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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tom L. French who wrote (3132)	11/18/1997 10:39:00 PM
From: Timelord	Read Replies (1) \| Respond to of 95453

Tom: The group confirmation is just a simple thing (I like to keep things simple <g>), as I look at the candle pattern for each of my 14 oil services stocks, I'll note on my little "TA form" if it looks bullish, neutral, or bearish. A quick glance at the +/-'s tells me how much to weight individual +/- signals. As you well know, some drillers will "buck" the trend or send out false signals, and I need to temper my strong (very strong!) desire to jump back in and buy, buy, buy. NE's gap up yesterday was a good example. In my pre-chart days, I probably would have placed an overnight market order (first mistake!), and be sitting today with a loss wondering what hit me. Because the majority of the drillers were still negative, I stayed on the sidelines. I agree with you 100% about shorting. My first shorts were last week to get my feet wet (CDG and RIG). I set very tight stops and didn't second guess when they went off. Managed to make a couple of bucks, but I have to reprogram my mind set to look for opportunities in both directions. I'm just getting my disciplines down in the up direction, so I'm moving cautiously. Good trading! Alex