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

To: Jay who wrote (5273)	1/22/2000 6:53:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 9427

No, first of all allow me to address this. <Mr. Dorsey's charts are not "based on days".> On Page 12 in his book, Mr. Dorsey states that the only record of Time is the replacement of an X or an O with the number of the month. Yet on the same page he discusses the Daily High, and so forth. To me, that is a displacement based on Time. The entire premise is that the charts are based on Daily changes. Even Mr. Dorsey appears to scorn Day traders. Yet if this isn't based on Time then Day trading or Millennium Trading would not be any different. Yes, I asked Atin to display a Time bar. Maybe I'm still rooted in Time. I really don't know. The idea I have is that I would like to see the pattern of a 5 minute bar as opposed to a Tick bar and without a reference point I cannot get a grip on it. Again, We are speaking of time and it's no different than the need for month or year references in the DWA charts. I just do not follow why someone would think it's important to see a month relationship in a chart but then think its not important to see an hourly relationship. Let's say XXXX was a $30 stock. It is in a column of X's and drops to 25 then runs to 31. On DWA's chart it shows an added X. On mine it dropped like a rock then broke out. What makes the Daily Chart so much better? This makes absolutely no sense to me. Why is it that this is not Time related? Of course it's Time related. The fact is, stocks trade much faster than they did a hundred years ago and we have to factor that in. According to the NY Times, today, the Rothschilds were able to stay ahead of things because they were able to control information. They lost partial control because of instruments such as the telegraph. Information is very fast these days, People have to be able to "see" what is happening intraday. If we are all going to wait for the day to end to plot our X's or O's then opportunity shall be lost. Anyway, Jay, I'm not trying to mix it up here. People just look at this differently and I see what you mean. Most people would like to read the newspaper at the end of the day and view where the nut is. Makes perfect sense. I'm just looking at it and saying to myself that it's not it......but it will serve well until "it" comes along.