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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (22722)	7/29/1999 7:49:00 AM
From: Atin	Read Replies (2) of 34811

Hi Jan, I agree with you about PnF charting, I think PnF is the best thing for TA that I've run into in a long time. Being able to just look at a stock and just pick buy and sell points is perfect. I haven't felt this way about TA since I first discovered candlesticks and now am using PnF (and dorseywright.com) exclusively. I re-read parts of Tom's book almost every night just to etch the patterns etc in my brain. I have one of the cheap seats but I didn't know that when I'd written to Tom asking for an RS against the S&P500 as well as RS against a stock's own sector. He replied that he'd ask his programmers to look into it. Pity we don't have that available for the cheap seats (yet?). It would be helpful but I'm happy with what I have regardless -- DWA seems pretty quick about fixing anything like wrong sector, missing symbol etc. Enough with the compliments :-) -- now for the real question: I was re-reading Chapter 2 in "THE Book" last night -- the chapter deals with actually making the charts in the first place. Since I use DWA I don't really think about this anymore but I realized yesterday that the information about making a chart isn't quite complete in the book. How do I start a chart for an IPO stock I am tracking? Even for non-IPOs, the stock doesn't have an X or O column at the very start of data. Since the rule is to look at the daily low first if the chart is in Os and the daily high if the chart is in Xs, I don't know whether to be looking at the next day's low or high before I draw my first X or O. I don't think this is explained in the book. Could you or Tom or anyone who knows help clarify this? Thanks a lot, -Atin

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