-specific recombination in bacteria by introducing the shuttle and Cre-expressing plasmids into the E. coli carrying the prototype HSV-BAC plasmid, as reported previously [ 35 ]. Terada et al. employed, in their HSVQuik system, a similar strategy using an FLP-expressing plasmid for the integration of their HSV-BAC and transfer plasmids, and reported that

80% of HSV-BAC clones contained correct co-integrants [ 34 ].

The efficiency of FLPe-mediated excision of the BAC and stuffer sequences from the integrated HSV-BAC-shuttle DNA was high, with over 99% of recombinant virus harvested after Step2 LacZ-positive and EGFP-negative. In order for recombined virus to be generated, several events need to occur: ( i ) both the integrated HSV-BAC-shuttle and the FLPe plasmid is transfected into a same cell, ( ii ) FLPe is expressed, ( iii ) the BAC sequences are excised from the HSV-BAC DNA, ( iv ) the recombined viral genome is replicated and ( v ) packaged. There are multiple factors affecting these processes, including the rate and level of FLPe expression and the timing of recombination. In fact, we do not know at which stage the FLPe recombination occurs, i. e. in the original HSV-BAC DNA or in the replicated virus DNA concatemer. In the former case, all the replicated viral DNA are correct recombinants and readily packaged, whereas in the latter case, only a fraction of the viral DNA concatemer may be packaged. Therefore, the efficiency of viral production through all these events could be lower than that after transfection of pM24-BAC alone, from which bM24-BAC virus can be generated directly without recombination. In our experiment, the yield of FLPe-recombined virus was sufficient, albeit a log lower than that of bM24-BAC (Fig 5b ). For the generation of bM24-empty virus, we used pM24-BAC-empty clones that contained multiple integrated copies of shuttle vector. Even in these multiple inserts, FLPe recombination between the most distal pair of FRT sites results in the generation of correct recombinant virus, while recombination between other pairs of FRT sites generates viral genomes, which are still oversized and cannot be efficiently packaged. Thus, multiple-insert BAC clones can be used for recombinant virus generation.

When pM24-BAC-null was co-transfected with the FLPe plasmid to excise the BAC sequences, the ratio of bM24-null to bM24-BAC-null was over 300 (Fig 5b ). There are two factors affecting the final yield ratio between the recombined and non-recombined virus: ( i ) efficiency of recombination, and ( ii ) difference in growth kinetics between the two viruses. Previously, Smith and Enquist, reported that co-transfection of loxP-carrying PRV-BAC DNA and a Cre expression plasmid resulted in a virus preparation containing 10–15% non-recombined viruses [ 21 ]. In order to improve the yield of correctly recombined virus, they inserted a Cre expression cassette into the loxP-flanked BAC cassette so that Cre was expressed from non-recombined BAC-virus. This self-excision strategy worked very well and the yield of correctly recombined virus was more than 99.9%. In the Flip-Flop HSV-BAC system, we took a different approach to maximize the yield of correct recombinant virus; a stuffer sequence was included in the shuttle vector so that the integrated HSV-BAC clones are oversized and produce virus efficiently only after the BAC and stuffer sequences are removed. Using this strategy,

99.7% of harvested viruses were correct recombinants (Fig 5b ). As shown in Fig 5c. the growth of oversized bM24-BAC-null virus (

166 kb) was much reduced compared to that of recombined virus bM24-null. As HSV-BAC can accommodate larger DNA, an integrated HSV-BAC with a much larger genome size (e. g. >180 kb) using a longer stuffer sequence, should further reduce the production of non-recombined virus.

We previously reported the generation of albumin-promoter-driven HSV vector G92A in which the ICP4 expression cassette was inserted into the thymidine kinase ( tk ) gene [ 4 ]. Unfortunately, tk - mutant viruses are resistant to acyclovir treatment, which is not desirable for clinical application [ 36 ]. To avoid this problem, we chose to insert the BAC vector sequences and ICP4 expression cassette into the UL39 gene, preserving the tk gene. UL39 encodes ICP6, the large subunit of the viral ribonucleotide reductase, and its inactivation limits vector replication to actively dividing cells [ 26 – 28 ]. Additionally, ICP6 inactivation increases virus sensitivity to acyclovir [ 37. 38 ]. It is worth noting that the initial HSV-BAC construct can be generated by insertion of the BAC cassette into any desired sequence or gene in the viral genome, other than ICP6.

In the current study, it was important to first demonstrate that there were not cryptic regulatory sequences that would drive ICP4 expression in the absence of promoters when inserted into the ICP6 region of HSV. bM24-null is such a construct and was highly defective in replication, only minimally better than bM24-empty, lacking any ICP4 sequences. These results show that pM24-BAC is suitable as a prototype construct for the generation of transcriptionally-targeted HSV vectors. In a plaquing assay, bM24-null formed a few plaques on Vero cells when infected at 10000 pfu/well, while no plaques were formed by the same amount of bM24-empty (Fig 7b ). These plaques might have arisen from bM24-null mutants with genome rearrangements or deletions that activated ICP4 expression.

When ICP4 was expressed under the control of the CMVIE promoter, its level of expression was much lower than KOS and hr R3, which have diploid copies of wild-type ICP4 gene (Fig 7a ). Recently, Terada et al. reported that HSV promoters, ICP6, IE2 and IE4/5, induced a higher level of luciferase expression compared to the CMVIE promoter when inserted in the ICP6 gene [ 34 ], the same location as in bM24-CMV. Regulation of HSV transcription and translation is complex, with ICP4 playing a major role, both as a trans-activator and repressor [ 23 ]. Upon infection, the tegument protein VP16 activates HSV immediate-early gene expression, however it does not similarly activate the CMVIE promoter [ 39 ], which could account for the delayed kinetics. In a study of CMVIE promoter-GFP expression in HSV immediate-early gene mutants, it was found that CMVIE promoter activity was dependent upon ICP0 expression levels [ 40 ] and that the CMVIE promoter in the HSV genome was actively repressed in the absence of viral activators [ 41 ].

It is not clear what levels of ICP4 expression are necessary for viral replication. In a single-step growth assay (Fig 8a, b ), bM24-CMV grew efficiently in Vero cells, with slower kinetics than hr R3 or KOS, presumably reflecting the lower and slower induction of ICP4 by the CMVIE promoter. Furthermore, the levels of bM24-CMV replication, as opposed to hr R3, varied considerably in different tumor cell lines. This could be due to variable activity of the CMVIE promoter or different levels of ICP4 required for replication in different cell lines. In fact, we found that the transcriptional activity of the CMVIE promoter in SW480 was 3 to 8 fold lower than in HepG2 or A549, using a transient luciferase reporter assay [ 42 ]. While considered constitutive, CMVIE promoter activity has been shown to vary greatly in different cells; in transgenic mice, or with transiently transfected plasmids or adenovirus vectors [ 43 – 46 ].

Conclusión

The Flip-Flop HSV-BAC system we describe enables rapid generation of HSV vectors carrying transgene inserts. By introducing a tumor-specific-promoter-driven ICP4 cassette into pM24-BAC using this system, one should be able to generate transcriptionally-targeted oncolytic HSV vectors. We believe this system will greatly facilitate the screening of a plethora of clinically useful tumor-specific promoters in the context of oncolytic HSV vectors.

Métodos

Cells and viruses

Vero (African Green Monkey kidney cells), SW480 (Human colon adenocarcinoma), and HepG2 (Human hepatoblastoma) cells were obtained from American Type Culture Collection (Manassas, VA). A549 (Human lung adenocarcinoma) cells were provided by W. Kallas (Massachusetts General Hospital, Boston, MA). E5 cells are Vero cells stably transfected with HSV ICP4, so they express complementing levels of wild type ICP4 upon HSV-1 infection and were provided by N. DeLuca (University of Pittsburgh School of Medicine, Pittsburgh, PA) [ 22 ]. Vero and E5 cells were grown in Dulbecco's modified Eagle's medium (DMEM) supplemented with 10% calf serum and other cell lines in DMEM supplemented with 10% fetal calf serum. Wild-type HSV-1 strain KOS was provided by D. Knipe (Harvard Medical School, Boston, MA), ICP6- recombinant hr R3 (parental strain KOS) was provided by S. Weller (University of Connecticut Health Center, Farmington, CT) [ 47 ], and ICP4 deletion mutant d120 (parental strain KOS) was provided by N. DeLuca [ 22 ]. Virus stocks were generated from low-multiplicity infections.

Plasmids

pCAGGS-FLPe was provided by Dr. P. Lowenstein (Cedars-Sinai Hospital, Los Angeles, CA) [ 48 ]. Other plasmids were constructed as follows. The recombination plasmid, pBAC-ICP6EF: AscI-tagged ICP6 CDS was generated via PCR from d120 DNA using the LA-PCR kit (TaKaRa Mirus Bio, Madison, WI) and 5'-TATGGCGCGC CAACCCGCCG CGTCTGTTGA AAT-3' (sense) and 5'-ATAGGCGCGC CTTTGTCGGT CACAGCGCGC AGCTC-3' (antisense) primers. The PCR product was digested with AscI, ligated, and digested again with XhoI and StuI. The resultant 2556 bp fragment containing 3' (1.2 kb) and 5' (1.3 kb) fragments of the ICP6 CDS ligated tail-to-head was subcloned into the XbaI/XhoI sites of pBluescriptII-KS+ vector (Stratagene, La Jolla, CA) to create pBS2ICP6TH. The EGFP CDS excised from pEGFP-N1 (Clontech, Palo Alto, CA) was subcloned into the HindIII/AgeI sites of pVP22/myc-His2 vector (Invitrogen, Carlsbad, CA) to create pCMV-EGFP. pCMV-EGFP2 was created by digestion of pCMV-EGFP with PvuII and subsequent self-ligation. Two oligomers containing the FRT recognition sequence (underlined), CGCGC GAAGT TCCTATACTT TCTAGAGAAT AGGAACTTC C TCGAG (sense) and AATTCTCGAG GAAGTTCCTA TTCTCTAGAA AGTATAGGAA CTTC G (antisense) were synthesized, hybridized and subcloned into the MluI/MfeI sites of pCMV-EGFP2 to create pEGFP-FRT. The FRT recognition site followed by the EGFP expression cassette driven by the CMV promoter with the BGH polyA signal was excised from pEGFP-FRT by XhoI and PciI digestion and subcloned into the XhoI/PciI sites of pBSICP6TH to create pICP6TH-EF. Finally, the NotI/PvuII digestion fragment of pICP6TH-EF containing the EGFP cassette, the FRT site and the 3' and 5' fragments of the ICP6 CDS was subcloned into the NotI/SrfI sites of pBelobac11 (Research Genetics, Huntsville, AL) to create pBAC-ICP6EF. The promoterless shuttle vector, pFLS-ICP4: Two oligomers containing the loxP recognition sequence (underlined), AGCTT ATAAC TTCGTATAAT GTATGCTATA CGAAGTTAT C CATGGCTGCA (sense) and GCCATGG ATA ACTTCGTATA GCATACATTA TACGAAGTTA T A (antisense) were synthesized, hybridized and subcloned into the HindIII/PstI sites of pUC18 to create pUC-loxP. Then the FRT sequence oligomers described above were subcloned into the BamHI/EcoRI sites of pUC-loxP to create pUC-LF, which was subsequently digested with HindIII and NdeI, filled-in and self-ligated to create pUC-LF2. pCMV-LacZV was constructed from pcDNA6-E/Uni - lacZ (Invitrogen) by AgeI and PmlI digestion followed by self-ligation. The NcoI/SalI fragment of pCMV-LacZV containing the LacZ CDS and V5 epitope tag followed by the SV40 polyA signal was subcloned into the NcoI/SalI sites of pUC-LF2 to create pLLZF2. Two oligomers containing a MCS sequence, GATCAGTACT AGTCCTGCAG GCTTAAGGGT ACCGCTAGCA TTTAAATGTC GACAGGCC (sense) and TCGAGGCCTG TCGACATTTA AATGCTAGCG GTACCCTTAA GCCTGCAGGA CTAGTACT (antisense), were synthesized, hybridized and subcloned into the BamHI/SalI site of pLLZF2 to create pLLZMF2. The 4.1-kb SalI/MseI fragment of pGH108 (provided by G. Hayward, Johns Hopkins School of Medicine, Baltimore, MD) [ 22 ] containing the ICP4 CDS was subcloned into the StuI/SalI sites of pLLZMF2 to create pLLZMF2-ICP4. To generate a stuffer sequence, the 4.0-kb AgeI-digest fragment of bacteriophage lambda DNA (nucleotide position 6562 – 10550) was obtained by digesting a HindIII digest of lambda DNA (New England Biolab, Beverly, MA). Subsequently, pUni-lmd was created by subcloning the stuffer sequence into the AgeI/XmaI sites of pUni/V5-HisA vector (Invitrogen) that contains the R6Kγ plasmid replication origin and kanamycin resistance gene. Finally, the 7.6-kb HindIII/XhoI fragment of pLLZMF2-ICP4 was subcloned into the NotI/XhoI sites of pUni-lmd to create pFLS-ICP4. pFLS-CMV: The CMV promoter was excised from pVP22/myc-His2 by KpnI and ScaI digestion and subcloned into the KpnI/NruI sites of the pFLS-ICP4 to create pFLS-CMV. pFLS2: An oligomer containing the NotI recognition sequence, 5'-AGCTCATAGCGGCCGCTATG-3', was synthesized, hybridized and subcloned into the HindIII site of pLLZMF2 to create pLLZMF2N. The 3.5-kb NotI/XhoI digestion fragment of pLLZMF2N was subcloned into the NotI/XhoI sites of pUni-lmd to create pFLS2.

For mammalian cell transfection, plasmid DNA, including BAC, was purified using a plasmid purification kit (QIAGEN, Valencia, CA) following manufacturer's protocols.

Virus titration

Monolayer cultures of Vero cells (for KOS and hr R3) or E5 cells (for ICP4 mutant viruses) grown in six-well dishes were infected with serial dilutions of virus. After removal of virus inoculum, the cells were incubated in DMEM supplemented with 1% IFCS and 0.1% pooled human immune globulin (BayGam; Bayer Corporation, Elkhart, IN) at 37°C for 3 to 4 days until plaques were visible. The cells were fixed with methanol (for Giemsa staining), or 0.5% glutaraldehyde-2% paraformaldehyde (for X-Gal histochemistry). Plaques were counted and the average number of plaques was determined from 2 wells. To count EGFP-positive plaques, cells were observed under an inverted fluorescence microscope without fixation.

Generation of M24-BAC virus

d120 viral DNA was purified as previously described [ 49 ]. Briefly, confluent monolayers of E5 cells were infected with d120 virus at a multiplicity of infection (MOI) of 2, and 16 hours later, when total cytopathic effect (CPE) was observed, cells were harvested, pelleted by centrifugation, washed with Dulbecco's phosphate-buffered saline (PBS), resuspended in RS buffer (10 mM TrisHCl pH8, 10 mM KCl, 1.5 mM MgCl 2 ), incubated on ice for 20 min, and homogenized with a Dounce homogenizer. After centrifugation at 1000 g . 4°C, 5 min, the pellet containing the nuclei was further lysed in RS buffer with 0.25% TritonX, centrifuged again and the supernatant combined with the initial supernatant, which was treated with Proteinase K (Invitrogen) and SDS at 37°C overnight. Viral DNA was purified by ultracentrifugation in a NaI density gradient [ 49 ].

E5 cells (1.8 × 10 5 cells/well) plated in six-well dishes were co-transfected with 250 ng of purified d120 DNA and 180 ng of AscI-digested pBAC-ICP6EF using lipofectamine PLUS (Invitrogen) following the manufacturer's protocol. Cells were harvested 5 days post-transfection when EGFP-positive plaques were observed. Recombinant viruses, identified as EGFP-positive plaques, were plaque purified on E5 cells by three rounds of limiting dilution.

Restriction analysis of viral DNA

Viral DNA for restriction analysis was purified as previously described with some modifications [ 50 ]. Briefly, E5 cells plated in 10 cm culture dish was infected with virus and harvested when total CPE was observed. The cells were pelleted by centrifugation, resuspended in buffer (10 mM TrisHCl pH7.5, 10 mM NaCl, 3 mM MgCl 2 ) and lysed by three freeze-thaw cycles. After centrifugation at 2000 g 4°C for 10 min, the supernatant was collected and treated with RNase A (QIAGEN) and DNase I (Sigma, St. Louis, MO) at 37°C for 2 hours, and subsequently treated with Proteinase K and SDS at 56°C overnight. Viral DNA was purified by phenol-chloroform extraction and ethanol precipitation. For restriction analysis, viral and BAC DNA was digested with Hind III and separated by electrophoresis in 0.5% agarose/Tris-acetate-EDTA buffer. A 1-kb DNA ladder (Invitrogen) and a high-molecular-weight DNA marker (Invitrogen) were used as molecular weight standards.

Cloning of a BAC clone containing the whole genome of M24-BAC virus

Isolation of a BAC clone containing the whole genome of M24-BAC virus was performed as reported previously [ 14 ]. Briefly, Vero cells (6 × 10 5 cells/well) plated in six-well dishes were infected with M24-BAC at an MOI of 3. Cells were lysed 90 min after infection with 500 μl of lysis buffer (0.6% SDS, 10 mM EDTA pH 7.5) and incubated at room temperature for 20 min. Then 330 μl of 5 M NaCl was added to the lysate and the mixture was incubated on ice for 5 hours. After centrifugation at 16000 g for 20 min at 4°C, the supernatant (Hirt extract) was removed, DNA extracted with phenol/chloroform, ethanol precipitated, and dissolved in 5 μl of TE buffer. Electrocompetent DH10B cells (Invitrogen) were transformed with 2 μl of DNA using Gene Pulser II (Bio-Rad, Hercules, CA) and chloramphenicol resistant clones were isolated.

Integration of shuttle vectors with pM24-BAC by Cre recombinase

Site-specific recombination between pM24-BAC and shuttle vector DNA was performed as previously described with some modifications [ 29 ]. Briefly, 1 to 1.5 μg of pM24-BAC and 150 ng of shuttle vector DNA were mixed with Cre recombinase (Invitrogen) in a total volume of 10 μl and incubated at 37°C for 1 h. Following heat-inactivation of Cre recombinase at 70°C for 10 min, recombined DNA was ethanol precipitated and dissolved in 5 μl of TE buffer or dH2O. Electrocompetent DH10B cells were transformed with 1 μl of DNA using Gene Pulser II and chloramphenicol/kanamycin double-resistant clones were isolated.

