V. 22:5 (91-92): Product Review: XOCharts by David Penn

V. 22:5 (91-92): Product Review: XOCharts by David Penn
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Product Review: XOCharts by David Penn

Are you still daytrading, enduring the grief that friends and colleagues give you for pursuing such a “reckless” pastime? Maybe you’re a proponent of some of the classic technical techniques of the first half of the 20th century, and think there’s no worse abuse than that suffered by “outmoded” Dow theorists, or Gann aficionados, or Elliott wavers. Perhaps you’ve stopped telling people you are a “long-only” trader because you’re sick of hearing “What!? You call yourself a trader and you never go short?!”

If so, stop yer whining, because the Rodney Dangerfield “No Respect” award for technical analysis, in my opinion, goes to none other than those stalwart technicians plotting little Xs and Os in point & figure charts. In a world of real-time, streaming intraday data, three-dimensional price charts, and more technical indicators and oscillators than any sane trader could ever hope to learn (let alone use effectively), point & figure chartists at times appear to be to technical analysis what the twohanded set shot is to professional basketball: It ain’t fancy, but it sure is effective.

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