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Politics : High Tolerance Plasticity

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To: kodiak_bull who wrote (8581)	9/25/2001 1:40:39 AM
From: Gottfried	Read Replies (1) of 23153

kb, PnF charts: there's a good intro on StockCharts. Excerpt >There are several advantages to using P&F charts instead of the more traditional bar or candlestick charts. P&F charts automatically. . . eliminate the insignificant price movements that often make bar charts appear 'noisy.' remove the often misleading effects of time from the analysis process. make recognizing support/resistance levels much easier. make trendline recognition a 'no-brainer'. help you stay focused on the important long-term price developments.< stockcharts.com So,PnF is not for daytrading. It gets you in [long] late. Tom Dorsey used to say "we take profits out of the middle of an uptrend". Tom's book is the bible of PnF. Because PnF is 'digital', decisions are clear cut. [but not always]. You ignore volume and that is why I prefer candlesticks. But PnF does give a quick snap shot requiring little interpretation. PnF RS is very important [available in StockCharts, too] The most useful part of PnF is the bullish percent, for me. StockCharts has an explanation, but bp is simply the percentage of stocks in a group [say OSX] having a PnF BUY signal. This is easy to understand. If zero stocks have a buy signal, the group is in bad shape, but close to improving [unless it's internet stocks]. If ALL stocks in a group have buy signals, things can't get better. The rule of thumb is <30% bp is oversold and >70% overbought. Of course bp goes lower and higher. The OSX bp on Friday was 18%. That's from Dorsey Wright as posted by Paul V. You can guess at some of the names. He has a glossary. Message 16401213 The bp is for me the most useful part of PnF. Tells you whether a group or the whole market is declining or rising. StockCharts has some of it, charted on line charts, but you can switch to PnF. stockcharts.com I used to subscribe to Dorsey Wright's service at $25/month. That is a good source for someone who is serious because they have tutorials. There used to be a free trial. Here's their PnF University 208.149.108.64 Gottfried

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