Recombinant virus production from integrated pM24-BAC-shuttle DNA

E5 cells (1.5 × 10 5 cells/well) plated in 24-well dishes were co-transfected with 1 μg of pM24-BAC-shuttle DNA and 100 ng of pCAGGS-FLPe using lipofectamine PLUS following manufacturer's protocol. 5 to 7 days after transfection, when CPE is observed, cells were harvested and lysed by three freeze/thaw cycles and sonication. Recombinant viruses were plaque purified on E5 cells by limiting dilution.

Virus replication

Monolayer cultures of cells in 12-well dishes were infected with the designated virus at an MOI of 3 in 350 μl of DMEM with 1%IFCS (for single step growth) or cells in 6-well dishes were infected with 1 × 10 4 pfu of the designated virus (MOI of

0.01) in 0.7 ml of DMEM with 1%IFCS (for replication assay). The virus inoculum was removed after 2 hours and the cells were incubated in DMEM supplemented with 10% IFCS (or 1% IFCS for Vero cells) at 37°C in humidified 5% CO 2 . At the times indicated, virus was harvested from the wells and titers were determined on Vero cells (for KOS and hr R3) or on E5 cells (for other recombinant viruses).

Immunoblot analysis of ICP4

Monolayer cultures of cells grown in 12-well dishes were infected with the designated virus at an MOI of 2, as described above. At the times indicated, the cells were briefly washed with PBS and lysed with 1 × SDS sample buffer. Proteins obtained from

3 × 10 4 infected cells were separated by SDS-PAGE (5% gel) and transferred to PVDF membrane (Immobilon-P, Millipore, Bedford, MA) using a tank transfer system (Bio-Rad). Membranes were blocked with 5% non-fat dry milk in TBST (10 mM Tris pH8, 150 mM NaCl, 0.1% Tween-20), washed in TBST, and probed with mouse anti-HSV-ICP4 monoclonal antibody (US Biological, Swampscott, MA) diluted in TBST (1:6000 dilution). After washing in TBST, the blot was probed with HRP-linked anti-mouse-IgG antibody (Amersham Biosciences, Piscataway, NJ). The membranes were washed in TBST and chemiluminescent detection was performed using the ECL Western Blotting Detection Reagents (Amersham Biosciences). Molecular weights were determined using prestained protein standards (Bio-Rad).

Declarations

Acknowledgements

We would like to thank Drs Pedro Lowenstein and Gary Hayward for providing plasmids, Wendy Kallas and Neal DeLuca for cells and virus, David Knipe and Sandy Weller for virus, and Manish Aghi and Ta-chiang Liu for critical reading of the manuscript. We also thank Drs. Hiroshi Fukuhara and Yasushi Ino for helpful discussion. This work was supported in part by grants to RLM from NIH (R01 NS032677 and CA102139), and the Department of Defense (W81XWH-04-1-0254) and to TT from the James S. McDonnell Foundation Brain Cancer Program and the Massachusetts General Hospital/Giovanni Armenise Neuro-Oncology and Related Disorders Grants Program.

Electronic supplementary material

12896_2006_163_MOESM1_ESM. pdf Additional File 1: Genomic structure of M24-BAC and bM24-BAC viral DNA. HindIII restriction analysis of purified viral DNAs obtained from M24-BAC and bM24-BAC virus isolates #1 and #2, which are identical. (PDF 141 KB)

12896_2006_163_MOESM2_ESM. pdf Additional File 2: Replication of M24-BAC and bM24-BAC in E5 cells . ( a ) Replication assay of recombinant viruses. 3.8 × 10 5 E5 cells grown in 12-well plates were infected with the indicated viruses at an MOI of 0.02, viruses were harvested at the indicated times and titered on E5 cells. ( b ) Virus yield of indicated viruses 74 hours after infection of E5 cells at an MOI of 0.02, from the same experiment as in a. (Error bars show standard deviation. N = 3) (PDF 40 KB)

12896_2006_163_MOESM3_ESM. pdf Additional File 3: Schematic Hind III restriction map of the UL39 region in the recombinant viruses and BAC plasmids. The numbers in red show the lengths in kb of HindIII restriction fragments. H, HindIII. (PDF 64 KB)

Authors’ original submitted files for images

Below are the links to the authors’ original submitted files for images.

Authors' contributions

TK participated in the design of the study, designed and constructed the vectors, carried out molecular biological and virological experiments, and drafted the manuscript. TT participated in the design of the experiments; RLM and SR participated in the design and interpretation of the experiments, and in drafting the manuscript. All the authors read and approved the final manuscript.

Authors’ Affiliations

Molecular Neurosurgery Laboratory, Department of Neurosurgery, Massachusetts General Hospital/Harvard Medical School

Present address: Department of Neurosurgery, The University of Tokyo

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Strathdee CA: Transposing BACs to the future. Nat Biotechnol. 1999, 17: 332-333. 10.1038/7884. View Article

Schumacher D, Tischer BK, Fuchs W, Osterrieder N: Reconstitution of Marek's disease virus serotype 1 (MDV-1) from DNA cloned as a bacterial artificial chromosome and characterization of a glycoprotein B-negative MDV-1 mutant. J Virol. 2000, 74: 11088-11098. 10.1128/JVI.74.23.11088-11098.2000. View Article

Messerle M, Crnkovic I, Hammerschmidt W, Ziegler H, Koszinowski UH: Cloning and mutagenesis of a herpesvirus genome as an infectious bacterial artificial chromosome. Proc Natl Acad Sci U S A. 1997, 94: 14759-14763. 10.1073/pnas.94.26.14759. View Article

Domi A, Moss B: Engineering of a vaccinia virus bacterial artificial chromosome in Escherichia coli by bacteriophage lambda-based recombination. Nat Methods. 2005, 2: 95-97. 10.1038/nmeth734. View Article

White RE, Calderwood MA, Whitehouse A: Generation and precise modification of a herpesvirus saimiri bacterial artificial chromosome demonstrates that the terminal repeats are required for both virus production and episomal persistence. J Gen Virol. 2003, 84: 3393-3403. 10.1099/vir.0.19387-0. View Article

Wade-Martins R, Saeki Y, Chiocca EA: Infectious delivery of a 135-kb LDLR genomic locus leads to regulated complementation of low-density lipoprotein receptor deficiency in human cells. Mol Ther. 2003, 7: 604-612. 10.1016/S1525-0016(03)00060-1. View Article

Wade-Martins R, Smith ER, Tyminski E, Chiocca EA, Saeki Y: An infectious transfer and expression system for genomic DNA loci in human and mouse cells. Nat Biotechnol. 2001, 19: 1067-1070. 10.1038/nbt1101-1067. View Article

Shizuya H, Birren B, Kim UJ, Mancino V, Slepak T, Tachiiri Y, Simon M: Cloning and stable maintenance of 300-kilobase-pair fragments of human DNA in Escherichia coli using an F-factor-based vector. Proc Natl Acad Sci U S A. 1992, 89: 8794-8797. 10.1073/pnas.89.18.8794. View Article

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Goldstein DJ, Weller SK: Factor(s) present in herpes simplex virus type 1-infected cells can compensate for the loss of the large subunit of the viral ribonucleotide reductase: characterization of an ICP6 deletion mutant. Virology. 1988, 166: 41-51. 10.1016/0042-6822(88)90144-4. View Article

Mineta T, Rabkin SD, Yazaki T, Hunter WD, Martuza RL: Attenuated multi-mutated herpes simplex virus-1 for the treatment of malignant gliomas. Nat Med. 1995, 1: 938-943. 10.1038/nm0995-938. View Article

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Copyright

© Kuroda et al; licensee BioMed Central Ltd. 2006

This article is published under license to BioMed Central Ltd. This is an Open Access article distributed under the terms of the Creative Commons Attribution License ( http://​creativecommons.​org/​licenses/​by/​2.​0 ), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

74AC11478

Descripción

The 74AC11478 is an 8-bit dual-rank synchronizer circuit designed specifically for data synchronization applications in which the normal setup and hold time specifications are frequently violated.

Synchronization of two digital signals operating at different frequencies is a common system problem. This problem is typically solved by synchronizing one of the signals to the local clock through a flip-flop. This solution, however, causes the setup and hold time specifications associated with the flip-flop to be violated. When the setup or hold time of a flip-flop is violated, the output response is uncertain. A flip-flop is metastable if its output hangs up in the region between V IL and V IH . The metastable condition lasts until the flip-flop recovers into one of its two stable states. With conventional flip-flops, this recovery time can be longer than the specified maximum propagation delay.

The problem of metastability is typically solved by adding an additional layer of synchronization. This dual-rank approach is employed in the 74AC11478. The probability of the second stage entering the metastable state is exponentially reduced by this dual-rank architecture. The 74AC11478 provides a one-chip solution for system designers in asynchronous applications.

The 74AC11478 is characterized for operation from -40°C to 85°C.

[dagger] Data presented at the D inputs requires two clock cycles to appear at the Q outputs.

Caracteristicas

Specifically Designed for Data Synchronization Applications

3-State Outputs Drive Bus Lines Directly

Flow-Through Architecture Optimizes PCB Layout

Center-Pin V CC and GND Pin Configurations Minimize High-Speed Switching Noise

EPIC TM (Enhanced-Performance Implanted CMOS ) 1- m Process

Package Options Include Plastic Small-Outline Packages and Standard Plastic 300-mil DIPs

EPIC is a trademark of Texas Instruments Incorporated.

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Forex expert advisors with a drawdown of 5

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Solar System Flip Flop

Quick: What’s the order of the planets in the Solar System? Need a little help? Maybe the following mnemonic rings a bell: “My Very Educated Mother Just Served Up Nine Pizzas.” It’s useful for remembering the order of the planets today, but it wouldn’t have been as useful in the past, and not just because the International Astronomical Union demoted Pluto to “dwarf planet” last year. The reason this mnemonic wouldn’t have worked is because the planets weren’t always in the order they are today. Four billion years ago, early in the Solar System’s evolution, Uranus and Neptune switched places.

The Solar System today. Pluto was recently re-classified to join the ranks of dwarf planets like Ceres. Now, our Solar System officially consists of 8 planets, shown in order from Mercury to Neptune.

This is the result of recent work by Steve Desch, assistant professor in the School of Earth and Space Exploration at Arizona State University. The work appears in the Astrophysical Journal. Desch based his conclusion on his calculations of the surface density of the solar nebula. The solar nebula is the disk of gas and dust out of which all of the planets formed. The surface density – or mass per area – of the solar nebula protoplanetary disk is a fundamental quantity needed to calculate everything from how fast planets grow to the types of chemicals they are likely to contain.

Sequence of disk formation Credit: NASA/Spitzer

It’s very hard to observe the surface density in protoplanetary disks forming solar systems today, both because they’re too far away and because most observations detect only dust and miss everything larger than a baseball. So for the last 30 years most researchers have relied on an estimate of the surface density called the Minimum Mass Solar Nebula. The idea is simple: take the rocky component of each planet, add hydrogen and helium until it matches the Sun in composition, and spread the mass over the area of each planet’s orbit. The minimum mass solar nebula predicts disk masses not too different from what we can observe in forming solar systems. But it also predicts low surface densities, with the mass too spread out to form planets quickly.

“I was thinking about planet formation and noticing that all the current models failed to predict how Jupiter could grow to its current size in the life time of the solar nebula,” Desch recounts. “Given Jupiter’s composition and size, models predicted it would take many millions of years for it to form, and billions of years for Uranus and Neptune – but our Solar System isn’t that old,” says Desch. “That’s when I ran across the Nice model.”

The Nice model (named for the city in France where it was developed) is based on sophisticated numerical calculations of the planets’ orbits over millions of years. It explains several aspects about the orbits of Jupiter, Saturn, Uranus and Neptune, as well as the Kuiper Belt of comets beyond, by assuming the giant planets formed a lot closer together than they’re found today. Neptune, for example, formed less than half the distance from the Sun that it orbits today. And in 50% of their simulations, Uranus and Neptune switched places, although there was no way to determine whether they did or not.

Inward migration of a swarm of protoplanets. Recent research showed how giant planets can form in dust disks around distant stars and then migrate inward toward their host star. Now we know that planets in our own Solar System have not been fixed in position since they first formed. Credit: Astronomy & Astrophysics

Desch realized the Nice model implied the mass of the Solar System was packed together more tightly than the minimum mass solar nebula assumed. By spreading the masses of the planets over their original orbits, as predicted by the Nice model, he found a very smooth variation of surface density with distance from the Sun, albeit one that fell off very sharply far from the Sun. The fit varied by only a few percent from the planets’ masses, but only if Uranus and Neptune did indeed switch places. “Neptune had to form closer to the sun than Uranus or you don’t get the smooth profile,” says Desch.

The new findings have other profound implications. “The surface density of the solar nebula isn’t what we originally thought – it is actually much higher – and this has implications for where we formed and for how fast planets grow. A higher surface density of the solar nebula means that Uranus and Neptune formed closer and faster, in only 10 million years instead of billions,” says Desch. That’s important because Uranus and Neptune contain a few Earth masses of hydrogen and helium gas, and observations of other protoplanetary disks show these gases don’t hang around for more than 10 million years.

In addition to demonstrating for the first time that all of the giant planets can grow within the lifetime of the solar nebula, Desch also uncovered the reason behind the sharp variation in density with distance from the Sun. “The distribution of mass falls off very steeply because the outer edge is constantly being boiled away through the process of photoevaporation, by the ultraviolet radiation of nearby massive stars.”

Prior to this, researchers had not considered the effects of photoevaporation on the mass distribution of the Solar System. Desch’s work shows that photoevaporation does move mass from the outer edge but at a fixed rate so it keeps it from spreading out too much, thus aiding planet growth. The findings expand our knowledge of how solar systems form and evolve over time. This information can help us understand how our own Solar System developed to become habitable for life as we know it. The finding can also help us determine how planets around distant stars form, and ultimately where to search for rocky, Earth-like planets that could potentially harbor life.

So it seems that 4 billion years ago, “My Very Educated Mother Just Served Nine Up Pizzas” would have been the mnemonic to learn. Says Desch, “This reminds us that the Solar System is a dynamic place. For the first 650 million years of the Solar System Neptune was closer to the sun than Uranus – that’s 15 percent of the history of the Solar System. It looked completely different than we see it today.”

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Does flip-flop style footwear modify ankle biomechanics and foot loading patterns?

Abstracto

Fondo

Flip-flops are an item of footwear, which are rubber and loosely secured across the dorsal fore-foot. These are popular in warm climates; however are widely criticised for being detrimental to foot health and potentially modifying walking gait. Contemporary alternatives exist including FitFlop, which has a wider strap positioned closer to the ankle and a thicker, ergonomic, multi-density midsole. Therefore the current study investigated gait modifications when wearing flip-flop style footwear compared to barefoot walking. Additionally walking in a flip-flop was compared to that FitFlop alternative.

Métodos

Testing was undertaken on 40 participants (20 male and 20 female, mean ± 1 SD age 35.2 ± 10.2 years, B. M.I 24.8 ± 4.7 kg. m -2 ). Kinematic, kinetic and electromyographic gait parameters were collected while participants walked through a 3D capture volume over a force plate with the lower limbs defined using retro-reflective markers. Ankle angle in swing, frontal plane motion in stance and force loading rates at initial contact were compared. Statistical analysis utilised ANOVA to compare differences between experimental conditions.

Resultados

The flip-flop footwear conditions altered gait parameters when compared to barefoot. Maximum ankle dorsiflexion in swing was greater in the flip-flop (7.6 ± 2.6°, p = 0.004) and FitFlop (8.5 ± 3.4°, p < 0.001) than barefoot (6.7 ± 2.6°). Significantly higher tibialis anterior activation was measured in terminal swing in FitFlop (32.6%, p < 0.001) and flip-flop (31.2%, p < 0.001) compared to barefoot. A faster heel velocity toward the floor was evident in the FitFlop (-.326 ± .068 m. s -1. p < 0.001) and flip-flop (-.342 ± .074 m. s -1. p < 0.001) compared to barefoot (-.170 ± .065 m. s -1 ). The FitFlop reduced frontal plane ankle peak eversion during stance (-3.5 ± 2.2°) compared to walking in the flip-flop (-4.4 ± 1.9°, p = 0.008) and barefoot (-4.3 ± 2.1°, p = 0.032). The FitFlop more effectively attenuated impact compared to the flip-flop, reducing the maximal instantaneous loading rate by 19% ( p < 0.001).

Conclusiones

Modifications to the sagittal plane ankle angle, frontal plane motion and characteristics of initial contact observed in barefoot walking occur in flip-flop footwear. The FitFlop may reduce risks traditionally associated with flip-flop footwear by reducing loading rate at heel strike and frontal plane motion at the ankle during stance.

Palabras claves

Flip-flop Gait Electromyography Loading rate

Electronic supplementary material

The online version of this article (doi: 10.​1186/​s13047-014-0040-y ) contains supplementary material, which is available to authorized users.

Fondo

Flip-flops are a popular summer shoe in the United Kingdom and commonly worn throughout the year in warmer climates such as America and Australasia [ 1 ],[ 2 ]. This style of footwear is defined by having one strap across the dorsal fore-foot, which attaches to the footbed between the hallux and second toe to the thin, flexible sole. Despite the popularity of flip-flops, heel pain and other conditions such as overuse injuries of the tibialis anterior and toes have been associated with wearing flip-flop style footwear by podiatrists [ 3 ]. Flip-flops differ from standard walking footwear design due to a thin sole, no medial arch support, no protection for the toes, being loose fitting and having no pitch from heel to toe [ 4 ],[ 5 ]. Despite these recognised potentially detrimental features, the popularity of flip-flops in warm climates continues. Nevertheless, limited scientific investigation into their influence on adult gait and associated pathologies has been published in peer-reviewed literature.

Descriptive research is evident quantifying gait in flip-flops, most extensively in children. Children wearing flip-flops display a trend towards a more dorsiflexed, everted and abducted midfoot during walking [ 6 ] and reduced hallux dorsiflexion prior to contact during walking and jogging [ 7 ]. Reduced eversion during midstance in adults has also been demonstrated when walking in flip-flops, compared to barefoot [ 8 ]. Video data has been used in an observational study of pedestrians, identifying a reduction in average walking speeds when walking in flip-flops [ 2 ], which was attributed to a shorter stride length compared with other footwear and confirmed in a laboratory environment [ 9 ]. In addition, an experimental study using 2D gait analysis concluded that there was an increase in ankle plantarflexion during swing, which the authors hypothesised could be due to contraction of the toe flexors to keep the flip-flop on the foot due to the lack of heel-strap or full upper [ 9 ]. Contrasting these findings, Chard et al. [ 6 ] identified greater ankle dorsiflexion prior to and at heel contact when walking in flip-flops compared to barefoot conditions.

