Beat butter with electric mixer for 30 seconds on medium. Add sugar. Beat until fluffy. Add water and vanilla. Mix well. Stir in flour and 1/2 of the chocolate chips and pecans.
Shape dough into 1 1/2 x 1 1/2 inch crescents. Bake at 325 degrees on an ungreased cookie sheet for 25 minutes or until edges are firm and slightly brown. Cool completely. Put powdered sugar in a bag and shake sugar onto cookies a few at a time.
Melt remaining chocolate chips and shortening. Dip one end of cookie into chocolate. Place on waxed paper. Chill until chocolate is set.