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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: Ms. X who wrote ()2/4/2000 2:28:00 PM
From: Tommy Dorsey  Read Replies (1) of 9427
 
From our P&Fology Thread on the DWA system. I thought this post was interesting and educational from one of our clients. I wanted to post it here. t

I've read several questions on the DWA SI thread about the meaning of "Going on Defense" when the NYSEBP goes to O's. Mr. Dorsey's response says that each person is his/her own coach and makes several useful suggestions about what to do.
FWIW - this is what I do. I watch my stops closely. Stops hit and I have cash which, as a conservative, I don't mind. But... I find positions I would like to own, check the usual Sector, Trend, etc. If I can find one that I like (and would still like the chart with a pullback of 8-10 percent), I make a limit offer at that discount. If it hits I feel I
bought at a bargain. If it doesn't hit I have no regrets since I don't mind having cash at this point. I think pullbacks are always good, but when on offense, I don't necessarily wait for as much pullback.
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