Literature more specific to potential detrimental features of gait in flip-flops is uncommon and includes some methodological weaknesses. A plantar pressure study on females walking in flip-flops postulated that “gripping” with the toes occurs to hold this footwear on the foot, however the variable used to speculate this may not have been relevant [ 1 ]. Additionally, this study referred to potential benefits in terms of the shoe providing protection to the plantar surface of the foot, reducing plantar pressures compared to barefoot walking due to the material. In contrast, the impact attenuation that flip-flops provide at heel strike has been investigated by Zhang et al. [ 10 ], but no significant difference in loading rates between barefoot and flip-flops was evident. However, the parameter used in their investigation was not maximum instantaneous loading rate, which may have attributed to identified differences between conditions. Describing gait in flip-flops is useful, but more valuable is comparing the influence of these styles of footwear to a relevant and available replacement. This may enable the identification of a replacement item of footwear that fulfils the same purpose, however reduces or prevents the potentially detrimental gait modifications in the wearer.

The FitFlop was originally developed with a multi-density midsole to increase muscle activation in the lower limb by incorporating a soft mid-foot to induce instability [ 11 ]. This footwear encompasses a thick multi-density EVA sole with a wider and higher fitting flip-flop style upper. These features may reduce potentially detrimental gait modifications so making this footwear a more suitable alternative to a flip-flop. A recent paper identified that the FitFlop can reduce foot plantar pressures during walking when compared to a flip-flop [ 12 ]. However, gait motion analysis in this footwear compared to a flip-flop comparator is yet to be fully investigated to explore this alternative.

The current research study aims to compare barefoot walking to walking in flip-flop style footwear and walking in a FitFlop; and walking in FitFlop to walking in flip-flop to see if this contemporary footwear design offers a potential advantage in terms of gait modifications. Firstly, it is hypothesised that shod conditions will increase ankle dorsiflexion and tibialis anterior muscle activation during swing and at heel strike compared to barefoot to hold the footwear during swing. However, this increase in dorsiflexion is predicted to be less in FitFlop than flip-flop due to the size and position of the dorsal strap. Secondly, there is expected to be a reduction in the frontal plane motion of the foot in the FitFlop condition during stance compared to both barefoot and flip-flop due to the ergonomically profiled sole and the features of the dorsal strap. Thirdly, shod conditions are expected to attenuate force loading rates at heel strike compared to barefoot due to the inclusion of material under the calcaneus; with the FitFlop predicted to have a greater reduction in loading rate compared to the flip-flop due to its greater sole thickness.

Métodos

Participants

Forty participants took part in the study, twenty female and twenty male (Table 1 ) recruited from the University staff and student population. All indicated they were asymptomatic i. e. had no diagnosed gait pathologies for at least three months, and gave written informed consent fulfilling the requirements of the University of Salford Research Ethics Panel.

Footwear conditions

Testing utilised barefoot and two footwear conditions: flip-flop and FitFlop (Figure 1. Table 2 ). The FitFlop varied between genders as a single style does not span the size range of participants. These variations included the last shape (used in the manufacture), the dorsal strap material and the thicker sole (+4 mm) in the male version. The coverage and position of the dorsal strap on the foot however, were consistent between shoes. The male and female data were combined for comparison between conditions.

Footwear conditions tested: Havaiana flip-flop (a), Female FitFlop, Walkstar I (b) and Male FitFlop, Dass (c).

Footwear characteristics for an example male and female shoe size from each condition

Hardness (shore A)

Female = FitFlop Walkstar I.

Multi-density EVA in heel, midfoot and toe. Rubber outsole.

Where EVA is ethylene vinyl acetate.

Protocol

Participants undertook five walking trials for each condition, the order of which was randomised. Participants walked at their self-selected speed for each condition through the laboratory while kinematic, kinetic and Electromyography (EMG) data were recorded. Data from the right leg was used for analysis.

Kinematics and kinetics

Three-dimensional motion data were collected using a 12 Camera Qualisys Opus system (Qualisys, Gothenburg, Sweden) sampling at 100 Hz. Spherical retro-reflective markers were positioned on the anatomical landmarks of the lower extremity to define the foot, leg, thigh, and pelvis. Rigid plates with reflective markers attached were fastened to the segments to enable the CAST technique to be utilised [ 13 ]. This technique uses a static trial recorded at outset, which enables the rigid plates to be defined relative to the anatomical landmarks for each segment. Joint angles were defined such that a static posture was zero and ankle dorsiflexion and inversion were positive. Kinetic data were collected simultaneously using two force platforms (Advanced Medical Technologies Inc. Newton, Massachusetts, USA) at 3000 Hz. These data were exported to Visual 3D (C-Motion Inc. Rockville, Maryland, USA) where kinematic and kinetic data were filtered using second-order Butterworth filters at 10 and 25 Hz respectively.

Visual 3D software was utilised to build a six degree-of-freedom model of the lower limbs. A pre-written pipeline was used to calculate kinematic and kinetic variables including joint angles and internal joint moments for the right limb normalised to body weight and gait cycle time where appropriate. Heel strike was defined at the point where the vertical GRF exceeded 10 N [ 14 ]. Peak values and magnitudes at heel strike and toe-off for relevant kinematic variables were identified for statistical analysis. GRF impulse and maximum instantaneous loading rate from heel strike to 65 ms were calculated to enable comparison of trials with and without heel strike transients consistently [ 15 ],[ 16 ]. Walking speed was computed from kinematic data within Visual 3D.

Electromyography

28 participants from the 40 were tested for muscle activation (mean ± 1 standard deviation, Male, N = 15, age = 30 ± 8 years, B. M.I = 25.9 ± 4.5 kg. m -2 ; Female, N = 13, age = 37.8 ± 12.4 years, B. M.I = 23.0 ± 4.7 kg. m -2 ) due to technical difficulties. EMG was recorded simultaneously at 3000 Hz using bipolar surface Ag/AgCl electrodes (Noraxon Inc, Scottsdale, Arizona, USA), with an electrode diameter of 10 mm and an inter-electrode spacing of 20 mm. Prior to electrode placement, hair was removed, skin exfoliated and cleaned. Electrodes were placed in accordance with the SENIAM recommendations on the tibialis anterior and peroneus longus [ 17 ]. The ground electrode was placed overlying the medial condyle of the tibia.

EMG analysis was undertaken in Visual 3D. Data was filtered to remove zero-offset (high-pass Butterworth 20 Hz) and a linear envelope was produced using a 10 Hz low-pass Butterworth filter. The linear envelope EMG was integrated (EMGLI) within the Gait Cycle events: initial contact (0-2%), loading response (0-10%), midstance (10-30%), terminal stance (30-50%), pre-swing (50-60%), initial swing (60-73%), mid-swing (73-87%) and terminal swing (87-100%) [ 18 ]. The gait cycle phases relating to the specific hypothesis above were compared only for the specific muscles.

Statistical analysis

Variables were calculated on an individual participant basis from non-normalised data for statistical comparison averaged across trials then participants to produce an individual then group mean. Data is presented in text and figures as mean ± 1 standard deviation. Figures present ensemble average data normalised to gait cycle/stance time. SPSS (Version 17.0, SPSS Inc. Chicago, U. S.A.) software was utilised for statistical testing specific to study hypotheses, utilising between participants analysis of variance (ANOVA) to identify differences between conditions. Data that was not normally distributed (electromyography and joint moments) was square-root transformed, checked for normality, and treated as parametric. Holm adjustment for multiple comparisons was used and effect size (Cohen's d, d ) was reported for significant differences.

Resultados

Ankle angle swing

Ankle joint angles and muscle activation differed between conditions in the sagittal plane (Figures 2. 3 ). Peak dorsiflexion and plantarflexion angles in swing differed significantly between conditions with small to large effect sizes. Specifically, the flip-flop style footwear recorded greater (FitFlop 8.5 ± 3.4°, flip-flop 7.6 ± 2.6°, barefoot 6.7 ± 2.6°; Figure 2 ) maximum dorsiflexion values and reduced maximum plantarflexion angles (FitFlop -12.4 ± 4.4°, flip-flop -15.4 ± 5.1°, barefoot -16.8 ± 4.7°; Figure 2 ) compared to barefoot. Muscle activation measurement recorded significantly higher tibialis anterior activation in terminal swing in FitFlop (mean 32.6%, p < 0.001, d = -0.11) and flip-flop (31.2%, p < 0.001, d = 0.27) compared to barefoot (Figure 3 ).

Ensemble average ankle kinematics and kinetics. Kinematics normalised to the gait cycle, kinetics normalised to stance time, where vertical lines denote toe-off. With values calculated prior to normalisation and presented as mean ± 1 standard deviation. Statistical significance denoted by: *barefoot significantly different to FitFlop, Δ barefoot significantly different to flip-flop. □ FitFlop significantly different to flip-flop.

Mean of all participant (N = 28) data for electromyography linear envelope (μv) normalised to the gait cycle for the a) peroneus longus b) tibialis anterior. Vertical dashed lines denote toe-off and black highlighs regions that were compared statistically. Statistical significance denoted by: *barefoot significantly different to FitFlop, Δ barefoot significantly different to flip-flop. □FitFlop significantly different to flip-flop.

Frontal plane ankle in stance

In the frontal plane the FitFlop reduced the range of motion compared to the other conditions by approximately 10% (Figure 2 ). Maximum eversion was significantly lower in FitFlop (-3.5 ± 2.2°) compared to in the flip-flop (-4.4 ± 1.9°, p = 0.008, d = -0.44) and barefoot (-4.3 ± 2.1°, p = 0.032, d = -0.37) conditions. Alongside alterations in joint angle, significantly lower inversion moment was recorded during late stance in FitFlop (0.142 ± 0.068 Nm. kg -1 ) than flip-flop (0.185 ± 0.090 Nm. kg -1. p < 0.001, d = 1.04) and barefoot (0.194 ± 0.107 Nm. kg -1. p < 0.001, d = 1.36) (Figure 2 ). Peroneus longus muscle activation did not differ between conditions during stance (Figure 3 ).

Loading rate

The nature of the impact with floor differed between the three conditions with significant differences evident in the GRF variables as well as vertical heel velocities toward the floor. The maximum loading rate significantly differed between conditions with both the flip-flop (26.7 ± 5.6 BW ± s -1 ) and FitFlop (21.7 ± 5.4 BW ± s -1 ) providing significant reductions compared to Barefoot (41.4 ± 22.9 BW ± s -1. p < 0.001, d > 0.91). Furthermore, the FitFlop condition reduced loading rate by 19% compared to flip-flop ( p < 0.001, d = 0.88). The impulse of the vertical GRF from heel strike to 65 ms was significantly lower in FitFlop (.029 ± .006 BW ± s, p < 0.001, d = -1.09) and flip-flop (.034 ± .005 BW ± s, p = 0.032, d = 0.20) than barefoot (.035 ± .005 BW ± s). These were despite the walking speed being significantly higher in the FitFlop (1.32 ± .10 m. s -1 ) compared to the flip-flop (1.29 ± .11 m. s -1 ) condition. The vertical heel velocity at heel strike was significantly faster toward the ground in the flip-flop style footwear (flip-flop: -.342 ± .074 m ± s -1. p < 0.001, d = 2.5; FitFlop -.326 ± .068 m ± s -1. p < 0.001, d = 2.3) than the barefoot condition (-.170 ± .065 m ± s -1 ).

Discussion

This study has undertaken an assessment of the biomechanics of gait when walking in flip-flop style footwear and compared it to barefoot walking. The standard flip-flop was also assessed in comparison to a contemporary version of this style of footwear; the FitFlop. The research has highlighted statistically significant differences in ankle angle in swing, frontal plane motion and loading rate of the vertical ground reaction force, while walking in a standard flip-flop and FitFlop compared to barefoot walking. Contrasting gait patterns are evident in the FitFlop, which may pose advantages to the wearer of flip-flop style footwear. Walking speeds in all conditions in the present study were comparable to the speed that people walk in flip-flops in their daily lives (1.31 m. s -1 ) [ 2 ]. This suggests that results are generalizable to adults walking in flip-flop and FitFlop footwear in a real-world environment.

Ankle angle swing

As hypothesised, the flip-flop style conditions demonstrated moderations to sagittal plane motion at the ankle joint motion at heel strike, toe off and during swing compared to barefoot. This trend toward dorsiflexion, or reduced plantarflexion, in shod conditions is consistent with previous literature [ 6 ], particularly during swing, and is potentially a mechanism to keep the shoes on the foot. The dorsal strap for both footwear conditions only covers the front of the foot and thus, gait may be adapted to hold the shoe on the foot [ 9 ]. In contrast to the current study, Shroyer et al. identified increased plantarflexion in swing when participants wore flip-flops compared to trainers [ 9 ]. The authors attributed their finding to contraction of the toe flexors to hold the flip-flop, creating a plantar-flexor moment at the ankle, however no electromyography data was collected. Consistent with this prediction, a recent plantar pressure analysis identified pressure under the hallux in swing in both flip-flops and FitFlops, which was attributed to gripping [ 12 ]. The FitFlop demonstrated reductions in magnitude and duration of gripping compared with flip-flop [ 12 ], potentially reducing any resultant plantar-flexor moment at the ankle and therefore enabling greater dorsiflexion compared to the flip-flop. Inferences from the current data and literature imply that ankle dorsiflexion and toe flexion may combine to hold toe-post footwear on the foot during swing, however toe motion must be quantified to confirm this. Contradicting the original hypothesis, the FitFlop increased dorsiflexion in swing and tibialis anterior activation compared to flip-flop, as opposed to reducing this mechanism. This may be due to the aforementioned reduced toe-flexor moment, or the increased mass and thicker sole of this shoe requiring greater ground clearance than the flip-flop condition. Results from the present study demonstrate significantly higher tibialis anterior activation in shod conditions than barefoot in terminal swing, consistent with the increase in dorsiflexion in swing and reports from other authors [ 10 ].

Frontal plane ankle in stance

As anticipated, in the frontal plane the FitFlop reduced the joint excursion compared to other conditions by approximately 10%, in particular eversion was reduced during stance (Figure 1 ). The flip-flop condition showed consistent patterns to barefoot as would be expected with a flat, flexible sole and a thin, loose fitting upper (Figure 1 ), foot motion is unchanged during stance [ 19 ]. Previous studies are inconsistent reporting increased midfoot eversion [ 6 ], no significant differences in frontal plane range-of-motion [ 10 ] and reduced eversion in midstance in a flip-flop compared to barefoot [ 8 ]. The FitFlop thicker upper and soft profiled footbed therefore appear to interact to control frontal plane motion of the ankle and tarsal joints when compared to a standard flip-flop design. This may be potentially beneficial to wearers and may in-part, explain positive testimonials from consumers as excessive frontal plane motion of the ankle has been repeatedly linked to overuse injuries [ 20 ]-[ 22 ]. A significantly reduced inversion moment was recorded in FitFlop throughout stance, with a significantly lower peak moment in terminal stance than both flip-flop and barefoot. This reduction may be attributed to the less everted foot position reducing the distance between the GRF and the ankle joint centre [ 20 ]. Increased ankle external eversion moments have been linked to increased injury potential in running [ 20 ].

The flip-flop peak inversion moment in the current study was equivalent to that in barefoot. This contrasts previous research, which has identified increased maximum external inversion moment in a flip-flop compared to other footwear conditions and barefoot [ 23 ]. This may have been due to pathology related motion present in one of the previous studies knee osteoarthritic population [ 23 ]. Similarly, another study reports reduced peak ankle inversion moment in late stance in flip-flops compared to barefoot in a male population [ 10 ]. This may be a function of gender, familiarity with the footwear or differences between the specific styles utilised in the study. Gender differences have previously been identified in sagittal ankle angle walking in flip-flops [ 9 ] and future work should consider both gender differences and footwear style familiarity differences to clarify any gait modifications in flip-flop style footwear in specific groups. This is a limitation of the current research, as any evident differences between genders could not be isolated to gender alone as opposed to footwear differences in the styles; interactions were not compared.

Loading rate

The flip-flop was expected to reduce loading rate at ground impact compared to barefoot and the FitFlop was expected to further reduce this loading, both of which were confirmed. Analysis of the GRF was designed to allow comparison of heel strike loading features when not all trials included a transient feature. Loading rates quantified in the present study were consistent with previous literature for the shod values, barefoot values were lower than the 117.8 ± 27.5 BW. s -1 reported in previous literature, however this literature utilised a fixed walking speed of 1.5 m. s -1. faster than the current study [ 15 ],[ 16 ].

Velocity of the heel toward the floor was twice as fast in the flip-flop style conditions compared to the barefoot, consistent with previous findings in flip-flops and sandals [ 24 ],[ 25 ]. Explanation of increased heel velocity in this shoe style may be a result of kinematic changes due to the upper, proprioceptive due to the shoe leaving the foot at the heel or due to protective kinematic adaptations in barefoot gait to reduce impact energy, as evident in running [ 25 ],[ 26 ]. Despite the higher heel velocity and therefore higher impact energy in both flip-flop style conditions, the force loading rate was lower than in barefoot. This contrasts previous research which reports no difference in loading rate between barefoot and flip-flop conditions, but calculated loading rate to loading peak of GRF as opposed to the maximum instantaneous value [ 10 ]. This may have masked differences at heel-contact due to the loading peak of the GRF largely being a function of body mass, kinematics and walking velocity as opposed to features of the footwear or heel velocity. The flip-flop would be expected to attenuate shock at initial contact compared to barefoot as a layer of EVA is placed under the foot. Viscoelastic material absorbs energy and therefore can attenuate the impact of the foot with the floor [ 27 ],[ 28 ], whereas the barefoot condition only has the internal structures of the foot as attenuating materials. Similarly, a plantar pressure study has suggested that results show the flip-flop protecting the body at heel strike compared to barefoot [ 1 ]. The FitFlop absorbed greater shock at heel strike, evident by 19% and 15% reductions in loading rate and impulse compared to flip-flop, with strong effect. This is likely due to the softer and thicker construction of EVA in the heel section of the FitFlop compared to flip-flop (Table 2 ); thickness being the most important factor when considering shock absorption properties of viscoelastic materials [ 27 ]. Reduced loading rate of the ground reaction force likely reduces the potential for skeletal injury during walking [ 28 ],[ 29 ].

