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

To: Dennis J. who wrote (18637)	4/21/1999 1:08:00 AM
From: Smooth Drive	Read Replies (2) \| Respond to of 34811

Hello Dennis, As I was updating my hand charts tonight, I was thinking about the talk I'd heard about extended trading hours and a MDA nice person referred me to the CNBC site msnbc.com. If it comes to pass, and I wouldn't bet against it, what would it mean for the EOD P&F chart? What if there is no EOD?<g> It might be years off in the future -- or -- the way the AMEX/NASDAQ is grinning big time with Spyder trading volume, if they were to start extended trading hours (and I've read that the NYSE is all ready feeling like it's getting left in the dust) well, who knows? 24 hour trading? Could it be in our near term - 3 to 5 years out future? For the sake of discussion and grins, let's say it did. Then how would I create my little children EOD P&F charts? Currently CHARTCRAFT charts the DJIA, DJTA, DJUT and DJ Composite on the hourly close. I did the same for a short time buy went to the EOD high and low. They are very close to CHARTCRAFT's but there are subtle differences. So, we could chart hourly closes (making them 60 minute continuous P&F charts). Or, even if there was 24 hour trading, would Pereto's <sp?> Rule work here and 80% of trading would happen during 20% of the 24 hour day? One could also just arbitrarily set an open and close. There could even be some kind of a marrying of traditional tape reading P&F charting with a three box reversal requirement attached. Would just click away and change when the numbers made it so. (I need to quit taking these diet pills!) BTW, took your PM advice and purchased Morris's book on Candle charting. I'm very much in the newbie league but it is helpful. Take care, Eric