Forex encyclopedia

Functionally FSA does not depend on the British Government and is fully financed by the companies, which it supervises. While making management decisions, the board is guided by six main principles. 1. First of all, it is a common principle of legitimacy, which means that management of each separate firm is responsible for compliance of firm's business with all legislative requirements. It is management who must take care of internal control and risk management in organization. In this case participation of state authority in internal business of the company is minimized. 2. Principle of efficiency is in operation in every organization and declares that all resources must be utilized effectively.

Tirone levels represent a sequence of several horizontal levels decreasing in succession. This method is used for determining support and resistance levels within trading range at definite moment of time. Tirone levels were elaborated by John Tirone. In practice, TL are applied to improve visual reception of price movement. Also through these method of technical analysis one can generate signals for opening positions. For example, if price reaches TL from upward – it is an alert for purchase and a signal for sale is received, when prices approaches from bottom.