Re: [CANSLIM] charts and patterns questions

From: "Tom Worley" <stkguru@bellsouth.net>
Subject: Re: [CANSLIM] charts and patterns questions
Date: Sat, 3 Aug 2002 08:19:07 -0400

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Top of Thread: [CANSLIM] charts and patterns questions michael_niemotka@baxter.com
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Hi Michael,

My favorite charts always were five year weekly log charts. I was always
able to see patterns better in them. I find that linear weekly charts, such
as DGO now has, distort the picture and are harder to read than linear daily
charts.

The pivot point should be consistent regardless of which type chart you use,
however it can sometimes be more prominent and obvious on a daily chart. A
daily chart can sometimes better show a weakness, such as a price spike
without volume.  A weekly chart might hide the fact that there was no volume
on the spike if there had been volume on other days during the week.  A
weekly chart also hides the balance between up and down days.

- ----- Original Message -----
From: <michael_niemotka@baxter.com>
To: <canslim@lists.xmission.com>
Sent: Friday, August 02, 2002 2:41 PM
Subject: [CANSLIM] charts and patterns questions


All,

When using charts to spot patterns, does it matter much if you use daily or
weekly charts?  I notice that in the stocks in the news section, they use
weekly charts, and many times I will circle those that look like cwh
patterns for later study. But sometime, when I look at a daily chart, the
pattern seems to go away, or is much harder to spot.

Also, is the pivot point the pivot point, regardless of which chart you
look at?  What I mean is, if a stock has a pivot on the weekly chart of say
$15.10, does it have to have a breakout for the week of over $15.10 on
higher than ave weekly volume, or is it still a valid b/o if it rises above
$15.10 on any given day with higher than ave daily vol?

Thanks for all the help, and have a great weekend

Mike

Mike Niemotka , PE
Sr. Principal Engineer
Baxter Healthcare Corporation
Route 120 & Wilson Road
Round Lake, IL 60073
Tel (847) 270-4075
Fax (847) 270-4525
michael_niemotka@baxter.com



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