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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Dennis J. who wrote (5787)	8/12/1998 11:16:00 PM
From: Jorj X Mckie	Read Replies (1) \| Respond to of 34811

Hi Dennis, Since I got into RMBS based on exactly what you are saying, I agree. First there was the Samsung news, then on Tuesday morning it pulled down to the BSL and then started going up despite the general market crabbiness. I just kept track of the Os in my head and when it bounced of the BSL I bought calls. I think that Ben A. has a way to make P&F work for quick entry/day trading, but he would have to verify. Tom

To: Dennis J. who wrote (5787)	8/13/1998 9:51:00 AM
From: Webhead	Respond to of 34811

"Intraday X's and O's anyone?...." Hey DJ, The solution to your problem is much simpler than trying to get tick by tick point and figure charts. If you are tracking a stock and looking for an entry point (RMBS at $58 in your example) you should be able to use your online broker's order screen to set up a buy once your target is reached. You would use whatever procedure is used to stop out of a short position except, of course, you wouldn't be covering but actually buying. I believe that a "stop limit" or "stop market" buy order at $58 would trigger your trade at the double top. Now whethor or not this is a good idea under current market conditions is another question... Ed