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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (13766)	2/11/1999 9:43:00 AM
From: James Strauss	Read Replies (2) of 34824

Some PnF Thoughts And Questions... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Jan: I just started reading Tom's PnF... While I'm still not wet behind the ears with PnF I'm well grounded in traditional Technical Analysis... I understand that the key to PnF is Supply/Demand with no emphasis on volume, just 3 box reversals based only on price... If a stock that is in a column of O's is priced at 25, we'd be looking for targets of 24 to the downside or 28 to the upside for a 3 box reversal... What if the stock normally trades 100,000 shares a day, but it hits 28 for the 3 box reversal on only 25,000 share volume... Based on PnF rules we would start a column of X's in boxes 26, 27, and 28... To the Pnf eye this is a reversal... To the traditional TA eye this is probably some type of topping action on weak volume... Do you ever try to reconcile TA volume requirements with PnF 3 box reversals... More thoughts to come... : > Jim

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