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Strategies & Market Trends : Point and Figure Charting

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To: wizzards wine who wrote (3396)	6/5/1998 6:15:00 AM
From: Bwe	Read Replies (1) of 34816

Hi Preston....I know that Eric is looking for other indicators that work well with p&f, but for me, I have found that the best course of action is to become good at one thing rather than many things. The methods and indicators already present within the body of knowledge of p&f charting is more than enough to guide my way through the stock market. I've found that strictly following the discipline and rules of p&f charting presents the greatest challenge. Battling my instincts and not immediately heeding my p&f work gets me into trouble more often than not. As I've used this method through the years, I've found that the closer I follow the method the better my results are in the market. Tom wrote the following to me a while back and I think it has benefit for readers of this thread: "The piece of mind Bruce is staying the course win lose or draw. With this you always know you did the right thing. It sometimes does not work out and in hindsight one thinks of other alternatives one might have done but it is always in hindsight. It's the heat of the battle where logical decisions are made that either make or break you mentally. Learn all you can and stay with it. There are relatively few investors that will ever become craftsmen at this method. Tom" That final point that Tom makes is the ticket. P&F chartists are a very small minority of those who participate in the market. Becoming a craftsman in this method is worthwhile in and of itself. Learning to recognize the basic p&f chart patterns is lots of fun and will yield profits down the line. Learning to recognize the difference between a bull trap and the bearish signal reversed is a worthwhile art and time well spent. Tammy's "Recognize the Pattern" exercise on the DWA website was terrific and just the thing to help all of us along in this great art known as p&f charting. The art is in the recognition of patterns from the X's and O's on chart paper, to be able to see things in the patterns of X's and O's that others don't immediately see. It's easy to recognize a trend line break, but recognizing a high pole at the bearish resistance line and understanding it's implications and acting on it is what it's all about, IMHO. Take care, wizzards wine. Bruce

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