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

To: Ms. X who wrote (5318)	1/23/2000 1:19:00 PM
From: Patrick Slevin	Respond to of 9427

I have no ill will against people who openly profess ill will against daytraders, or even privately hold some grudge. If I did that then my circle of friends would drop precipitously. Most people I know don't even know that's what I or some of the real hotshots I know do. These people we hang around with, who we play cards with and golf with, all think we are traders period. There were periods of times over the last year that people would ask and I would say that I was Short and a week later the market would be soaring and these people would kid me about it. They never knew I was short for perhaps 15 minutes, not a week. One retired guy who chews my ear off about his call writing successes was driving me so nuts I finally admitted I was a daytrader to him to see his reaction. That was over a week ago, the guy hasn't spoken to me since. He was really offended. What people do not realize, is that day traders are trading for a living. Sure, most of us may have equities we bought 20 years ago. But we don't pick up a check each week from General Electric merely because we might have a thousand shares of it. So day trading is no less entreprenurial than opening a small business. Hopefully the business thrives through sound management and the owner supports him or herself through the fruits of the venture. Meanwhile, some of the excess income, if there is any, may be put to work in long term investments. Just this week I bought long term positions in 6 stocks. I may be dead before some of them are sold. But I can't live off them. Anyway I don't have any issue to clear up. I believe I understand the tenants of PnF. I know people who used it on the floor around 30 years ago. I was trying to pursue the line of thought that the floor trader uses. The exchange of posts indicated to me that the messages were not in sync, that I was talking apples and the next person oranges. I felt I understood what most people were patiently trying to tell me, but I wasn't getting my thoughts back over the wire as it were. Because they are my thoughts and the thoughts (perhaps) of a relative few it's not a problem to discontinue. Simply because I believe it's a fertile area does not mean it's for most, if not almost all. Gotta run, see you later.

To: Ms. X who wrote (5318)	1/23/2000 3:31:00 PM
From: Dana Johnson	Respond to of 9427

Jan, I didn't like the tone of the exchange but there was some content happening at least. The way I see it was that Tommy was re-enforcing the first order concept that p&f doesn't put time on the x axis and that support and resistance are key. Patrick and Atin were saying that the charts look different if you use a different time period to measure the trading range. So in this sense, time is used and is a factor. What might be really interesting is to pick one or two stocks and publish their charts using both techniques so that everyone can see what is being discussed. Maybe we can come to better understand what the differences in technique are and where they are applicable. what do you think?