Conclusiones

The current study identified increased ankle dorsiflexor activity in flip-flop style footwear compared to barefoot, coupled with increased dorsiflexion in swing, assumed to be a mechanism to hold the shoe on the foot. The FitFlop limited foot motion in the frontal plane and significantly reduced loading at impact, compared to flip-flop and barefoot. However, it is not clear whether the reductions in these parameters are enough to reduce any potential injury or overuse injuries associated with flip-flop footwear and further, longitudinal, research would be needed to clarify this relationship.

Authors' contributions

CP designed the study, collected and analysed data, drafted and critically revised the manuscript. VA acquired and processed data for the paper, was involved in the drafting process and approved the final draft. RJ, AHF and PGS were involved in the study design and conception in addition to critically revising the final manuscript and approving the final draft. All authors read and approved the final manuscript.

Declarations

Authors’ original submitted files for images

Competing interests

The research has been co-funded by the Technology Strategy Board and FitFlop ltd as part of the Knowledge Transfer Partnership programme (KTP007228). The primary author worked on the programme, supervised by RJ and PGS. VA and AHF are not specifically associated with the programme. Data was collected, analysed and the paper written with no influence from the funders and no author will receive anything of value from the commercial products included in this paper.

Authors’ Affiliations

Centre for Health Sciences Research, University of Salford

School of Health Sciences, University of Salford

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Copyright

© Price et al.; licensee BioMed Central Ltd. 2017

This article is published under license to BioMed Central Ltd. This is an Open Access article distributed under the terms of the Creative Commons Attribution License ( http://​creativecommons.​org/​licenses/​by/​4.​0 ), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly credited. The Creative Commons Public Domain Dedication waiver ( http://​creativecommons.​org/​publicdomain/​zero/​1.​0/​ ) applies to the data made available in this article, unless otherwise stated.

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5:24a GMT - We had a PipHut record for number of comments yesterday at well over 300 (and I'm pretty sure Tommy cemented himself as Top PipHutter of the month only 9 days into February - see top 10 on the right nav). PipHut itself had over 7000+ views yesterday alone - imagine how many comments there would be if everyone participated. Probably too many!

From a signal standpoint our bearish bias yesterday yielded good pips yesterday if you were willing to be a bit more aggressive - I had resistance at 1.3680 (and drawn in at 1.3715 on the chart) and we had a few nice long wicks just touching that 1.3715 resistance and closing near 1.3680 (10:00 gmt) that gave a good shorting signal. First target was hit before the pair bounced back up and then dropped back down to the first target once again for another 30-40 pips.

Daily Outlook: Since then the pair has climbed in the early morning hours kicking a long wick at 1.3715 (which I shorted with a single lot). Looking at the hourlies we can see the pair has been in a bearish consolidation wedge for the past few days which bodes well for the short positions. The risk at this point is, of course, a larger correction perhaps up to the 61.8% fibonacci retracement and resistance at 1.3850. While they would certainly offer an appealing area to short I'm looking for a more short-term drop.

Trading Idea: I took a very small position on last hour's challenge of 1.3715 with the long wick. I will look to add to that position with a break of the bottom rising trend support (currently at 1.3660). From 1.3715 short targets are 1.3680, 1.3650, 1.3615 and 1.3585. If we see a larger correction the next resistance area to look for shorts at is 1.3750.

(click to enlarge)

Join the Discussion!

HENDRIK

Hi Mark Be sure to watch the Sevens Rugby coming to Las Vegas this weekend and see some different running skills

Tommy

Hi Hendrik. Any open positions all ready!

Waiting to put the magical one near the 1.3715-2 resistance. xauusd still showing bullish bias

HENDRIK

No Tommy not yet. I’m looking at the H1 for a good solid signal

Tommy

Arent’t we all.

Badniguel

Well said Henrik. Did you watch any of the six nations on the weekend?.

HENDRIK

Yes a bit of Eng/Wales. I’m glad england played with some umf as prev they were quite sluggish. The coming weekend will most definetly watch France/Ireland

Tommy

Thanks Mark! Good night!

HENDRIK

PipHut itself had over 7000+ views yesterday alone – imagine how many comments there would be if everyone participated. Probably too many! _______________________________________________________________

It will be a new day job reading all of it!!

Yes it would. I’m not sure I even got through all the comments yesterday. It’s funny I know quite a few PipHutters who have been regulars for almost 2 years now when PipHut was just starting who have never said a word on the blog – they just read.

Just goes to show you the different types of people out there I guess.

HENDRIK

maybe they are the “solid traders” :)

Sunil

I can remember Nov-Dec 2008 having completely blown an account and deciding forex is not for me. Then thought signals are the way to go. Searched google and came across piphut. Since then I learned a lot from Mark and all piphutters. Thanks to all, I am confident enough to trade on my own. Turning point was DEC 2009 when Mark told us to short Euro against the trend. That tripled my account size :-).

Tommy

Tommy

Many problems still continues on the eurozone as the president country is lacking leadership(Spain)

0834 GMT [Dow Jones] Excitement over the EU Council meeting may have helped the dollar to “loosen its grip on FX majors,” says UniCredit. But, the bank adds, “the light data calendar will see investors largely stay put ahead of Wednesday’s highlights (EU Council meeting, BoE Inflation Report and Bernanke’s testimony before Congress).”

HENDRIK

0828 GMT [Dow Jones] It looks like another “friendly day” for the USD, says Credit Agricole. The bank says further gains are likely to be impeded if equity markets decide it is time to recoup some of their recent losses. (NEH)

Tommy

So today aswell really slow market days, investors waiting untill tomorrow…

HENDRIK

0822 GMT [Dow Jones] Commerzbank reckons this could the “calm before the storm,” as market reactions to euro zone news is being dampened by positioning. “Greece-positive news is not having an effect as it is not sufficiently significant to question recently established EUR shorts. Greece-negative news is not having an effect as anybody who can is already positioned in that direction,” the bank says. Now, it adds, the market is waiting for important news on the EU summit “to force speculative market participants to review their positioning.” (NEH)

George

I do not think there is any positive news from Greece. Even if they bail out which would be a huge sum – I do not see how is it a positive for EUR in long term. It can give a breather but defintely EUR is in down trend.

Sakis

We leve the days of correction look at weekly chart 2 years back. gigantic touble tops is forming Gartley 222 patern is forming with numbers in harmony XA, AB=CD buy at D the D is at 78,6 FIBO retracement and point direct at “1,000” in 2 years period the time it much also for the euro recovery plans I have a study i dont know how to send it

andrick

so what do you think about the euro sakis? getting weaker? or we have reach the bottom of this pair (EURUSD)?

Tommy

0907 GMT [Dow Jones] Market position in EUR/USD has become extremely short of late and sentiment towards the euro is universally bearish notes UBS. However, the single currency has stopped reacting to negative news and near-term risk events are building against short positions. UBS says because of these factors it’s taken profit on its 1.4010 short position at 1.3725, although it remains bearish and will look to re-enter the trade either at a higher level, or on a break below 1.35. EUR/USD now at 1.3718. (GST)

Tommy

Closed again short on the eurusd after this news…

Ayman

rise in eur/usd may be due to the following news headline:

EUR/USD opens firmer EUR/USD is trading firmer this morning, up at 1.3710 from a North American close Monday around 1.3660. News Trichet leaving central bankers meeting in Sydney day early to attend EU leaders meeting has the market in a bit of a tizzy, heightening speculation that a Greek rescue plan could be in the offing. Weekend media reports had EU President Herman van Rompuy “quietly hatching a plan” so this speculation is no surprise. Euro zone data due today: 07:00 GMT: German trade balance for December expected 15.0 bln; current account 19.1 bln 07:00 GMT: German CPI for January (final) expected -0.6% m/m, +0.8% y/y European stocks expected to open lower this morning. Stops seen through 1.3720 and 1.3760.

George

The European Investment Bank cannot take part in bailouts designed to help EU members weather budget deficit or balance of payments problems, the bank said in a statement today.

There had been speculation that the EIB, which is owned by EU governments, could be used in some way to help Greece tackle its debt and budgetary problems.

Tommy

0955 GMT [Dow Jones] With China’s FX reserves, trade tensions rising, data Wednesday likely to show China on path to wider trade surplus this year, surely it’s time for Beijing to consider allowing CNY to rise vs USD again? Maybe not just yet, says Heard on the Street, and Beijing’s resistance to doing so may only worsen if foreigners keep hectoring government about it. Control over exchange rates has been signature policy for China as it’s built its economy through exports, investment; loosening that control now unlikely, especially as Hu Jintao, Wen Jiabao enter twilight of their careers. Patience may be best policy for those wanting CNY rise; good reasons for China to act are stacking up, including inflationary pressures, need to rebalance economy. Also, short term, CNY appreciation may not harm exports too much anyway; Beijing could get diplomatic win with little real cost to economy; and it’s more likely act if western leaders hold back on the rhetoric. See “=HEARD ON THE STREET: For China, All Policy Is Local” (AJP)

Little new form asia!

Tommy

1011 GMT [Dow Jones] EUR/USD is all about the EU council meeting that takes place on Thursday, where the market should glean a better idea of how close the EU is to intervening in Greece, says Lloyds Banking Group. Already Tuesday there has been a slight tightening in Greek and Portuguese 10-yr debt vs. bunds, which is giving EUR/USD support in the 1.37 area. The bank says a break above 1.3848 could trigger a short-covering rally and a potential squeeze to 1.40. EUR/USD now at 1.3730. (GST)

Tommy

HENDRIK

FOREX: A recovery in risk appetite, driven by speculation over a European Union Council summit, has helped to push the euro higher in Europe.

Will it continue tomorrow?

LONDON (Dow Jones)–Mounting hopes that the European Union might be considering a rescue package for struggling Greece have helped to push the euro higher Tuesday.

Expectations of a bailout have gained weight since it emerged late Monday that European Central Bank President Jean-Claude Trichet will leave an event in Australia earlier than planned to attend a European Union Council meeting Thursday. However, for the short term, with so many hedge funds and other investors already primed for a drop in the euro, the scope for further weakness in the currency is limited. Relatively small doses of positive news, such as Trichet’s plans to attend an EU meeting, on the other hand, can easily push the euro higher.

Badniguel

Spot on I think Hendrik. A natural response from oversold elements. Possible danger to watch out for is that the Euro may go straight through the .3780 and test restance at 1.3831.

Gold and Oil are both pushing on against the dollar

Markus (Sweden)

Tommy

Wall Street shares pushed higher on Tuesday on expectations that European officials would move to rescue Greece from its debt troubles.

Reports that European leaders would meet to discuss how to contain a brewing debt crisis in Europe initially reassured investors, who had worried that Greece and other countries that use the euro, including Spain and Portugal, would be unable to pay back their swelling debt.

But European shares lost some of their momentum after the ratings agency, Fitch, said that Greece’s medium-term outlook was cloudy and that Britain needed additional austerity measures to rein in its deficit..

In recent days, the concerns over Europe have ricocheted through global markets as investors question whether other nations, including the United States, will face similar debt burdens after spending huge sums to stimulate their economies.

Reports that Jean-Claude Trichet, the European Central Bank president, would leave a conference in Australia early to take part in the meeting helped to lift major indexes in Europe and the United States.

Shares on Wall Street surged more than 1 percent shortly after the open but retreated in late morning trading. For some investors, the move higher was a welcome reprieve from a recent bout of steep losses, coming a day the Dow Jones industrial average tumbled below the 10,000 threshold.

Since Greece’s troubles reached a flashpoint last week, all attention has been on the stability of the European financial system. Investors have tried to gauge how severely American financial institutions would be affected by foreign defaults. They remained concerned about the potential ripple effect for international credit markets, with memories of the havoc wreaked by the collapse of the United States housing market still fresh.

Philip J. Orlando, chief equity strategist at Federated Investors, said a bailout plan for Greece would provide a blueprint for rescue if other countries began to teeter on the brink of default.

“Some of the overarching fears of global contagion will then begin to recede,” Mr. Orlando said. “Greece is first and foremost the touchstone.”

In morning trading, the Dow rose 1.39 percent, or 137 points. The broader Standard & Poor’s 500-stock index climbed 1.22 percent, or 12.87 points, and the technology-dominated Nasdaq rose 1.1 percent, or 23.20 points.

The upward momentum slowed as traders dissected the details of a report on business inventories. The Commerce Department said businesses reduced their inventories by 0.8 percent in December, raising concern on Wall Street that employers were too slowly restocking their shelves — a critical driver of growth for the manufacturing sector.

In Europe, stocks rallied early in the day but stumbled as the end of the trading day approached. The FTSE 100 in London was flat, the CAC-40 in Paris was 0.29 percent or 10.19 points lower, and the DAX in Frankfurt decreased 0.18 percent or 8.50 points.

Traders seemed to be using the downturn in the market — the Dow remains about 7 percent off of its highs in late January — as an opportunity to buy shares on the cheap.

“Uncertainty breeds opportunity,” said Jeffrey D. Saut, chief investment strategist at Raymond James. “The market is pretty oversold.”

Wall Street is in the midst of earnings season, when companies report fourth-quarter results; most companies have topped expectations. That has prompted a round of buying as investors seek to snap up shares of companies that have the potential to garner large revenues as the recovery takes hold.

Shares of Coca Cola were up more than 3 percent after the beverage company reported better-than-expected earnings. The video game maker, Electronic Arts, fell nearly 10 percent after a lukewarm earnings forecast.

The euro also made gains as investors grew more confident in the ability of several European countries — Spain and Portugal among them—to emerge from mountains of debt. The euro strengthened 0.5 percent against the dollar, hovering at $1.37.

Tommy

1657 GMT [Dow Jones] Treasury prices tick down as a couple of news report lift optimism on possible EU rescue package for Greece and as investors set up for $40 bln three-year note sale at 1 p. m. EST. Reuters cites a source that says eurozone agreed in principle to aid Greece while FT Deutschland reports Germany is preparing an assistance package for Greece. The euro extends rally against the dollar and the yen as the U. S. stock market is rallying. DJIA up 165, EUR at $1.3778. Two-year note is 2/32 lower to yield 0.819% while the 10-year note is down 5/32 to yield 3.612%. The 30-year bond is down 4/32 to yield 4.53%.(MOZ)

Don (New Jersey USA)

any short target suggestion?

Tommy

By Laurence Norman DOW JONES NEWSWIRES

LONDON (Dow Jones)–Nobel laureate Joseph Stiglitz on Tuesday brushed aside the debt market pressures facing Greece, saying they reflected irrational investors “hyperventilating” over a country whose fiscal situation is in hand.

In an interview with Dow Jones Newswires, Stiglitz, who is acting as an informal advisor to the Greek government, said Prime Minister George Papandreou had adopted a smart plan for paring back the debt.

“If anyone looks at the (debt) program they have put forward, it’s actually a very thoughtful program and a comprehensive program that doesn’t try to overpromise,” él dijo. “It’s not actually clear to me that there is any fundamental problem other than a speculative attack.”

Faced with spiraling borrowing costs, Greece’s Socialist government has presented plans to the European Commission that aims to reduce the budget deficit to 3% of gross domestic product by 2012 from 12.7% in 2009.

The European Union backed those plans last week but has so far resisted committing to intervene on Greece’s side if the financial pressures intensify. However, there were reports Tuesday that European Union leaders were working on some kind of support measures.

Those reports soothed market tensions, reducing Greece’s borrowing costs and the cost of insuring investors against a possible default on Greek debt. However, the yield on 10-year Greek bonds remained some 3.15 percentage points above German bund yields.

Stiglitz said the EU should make explicit its support for Greece and other countries, like Spain and Portugal, facing debt market pressures. He said the EU could consider some kind of contingency fund that could be tapped in an emergency by member states.

“I think the euro zone now realizes this is not an issue of Greece alone. It’s an issue for the EU because of what’s at stake in Spain, Portugal and possibly….other members,” Stiglitz said. “Europe has to make a commitment to support these countries and there are a variety of forms which it could take,” él dijo.

Stiglitz, who is in London to promote his book on the financial crisis and sat down Monday with Prime Minister Gordon Brown, was scathing in his assessment of the recent behavior of investors.

He said debt market investors “are in the process of hyperventilating,” and he described the recent price moves in the credit default swap market, which measures the cost of insuring against default, as “absurd.”

However he said that with irrationality gripping debt markets, the failure of Europe’s leaders to stem speculative pressures could have a high price.

“Unfortunately, I’ve seen enough of this kind of pattern to know that they can strike anywhere. So nobody’s immune,” él dijo.

Stiglitz’ attacks on investor behavior are nothing new for an economist who has long criticized orthodox Washington consensus policies and pointed up flaws in free-market theories. However, the former World Bank chief economist and winner of the 2001 Nobel prize for economics, offered kinder words for another of his traditional bete noires – the International Monetary Fund.

Stiglitz said the more relaxed conditions the IMF is imposing on lending programs these days means Greece should not close off the option of approaching the IMF for funding if needed.

“I think that things have changed. Ten years ago my view would have been quite different,” él dijo.

Stiglitz acknowledged his role in advising the Greek government has not been central. He said he had offered Papandreou “strategic” advise on economic policy ahead of the October election, which the Socialist party won handily. Now, Stiglitz said he stays in touch with the Greek leader and members of his team but is not in daily contact.

And Stiglitz admitted that, at a time when Greece’s government is trying to woo bond market investors, it’s probably for the best that he keeps his distance.

“That’s why I think it’s good that he (Papandreou) has gotten a whole range of people involved and is not relying on just one perspective,” él dijo. “That’s one of the marks of a good leader I think.”

Tommy

1831 GMT [Dow Jones] Germany has made no decisions on potential emergency aid for Greece, a govt spokesman said Tue. Govt spokesman Ulrich Wilhelm said he “rejected the accounts from coalition sources that a decision over aid for Greece has practically been made.” The FT Deutschland reported on its Web site Tue that the German govt is working on a package for Greece, citing a senior lawmaker from Chancellor Merkel’s center-right coalition. The euro extended it earlier gains on that report and various follow-up headlines, but gave back some of the spike higher after the statement from Wilhelm. EUR/USD still up sharply on the day, now at $1.3787 from $1.3659 late Mon, according to EBS via CQG. (RJF)

Don (New Jersey USA)

What do you interpret all this info as do you believe we still are in for a downside momentum or do you believe the bottom came last week for the dollar?

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Mensaje de navegación

Stocks did what they've loved to do over the past two years or so. kick me in the twins and prove my wave count wrong for all the world to see. This is why I have moved to trading the euro much more. Stocks and EWP have just not worked out well lately.

