Dorsey Wright & Associates. Point and Figure Message Board

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Non-Tech : Dorsey Wright & Associates. Point and Figure

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To: Jorj X Mckie who wrote (5241)	1/22/2000 12:49:00 AM
From: Atin	Read Replies (4) of 9427

Actually, time is a factor in DWA charts. Remember that the way a new bar is formed is by looking at the high and low for the day and comparing them to the current bar. High/Low for the week can be different from high/low for the day which can be different for high/low for the hour. A chart that is plotted using this methodology will look very different when looking at different time periods. Support/resistance is still seen, but they may be different in different time scales and you will see different patterns too. That's how come I chart in different time scales and why I implemented tick charts for Patrick in my QPnf program. Tick charts are the ones where time actually doesn't matter since you compare each tick to the current bar to see if a new box can be drawn or whether a reversal bar happened. There isn't anything wrong with charting per day -- it is convenient and lends itself to the quiet contemplation of the beauty of it (and some of these charts can be things of beauty!). I still use day charts most of the time except when looking for an exact entry point for a day trade. -Atin

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