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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin! -- Ignore unavailable to you. Want to Upgrade?

To: Matthew L. Jones who wrote (3036)	1/22/2000 11:40:00 PM
From: Patrick Slevin	Respond to of 7434

Sure, it does. Matter of fact from what I am told timeframes have nothing to do with PnF. I believe that, I've always suspected it. DWA tries to encapsulate the concept in days, which is Time. But I don't think that's a bad thing. Further, I thing it can be viewed on lower levels to help us profit. After all, if PnF works for Supply and Demand then why not try to "see" it in time bars such as 5 minute or 30 minute. This, after all, is a concept that was created a hundred plus years ago. They traded less stock in a month than people trade in an hour today. One could not possibly track stock using the concepts of PnF that existed a century ago. That's why there is software. That's also why, if DWA postulates that stock should be tracked on a daily basis, that we should investigate why not track it intraday. The purest thing we have is Atin's Tick tracking. That, and only that, gives us pure PnF. Is it the answer, I don't know. But the only other way is to base it on Time and if we do that then we have to accept the fact that Time Bars create what we are looking for, a definable pattern that lends a clue to the future. If some are hard and fast that Time is not an issue, then they should not read their charts in terms of days because that involves Time. I know it gets pedantic, but where do we draw the line? Why is an hour Time but a day is not? Merely because someone does not like day trading? Well, Excuse Me, (in the words of John Belushi). This is a fine system, I would tend to agree. Why 4 o'clock is a magic number is beyond me.