Regardless, The above count remains valid but Minor 2 needs to top this week. Look for a flip-flop sideways or choppy move higher early this week leading into a big reversal. Any sign of reversal that occurs below the Primary wave ((2)) high would have me get short.

In my last post I mentioned that the euro was showing signs indicative of a bottom forming. I suggested that the bears reduce risk at those levels. That proved to be a wise move as the EUR/USD has shot up in a clearly impulsive move (5 waves). So the one larger degree of trend is now higher. I suspect it's probably just an A wave within a larger correction. So the path of least resistance right now is up. The EUR/USD's bottom at 1.2041 should remain intact for a little while. Since the current rally is probably a correction, I'm not real interested in trading it. I have no position in right now, but will look for opportunities to short once it shows signs of topping and reversing. But for now, I'm just sitting quietly and patiently at the table with my hands folded in front of me, back straight up in the chair for perfect posture, and a smile from ear-to-ear like a good little trader - waiting for my chance to pounce.

Since a zig-zag may be unfolding in the euro right now, this might be useful to you guys: Basic Elliott Video Lesson -- How the Zigzag Measures Up

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Last week I said I hoped to get a daily reversal pattern to feel confident in getting short on the expectation of Minor wave 2 topping. I wasn't fortunate enough to get pattern. But the follow-through weakness to the downside today suggests Minor wave 2 has already topped. It will be confirmed, in my view, on a break below the first (b) wave low. But I will try to get short every chance I get regardless. My stop is just above 1380.39 since that is the level that needs to be held for the above labeled wave count to remain intact.

Bottom line: I'm shoring rallies, and any good opportunity that arises, with a stop just above 1380.39.

As many of you know, I'm not confident in the longer term wave count for the EUR/USD so I've been using basic technical analysis to identify the larger trend, and also using short term wave counts, and have just jumped on board for the ride. Although my analysis on the euro has been quite simple, it has been extremely effective for over a year now.

Although I don't know the larger wave count, I can see that it looked like the weak, choppy sideways rally from the 1.2160 area to the 1.2320 area is indicative of a 4th wave. Judging by the size and length, I'm estimating it's at Minor degree. The resultant decline into this morning's low is clearly impulsive as you can see I labeled it a 5 wave Minute degree decline.

If the above count is correct, then the bears need to beware here. We have a 5 wave decline into a 5th wave of Minor degree preceded by a gap open that has not yet been filled. So a large snap back rally could occur at any time. This is no guarantee of course, so I don't want to get long. But I have covered 75% of my short positions to reduce risk. I've made a lot of profits on this euro run and I'm not giving them back simply because I didn't exit when the risk/reward flipped against me. Sure, the euro can continue cascading lower and I'll miss more profits. But this is a risk/reward game, not a roulette gambling wheel. The risk/reward in my view is not worth staying heavily short here. I have a tiny short position still in place and will exit all of it once I see a strong sign of a reversal. It's also possible I'll get short again in the near future if the outlook changes. But right here, at this juncture, the evidence is strong that the euro's downtrend may be in jeopardy for the moment.

Please Note: On Wednesday, July 18 at 1 p. m. (EST), EWI is offering a free webinar with one of the most sought-after FX trading strategists in the world titled, "How to Trade the Top 5 Forex Opportunities Right Now ."

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Let's get some percpective on the markets here. Many of you are well aware of what I'm about to write, but it's still good to read it to keep things in the proper perspective of what we're doing. Sometimes we get so involved and tunnel visioned in our analysis and trading that we forget the bigger picture. It's time to take a quick step back and look what we're doing.

Starting from the marked Primary wave ((2)) high above, there was a nice clean impulsive decline into Minor wave 1. From there, we have a choppy overlapping low volume rally into what could be the Minor wave 2 top. This is textbook EWP analysis and it couldn't be clearer what will happen next, i. e. Minor wave 3 down in an aggressive sharp move. But to be honest, I hate textbook market moves because that means it's easy and obvious. And easy and obvious usually mean the market will do the opposite. With that said, I trade on the evidence. I trade on what the market tells me to do. And I employ discipline like an Army drill sergeant to trade my system and not try to outsmart myself with whims and "feelings" on the market. Keep it simple, the wave count and risk/reward favors the bears right now so I'm trading the probabilities. Right now evidence is strong that Minor wave 2 topped already, or will top with one sharp and short new high. So that means I should be looking to short. By having a stop just above 1374.81, the risk/reward is desirable for the bears.

Note: EWI is still offering a good trading resource for free until July 16, 47-Page eBook: How to Spot Trading Opportunities . I always recommend taking advantage of free trading resources from credible sources. You never know when you're going to find one little thing that becomes an invaluable tool in your trading toolbox for for many years. Download this eBook now.

The euro continues to fall. There is no reason to think it will stop any time soon. The swing highs remain intact and I continue to short against the most recent swing high. Right now my stop is just above 1.2334 and I will trail it down with the euro. Until the series of lower highs is broken, this trade will continue being easy and profitable, which is something very rare we get from any market. The next support level is 1.1876, which will either be immediately taken out, or will be taken out after a few attempts. The bottom line, the euro is very bearish for the foreseeable future and has almost 400 pips to fall before any meaningful support gets in its way.

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Wednesday, July 4, 2012

Prior to yesterday's rally, the S&P cash index changed a whopping 11 points since my last post. Hence the reason I have not posted anything. The market appears to be finishing up a final C wave of Minor wave 2 as evident from the 5 wave rally leading into my projected Minor wave 2 above. Since it's a holiday week we're in, volume will probably remain light and there may be an upward bias until next week. But any rallying should be capped at the wave ((2)) high of 1422.38. The outlook since my last post remains the same though, the market is setting up for a major top and big decline as long as 1422.38 in the cash index is not exceeded. This presents a good risk/reward opportunity for the bears.

Note: EWI is offering another good trading resource for free until July 16, 47-Page eBook: How to Spot Trading Opportunities . I always recommend taking advantage of free trading resources from credible sources. You never know when you're going to find one little thing that becomes an invaluable tool in your trading toolbox for for many years. Download this eBook now.

The euro appears to have topped again and is heading to a new low beneath 1.2288. I put a hasty wave count on the daily chart above. The exact count and degrees of waves eludes me, but what is clear with basic technical and fundamental analysis is that the euro is doomed for the foreseeable future. Stops can be placed at any of the nearest swing highs. The larger trend is down, the euro will eventually head to parity with the US dollar, if not further, so constantly looking for opportunities to short is wise in my opinion.

I'll be back with another post when something interesting happens, or if the outlook changes from the above stated projections. Have a happy 4th Americans!!

PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.

Flip Flop Shops

Live, work and play with your toes exposed® and the freedom of flip flops on your feet. Founded in 2004, Flip Flop Shops is North America's first retail chain exclusive to the hottest brands and latest styles of flip flops and casual footwear from big names such as REEF, Cobian, OluKai, Quiksilver, Roxy, Havaianas, SANЬK, and more!

Award Winning Retail Franchise

The company began franchising in January 2008 and continues to be recognized by industry leaders as one of the fastest-growing franchises and retailers in the nation. Industry accolades include: the International Council of Shopping Centers' prestigious "Hot Retailer Award" and the company ranked for the fifth consecutive year on the Inc. 500 | 5000 list of fastest-growing private companies in the United States, as well as the eighth fastest-growing franchise in 2017.

Growing the brand to more than 100-plus shops in operation and 150-plus in the development pipeline, the executive team boasts more than 50 years of franchise experience building and growing some of the world№s fastest-growing franchise concepts, category leaders and some of the world№s most well-known brands, including Cold Stone Creamery, Moe№s Southwest Grill, Nike and OfficeZilla. com. In addition to being an Environmentally Responsible Retailer™, one of the company’s major initiatives is “the Heart To Sole™” campaign, designed to reduce stress levels and raise funds and awareness for heart health.

This is your opportunity to take part in one of the fastest growing and most exciting industries in the world. Flip flops and sandals are the oldest and at the same time best-selling footwear worldwide! We invite the right franchisees to be part of the next big idea. and have fun doing it! We want you to Flip, not Flop! We are with you every step (no pun intended) of the way.

Support Makes All The Difference

We provide a franchise support system designed to support all of your business needs. Flip Flop Shops is committed to providing a superior level of service to our franchisees. With over 50 years of franchise experience, we have taken the best practices and applied them to Flip Flop Shops. More importantly, we have eliminated common mistakes made by most franchise systems. Flip Flop Shops provides a wide variety of comprehensive resources to help you achieve your professional goals. This includes, but is not limited to:

Branded Business Plan Template

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Flip Flop University

Comprehensive Operations Manual

New shop Opening Plan

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Seasonal Pre-Book Support

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Genuine Passion to See You Succeed

The Ideal Candidate

Flip Flop Shops is looking to grow with the right franchisees that embody the Free Your Toes lifestyle. The company seeks single - and multi-unit franchisees that exude the lifestyle tenets and casual nature that are affiliated with this liberating footwear style.

Flip Flop Shops has a mellow and free-spirit nature, and they look to award franchises to people who reflect their brand personality. Potential franchisees must share a passion for the flip flops way of life, possess an exposed-toes attitude, good sense of humor and solid business acumen.

Contact Franchise Sales Force no matter where you’re at in the process. Our consultation is FREE to entrepreneurs seeking franchises and we could be instrumental in making the right choice – or more importantly - avoiding a wrong one! The call is Free. The advice could be priceless.

*This page herein does not constitute the offer or sale of a franchise. The offer and sale of a franchise can only be made through the delivery and receipt of our Franchise Disclosure Document (FDD). See FDD for full offer and earning details. Franchise Sales Force is an affiliated company of Business Development Centers headquartered in Mount Clemens, Michigan, and has satellite offices located throughout the United States.

Vacation Home Rental Questions & Answers

About Flip Flop Vacations Is the home or condo I see on the Internet the one I get?

Yes, unlike other companies in the area, we rent the specific property you see in full detail on our website. We believe that this the only way you will be happy with your accommodation.

Are all of the rentals privately owned?

Yes, all of our homes and condos are owned by individuals. They range in size from Studios to 4 Bedroom Condominiums, to a 6000 square foot private residence. They are priced accordingly by location and amenities.

Make a Reservation What is the "Flip Flop Reservation System"?

The "Flip Flop Reservation System" was designed to allow simplistic management of your reservation through our secure site. With the "Flip Flop Reservation System" you will be able to:

Make Payments Online

Process Your Final Payment

Purchase Trip Insurance

What is required to make a reservation?

When you find the home or condo of your you can book the property online 24/7. When making your reservation all we require is a $250 reservation deposit and a $25 non-refundable processing fee. The remaining balance is processed 30 days prior to check-in and is non-refundable at that point. Please note if the final payment falls on a Saturday, Sunday or a holiday it will be charged the last business day prior to your final payment date.

Do you offer group rates and planning?

Yes we do, please indicate the type of group and how many people you will need to accommodate when calling.

When is check-in & check-out time?

Your rental will be available for Check in at 3:00 p. m.

Check out time is 11:00 a. m. A vacation property requires more time to clean than a hotel room, so please help us prepare for our next guest by being on time. What are your office hours?

Our office hours are from 9:00 a. m. to 5:00 p. m. Monday - Friday. All of our properties are outfitted with lock boxes and the code will be provided in your welcome package. What is your Change/Cancellation Policy?

There is a $25 fee to change an existing reservation. No changes can be made within 30 days of your arrival.

A cancellation prior to 30 days will only result in the loss of the processing fee ($25). All other monies will be fully refunded.

A cancellation within 30 days of your arrival will result in a loss of all monies. All cancellations must be confirmed in writing.

What is our responsibility when checking out?

Dispose all trash in proper outside containers.

All kitchen items should be cleaned and returned to their proper place.

All bed linens and towels should be striped and placed in front of the washer/dryer.

Set thermostat to: 78 summer / 68 winter

Lock all doors and windows and place the key back into the lock box.

How will I receive my confirmation and arrival instructions from Flip Flop Vacations?

All confirmation and arrival instructions will be sent via email, unless email is unavailable. To make certain you receive these email please add our domain, www. flipflopvacations. com, to your list of accepted senders. You will receive a reservation confirmation email within 24 hours of making your reservation. Expect a second email with final confirmation and arrival instructions after your final payment has been applied to the reservation, thirty days from arrival.

Vacation Property Information Do you allow pets?

Some of our properties are pet-friendly. You are able to filter your search results so all pet-friendly properties will be displayed.

Is there a telephone at the each property?

Yes, there is a telephone at every property. Local calls are free and long distance calls require a calling card or credit card number for usage.

Are linens and towels provided?

Yes, there are linens and towels provided in each property. All bedding is provided and towels are supplied at twice the maximum occupancy.

Are the properties cleaned daily?

No, the properties are cleaned before your arrival and after your departure.

Are there cleaning supplies?

We do not leave any chemicals in the property, but there is a washing machine, dryer, mop, broom, dustpan, vacuum, dishwasher, iron, ironing board in the property. There are starter paper products however you will be responsible for your other needs there after.

1 roll of toilet paper per bathroom

1 sink soap per bathroom

(1) 2 oz liquid dish soap

1 packet of dishwasher soap

1 packet of laundry detergent

1 trash bag per trash can

Are the properties Non-Smoking?

Yes, all of our properties are Non-Smoking. Smoking is permitted outside of the property only.

Know About Different Types of Flip Flop Conversion

In electronics, flip flop is an electronic circuit and is is also called as a latch. Flip flops consist of two stable states which are used to store the data. These are basic building blocks of a digital electronic system which are used in various systems like communications, computers, etc. A basic flip flop can be used to construct a cross coupled inverting elements like invert gates, FETs, BJTs, inverters, vacuum tubes. Conversion of one type of flip flop to another can be done by using a combinational logic circuit. For instance, If a JK Flip Flop is necessary, the i/ps are given to the combinational circuit & the o/p of the combinational circuit is given to the i/ps of the actual flip-flop. Therefore, the o/p of the actual flip-flop is the o/p of the required flip-flop. In this article, the various flip flop conversions will be discussed.

Flip Flop Conversion

Flip Flop Conversion

The main purpose of the flip flop conversion is to convert a flip flop into a desired type-B flip flop using some conversion logic. The flip flop conversions are classified into different types that are

SR-FF to JK-FF Conversion

JK-FF to SR-FF Conversion

SR-FF to D-FF Conversion

D-FF to SR-FF Conversion

JK-FF to T-FF Conversion

JK-FF to D-FF Conversion

D-FF to JK-FF Conversion

SR-Flip Flop to JK-Flip Flop Conversion

In JK-flipflop, j and k are given as external i/ps to S and R in SR-flip flop. Here, both S & R are o/ps of the combinational circuit. The truth tables of flip flop conversions are shown below. The current state is denoted with Qp & Qp+1 is the next state to be found when the J &K i/ps are applied.

SR-FF to JK-FF Conversion

There are eight possible combinations for two i/ps J and K. For every combination of J, K & Qp, the equivalent Qp+1 states are found. Qp+1 simply recommends the future values to be found by the JK-flip flop after the importance of Qp. Then the table is finished by writing the values of S & R compulsory to get each Qp+1 from the equivalent Qp. That is, the S and R values are compulsory to change the state of the flip flop from Qp to Qp+1 are written

JK-Flip Flop to SR-Flip Flop Conversion

The conversion of the JK-FF to SR-FF is opposite to the SR-FF to JK-FF. Here S & R will be the external i/ps to J & K, that is shown in the below logic diagram, J & K will be the o/ps of the combinational circuit. So, the J and K values have to be acquired in terms of S, R & Qp. The logic diagram is shown below. The conversion table for flip flop to be written in terms of S, R, Qp, Qp+1, J & K. There are eight possible combinations for two i/ps S and R.

JK-FF to SR-FF Conversion

For every combination, the equivalent Qp+1 o/p’s are found. The o/p’s for the combinations of S=R=1 are not acceptable for an SR-FF. Therefore the o/p’s are considered as invalid and the J & K values are taken as “don’t care”.

SR-Flip Flop to D-Flip Flop Conversion

As shown in the below figure, actual inputs of the flip flop are S & R where D is the external i/p. The four combinations of the S & R in terms of D and Qp, conversion table, logic diagram and the Karnaugh map are given below.

SR-FF to D-FF Conversion

D-Flip Flop to SR-Flip Flop Conversion

In this type of conversion, D is the actual i/p of the flip flop where S & R are the external i/ps. There are Eight possible combinations are obtained from the external i/ps S, R & Qp. Nevertheless, since the combination of S=R=1 is unacceptable, the values of D and Qp+1 are taken as “don’t care”. The logic diagram of D-FF to SR-FF is showing the conversion from D-FF to SR-FF, and the Karnaugh map for D in terms of S, R & Qp are given below.

D-FF to SR-FF Conversion

JK-Flip Flop to T-Flip Flop Conversion

In this type of conversion, J & k are the actual i/ps of the flip flop where K is considered as the external i/p. Four combinations are created by T, Qp, J & K that are expressed in terms of T & Qp. The Karnaugh map, the logic diagram and conversion table, are given below.

JK-FF to T-FF Conversion

JK-Flip Flop to D-Flip Flop Conversion

In this type of flip flop conversion, J&K are the actual inputs where D is the external input of the flip flop. The four combinations of the flip flop will be done by using D & Qp, and in terms of these two J&K are expressed. The conversion table with four combinations, JK-FF to D-FF conversion logic diagram and Karnaugh map for J & K in terms of D & are shown below.

JK-FF to D-FF Conversion

D-Flip Flop to JK-Flip Flop Conversion

In this type of flip flop conversion, J & K are the external i/ps of the flip flop where D is the actual input. The eight combinations can make by using J, K and Qp that is shown in the conversion table below. D is stated in terms of J, K & Qp. The Karnaugh map D in terms of J, K & Qp, conversion table and the logic diagram of the D-FF to JK-FF is shown below.

D-FF to JK-FF Conversion

Thus, this is all about different types of flip flop conversions, that includes SR-FF to JK-FF. JK-FF to SR-FF. SR-FF to D-FF. D-FF to SR-FF. JK-FF to T-FF. JK-FF to D-FF and D-FF to JK-FF. We hope that you have got a better understanding of this concept. Furthermore, any doubts regarding the applications of flip-flops or electronics projects. please give your feedback by commenting in the comment section below. Here is a question for you, what are the applications of flip flops?

This is one of three white papers written by my attorney, Ron Ballard regarding the legal issues, misunderstandings and misrepresentations surrounding short sales. Its a little long, but worth the read. Also read: Short Sales Negotiations – A legal Perspective of Compensation .

REAL ESTATE STRATEGIES INSTITUTE, INC.

