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Japanese Candlestick Charting Techniques, Second Edition PDF

298 Pages·2016·20.62 MB·English
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A CONTEMPORARY GUIDE TO THE ~ ANCIENT INVESTMENT TECHNIQUES OF THE FAR EAST SECON D EDITION STEVE NISON II NEWYORK INSTITUTE OF FINANCE NEWYORK・TORONTO ・SYDNEY・TOKYO ・SINGAPORE NEWYORKINSTITUTEOFFINANCE NYIFandNEWYORKINSTITUTEOFFINANCEaretrademarksofExecutive TaxReports,Inc,usedunderlicensebyPenguinPutnamInc. This publication is designed to provide accurate and authoritative information in regard to thesubjectmattercovered.Itissoldwiththeunderstandingthatthepublisherisnotengaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistanceisrequired,theservicesofacompetentprofessionalpersonshouldbesought. ——From theDeclarationofPrinciplesjointlyadoptedbya CommitteeoftheAmerican BarAssociation andaCommitteeofPublishersandAssociations Copyright©2001bySteveNison Allrights reserved. Nopartofthisbookmaybereproduced inany formorby any means, withoutpermissioninwritingfromthepublisher. LibraryofCongressCataloging-in-PublicationData Nisan,Steve. Japanesecandlestickchartingtechniques : acontemporaryguidetotheancient investmenttechniquesoftheFarEast / SteveNison.——2nded. p. cm. Includesbibliographicalreferencesandindex. ISBN0-7352—0181-1 (cloth) 1.Stocks—Charts,diagrams,etc 2.Investmentanalysis. I.Title. HG4638.N572001 _ 2001026704 332.63'222'0952—dc21 PrintedintheUnitedStatesofAmerica ー0 9 8 7 6 5 4 MostNYIFbooks areavailable at special quantity discounts forbulkpurchases for sales promotions,premiums,fund—raising,oreducationaluse. Specialbooks,orbookexcerpts, canalsobecreatedtofitspecificneeds. For details, write: Special Markets, Penguin Putnam Inc, 375 HudsonStreet, NewYork, NewYork10014. PREFACE 能ぁる鷹は爪を隠す A clever hawk hides it claws. I t’s hard to believe that Japanese candlestick charts, the “claws” of Japanese technical analysis, were completely unknown to the Western world before I revealed them to the Western hemisphere in 1989. Candlestick charts are now so prevalent that it is hard to imagine that before the first edition of this book, no one in the West knew about these wonderful techniques and not one charting service had candlestick charts. This is amazing to me, considering that candlestick charts are now available on almost every charting service. I amproud to saythatIapanese CandlestickCharting Techniques quicklybecame the foundation ofall candlestick charting work in the West. The first edition of this book is Why you now have candlestick charts on the Internet and anywhere else they are available. Illustrating the universal popularity and effective- ness of candle charts, the book has been translated into six lan- guages and has gone through thirteen printings. Vi Preface The tools, techniques, and topics offered inthe firsteditionof this book are ageless and useable in all markets and time frames. But through cogent logic (and holding my dog hostage!) the editor ofthis edition convinced me it was time for a new edition. Some of the fresh aspects of this book include updated charts, more equitymarkets, a focus on active trading via intra- day charts, new refinements and strategies, and fresh combina- tions of Western technical analysis with candlestick charting tools. In a public seminar, I asked the audience to write what they hoped to get from the seminar. Someone wrote, "To make big $$$.” While I can’t guarantee ”big $$$” I expect that the tools, strategies, and techniques in this book will go a long way to improve your trading and decrease risk exposure. Thank you for making the first edition ofthis book so popu- lar. I know you will find this one as valuable, practical, and entertaining. I would enjoy hearing your comments, experiences, and ideas with candle charts. I welcome your e-mail at info@can- dlechartscom and invite you to Visit our site at www.can- dlechartscom. While I can’t guarantee a reply, all your e-mails and letters will be read. ACKNOWLEDGMENTS 小 さ女瀧勿/丈,忘れず小 さな涸 ち/羹,忘れよ〝 Do notforget little kindnesses and do not remember smallfaults. want to thank all of you who have helped ignite the flames of interest in candle charts. The overwhelmingly positive feedback keeps the lights of the candles growing ever brighter. To my institutional and public seminar attendees, advisory clients, and online clients, I want to thank you for your contin— ued support and kind words. A Japanese proverb says