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Strategies & Market Trends : Take the Money and Run -- Ignore unavailable to you. Want to Upgrade?

To: Petrol who wrote (10846)	7/25/2002 8:55:17 PM
From: Jorj X Mckie	Respond to of 17639

P&F charts show direction. The only way to tell the passage of time on a P&F chart is with the month indicators peppered throughout the chart. So, when you see a 1, that means "this is where the stock was on the first day of January". That gets us through September and then we switch to A, B, C for Oct, Nov and Dec. Xs mean that the direction is up Os mean that the direction is down when a column of Xs exceeds the previous column of Xs on the upside, it has broken resistance. when a column of Os exceeds the previous colomn of Os on the downside, it has broken support. The Xs and Os represent an incremental value. This is sometimes called a "box". On the Naz chart that I just posted, the box size is 20pts. That means that each X or O represents a 20pt move in the index. These can be modified. VRTS has a good example of support. VRTS has visited the 16.50 area 3 times already. That means that more and more support is being built up. It also means that, if that support doesn't hold, that will create a stronger move to the downside. If VRTS hits $16.00, it will be considered a quad bottom break. that is because it visited 16.50 four times and on the fourth visit, it broke the resistance. stockcharts.com I should point out that I might consider the chart broken before it is actually shown on the P&F chart. I am known to break the P&F rules all the time. An example of this is seen here where I felt that breaking support on CSCO would be a buy signal. Message 17783427 stockcharts.com[e,a]hhclniay[pb50!b200!i][vc60][iub14][J3534663,Y]&listNum=1