White Paper Study Regarding:

Flip, Flop or Hold – A Tale of Three Myths Current as of: September 21, 2010 There’s a lot of discussion and warnings in residential real estate circles regarding various forms of “short sale fraud.” Unfortunately, too much of it neglects realistic legal and market analysis and results in labeling legitimate business practices as “fraud.”

When a person buys a short sale property, one of three transactions may be involved: a “flip”, a “flop,” or a “hold.” Various commentators engage in diatribes about how flipping and flopping increase lender losses. In short, these arguments are myths.

Any kind of resale of a short sale property does not INCREASE a lender’s loss, it merely REVEALS or quantifies the magnitude of the loss.

Let’s assume the following hypothetical. The current owners bought their home in 2007 for $600,000 with a $500,000 loan. Three years later the home now appears to be worth no more than $500,000 IF there is no distress and the seller has unlimited time to find a buyer who totally falls in love with the house and doesn’t need a strong appraisal for financing. Unfortunately, one of the two homeowners has been out of work for nine months, the owners are six months behind in their mortgage payments, and the lender has just begun foreclosure proceedings. Due to the lack of income, the borrowers cannot qualify for a loan modification (of which only about 15% of the HAMP applications ever result in a permanent modification per government figures).

This is now a “distress sale” in which the sellers need to unload the property to avoid foreclosure.

Distress sales are common occurrences that can result from divorce, illness, death, job loss, relocation, tax or other debt enforcement, bankruptcy and many other unexpected or uncontrollable factors. Every real estate agent I have asked who has been in business for five years or more has agreed with me that “distress sale” properties sell for far less than “fair market value.” Usually, the discount is somewhere between 10% to 30%, depending on the seller’s circumstances and the particular market (whether a “buyer’s market” or a “seller’s market”). This is particularly true when buyers know the seller is in distress.

If a property has a foreclosure commenced against it, or even if the property is advertised as a short sale, then prospective buyers know the distress and approach the deal seeking discounts. This is the case whether the buyer is an end-user for occupancy or an investor.

The less market activity there is, the more difficult it is to value a property. High end markets with few transactions see the highest valuation difficulties. Less than 10 miles from my office is an estate which had $10 million of loans against it. Presumably, it appraised for $10 million at one time. Even after more than 18 months on the market, it could not attract any offers (even at auction) for even $3 million! That’s a paper loss of more than 70%.

For the hypothetical, let’s assume a reasonable market discount of at least 15%. That would make the high end sale price about $425,000. Let’s also assume that comparable sales over the last six months have ranged between $450,000 and $350,000 because this is an established community with a wide range of housing stock.

The sellers’ agent lists the house for $430,000 in order to try to get the “highest” possible price. However, buyers know there is a pending foreclosure, so they are unwilling to make a high price offer. Over the next few months, several offers come in between $350,000 and $400,000 but the sellers reject them because they thought they could get close to $430,000. Now the possibility of foreclosure is even closer. A buyer offers $375,000. The sellers counter at $380,000 and the buyer accepts the counter-offer.

There is now a binding contract between buyer and sellers, not a pending “offer.” No more offers can be accepted. “Acceptance” of a offer creates a binding contract and there can be only one binding contract to sell a property at a time. The short sale package is submitted to the lender. Fortunately, there is a smart “negotiator” on the file (acting for either buyer or seller – not the loss mitigator for the bank) who has completed exhaustive market research and has found that the local distress sales are mostly in the $350-$400,000 range.

The short sale request triggers the bank to order a broker’s price opinion (BPO). The BPO broker is usually paid very poorly and is not often inclined to do very extensive market research. Basing the BPO on regular market closings in the MLS, the BPO agent comes in with a value of $425,000. However, the bank’s loss mitigator does not disclose this valuation. The bank responds that it wants a minimum sale price of $430,000 to see what the private negotiator will reply.

The negotiator compiles and provides the bank with the true and accurate records of recent distress sale closings for comparable properties by using public records of non-MLS sales in addition to MLS records. The negotiator has even followed up with the agents for several completed sales and learns several of them had seller’s concessions which reduced the effective price to the buyer. These sales are duly noted and adjusted. The negotiator also compares these prices to true public records of the foreclosure sale prices and failed minimum bids for which banks took back comparable properties. These values are in the $350-380,000 range. Now true negotiations begin based on comprehensive, accurate and truthful market data.

The bank reviews an automated valuation model (AVM) from a data vendor which shows the value as likely no more than $400,000 because the AVM looked at a broader range of data than the BPO did. Again, the bank’s loss mitigator does not reveal this information to the negotiator. After a series of give-and-take counter-offers, the bank agrees to a sales price of $400,000 provided it nets at least $370,000 after sales commission and closing costs. The seller agrees to increase its price and the agents make sure that the commissions and costs work to meet the bank’s requirements. The deal closes.

Assuming the loan balance and arrears totaled at least $500,000, the lender appears to have taken a discount (or “loss”) of $130,000.

The “Hold” Ejemplos

In our “Hold” example number 1, the buyer does not resell the house within 90 days. The bank receives a 90 day “fraud detection” report that shows no resale and “no likely fraud” in the transaction. The buyer is an end-buyer who is living in the house.

In “Hold” example number 2, the buyer does not resell the house within 90 days but is an “investor” who decides he got a good enough deal to hold the property and rent it out.

The bank receives a 90 day “fraud detection” report that shows no resale and “no likely fraud” in the transaction. In these cases, the bank’s discount (“loss”) remains $130,000 regardless of the use of the property.

The “Flip” Ejemplo

Now let’s assume that the buyer is an “investor” who decides not to hold and rent out the property but as the course of negotiations for more than three months was tending to a price of no more than $400,000 decided to market the property to see what the new, current market would get for a non-distress sale. The seller markets the property with disclosure to prospective buyers that it is subject to the investor-buyer (as the new “seller”) taking the title as a result of a short sale acceptable to the investor-buyer and the owner of record. The market recognizes that this is no longer a “distress sale,” but a sale in which the investor-buyer will buy the property pre-foreclosure and clear title.

The investor-buyer markets the property with an asking price of $475,000 to test the upper limits of the non-distress property values. About the time the bank agrees to a $400,000 discounted distress sale price, the investor finalizes a contract for a new end buyer at $460,000. Within 30 days of receiving the short sale approval, the investor buyer closes the purchase for $400,000 in a fully funded cash purchase. Twenty-eight days later the endbuyer’s financing process is completed and the second sale closes at $460,000. This totaled a 58 day escrow period for the end buyer, which is not exceedingly fast.

The second sale was able to appraise for $460,000 because the properly trained appraiser had factual information that the investor-buyer was purchasing a preforeclosure, distress sale property but now was selling in a non-coercive, market environment. Moreover, the second sale went into contract more than 4 months after the first “distress sale” and the local market had begun improving. Therefore, both the $400,000 distress sale price in “month one” and the market-based price in “month five” are realistic representations of the prices applicable in each different market time and circumstances.

Slightly more than 90 days after the first sale, the bank receives a “fraud detection” report that the property sold 28 days after closing for $460,000 and is flagged as a “potentially fraudulent sale.” The self-righteous data processing company advises the bank that it had an “avoidable loss” of $60,000 on the first transaction.

Unfortunately, that “avoidable loss” report is at its core, an illogical conclusion given the true market circumstances of the two sales. The “fraud report” is fatally flawed due to insufficient analysis. The $60,000 difference in sales prices was only a 15% increase over the distress market, short sale price. This is a normal market difference between distress sale prices and market-based prices.

The original sellers could not have obtained a $460,000 sale price (and in fact, didn’t receive any offers that high), because the pool of buyers knew the sale was a distress short sale due to a pending foreclosure. The investor-buyer was able to get a higher price ONLY because the investor’s purchase removed the pending foreclosure from the title records, cured the negative equity, and converted the sale to a non-distress sale. The original sellers could not create that market environment, nor could the bank. Only the investor who came in with the cash to pay the discount to which the bank agreed could get that sale price. Therefore, the $460,000 is rightfully the investor-seller’s offer. The bank did not own the property nor do anything to market the property and earn the sale. The investor-buyer did.

The “Flop” Ejemplo

“Flopping” is an interesting concept. It requires two key factors. One of which is conceivable. And one of which seems exceedingly rare in the feedback I receive from short sale negotiators and processors.

The TARP Inspector General describes “flopping” as: a short sale “scheme” centering on “home values that are fraudulently deflated for the purpose of decreasing the cost of the short sale to a ‘straw purchaser.’ The property is then quickly resold for its true market value, leaving the difference in the crook’s pocket. Historically, these schemes often involve the participation of corrupt brokers and servicers.” [Emphasis added.]

The FBI annual mortgage fraud report discusses flopping as follows: “The perpetrators collude with appraisers or real estate agents to undervalue the property using an appraisal or a broker price opinion to further manipulate the price down (the flop) to increase their profit margin when they later flip the property. They negotiate a short sale with the bank or lender, purchase the property at the reduced price and flip it to a preselected buyer at a much higher price.” [Emphasis added.]

The FBI discussion identifies the actual fraud in a presumed flop: the existence of a pre-existing, capable buyer willing to pay a higher price when the short sale package is first

submitted. If the buyer was properly informed and properly represented by a competent, independent professional and was still willing to pay a “higher price” knowing that the property was in pre-foreclosure and required a short sale, then that buyer’s offer likely represented the “distress sale price.” The “appraisers or real estate agents” who “colluded” with the “perpetrator” must have been “undervaluing” the property below “distress market value,” not properly representing distress market value with valid data.

The TARP Inspector General’s andthe FBI’s discussions assume the uncommon and entirely unlikely circumstances of a bank accepting a seller’s valuation or low-priced offer without its own due diligence.

Both discussions are vague about how the “fraudulently deflated” price is approved by the bank. In my hypothetical above, let’s assume that a dishonest real estate agent is contacted by the seller and offers the property to known potential buyers before marketing the property publicly. The agent finds a buyer who is willing to pay $460,000 because the distress nature of the sale is withheld from the buyer. The agent now has a “confederate” make an offer for $350,000 and advises the seller to accept it. The seller accepts and the “confederate” enters into a contract with the original end-buyer for $460,000.

The agent now submits a short sale package to the lender. The lender orders a BPO and coincidentally the BPO agent is a friend of the listing agent who, like the listing agent, is not of the highest ethics. The listing agent, who is presently set for a full, double-ended commission on the deal, offers the BPO agent a secret referral commission of 2% if the BPO comes in around $350,000. The BPO agent agrees and submits a BPO of $355,000 based on inaccurate, incomplete or falsified data. The short sale negotiator for the listing agent also submit false comparable sale data to try to convince the bank of the low value.

In the “old days” when bank’s loss mitigation departments were not well-trained and did not use multiple valuation tools, this “scheme” might have (and maybe did) work. In most loss mitigation departments with which my clients deal, the bank will at least order a computerized AVM to get a quick-check on the first BPO. As we saw above, the AVM came in at least $400,000. Since this is significantly greater than the initial BPO of $355,000, the bank orders a second BPO from a different agent from outside the area. This agent, although not as knowledgeable about the local market, is not a friend of the listing agent and is not offered the same “bribe.” This BPO is based largely on available MLS data and comes in about $425,000 like our earlier example. Now with a wide variation in the BPO and AVM values the bank’s loss mitigator negotiates much more aggressively and will likely agree to a discount similar to the original case – around $400,000.

The “flop” does not succeed at a “fraudulently deflated” price because the current due diligence practices of loan servicer’s loss mitigation departments are likely to catch wide discrepancies. As a result, the dishonest agent and the confederate acquiesce to the bank’s $400,000 price because they know they have a $460,000 buyer under contract. Presumably the “confederate” has a funding source to close the purchase and resells the property in less than 30 days to the original $460,000 buyer. Slightly more than 90 days after the first sale, the bank receives a “fraud detection” report that the property sold less than 30 days after closing for $460,000 and is flagged as a “potentially fraudulent sale.”

One reason why I think “flopping” is largely a myth is because current bank valuation processes are not easily manipulated. Maybe they were in the past, but that’s not the feedback I’m receiving from scores of private negotiators and short sale processors. The “bribe” would also have to reach to the loss mitigator at the bank, but they change so often and must report to a supervisor, that this seems extremely difficult to make work.

Moreover, there are few real estate markets and few buyers who can be tricked into a market priced deal for a short sale property pending foreclosure. The data regarding distress property and seller circumstances tends to be too well-known in most areas. Further, most banks require a marketing history of the property as part of the short sale package. If the property wasn’t listed for sale, the bank’s scrutiny is much higher or the bank may refuse the short sale offer until the property has been publicly marketed. All this leads to the likelihood that the initial buyer who was tricked into a market price for a distress sale would be unlikely to stay in the deal. All but the most gullible buyer will figure out what’s going on or will have a buyer’s agent who becomes suspicious.

I agree that the listing agent’s attempt to “flop” the property would constitute fraud or other illegal or unethical conduct that must not be allowed and which should be punished. The agent violated its duty to the seller by taking the seller’s high offer for his own benefit. The listing agent also tricked the buyer by presumably not disclosing the distress sale in order to obtain a market price that would not otherwise be obtained. Finally, if the end buyer would have, or does, stay in the deal – even after learning that it’s a distress sale that should be subject to discounting – then the bank did have an avoidable loss because the early-stage buyer who stayed in the deal was the SELLERS’ buyer (not the investor’s buyer as in the flipping example).

Accordingly, that was a deal that the bank conceivably could have obtained (so long as the buyer remained ignorant, but then maybe in that case the bank should be considered as in collusion with listing agent who is defrauding the end-buyer).

In all three (well, technically four) cases, the discount approved by the bank was the same. In the two “hold” examples, a typical “fraud detection” system would not find an “avoidable” pérdida.

In the flip example, a “potential fraud” would be identified. In economic reality, there was no different loss than in the hold examples. The flip only revealed the potential magnitude of the discount. The approved discount was not an actual loss to the bank because a foreclosing bank cannot participate in a non-distress sale. The bank publicizes the distress circumstances by commencing foreclosure. The mere fact that a loan is in default creates a discounted sale environment which is magnified when the foreclosure is on public records. Hence, the bank cannot get the same deal as the investor who has cleared title.

In the flop example, fraud arguably existed because there was a pre-existing, capable, end buyer who was willing to pay more at the time the short sale package was submitted. The timing in obtaining the end buyer is the key difference between the flip and the flop. It is the difference between a legitimate market flip and a fraudulent flop. The flip obtained the ultimate end buyer as a result of the investor’s marketing after negotiations began. The flop obtained the original end buyer as a result of the seller’s agent’s marketing.

In reality though, it is difficult to imagine how a flop can actually be accomplished in today’s environment in which banks’ loss mitigation departments have quite tough negotiators who check values with AVM approaches – and with appraisals when the facts and higher sales value or wide valuation differences warrant it.

The primary myth is that a “flip” somehow “creates” a “loss” the bank could have “avoided.” Yet in all four cases, the “loss” was the same. It’s not the flip, the flop, or the hold that matters when calculating loss. At some point the bank agrees to take a discount on the loan balance as a result of the seller’s distress and the loss in value of the collateral.

The bank’s voluntary agreement to accept a discount actualizes the loss that results from originally poor lending practices. Loose lending practices created the current losses. A flip merely reveals the magnitude of the loss that cannot be seen in a “hold” transaction.

Blaming the loss on the investor appears as an ingenuous attempt to deflect accountability for prior excesses in loose lending practices.

This White Paper is submitted with permission by:

Trademark Loss Mitigation Provider of No Cost Short Sale Negotiations www. trademarklossmitigation. com

This White Paper was written by California real estate attorney Ronald M. Ballard on behalf of Real Estate Strategies Institute, Inc. (RESI) www. theresi. com. Mr. Ballard earned his law degree from UCLA and was admitted to practice in California in 1983, where he has actively practiced continually. He represents many real estate licensees and investors who seek to pursue fully legally compliant real estate and short sale investing strategies. He is not paid by any seminar or training company other than RESI, but directly by active, independent real estate businesses. Mr. Ballard publishes online at www. CaliforniaShortSaleLawyer. com. More information about the author is available at www. ballardlaw. com .

Published by and © 2010: Real Estate Strategies Institute, Inc. (RESI), 22996 El Toro Road, Lake Forest, CA, 92630. All Rights Reserved. For distribution by RESI subscribers only.

Climate Flip-Flop May Be Underway (March 2001)

Recent ocean data collected by the Topex/Poseidon satellite show that the Pacific Ocean may be undergoing a dramatic change in the pattern of ocean temperatures that could be signaling a major shift in the climate regime for the western U. S. A new analysis of historical data has revealed a pattern of changing climate regimes every 20-30 years in response to changing oceanic conditions.

In the Pacific Ocean, this change is known as the as the Pacific Decadal Oscillation (PDO), a long-term ocean temperature fluctuation that was first noted for the dramatic changes in biological systems (such as plankton population, salmon runs and jellyfish populations in the Pacific Northwest) as well as inland river flows.

During positive phases of the oscillation, the desert Southwest experiences a higher frequency of El Nino conditions as was the case for the period 1978 through 1997 which helped keep many western reservoir levels relatively full. However, La Nina conditions the past three years have produced consecutive dry winters and subsequent drought conditions for large areas of the western United States. The persistence of the current La Nina conditions coupled with the recent satellite data on ocean temperatures could be signaling the start of a new negative phase of the Pacific Dedacal Oscillation which was last observed in the mid-1940s and lasted for 30 years.

"This is a very strong signal," said Dr. William Patzert an oceanographer at the Jet Propulsion Laboratory who tracks ocean temperature patterns in the Pacific Ocean. "For the last 20 years, California has had above-normal rainfall. Now, we're going back to the good old days when it was really dry in California. The continuing PDO pattern (of the past three years) signals more of the unusually dry conditions that have afflicted the North American West Coast," said JPL oceanographer Dr. William Patzert

A shift to a drier climate would likely lower water levels in at least some of the reservoir systems in the western U. S. In the past, increased pumping of groundwater typically alleviated prolonged droughts. However, falling water tables and explosive population growth over the past few decades now make it more expensive and difficult for groundwater pumping to come to the rescue.

The winter snowpack of 2000/2001 was so meager that runoff from many western rivers was less than 50% of normal. Doug Evans, manager of the Mountain Regional Water Special Service District in Utah reports:

"Reservoirs low, rivers at a trickle; farms, fire suppression, drinking water affected. As the Wasatch Back faces its third consecutive dry summer, water managers are pounding the conservation drum at a volume seldom heard before.

