Those are short term swings, pullback to b/e will stop me out. (Unlike BBH or UPS, ESRX has a history of being a creeper.) The horizontal count seems more logical to me also, but I have never used it, I still like to use traditional bar chart to find S/R lelvels, stops and targets. There are reliable setups and patterns in other style of chartings that are not found in PnF, but that is kind of off topic here.
FYI - people that are interested in swing trading can get free scans with stockcharts for many of the PnF patterns along with free EOD PnF charting. Just look for stock scans on the left side of the front page. Not a bad deal, huh?
Thanks blackchip, that might help some people. It was an uneventful day today for me. I am so far behind on getting the company taxes to the accountant. I doubt I will be able to trade much during the next few days. I did manage to put a limit order to buy UPS at 74.15, and it got hit before the end of the day.
Things remain bullish. Today we formed a double top buy signal on the bullish percent chart which should indicate the rally has legs. I don't know how long this will last, but as long as we have this index in the "x" column you should remain in your stocks.
Thanks a lot for this thread. I have been playing with range bars and renko and I like this better. You have really helped me out!