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Non-Tech : Dorsey Wright & Associates. Point and Figure
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To: Tulvio Durand who wrote (9064)8/31/2000 1:32:42 AM
From: Von  Read Replies (1) of 9427
 
In the example of the SSPI chart, the quin top buy signal was given at 8. A double top buy down at 7 1/2. Then rose to 9. With the 4 box rise above the original double top buy signal, it became a high pole by definition. If you bought the double top at 7 1/2 or the quin top at 8, when the 4 box reversal came it was a sell signal because it
retraced 50% of a high pole (Dorsey,Zieg,Burke,Taylor). This would allow you to exit at a small lose or your original entry point of 7 1/2. On this spread quin top buy we are a little late to the party anyway.
Like a lot of traders if I cannot enter a position close to the door (pull back reversal). Then the first three box reversal becomes my sell signal, I use the three box reversal for a stop loss point as the stock climbs upward, especially when it becomes a high pole. Yes, I get stopped out, but it adheres to rule #1 for me. Know offense
intended but I do not think the methodology gave a bad signal after it rose another 2 boxes above the quin top buy signal. I think the trade could have been closed out sooner adhering to P&F without a 50% haircut.
Again, everyone views things different. And I realize that I am talking after the fact instead of before...

Regards
von
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