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Strategies & Market Trends : Point and Figure Charting

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To: HighTech who wrote (5369)	8/4/1998 8:23:00 PM
From: superdow	Read Replies (1) of 34811

That's a good question. My interpretation of Tom's book on point and figure charting is that when the new york stock exchange bullish percent reverses down and breaks a double bottom as occurred a few weeks ago you are either all cash or are taking short positions. No such thing as going long on a stock even if the sector's bullish percent chart is favorable... (the percent at which the nysebp makes it initial downward reversal is relevent to the degree of market risk but any reversal needs to be heeded.) If you insist, however, on ignoring the ''coach'' ie the nysebp, and go long, you need to pick a stock with a good looking pnf chart in a sector with a positive looking bullish percent chart (which means a bullish percent chart that has taken a dive (the lower the better) and just reversed up leaving a lot of room for upward price movement in the sector)... and also set a conservative stop loss. Also the stock should be outperforming the market (ie have a positive relative strength). P.S> at times it can be next to impossible to find such an animal. But as mentioned in another post, if we undergo a good market correction, the pickings should become quite good!!!

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