RE: [CANSLIM] charts and patterns questions

From: "David Taggart" <dctag@mavericktrading.com>
Subject: RE: [CANSLIM] charts and patterns questions
Date: Fri, 2 Aug 2002 12:47:32 -0600

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You can use both. I look at weeklies but focus on dailies and enter on 5 min
charts.  Reading charts are an art so it really depends on your trading
strategy.  If you are using strict CANSLIM then it doesnt matter which chart
you use because you will have a 5-7% stop.  I prefer to put my stops
underneath some support area.   So it really depends on what you are
comfortable with. Though if it is a good breakout it should be breaking out
on both daily and weekly charts.

David Taggart

- -----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of
michael_niemotka@baxter.com
Sent: Friday, August 02, 2002 12:42 PM
To: canslim@lists.xmission.com
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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