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In a message dated 12/04/2000 12:13:39 PM Pacific Standard Time,
mwahal@xxxxxxxxx writes:
<< Sonny,
I do use point and figure charting for calculating
market/sector/industry bullish percentage. I also look
at P&F charts for determining the support and resistance
levels, both short and long term as they are more clearer
in P&F charts when I'm looking at a particular stock.
I did use P&F charts for day trading sp00z and naz when
I was day trading them. I was really amazed when the
sp00z or naz will make a triple bottom and break on downside
or when it'll make 3-top and run on upside. Both will be
characterized by either a lower lows (for 3-bottom) or
higher highs (for 3 -top). The visualiztion of breakouts
is much clearer on P&F chart vs bar charts. But then again, its
a lot subjective to the box size you use. One's 3-top may be another
guys 3-bottom :-)
Thanks
Mudit
>>
Thanks Mudit for commenting on P&F. It seems to me that price action is
indeed the best indicator, and P&F seems to be one of the best ways to plot
price action. Unfortunately P&F charting is overlooked by many. The only
dilemma is what box size, reversal amount, and time frame (if day trading)
should one use. This is subjective, and it leads one back to the same
problem one is faced when using an indicator.
-Sonny-
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