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Strategies & Market Trends : Drillbits & Bottlerockets

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To: John Pitera who wrote (10497)	5/9/2001 4:57:56 PM
From: Jorj X Mckie	Read Replies (2) of 15481

John, Interestingly, I posted on CHKP over on iHub. investorshub.com Posted by: JXM In reply to: Josef Svejk who wrote msg# 327 Date: 5/9/2001 10:57:23 AM (ET) Post # of 338 Josef, I find that basic P&F is best used from longer term investments. But I tend to use it with other forms of TA for short term trading as well. It gives pretty clear support and resistance levels. As far as the settings, it depends. Using stockcharts or Dorseywright, the traditional settings are a good start, but the volatility of a stock may require different views. If I was looking at CHKP's chart, the traditional chart would have a 1pt box. But I would probably use the 2pt chart. The reason for this is that the 1pt chart would give too many buy and sell signals and I would tend to get whipsawed. Here, CHKP's chart would give a sell signal at $62. stockcharts.com But you can see here on the 2pt chart that CHKP has a lot of consolidation going on and very solid support at $60. Also, you have the Bullish Support Line at $56, so I would even ignore a sell signal if the support is broken and favor the BSL as the major trendline support. stockcharts.com

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