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At 01:08 PM 4/25/01 -0400, you wrote:
>I haven't used point and figure charts, but given that they are very old,
that probably means they work. Is it possible to apply a 'Strategy' to a
point and figure chart? Since TS is bar (time) oriented, I'm not sure I
know what "Close" would mean for example? Am I missing something?
>
>
>thanks
>ian
>
Ian -
The open & close are not correct in TS for pt&fig charts. It is very easy
to get extremely misleading results when applying systems. Put your
crosshair on a column and read what the ohlc numbers are, then think about
what price action causes a new col. to form and the old one to end, and you
will see what I mean. A retracement is required to begin a new column, so
the close and next open are never at the extremes, but that is exactly how
TS reports these numbers. Also the high or low may never have been hit in a
column depending on the direction and the number of boxes printed. The high
or low could have been exceeded also, depending on the direction of the
column. If you are aware of all these issues then code can be written but
it can get messy.
rich
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