that, ”One evening’s conversation with a superior man is better than ten years of study.” It is my pleasure to acknowledge the superior men and women who have so generously helped me. Many of those who deserve recognition for their help are mentioned inChapter 1. There are others whomI would like to thank for their help in lighting my path. There were so many who contributed to this project that if I have forgotten to men- tion anyone I apologize for this oversight. Vii viii Acknowledgments The underpinnings for all my research on candles are the translations provided by Richard Solberg. His acquisitions of the Japanese candle charting books, his ideas, and his work provided the scaffolding for the rest of my candle endeavors. The Market Technicians Association (MTA) deserves special mention. It was at the MTA’s library that I first discovered can- dle material written in English. This material, albeit scant, was extremely difficult to obtain, but the marvelously complete MTAlibrary had it. Yoji lnata spent many hours answering my more advanced questions. He was also kind enough to contact his peers in Japan to get more detailed answers ifnecessary. The Nippon Technical Analysts Association (NTAA) deserves utmost praise for their assistance. Mr. Kojiiro Watanabe helped me to contact NTAA members who have been especially helpful. They are: Mr. Minoru Eda and Mr. Yasushi Hayashi Nori Hayashi. Therearemanycandle charting softwareprograms available. For this book I used two of what I consider the best: Aspen Graphics (WWW.Aspenres.com) and CQG (www.cqg.com). Their products and support are top-notch. Just as I did in the first edition, I again want to thank ”idea a day” Bruce Kamich. Bruce is a friend and a fellow technician with over 25 years’ experience. He continues to provide many valuable ideas and suggestions. Mark Tunkel, a friend and a colleague for many years, has powerful insights into candle charts. His help on this book is much appreciated. Susan Barry, the editor for the first edition of this book, had the foresight to convince her boss that candles would be popu- lar enough to take a chance on a book. The increasing sales sinceits initialpublicationin 1991 have confirmedher thinking. For this edition, Ellen Schneid Coleman and Sybil Grace at Prentice Hall have taken the coal of this book and made it into a diamond. Of course, there is my family. It’s hard to believe that my son was just born when I wrote the first edition. (He’s now 11.) I told him that I came close to calling him Candlesticks Nison. Thatnamewouldbe appropriate. Evan’s averyquicklearner— especially when it comes to finances—and can’t absorb candle charting fast enough. I think we will put our family finances in his hands. Acknowledgments ix Rebecca, fouryears oldwhenthe firsteditionwas published, is a verybright young lady now. She makes meproud tobe her father. Ifwe put our finances in her hands, we would be home- less, but would have lots of clothing and make—up. My wife Bonnie continues to be our cornerstone. Without her, everything would fall apart and there would be no way this book could have been done. AB。UTTHE AUTHOR 先人の跡をたどる Ifyou wish to know the road, inquire ofthose who have traveled it. Steve Nison, CMT, was the very first to reveal the startling power of candlestick charts to the Western Hemisphere. He is acknowledged as the leading authority on the subject. His two books, Iapanese Candlestick Charting Techniques and Beyond Candlesticks, are international best—sellers and are the foundation of all candlestick research and analysis. Steve has trained professionals in almost every major invest~ ment firm in eighteen different countries on how to apply these methods. He has also taught at the Federal Reserve, The World Bank, and numerous universities. He is an instructor at the New York Institute of Finance. Steve was among the first to receive the Chartered Market Technician (CMT) designation from the Market Technicians Association (MTA). He was previously a senior technical ana— lyst at Merrill Lynch and senior vice president at Daiwa securi— ties. He holds an MBA. in Finance and Investments. xi xii About theAuthor Steve is president of Candlechartscom, which offers institu- tional on-site and public seminars, educational products, and advisory services. To learn all that Candlecharts.com has to offer, see page 287 or visit their Web site at www.candle chartscom.

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