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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: High Plains Drifter who wrote (6063)12/24/1997 12:20:00 PM
From: MonsieurGonzo  Read Replies (1) of 95453
 
Joeseph; RE:" T/A styles "

I mostly use weekly charts, and I am a traditional Trend Line and Horizontal Support type of guy - nothing fancy. I read candlesticks for pleasure as well as profit, as they are fun to work with. In the main, I find them more reliable than not, Joseph - with the caveat that reversal candlesticks require "confirmation" by the following session's candle to be considered valid.

Candlesticks work exceptionally well with indices - "mass psychology in pictures". But they are short-term indicators of sentiment and do not gauge the extent of price movements.

All reversal candlesticks require "confirmation", and Friday's "Hammers Everywhere on the OSX" but Monday's "No Confirmation" is a good example of this caveat.

If you are already familiar with trends and supports and moving averages on traditional charts, then I recommend learning about candlesticks because they add a lot of information to your charts with very little additional ink.

The classic reference is "Japanese Candlestick Charting Techniques" by Steve Nison. He has a second volume out now called, "Beyond Candlesticks". Nison is a British trader who brough the technique to the attention of Western traders less than a decade ago. A more well - rounded general text is "CandlePower" by Morris. All three of these books are fun to read.

Now perhaps you can help me, Joe - how much do we know about the exposure of the Oil Services Sector's revenues to the Far east ?

I'm trying to figure out if this sector is tanking because of (A) loss of future growth because of some %-exposure of revenue to Asia; (B) a deflationary-trend in the price of oil; or (C) just a general market sell-off, perhaps aided and abetted by Soros' penchant for selling his holdings like SLB short to shake folks out and increase his stake.

-Steve
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