FEEDBACK is indebted to James Newton-Thomas for his assistance in elucidating the “bearish Dark Cloud Cover candlestick pattern” that so puzzled us when we read of it in the “Forex analyst picks” column of a free newspaper aimed at London’s financial folk (14 May and 25 June). James sends us to “The Top 10 Best Candlestick Patterns” () on a website that promises we can “learn a unique trading strategy!”
It seems that the bearish Dark Cloud Cover pattern is just one of many candlestick patterns – others are named “engulfing”, “hammer”, “harami”, “piercing”, “doji” and “kicker”, and they may come in “bullish” or “bearish” flavours. Apparently, the basic idea is to plot the high and low prices of a stock or currency on a graph, join them with a vertical line, and then over that draw a rectangle with the opening and closing prices at the top and bottom (or vice versa). Typically, you end up with an image that looks like a candle that can be burned at both ends.
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Then you compare the candlesticks for succeeding days, or hours if you’re a twitchy trader. For example, when you see the “harami” pattern, the site suggests, “the first thing that comes to mind is that the momentum preceding it has stopped”. It is?
Our first thought is: that’s an interesting way of predicting where a graph goes next. Has anyone tried it with any other chaotic-seeming data, such as daily temperatures? Then we remember that the point of trading is to divine other traders’ perceptions of your perceptions of what the price will be in a day or an hour. So if they’re looking at candlesticks too… our head hurts again.
Would the candlestick technhique be worth trying as an aid to betting on something else that depends on feelings of confidence, such as cricket or baseball batting averages? Possibly – but on the whole, we’re still backing the chimps (25 June).
“Someone in the Dubai government hasn’t got the hang of the internet. Saeed Al Mutawaa sends us a photo of a sign saying: “To collect online documents pls. contact Delivery Counter””
Publicly polishing fingernails
SINCE we wondered what is being polished in the “Didn’t I do well” gesture that involves blowing on the knuckles of the right hand and then rubbing them on the left lapel (2 July), we have been inundated with answers.
They all fall into one of two categories. In the first, readers assert that what is being polished is the medals that the performer of the gesture has been awarded for “doing well”. Proponents of this theory say the gesture was commonly used in the years following the second world war.
In the second and much more popular category, readers have been telling us that we got the gesture wrong. It is not the knuckles that are being breathed on and polished, they say – it is the fingernails. Several readers also point out that there is another beat to the gesture that we missed. After polishing, the hand is held out with the fingers spread and the palm facing away so that the polisher can admire those exquisitely shiny nails.
“The gesture represents nonchalance,” says Andy Green. “It indicates that the difficult task was completed with such ease that you didn’t give it a second thought and moved on to buff your nails out of boredom.”
We’re not alone in contemplating this. Liz Whitehouse alerts us to a discussion of the gesture on the Straight Dope bulletin board at .
REACHING gingerly into the Feedback piling system, we discover a report from Peter Wheelhouse of a sign on a door at the UK’s University of Bath declaring firmly: “No exit – violators will be removed from the building.”
How does that work, then? Peter envisages security operatives dragging the violator back inside the building in order to remove them; and in the event that they used the same door themselves becoming violators and having to be removed, ad infinitum. And what about emergencies?
Does this sign still grace the sports centre, or have the mathematical sciences people had a word with them?
READERS have pointed out that the worrying restaurant sign saying “Come in. We’re Closed” that Paul Brown came across on Flickr (18 June) is actually a work of art created by the Australian artist and poet Richard Tipping (). You can order the sign from online outlets such as Viper Records (), along with a companion sign saying “Sorry. We’re open”.
FINALLY, Maggie O’Hanlon was disconcerted to learn that the eco-friendly boots she bought from Earth Spirit have biodegradable soles. “Good for you – good for the planet,” proclaims the label.
That all seems fine, except for one caveat: Maggie can’t help wondering how long the biodegrading takes.