Randall Julander, a water-supply specialist with the U. S. Department of Agriculture's Natural Resources Conservation Service in Salt Lake City reports that "nearby reservoirs have begun to recede a full month earlier than normal."

The good news, however, is that thanks to two huge reservoirs (Lake Mead and Lake Powell), the Colorado River system is capable of holding about a four year supply of Colorado River water (60 million acre-feet). The combined storage of these reservoirs is sufficient to handle moderate drought conditions for several years, although the reservoir levels can get drawn down significantly.

The last significant drawdown occurred in 1993, when a mini-drought created a water storage loss equal to half the size of Lake Mead. The historical record shows many prolonged droughts severe enough that they could have drained both reservoirs to a point so low that power generation and water deliveries to Las Vegas would have been compromised.

"You take Lake Powell out of the Colorado River water storage equation and things get interesting real fast," says Ed Weeks, an SRP Engineer who has run water management models using historical tree ring data.

"Looking back to the last century, Lake Mead [without Lake Powell] would have been completely drained several times. It also shows that for significant periods of time [without Lake Powell] there would have been massive flows over the Hoover Dam spillways, which would cause damaging flooding downstream".

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Flip Flop Pool Service

I just moved to North County and called around to 6 different Jacuzzi service companies. Flip flop's prices were 3 TIMES lower than the 2nd… Read More

I just moved to North County and called around to 6 different Jacuzzi service companies. Flip flop's prices were 3 TIMES lower than the 2nd best deal I found! And the customer service is fantastic. The owner is honest, accountable, exactly what I was looking for, thanks!

I called Steve because I am new to pools and wanted to be oriented to our new pool. Steve was responsive, very knowledgeable and so… Read More

I called Steve because I am new to pools and wanted to be oriented to our new pool. Steve was responsive, very knowledgeable and so helpful. He came to our new house and went through all features of the pool and explained exactly what I need to do and have to maintain the pool. He was prompt in his response to my phone call as well.

I booked my consultation appointment with the owner who was willing to accommodate my crazy schedule in any way he could. I was utterly… Read More

I booked my consultation appointment with the owner who was willing to accommodate my crazy schedule in any way he could. I was utterly shocked by his pristine professionalism. My house is a tracked home built in the 70's and my pool has seen better days. He completely overhauled my backyard into a gorgeous oasis. The upgrades esthetically surrounding the pool are amazing! The best part about it is he cared about my wants, needs and desires. Upon the finish of my consultation there was a complete road map of the game plan. His knowledge of the proper care of the pool. Added bonus he fixed my old dead water fountain! I now have a properly maintained fountain and pool! I HIGHLY recommend this company to everyone whom has pools and fountains! Thanks for the best construction and cleaning experience I have ever had!

Kim G.

I found Steve thanks to other great reviews on Yelp and so glad I did! We recently bought a house and have a non-working/leaking fountain.… Read More

I found Steve thanks to other great reviews on Yelp and so glad I did! We recently bought a house and have a non-working/leaking fountain. Steve was prompt in his call back and messages. He suggested ways to make maintenance easy and helped us to get it back up and running. It continues to have some issues with leaking (previous homeowners did some funky things to build it so not straightforward or intuitive), and Steve has been wonderfully responsive in continuing to help troubleshoot and resolve it. One of these days we will also get a pool and hot tub and Steve will be the first person we call!

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Alexa H.

I loved this business. The service was courteous, professional, and the experience was overall a pleasant one.

Brittany C.

Fantastic service! Wouldn't hesitate to come back again. The only reason I'm not giving this a 5 star rating is because it was a bit expensive.

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There are a few times in life when a meal is so expertly crafted and planned that it is nothing short of genius. Anoche, tuve una de esas comidas - el Mahi Mahi.

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El plato estaba excelentemente preparado. A la parrilla, jugosa y fresca sin un toque de pescado. Un esmalte de salsa de mandarina trajo un toque de dulzura. El pescado se colocó en un montículo de arroz de plátano dulce. La combinación de los peces y arroz solo era para morirse!

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Established in 2005.

Family owned and operated, You can expect to get personal & professional service at a fair price. With Flip-Flop you will always have the owners doing any and all service as well as repairs. You can rest assured it is done right the first time, every time. %90 of our business has been established strictly by referrals

Meet the Business Owner: Steven H.

Local to Encinitas, I started in construction after high school and all the way through college. After graduation I realized I loved what I was doing for a living and started my own handyman/ construction company. Flip Flop Construction was born! In 2005 I started a pool service company as well as handyman work while building a steady pool client base. So here I am 2012 and working as a full time "Pool guy" and loving it.

Flip Flop Pool Service

LOGIN-ACUMEN V.5.50 - EXOTIC DEAL PRICING AND DEALS MANAGEMENT

Paris, France, 15 November 2004

LOGIN SA, a leading supplier of advanced and integrated management systems for treasury, has announced the availability of version 5.50 of its LOGIN-ACUMEN, the fully integrated front and middle office as well as risk management system, for treasury, derivatives and capital market instruments.

Among the major items, such as IAS/IFRS and Structured bonds management, LOGIN-ACUMEN V.5.50 also includes the following developments:

Exotic deal pricing The pricing of the following instruments is now available in ACUMEN: cliquet options and several path dependent Libor and CMS interest rate products with caps / floors and callable or trigger features (target redemption note, callable Flip/Flop, callable CMS spread, etc.). Valuations are based on Monte Carlo, Hull and White and the Finite Difference Method.

Non Deliverable Forwards The straight through processing of Non Deliverable Forward forex deals (NDF) is now fully supported in ACUMEN.

Management of limits breaks Limit breaks can now be stored in the deal's level (regarding credit risk, settlement risk, trading and portfolio limits). Limit breaks can then be authorised by a user with proper rights. A fully customised set-up allows the appropriate processing based on the Bank's internal procedures.

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Applications of Flip Flops

Flip flops are used in digital electronics some of its main applications are described below.

Data Storage

A flip flop store one bit at a time in digital circuit. In order to store more than one bit flip flop can be connected in series and parallel called registers. A register is simply a data storage device for a number of bits in which each flip flop store one bit of information (0 or 1). Thus a 4 bit register consists of 4 individual flip flops, each able to store one bit of information at a time.

Figure 1: Bit Binary Register

Figure 1 shows a 4 bit register. Any number from (0000) 2 to (1111) 2 may be stored in it simply by setting or resetting the appropriate flip flops. Let us suppose that flip flop one is SET(1). Flip flop 2 is RESET(0), flip flop 3 is RESET(0) and flip flop 4 is SET(1), the binary number stored in this register is (1001) 2 .

Data Transfer

Flip flops can also be used extensively to transfer the data. For this purpose shift register is used. A shift register is a register which is able to shift or transfer it content within itself without changing the order of the bits. It may be designed to shift or transfer data either left or right. The data is shifted or transferred one bit at a time, when a clock pulse is applied. The shift register can be used for temporary storage of data. The shift register is used for multiplication and division where bit shifting is required. The shift register can be built using RS, JK or D flip flops.

A four stage shift right register is shown in Figure 2. Input data is applied to store D and shifted right.

Figure 2: Shift Right Register

Each flip flop is controlled by the output of the proceeding flip flop. Clock signal is applied simultaneously to all flip flops. With each clock pulse information is transferred to next flip flop as shown below.

In the above four bit shift right the information from input could be transferred to output in four clock pulses. This is an example of data transfer.

Counter

Another major application of flip flops is a digital counter. It is used to count pulses or events and it can be made by connecting a series of flip flops. Counter can count up to 2 n. Where n is the number of flip flops. Figure 3 shows a simplest binary ripple counter made by flip flops. It consists of connections of flip flop without any logic gate. Each flip flop is triggered by the output of its proceeding flip flop.

Figure 3: Four stage Counter

They are used in digital equipments, clocks, frequency counters and computers etc.

Frequency Division

Flip flops can divide the frequency of periodic waveform. When a pulse wave is used to toggle an flip flop, the output frequency becomes one half the input frequency, as shown in Figure 4

Figure 4: JK Flip Flop Used as A Frequency Division

The output of each flip flop is half the frequency of an input. If the input frequency is 160 KHz then output of each flip flop would be so after first flip flop, 40 after second flip flop and 20 after third flip flop.

Input frequency 160 KHz

Frequency of first flip flop 80 KHz

Frequency of 2 nd flips flop 40 KHz

Frequency of 3 rd flips flop 20 KHz

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5 Uncommon Rules of Traders

In fact, I’d bet that deep down you know you should be following these rules as well but you aren’t – yet. Today is the day you can commit to doing what works for other wealthy traders and get on that same path.

.

1. They plan every single trade. EVERY SINGLE ONE.

Every trader I’ve talked with that makes money consistently knows the following about every single trade they take before they even begin entering a limit order into their trading platform:

The highest price they are willing to pay (if they are going long) or the lowest price at which they are willing to sell (if they are going short)

Their profit target where they will exit if they are “right”

Their stop loss where they will exit if they are “wrong” The risk/reward ratio of the trade

The exact percentage of their account they are risking

Lots of traders do one or two of these things. Few do all of them. In simple terms they know exactly what they want to pay, how much money they anticipate making (or losing) and a very clear idea on the probability of the trade working out.

Although you might think that every great trader uses hard stops that are pre-programmed in, many don’t. However, they are highly disciplined and when their stop loss number comes up they are out. Most traders don’t have that type of hard-core discipline and so a hard stop loss is still their best option.

2. They stopped trying to pick tops and bottoms years ago

Nearly all of the classes, courses and webinars you’ll find on the Internet talk about using support and resistance of some type to find where a market is turning and how to get in before or while it does.

The funny thing is that only a very few successful traders I have ever talked to trade that way. Simply put, 95% of the traders out there that make money are buying higher highs and selling lower lows. They do the exact opposite of nearly everyone out there because they found out long ago that picking tops and bottoms is a sucker’s bet. One trader described it to me by saying that it’s much easier to just participate in what a market is already doing than trying to guess when that behavior will change. Flip-flop your strategy to agree with what the market is doing rather than guessing on when it will change its mind, and you’ll be in a much better position to make money trading.

3. They are patient with winners – and ridiculously impatient with losers.

Dennis Gartman is famous for boiling down great trading to one thing: “Do more of what is working and less of what isn’t.” Sure makes a lot of sense to me. Most traders have a great deal of patience with their losers but get nervous about locking in gains and sell them to quickly – the exact opposite of what wealthy traders do. Wealthy traders realize that they may actually have more losing trades than winning trades so they quickly get out when they are wrong. It is the only way to ensure that they can give their winners the attention they deserve.

They coddle their winners and kick their losers to the curb without a second thought.

4. They trade one market. ONE

I’ve talked with great traders who can trade futures, forex and stocks at the same time. They are a gifted tiny minority.

The vast majority of successful traders concentrate on one market and become so comfortable with it that they begin to “know” the behavior of that market just watching price and volume. Test yourself – if you aren’t able to get rid of all your charts and simply look at price and volume to trade, you’re probably not concentrating enough on one market in order to know its moods. What we’re really talking about here, of course, is not the mood of the market itself but the moods of the market participants!

Focus on trading one market exceptionally well rather than try to trade whatever’s hot – that’s how wealthy traders do it.

5. Their benchmark for success is anything but money

Money changes everything. It sure does. We’re all in this to make money. The trouble is, when traders use the amount of money they make to judge their own success, something happens to them – to all of us, really – that clouds our decision-making ability.

Wealthy traders have realized this and instead focus on other things to determine if they’ve had a successful day. Whether it be how well they were able to execute on their trading plan (see rule #1), or their overall ability to predict short-term movements in whatever they are trading, they know that if they do those things correctly, the money will follow.

Yes of course the money is important . Any trader who says otherwise is a fool. Why else would we put ourselves through this daily ride. But there is something about making it a secondary focus that allows the best traders to make better decisions . The growing trading account simply becomes a nice result – a side benefit if you will – of making good decisions and reading the market well.

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There is this this nice small (and incomplete) set of rules about digital circuits, about the little balls to be more precise:

little balls can travel around over wires (not always at T sections)

little balls can travel across logic gates

little balls neutralize each others when they collide

The second needs a little expansion. If you have a little ball on the output of an AND gate, thus making it a NAND gate, you can take the ball, double it, put the new balls in the input and turn the AND in an OR. Things are similar if you start with an OR gate (that with its little ball is a NOR gate). Someone call this rule De Morgan's Laws if you ever have to explain this to a teacher.

Back to your circuit: take the two little balls, cross the NAND gates (splitting the balls). Now you've got two OR gates and four balls. Remembrer that a ball represents a NOT gate:

Now as you see R and S are negated as soon as they enter the circuit. We can agree and "simplify" NOT3 with R and call that input nR, and similarly with S and NOT2.

Now let's push NOT4 till the T crossing: what happens there? Well you can negate the AND output, and to keep the downstream value of nQ you should put a not there also.

A diagram is worth a thousand words:

Now you can simplify Q and NOT1 and label that output nQ, and simplify nQ and NOT2 and label that output Q. Does the circuit look more familiar now? Your second circuit is just like the same, only what you call set and reset changes.

The real question is: why did I bother with the whole "small balls" story? You could have just written down the truth table and "easily" see what was going on. Well I think that sliding little balls around helps quite a lot in solving simple problems and even a little more complicated ones. Plus it's fun .

answered Apr 4 '15 at 17:18

It is possible to construct a simple SR flip flop using NOR or NAND gates. There isn't much difference in the output. The only minor difference occurs because of the properties of a NOR or a NAND gate.

Consider a SR flip flop using NAND gates:-

The truth table can be given as:-

Now, consider SR flip flop using NOR gates:-

The circuit will work in a similar way to the NAND gate circuit above, except that the inputs are active HIGH and the invalid condition exists when both its inputs are at logic level “1”. It just depends on the one you prefer to use otherwise both have the same working.

answered Apr 4 '15 at 18:12

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The unequivocal commitment of the prime minister, the finance minister, the commerce minister, all secretaries to government and the Prime Minister’s Office to offer a conducive ecosystem for start-ups is really impressive, notes TVS Mohandas Pai

T he biggest positive in the action plan for start-ups announced by Prime Minister Narendra Modi on January 16 was the unequivocal commitment to offer a conducive ecosystem for start-ups to flourish.

But a lot remains to be done

Prime Minister Narendra Modi announced the action plan for start-ups at a glittering event on January 16.

It was a great show.

More than 1,500 start-ups were present, the energy was high and palpable.

The next generation of Indian business leaders gathered in their full strength and, what was more amazing, they were on the dais with global stars.

Women entrepreneurs were showcased and they made us proud.

A n action plan was sorely needed as the situation was grim.

Six out of eight Indian Unicorns had re-domiciled outside India.

Ten of the top B2B start-ups had gone, 54 per cent of the top start-ups had gone in 2017 and 75 per cent in 2017.

Our policies and tax laws were forcing the best and the brightest to register outside India.

Global investors wanted a more benign environment with tax certainty as they were investing long-term, not the tax nightmare we have had in India.

Our forex regulations were not in tune with investor needs, mergers and acquisitions could become difficult and long-drawn-out and structuring was convoluted.

There were many conversations with the Department of Industrial Policy and Promotion, Department of Revenue, Ministry Of Corporate Affairs and the Reserve Bank of India.

They were positive and promised much.

The Securities and Exchange Board of India was truly outstanding.

Within four months, they created a listing structure that was on a par with Nasdaq on the same bourse but with different norms.

Expectations were being built up about radical moves and the action plan did not disappoint.

T he biggest positive was the unequivocal commitment of the prime minister, the finance minister, the commerce minister, all secretaries to government and the Prime Minister’s Office to offer a conducive ecosystem for start-ups to flourish.

Never before was such an extensive commitment seen in public.

All recognised that these new generation entrepreneurs would transform India by leveraging technology, solve her challenges and create a massive number of jobs across the country.

The action plan met around 60 per cent of their needs -- faster and easier registration of companies, self-certification for many laws, no inspection for three years, funding for patents, speed of patent protection and the like.

A promise to change the law in the new Bankruptcy Bill to ensure closure of dead companies within 90 days was a big plus.

With the high mortality here, ease of starting and ending is essential. Public procurement norms, too, would be changed, removing turnover and track record conditions.

Funding for 500 incubators across universities, innovation movements, research parks and industry parks were assured.

An ecosystem would be created to support innovation with funding for grand challenges.

S tart-up funding was a large ask, and it was answered with a big idea: Rs 10,000 crore (Rs 100 billion) for a fund of funds over four years which would catalyse investment of around Rs 100,000 crore (Rs 1,000 billion) at series A level over the next seven years, truly transformational and a message to Indian capital to participate in this high-return area.

The credit guarantee for lending to start-ups is welcome, as it will enhance access to credit.

A few tax concessions were thrown in.

A three-year tax holiday, though of not much use as there would hardly be any profits to tax, would nevertheless save the start-ups from harassment by tax officials.

Some changes in the capital gains regime were made.

There were promises to consider in the Budget demands to equate capital gains for start-ups with the regime in the listed market.

A serious issue was the high deduction on receipts due to withholding of tax and service tax, causing serious cash-flow issues.

Revenue actually said they understood this and would try to mitigate it in the Budget.

It was heartening to see a positive, open outlook by revenue after so many years.

The forex area remains a major challenge.

R eserve Bank of India Governor Raghuram Rajan has promised to relook at all regulations inhibiting investments, reduce unnecessary documentation, but we are yet to see changes for start-ups.

Forex regulations are a major reason for re-domiciling.

We need a more open progressive regulation in this area.

The hangover of Foreign Exchange Regulation Act lingers.

Governor Rajan’s letter to his staff says it all and offers hope of change.

Much more needs to be done. Company law is a big hindrance, putting a heavy compliance burden on small start-ups.

The penalty provisions are onerous.

Tax laws need more clarifications and simplification.

Taxes on alternative investment funds and venture capital need rationalisation.

The valuation of start-ups for investment by angels needs clarity.

Policies on digitisation and digital business are not clear. Marketplaces are not understood, least of all e-commerce!

Mobile banking needs a boost. Payment systems need change.

Supply chain issues continue to linger.

Funding is needed for training in new technologies.

In biotechnology, speedier clearances, Intellectual Property Rights issues and the like need clarifications.

The definition of a start-up for much of the benefits, as a unit with a turnover of not more than Rs 25 crore (Rs 250 million), not more than five years old, working towards innovation driven by technology or IP, needing a certification from an inter-ministerial board, is an unhappy compromise driven by fears of misuse reflecting our general environment.

This would need a relook early on, as it will inhibit growth in a number of start-ups.

