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Peter2150@xxxxxxx wrote:
>
> In a message dated 98-09-20 01:46:41 EDT, prestonm@xxxxxxxxxxx writes:
>
> > yes, i have set up TS correctly... i have had a few classes in P&F &
> > have used them actively since 1962. the method i use ws taught in the
> > 60's by earl blumenthal who at the time promoted some CHARTCRAFT
> > products, but whose methon slightly differed from that used by M.Burke &
> > co at CHARTCRAFT. CCRAFT has since adopted several of earl's reversal
> > patterns and note them on technical indicators & industry group bullish
> > % charts (which i get on their TECHNICAL INDICATOR REVIEW each 2
> > weeks... suspect other products follow the same, but this in the only
> > one i get (continuously for about 35 years now).
>
> Forgot to note it in my earlier post, but you did confirm what I suspected.
> When these rules(the ones about how to use the EOD data) were created, I
> doubt that anyone even suspected that by today, we would have intraday data
> available on a real time basis. EOD data was the only thing available.
> Times change and rules that were good 30+ years ago, sometimes go by the
> wayside.
peter, thanx for your reasoned response... of course intraday ability is
valuable, but we simply do not have the ability to chart end of day.
some people actually use one or two-box reversal charts which
effectively also move to the right very fast.
on the contrary, earl blumenthal specifically cautioned against posting
intraday moves in his classes in the early 1960s for the reasons i
noted... ie., it moves the chart too fast to the right.
real time data were available back into the 19th century... by observing
the pit or later observing the tape
fyi, aw cohen
i last had a class review from earl 11/6/82... just found my notes:
my first note in the class was:
INTRADAY MOVES:
. DO NOT CHART STOCKS OR COMMODITIES
. DO MAKE DJ AVERAGES
and a later note (appears to be a reminder note to myself):
KEEP DJI/DJT DAILY-USE INTRA-DA MOVES
i intrepret these to mean that earl was a proponent of intraday index
charting.
i understand that the work of charles dow & his successor William Peter
Hamilton laid the early groundwork for the development of p&f methods in
the late 1900s. Earl B's work in the late 50s & early 60s refined it a
lot... i do not know who was responsible in the interim, but surely
there were many to made terrific contributions to the art. i cannot
find my 1961 (his first) blumenthal book, but have his 1972 edition...
it is basically a compilation of his notes designed for a class guide
rather than a text book... but it has served me well ("chart for profit
point & figure trading" by earl blumenthal) & i refer to its principles
regularly.
thanx again
preston
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