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Strategies & Market Trends : Point and Figure Charting
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To: Ms. X who wrote (638)2/13/1998 8:25:00 AM
From: lobster  Read Replies (2) of 34811
 
Jan,

I hope the docs were able to ease your back pain.

Just want to point out that the chart appears to be correct for GLM. It says do not buy this stock until it hits 26. It says if you buy early say at 25.5, you chances of losing are enhanced. For example, the stock has tried hard to get to 26 and has been close, but it has shown some recent weakness. Amazing how the charts work.

However, PnF is not the holy grail(while it is very close) of investing; otherwise, RON would be heading North now. On this stock, all of the "moons were aligned". The stock gave a buy signal and then the text book pullback. One problem it kept pulling back and you had to stop the stock at 49 which was a double bottom break. If you decided to use a spread triple bottom break as your stop loss(48), you would still own the stock. Yesterday, it tested 48 and could not get there and closed above 49.

How do you know whether to use the double bottom break as your stop loss vs the spread triple bottom break(or any spread sell signal).

Thanks in advance for the reply.

Steve

P.S. I got your e-mail this morning, I was on the road all day yesterday. I hope your buddy, Tom D. is ok. I heard that he was run over by a runaway AOL freight train.
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