Again, most of the promised investment in universities is limited to IIT and central government-funded institutions, ignoring 97 per cent of India, a glaring discrimination.

Overall, very positive with much work to do, but the direction is clear -- up, up and away!

T V Mohandas Pai is chairman, Aarin Capital Partners, and a former CFO of Infosys

The image is used for representational purpose only

T V Mohandas Pai

Flip Flop Conversion

For the conversion of one flip flop to another, a combinational circuit has to be designed first. If a JK Flip Flop is required, the inputs are given to the combinational circuit and the output of the combinational circuit is connected to the inputs of the actual flip flop. Thus, the output of the actual flip flop is the output of the required flip flop. In this post, the following flip flop conversions will be explained.

As told earlier, J and K will be given as external inputs to S and R. As shown in the logic diagram below, S and R will be the outputs of the combinational circuit.

The truth tables for the flip flop conversion are given below. The present state is represented by Qp and Qp+1 is the next state to be obtained when the J and K inputs are applied.

For two inputs J and K, there will be eight possible combinations. For each combination of J, K and Qp, the corresponding Qp+1 states are found. Qp+1 simply suggests the future values to be obtained by the JK flip flop after the value of Qp. The table is then completed by writing the values of S and R required to get each Qp+1 from the corresponding Qp. That is, the values of S and R that are required to change the state of the flip flop from Qp to Qp+1 are written.

This will be the reverse process of the above explained conversion. S and R will be the external inputs to J and K. As shown in the logic diagram below, J and K will be the outputs of the combinational circuit. Thus, the values of J and K have to be obtained in terms of S, R and Qp. The logic diagram is shown below.

A conversion table is to be written using S, R, Qp, Qp+1, J and K. For two inputs, S and R, eight combinations are made. For each combination, the corresponding Qp+1 outputs are found ut. The outputs for the combinations of S=1 and R=1 are not permitted for an SR flip flop. Thus the outputs are considered invalid and the J and K values are taken as “don’t cares”.

As shown in the figure, S and R are the actual inputs of the flip flop and D is the external input of the flip flop. The four combinations, the logic diagram, conversion table, and the K-map for S and R in terms of D and Qp are shown below.

D is the actual input of the flip flop and S and R are the external inputs. Eight possible combinations are achieved from the external inputs S, R and Qp. But, since the combination of S=1 and R=1 are invalid, the values of Qp+1 and D are considered as “don’t cares”. The logic diagram showing the conversion from D to SR, and the K-map for D in terms of S, R and Qp are shown below.

J and K are the actual inputs of the flip flop and T is taken as the external input for conversion. Four combinations are produced with T and Qp. J and K are expressed in terms of T and Qp. The conversion table, K-maps, and the logic diagram are given below.

D is the external input and J and K are the actual inputs of the flip flop. D and Qp make four combinations. J and K are expressed in terms of D and Qp. The four combination conversion table, the K-maps for J and K in terms of D and Qp, and the logic diagram showing the conversion from JK to D are given below.

In this conversion, D is the actual input to the flip flop and J and K are the external inputs. J, K and Qp make eight possible combinations, as shown in the conversion table below. D is expressed in terms of J, K and Qp.

The conversion table, the K-map for D in terms of J, K and Qp and the logic diagram showing the conversion from D to JK are given in the figure below.

Flip Flop Shops - Retail Franchise

Flip Flop Shops ® is the authentic retailer of the hottest brands and latest styles of flip flops and sandals. It's more than just a store. it's a lifestyle.

We love the water and everything about it. Whether it's surfing at Rincon with friends, or standing at the water's edge in Tofino while the waves pull the sand out from under our feet and back to the sea. we love it. We ride powder in Canada, bike the backcountry of New Zealand and raft down the Colorado. We love adventure and traveling. We keep up on the latest fashion trends and make up our own. We sometimes go to bed with salty skin and the smell of the ocean after a day of surfing. We take care of our environment and help out our favorite charities. We love music and singing along with our favorite songs.

Our flip flops are an extension of who we are and what we stand for. We live, work and play with our toes exposed while wearing the freedom of flip flops on our feet.

Own Your Own Flip Flop Shops ® !

Here is your opportunity to become part of the flip flop lifestyle by owning your own Flip Flop Shops® franchise.

With over 50 years of franchise experience building and growing some of the world's fastest growing franchise concepts, category leaders and some of America's most well-known brands we now welcome you to the next great idea!

This is your opportunity to take part in one of the fastest growing and most exciting industries in the world. Flip flops and sandals are the oldest and at the same time best-selling footwear worldwide!

Usually seen only at beach resorts, flip flops and sandals "are a huge phenomenon. A few years ago you would wear them only to the beach or at the pool. Now you see them in the city, in the office, on the Red Carpet and at the Whitehouse.

The simple, little flip flops with the humble origin are making their way to the season's hottest events and onto the feet of the most coveted celebrities and VIPs.

We have created a concept where the unit economics, the industry, the trends and the lifestyle all just make sense!

We invite the right franchisees to be part of the next big idea. and have fun doing it!

Support Makes All The Difference

We provide a franchise support system designed to support all of your business needs. Flip Flop Shops is committed to providing a superior level of service to our franchisees.

With over 50 years of franchise experience, we have taken the best practices and applied them to Flip Flop Shops. More importantly, we have eliminated common mistakes made by most franchise systems. Flip Flop Shops provides a wide variety of comprehensive resources to help you achieve your professional goals. This includes, but is not limited to:

Branded Business Plan Template

Site Selection & Real Estate Expertise

In-house Design & Construction Consultation

Flip Flop University

Comprehensive Operations Manual

New Store Opening Plan

Local Store Marketing Toolkit

PR & National Brand Building Efforts

Sell-Through Analysis

Seasonal Pre-Book Support

Inventory Turn Analysis

Open-to-Buy Plan

Vendor Relations & Buying Program

Field Support

Genuine Passion to See You Succeed

About Flip Flop Shops Founded in 2004, Flip Flop Shops is North America's first retail chain exclusive to the hottest brands and latest styles of flip flops and sandals from big names such as REEF, Sanuk, Flojos, VANS, havaianas, OluKai, Cobian, and O'NEILL. The recipient of the International Council of Shopping Centers' prestigious "Hot Retailer Award," Flip Flop Shops began franchising in January 2008. Flip Flop Shops is an Environmentally Responsible Retailer™ and encourages the nation to Free Their Toes®. The executive team boasts more than 50 years of franchise experience building and growing some of the world's fastest-growing franchise concepts, category leaders and some of the World's most well-known brands, including Cold Stone Creamery, Moe's Southwest Grill and Nike.

This opportunity is not available in the following states: ND, RI, SD

This web site and the information contained herein does not constitute the offer or sale of a franchise. There are certain states that require the registration of a FDD before the franchisor can advertise or offer the franchise in that state. This franchise may not be registered in all registration states and may not offer franchises to residents of those states or to persons wishing to locate a franchise in those states. The offer and sale of a franchise can only be made through the delivery and receipt of a Franchise Disclosure Document (FDD).

Related Information on Flip Flop Shops

Home - About Us - Contact Us - Site Map - Advertising Info - Copyright - Privacy Policy

FLIP FLOP SHOPS - FDD UFOC ITEM 1 Detail

THE FRANCHISOR, AND ANY PARENTS, PREDECESSORS, AND AFFILIATES

The Franchisor, Its Parent, Predecessors, and Affiliates

The Franchisor is Flip Flop Shops Franchise Company, LLC, referred to in this disclosure document as "we," "us" or "our." We refer to the person interested in buying a franchise as "you" or "your." If you are a corporation, partnership, limited liability company or other entity, certain provisions of the Franchise and Development Agreements will apply to your owners. These will be addressed in this disclosure document where appropriate.

We were organized as a Delaware limited liability company on August 24, 2007. Our principal business address is 2774 North Cobb Parkway, Suite 109-334, Kennesaw, Georgia 30152.

We do business under our corporate name and under the name the "Flip Flop Shops". Our agents for service of process in the states which require franchise registration are listed in Attachment 13.

We sell franchises for retail stores that specialize in the sale of flip flops and sandals and related footwear and accessories (the "Flip Flop Shops Stores" or "Stores"). Flip Flop Shops Stores do business under the name "Flip Flop Shops" and other trademarks identified in Item 13 (the "Marks"). We do not operate any Flip Flop Shops Stores, but Flip Flop Shops, Inc. an entity related to us, has owned and operated Flip Flop Shops Stores since September 24, 2004 (See Item 20).

We began to offer franchises on October 9, 2007. We are not engaged in any other businesses and have never offered franchises in any other lines of business.

Our parent is FFS Holdings, LLC ("Holdings"). Moldings shares our principal business address.

Our Chairman, Todd Gialrelis, founded GGF, LLC, a Massachusetts limited liability company ("GGF"), which offers franchises for businesses providing staffing and recruiting services to the restaurant and hospitality industries under the name "Gates Group" ("GGF Businesses"). GGF'' has been offering franchises for GGF Businesses since January 2005. As of the date of this disclosure document, GGF has sold I franchise for a GGF Business. GGF has never offered franchises in any other line of business and does not operate any other businesses. GGF''s principal business address is 1336 Spectrum, Irvine, CA 92618.

Except as described above, we have no predecessors or affiliates.

We offer qualified applicants franchises for Flip Flop Shops Stores that operate under the Flip Flop Shops System (the "System"). The System includes distinctive exterior and interior design, decor, and color scheme; furnishings; uniform standards, specifications, policies and procedures for operations; quality and uniformity of the products and services offered; procedures for inventory, management and Financial control; training and assistance; record keeping and reporting; and advertising and promotional programs, all of which may be changed, improved, and further developed by us periodically. You must operate your Flip Flop Shops Store under the Marks and use other trade names, service marks, trademarks, logos, and other symbols wc designate (or may later designate) in writing for use in the System.

The Franchise Agreement (Exhibit C to this disclosure document) gives you the right to establish and operate I Store at a specified location. If you do not sign a Development Agreement (discussed below), the location for the Store will be in the Designated Area described in the Site Addendum to Franchise Agreement. The size of the Designated Area will vary depending on local market conditions and other factors. The Designated Area will be determined before you sign the Franchise Agreement. (See Item 12)

We also offer qualified applicants the right to enter into a Development Agreement (the "Development Agreement") to develop multiple Stores within a specifically described geographic area (the "Territory"). The size of the Territory will vary depending on local market conditions and the number of Stores to be developed. The Development Territory will be determined before you sign the Development Agreement and will be described in Attachment E to the Development Agreement. (See Item 12) You must develop the number of Stores contemplated by the Development Agreement in the Territory according to a development schedule and must enter into a separate Franchise Agreement for each Store established.

The Franchise Agreement for the first Store developed under the Development Agreement will be in the form of Exhibit C to this disclosure document and must be signed within 90 days after the Development Agreement is signed. For each additional Store developed under the Development Agreement, you must sign the form of Franchise Agreement that we are then offering to new franchisees, except that the initial franchise fees will be as provided in the Development Agreement, and the royally and advertising expenditure percentages will be the same as those in the Franchise Agreement at Exhibit C to this disclosure document.

We may require your current and future Principals (as defined in the Agreements) to sign a Guaranty and Assumption Agreement ("Guaranty"), guaranteeing your performance and binding themselves individually to certain provisions of the Agreements, including the covenants against competition and disclosure of confidential information, restrictions on transfer and dispute resolution procedures. Those of your Principals who are not required to sign the Guaranty will each sign a Confidentiality Agreement and Ancillary Covenants Not to Compete, with Principal''s undertakings, in the form attached to the Agreements. (See Item 15)

You must designate an "Operating Principal" under the Agreements. Your Operating Principal is the main individual responsible for your business. If you are an individual, you will be the Operating Principal. If you arc not an individual, you must designate someone who meets our requirements and whom we approve to be your Operating Principal. Your Operating Principal must have and maintain at least 10% ownership interest in you. Your Operating Principal will sign the Guaranty.

The person or entity signing the Development Agreement is the "Developer" and the person or entity signing the Franchise Agreement is the "Franchisee." In this disclosure document, the terms "Principals" "and "Operating Principal" include tiiosc persons having similar obligations identified in both the Development Agreement and Franchise Agreement, and the terms "you" and "your" include the Developer under the Development Agreement and the Franchisee under the Franchise Agreement unless we have noted otherwise. Any reference to the "Agreements" means the Development Agreement and the Franchise Agreement, as applicable.

The market for footwear, including flip flops and sandals and related accessories, is well-established and highly competitive. There is active price competition among general and specialty stores that sell flip flops and sandals and similar footwear, as well as competition for management personnel and for attractive commercial real estate sites suitable for retail stores. You must expect to compete with other stores offering Hip flops, sandals, footwear, and related accessories, including department stores and footwear stores (including stores that sell surfing equipment). Competitors may be locally-owned or large regional or national chains. The retail footwear business is also affected by changes in the seasons, consumer taste, demographics, traffic patterns and economic conditions.

Industry Specific Regulation

The sale of retail merchandise to consumers is subject to legal requirements and you should obtain assistance in evaluating and complying with applicable federal, state and local laws, rules and regulations. Many of the laws, rules and regulations that apply to business generally, such as the Americans With Disabilities Act, Federal Wage and Flour Laws and the Occupational Safety and Health Act, also apply to retail clothing stores. However, some jurisdictions may have other laws, rules and regulations that have particular applicability to retail footwear stores. You should consider these laws and regulations when evaluating your purchase of a franchise.

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Pricemotion forex and stock educational trading games, free forex and stock exercises and forex forum. Learn technical analysis - triple screen trading Forex Market Educational Trading Game. Pricemotion gives you the chance to learn how the stock and forex market work. It teaches the basics of investment through a market simulation, The Forex Game OnlineAn open access resource for academics and practitioners

Forex features; online foreign currency dealing, currency payments, real time exchange rates. Site Allows Everyone to Play the Forex Game

Do you want play forex? You think you can't? I think as you are. So I design online forex game. All process is random. You need to sell and buy goods and earn profit.

I try this game. It funny. I win. I duble my profit in two minutes. I search the bug. Can you help me?

Date Version Release History 09/01/2006 09.06 no

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Flip Flop Applications

As the title of this portfolio entry states, we learned how flip flops are applied into real life circuits. The first circuit we built was a photo sensitive event detector and it works pretty simple. Then we built a 4 bit shift register detector and this was a bit more complex cause it contained four clocks(hence the name 4 bit shift) we had to enter certain input pulse from either ground or vcc in order to change the held input cause the clocks were wired in an event detect format as shown below.

Event Detect Circuit

This is a D flip flop in a event detector format that I used to wire the photosensitive and the 4bit shift register circuits. The way it works is that when pulse(event) goes in, Q holds the pulse until another event(in this case clear) changes and their for changes the Q back to 0.

Below there is a timing chart that shows how the event detector works. The clock pulse(single event) tells Q pulse(held event) to switch to 1 and it is held by Q until clear pulses and turns Q to 0.

Photosensitive Event Detector

This is the photosensitive event circuit. This circuit would be used as a larger house burglar system. The SONALERT would sound the alarm if the beam of light between the 12-vlot bulb and the phototransistor(In this case the key A) is disrupted. When we cut GND off the clock gets a pulse of 1 and it checks preset and clear and since both clear and preset are wired to VCC 1 it is allowed to check D, which is also 1 so it tells Q to turn to 1 and this causes the SONALERT to sound the alarm. Although Key A goes back to GND the circuit is formatted in a event detect way so Q holds the pulse. To turn off the alarm Key B must be pressed so clear can turn to 0.When clear is one, the clock will check clear and preset and as I told you in my Intro to Flip Flops entry when preset is 1 and clear is 0 Q will default to 0 and this in turn will switch the alarm off.

This is how the circuit simulation began I put a probe to show you when 1(power) would pass since you cant hear the alarm. So in the picture below I haven't touched nothing and A is wired to GND so it doesn't let the clock pulse. As you can see there is no power going to the SONALERT so the probe doesn't turn on.

When I pressed key A it cut off GND the clock started pulsing it checked D and made Q 1.This made the probe turn on which represents the alarm sounding. To turn the alarm off I just press Key B. It makes clear 0 which the clock checks and makes Q 0 and this makes the probe turn off.

Basically a shift register is a group of flip flops(typically 4 or 8) that are arranged in an event detect format and pass the values from one flip flop to another. Shift register are usually used in logic circuits to control digital displays A real world example of shit registers being used is like when you type a number into the calculator and they shift to the left.

The design below is a JK 4-Bit Register. It contains 4 negative edge triggered JK flip flops(74LS76N) so they must be wired to GND in order to pulse. The 4 probes on top show what output is coming out of Q and there are two SPDT switches connected to VCC and GND. So the way this 4 bit register works is that it moves the held input data that Q holds to the next every time the clock pulses. Since both our asynchronous inputs(preset and clear) are wired to VCC we don't care about them cause they will always let the clock pass so we must treat this like a normal JK flip fop. When the first SPDT is toggled it flips the J and K input from 1,0 or 0,1 cause of the inverter that we put. This gives the clock an out put of 1 when the SPDT switch is connected to VCC and 0 when it is connected to GND. IN order for the clock to pulse it must be connected to GND(0) cause it is a negative edge triggered clock. So by turning the SPDT of either the clock or the JK inputs to either VCC or GND we can light or turn of the first probe and shift it over to the next. There are 2 AND gates that are wired to either Q or Q' and these AND gates are connected to another AND and this AND is connected to a probe. As the problem stated I had to produce a certain binary combination(1101) which reads form left to right. Once I achieved this I had to make the bottom probe light up. To do this I simply connected to the outputs that give me one the probe that isn't lighting up is cause it is getting an input of 0 from Q, Q' is the opposite so I wired the NAND gate to that to get 1. When the probe gets all 1s it lights up as shown on the snippet below.

The snippet below just shows a different combination of clock pulses and JK toggling which gave us the binary combination of 0110.To make the bottom probe read this I wired the NAND gates to the two Qs in the middle that outputted a 1 and the two outer Q' that also outputted 1s.

The 4-Bit shift register of the bottom is equivalent to the previous one I made except it is made completely out of D flip flops(74LS74D).It works exactly the same way and is basically wired the same. Our asynchronous inputs are wired to VCC so they don't interfere, and in order for the binary combination to light up we must wire the probes the same way I did on the top. The only difference is that we can get rid of the inverter and just work with D or D' so the light either turns on or off and the clock shifts the info on to the next. below I replicated the binary combination of 1101 that was first requested to make for the JK register. The only advantage I see on using the D flip flop is that we loose the inverter hence making the circuit more simple to read and more straight forward.