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Strategies & Market Trends : Point and Figure Charting
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To: Tommy Dorsey who wrote (23346)8/27/1999 9:10:00 AM
From: Rob Hodges  Read Replies (1) of 34811
 
Tom,

I am new to PnF. I read your book about a year ago, and have just finished re-reading it this past month. I have set up a virtual account at www.virtualstockexchange.com so that I can practice using PnF in a real life market atmosphere, without actually putting any money at risk. Once I become comfortable that I understand how it works, and gain some confidence in my own chart reading abilities I will open a real account and start investing/trading.

My question for you is about CPQ. I'm a little confused why you are recommending it right now. From my reading of its chart it fell below it's bullish support line around March, and has been trading below the bearish resistance line ever since. I see that it's most recent signal was a double top buy, but since that time it has reversed back into a column of O's. It RS chart is also in a column of O's. I thought that the book says it's not a good idea to buy stocks which are below the bearish resistance line, and who's RS chart is in a column of O's? Shouldn't we wait until it breaks through it's negative trend line, or the RS reverses to a column of X's before we buy???? Aren't there other stocks which have better chart patterns at this time?

Finally I'd like you're opinion (Or anyone else who would like to reply) on the charts of the other stocks I have "purchased" in my virtual account. I already know your thoughts on DELL, but the other stocks I have bought in the past week are TSK, EMC, and NCI.

THANK YOU SO MUCH FOR YOUR HELP.

Rob Hodges
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