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Strategies & Market Trends : EZ-PnF, a P&F Charting Program
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To: Ben Antanaitis who wrote (33)4/15/1998 1:46:00 AM
From: Smooth Drive  Read Replies (1) of 178
 
Good Evening Ben,

Thank you for the information. I sure don't have 25 + years of looking at P&F charts so, yours is definitely bigger than mine in that regards.

I have however studied thousands of charts and drawn in countless trend lines in my Chartcraft Monthly Chart Books, Quarterly Option Books and my own hand charts since getting the P&F addiction. There is no question that you "get a feel" for the significant trend lines.

Regarding trend lines, my first teacher was Michael Burke. And, as you know, he instructs that the Bullish Resistance line needs a wall of O's abutting (at least two) and the Bearish Support Line needs a wall of X's abutting (at least two). That's how I started and have always done it. (Dorsey is a little hazy on this subject.) I've pretty much stuck to the Burke method because it didn't seem to get as busy. It appears that you create the Bullish Resistance and Bearish Support with as little as 1 X or O for a wall. Is that correct?

I agree with your thinking on overall trading channels, and their construction/formation. You are creating a great many more trend lines than I do and, that's interesting. Perhaps you could discuss your criteria for creating internal trend lines in general? Some of your thinking when deciding the location of your support or resistance prices.

Here's a cool idea! Perhaps you could analyze/discuss your trend lines and related S & R prices on the sample chart of AMD, SHVA and IBM. (Sure Eric, and I'll send you a million bucks in the mail next Tuesday.) Well, if you're in the mood, and even if you did just one of them, I know that all of us P&F addicts would enjoy it.

Thanks Ben.

Eric
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