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The
reason for weekly, monthly and quarterly charts is a top down approach, or if
you will, fine-tuning. The analyst is trying to determine what is likely
to occur. Every book I have ever read uses a Monday-Friday week. If
you try to use a different five days you will have a problem when the trading
week has only four or three. Also you will have to do a lot of research to
determine what works best. Manipulating the data in a different format
means you are seeing something that perhaps no one else is. They will not
come to the same conclusions that you do. And they probably won't act in a
way that you could anticipate.
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A
signal on a weekly chart is more important than a daily (in my opinion) because
it has stiffer criteria. you are only going to get 52 chances to make a new high
or a new low as opposed to 250 with a daily chart.
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Having
said that, it is also important to find your own points for initiating and
closing out positions. In her book Technical Analysis for the Trading
Professional, Connie Brown points out that charting and trading programs come
with default settings. A trader should know the outcomes of the default
settings because he (or she) doesn't want to have a stop at the same level
where the default traders put their stop. You can reverse engineer to
determine what the closing price has to be to get a signal. This is very
valuable information.
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<FONT face=Arial color=#0000ff
size=2>Chris
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<FONT face=Tahoma
size=2>-----Original Message-----From: Lionel Issen
[mailto:lissen@xxxxxxxxxxxxxx]Sent: Tuesday, February 04, 2003 9:59
AMTo: Metastockusers@xxxxxxxxxxxxxxxSubject: RE:
[Metastockusers] Expert Ooinion appreciated.
Metastock weekly
values gives you the value from Monday to Friday. If you access the
weekly value any day of the following week, it will be the values for the
preceding week.
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If you want the
values for the preceding 5 days, Metastock allows you to select any number of
days you want. Click on Format, then select X-axis, click on the last
item, which will allow you to enter 5-days. This will give you a "weekly"
chart for the past 5 days.
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In passing,
Metastock support said that it couldn't be done. Someone on the
Metastock listserver showed how it could be done.
<FONT face=Arial
size=2>Lionel
<FONT
face=Tahoma size=2>-----Original Message-----From: psmith32014
<gramario@xxxxxx> [mailto:gramario@xxxxxx] Sent: Tuesday,
February 04, 2003 5:09 AMTo:
Metastockusers@xxxxxxxxxxxxxxxSubject: [Metastockusers] Expert
Ooinion appreciated.Hi,Could someone let me
have an opinion on calculating weekly values from a daily chart? Is it
better to calculate forward (ie. week to week, and having a remainder
created by the current week which is still constructed)? As an example,
you have a series of weekly values (Monday to Friday) and then on the
current week, you are on Tuesday, so your values for this week would
consist of just Monday and Tuesday.OR, is there an sense in calculating
backwards; i.e. counting (five periods) backwards from today, ignoring
weeks? I am trying to work out if there is any value in it?Would be
glad of opinions.Many thanks,Gram. To
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