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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: Lee Lichterman III who wrote (892)6/16/1999 3:00:00 AM
From: Smooth Drive  Read Replies (1) | Respond to of 2103
 
Hello Lee,

>>I just put the QQQ chart in the regular section of my site and there is also a PnF Chart of it in the PnF Section. They don't seem to be forecasting the same bottom target but I put more faith in my candle charts than the P&F<<

Lee, if I was looking and/or using your computer generated P&F charts I would feel the same way<g>. With no ill will intended, they leave a lot to be desired. Not only is it difficult to understand the box size, but I see some two box reversals. As I'm working with a software developer to create optimized P&F charts, I concur that different box sizes and reversal set ups are ok if logically optimized. Your P&F charts are not.

A friendly suggestion -- if you are going to post P&F charts, use the CHARTCRAFT box size and 3 box reversal requirements, as that's what 95% of the P&F world uses.

A conventional End of Day P&F chart constructed via the CHARTCRAFT box size and 3 box reversal method looks like this:

114                                              X   * < BRRL
112                                          X   X O X *       
110                                          4 O X O 5 O *
108                                          X O X O X O X  *      
106                          X           X   X O X O X O 6 O
104                      X   X O         X O X O X O   O X O
102                      X O X O X   X   X O X O X *   O X O
100                  X   X O X 2 X O X O X O X O X   * O X      
99                   X O X O X O X O X O X O X O X     O X
98                   X O X O X O X O X O X O X O       O *
97                   X O X O   O   O X O X O               *
96                   X O X *       O X O X *  
95                   X O X   *     O X 3 X   * 
94                   X O X     *   O   O       * < BRSL
93                   1 O X       *   +           *
92                   X O           *               *
91                   X           +   *               *
90                   X         +       * < BRSL        +
89                   X       +           *           +   *
88                   X     +               *       +
87                   X   +                   *   +
86                   X +                       +
85                   X                       +   *
84               X   X                     +       *
83               X O X                   +           *
82           X   X O X                 +               *
81       X   X O X O                 + < 1st BLRL        *
80       X O X O X                 +                     +
79       X O X O                 +                     + 
78       X O X                 +                     +
77       X C                 +                     +
76       X                 +                     + 
75       X               +                     +        
74       X             +                     + < BLSL
73       X           +                     +
72       X         +                     +
71       B       +                     +
70       X     +                     +
69       X   +                     +
68       X +                     +
67       X                     +
66     + X                   +
65   +   X                 +
64 +     X               +
63       X             +
62   X   X           +
61 O X O X         +
60 O X O X       +
59 O X O       +
58 O X       +
57 O X     +
56 O X   +
55 O X +
54 O +
53 +

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

QQQ's chart is long term bullish (trading above the active BLSL which is down at 81) and short term bearish (on a sell signal that occurred at 102). Its bearish price objective is 94.

QQQ BULLISH PERCENT CHART

The grand ole P&F Sicilian Master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 


74             X
72             X O
70 X           X O
68 X O     X   X O
66 X O     X O X O X
64   O     X O X O X O
62   O X   X O X O X O
60   O X O X O X O X O
58   O X O X 5   O X O
56   O X O X     O X O
54   O X O X     O X O
52   O X O X     O X O
50   O X O X     O X O
48   O X O X     O X
46   O X O X     O X
44   O X O X     6
42   O X O X
40   O   O

This Bullish % chart is in Bear Confirmed risk status.

BULLISH PERCENT RISK STATUS DEFINITIONS:

BULL CONFIRMED: Occurs when a column of X's moves above the previous column of X's.

BULL CORRECTION: Occurs when a column of X's in Bull Confirmed risk status reverses down to a column of O's and 1) does not move below the previous column of O's, or 2) reverses down from above the 70% level but does not move to the 68% level or lower.

BULL ALERT: Occurs when a column of O's in Bear Confirmed risk status drops to the 30% level or lower, and then reverses up to a column of X's and does not move above the previous column of X's.

BEAR CONFIRMED: Occurs when a column of O's moves below the previous column of O's.

BEAR CORRECTION: Occurs when a column of O's in a Bear Confirmed risk status reverses up to a column of X's, and does not move above the previous column of X's.

BEAR ALERT: Occurs when a column of X's in Bull Confirmed risk status moves to the 70% level or higher, and then reverses down to a column of O's that drop to the 68% level or lower, and does not move below the previous column of O's.

NOTE: The above is just for grins and chart discussions. No recommendations of any kind are being made or suggested. Everyone needs to do their own DD or seek professional help when making investment decisions.

Take care,

Eric



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