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Non-Tech : Dorsey Wright & Associates. Point and Figure -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (5241)	1/22/2000 12:49:00 AM
From: Atin	Read Replies (4) \| Respond to of 9427

Actually, time is a factor in DWA charts. Remember that the way a new bar is formed is by looking at the high and low for the day and comparing them to the current bar. High/Low for the week can be different from high/low for the day which can be different for high/low for the hour. A chart that is plotted using this methodology will look very different when looking at different time periods. Support/resistance is still seen, but they may be different in different time scales and you will see different patterns too. That's how come I chart in different time scales and why I implemented tick charts for Patrick in my QPnf program. Tick charts are the ones where time actually doesn't matter since you compare each tick to the current bar to see if a new box can be drawn or whether a reversal bar happened. There isn't anything wrong with charting per day -- it is convenient and lends itself to the quiet contemplation of the beauty of it (and some of these charts can be things of beauty!). I still use day charts most of the time except when looking for an exact entry point for a day trade. -Atin

To: Jorj X Mckie who wrote (5241)	1/22/2000 8:42:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 9427

Okay I follow that. Recently I spoke with a friend who was on the floor many years ago. The purpose was to try to understand what box counts he would use in trading during the day. When we got to the concept of time bars he said there was no such thing, so that led me to ask Atin to develop a tick chart. The concept of Time or No Time has been spinning me around for a week.

To: Jorj X Mckie who wrote (5241)	1/22/2000 12:25:00 PM
From: Tommy Dorsey	Read Replies (1) \| Respond to of 9427

You are correct JMX. T

To: Jorj X Mckie who wrote (5241)	1/22/2000 5:52:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 9427

After reading Mr. Dorsey's response to you I have to reply once again because the entire concept is too loose as the rationale is that the charts are not Time constrained yet they are deliniated in Days. I don't really have a problem with this personally, as I can figure my own way out of this morass. But the DWA stance is that PnF is not Time-oriented yet the charts are based on Days. It's just not rational. I can live with this, I just wish DWA would get off the dime and admit that they view charts in Time. Obviously they do, else we would not be concerned about whether the stock reversed or did not during a session, a Time oriented Session.