Re: [CANSLIM] Marrying Point and Figure with CANSLIM

From: michael_niemotka@baxter.com
Subject: Re: [CANSLIM] Marrying Point and Figure with CANSLIM
Date: Tue, 20 May 2003 13:34:03 -0500

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Pritish,

I took a class at the local college about point and figure plotting, and I
too was thinking of using both.  What I have started to do was use the P&F
plots as a secondary "confirmation" of a breakout, and for me anyway, it
seems like the P&F plots make it a lot easier to see levels of resistance
and support.

One problem that I have with using P&F formations, is that the amount of
latitude that you give a stock to move is NOT percentage based, but rather
point based, so that you might open yourself up to a much larger loss that
the 7-8% loss that WON recommends.  So I still place the stop losses at
7-8% with each purchase.  (trying to be mechanical about it, since I have
been burned in the past by hoping that the stock will recover from a 9%+
loss, only to see it go even lower)

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


                                                                                                                            
                    "Pritish Shah"                                                                                          
                    <pshah@lason.com>            To:     canslim@lists.xmission.com                                         
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                    owner-canslim@lists.xm       Subject:     [CANSLIM] Marrying Point and Figure with CANSLIM              
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                    05/20/2003 12:34 PM                                                                                     
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Hi,

I have been trying to figure out the best way to read CANSLIM chart
patterns. I have noticed that when we look for the same patterns (C+H, W+H,
Flat etc), point and figure charts clearly identify the pattern.

Has anyone used Point and Figure to identify breakout stocks from C+H?

Regards,
Pritish


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