Point & Figure - Beginners (Real Green) Message Board

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Strategies & Market Trends : Point & Figure - Beginners (Real Green)

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To: Eric Appleby who wrote (176)	1/8/1999 2:32:00 PM
From: chartseer	Read Replies (1) of 322

Hi Eric A! I don t use PnF in a traditional PnF chartist way as others here may do. That is not to say they are wrong or I am right. I m here to earn a living and pay the bills I look for patterns that over the many years I became most familiar with. Since I try to use options to increase leverage and limit risk I try to anticipate these patterns. For instance I bought calls in MMM in Dec because I am anticipating a double bottom here. That does not mean others should do the same. I can not afford when working with options to have the same patience I would imply if I was investing. If I think the DJIA is going higher I pick which DOW stocks will take it higher. If I think the DJIA is going to go lower I try to pick the charts which I think will lead it lower. In Dec I loaded up with calls in MMM CAT DD S GT and stocks in Z and BS two ex dJIA stocks. I didn t do this because the charts were bullish but on the fact that a lot of money would be pouring in to the high caps stocks. Also believe this capital would thus turn these charts positive bringing in the chartist and traders. Believe I posted this on SI. Think textbook buy signal in IDTI a classic right out of the Dorsey book that the BRL at eleven, 3 1/2 points away will be off no hindrance to. Just my opinion at this time and I could very well be wrong. I ve been wrong often, very often. Your were right in your questioning my opinion since it went against the doctrine of the Dorsey book. I for one don t believe the PnF charts as an absolute other wise this would be a very easy game. Check the charts of the many patterns that don t work out. The key is this which I believe to be very profound but others may dismiss as just gibberish " Every stock that goes up has given a buy signal but not every stock that has given a buy signal goes up". The Bullish Percent of the sectors is needed because the charts are most bullish at the top and most bearish at the bottom, Didn t mean to ramble on so. Still just trying to stay in front of the curve, Chartseer

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