Point and Figure method - trading journal

First of all,

sorry the post yesterday should have been SRPT and not SPRT - two different securities.

The one in my pics is SRPT.

Ever bought or sold the wrong stock? I have. You feel like an idiot when you do. It happens
to everyone once in a while I guess.


Anyway....


We had an up move in the markets. Dare we believe that it will continue, or did we see a reversal bar yesterday?
A "peek-a-boo" in the resistance zone at 1420? Will we jump into that zone or was it the last time we saw these levels
for some time?

Looking at the Spiders SPY.

http://www.paf.am/?di=8EU3

The 5 box size says we're approaching a resistance zone above 145.
The 1 box size says we're heading down through the support at 142.

I wrote a little poem for you:

What do you do,
when you are in doubt?
When you don't have a clue?
You had better stay out!
 
Is it safe to say that the general market does not like the elected president?
No confidence in the president's abilities to solve the financial trouble?

Is it safe to say that the market had a terrible day?

We officially jumped into the deep water, with a big splash. Huge bar, huge volume. Force.

I expect lower prices, with a test of the new resistance zone at some point.

http://www.paf.am/?di=SDGG

We can confidently start looking at some short candidates.
 
Yes we're heading downwards. The volume has picked up significantly - what I would call heavy selling.

The point and figure chart shows two levels of support at 137, the previous resistance level and a minor
45 degree trendline - both at the same level of 137. Another 45 degree trendline below that might
be the next support somewhere close to 134, where we also have a support level on the point and figure
plottings.

http://www.paf.am/?di=IOCY

Looking at the barchart we can see that recently up-moves have had smaller and more bara, while
the down moves have been on larger and fewer bars - this shows that the line of least resistance have been down.
Likewise we can also note that the volume has been heavier on the down moves.

The last two days have had much heavier volume than any other bar lately.

http://www.paf.am/?di=8INT
 
An interesting thing to note, perhaps without much importance, is that the areas marked with the gray background are quite similar, while the first one is a little bit larger.

Counting the final down moves in these areas, in the first one we had 10 Os down, in the current one we currently have 7. If we would have symmetric down moves from the symmetric areas, we would see a down move of 8 Os to 138 level. Close to the support we identified in the previous post.

http://www.paf.am/?di=3ZLB
 
CLNE - We have already fallen through the support that has been in place since June. We had a pullback which I missed, and
now a double bottom pattern, one of the basic point & figure patterns.

http://www.paf.am/?di=28XM
 
Sundays are good for doing general market analysis before markets open on Monday. I'd rather take Friday afternoon off, and do it on Sundays instead.

S&P500 has been weaker than Nasdaq, on a long term scale - Big chart on the right is the Relative Strength of SPY and QQQ.

http://www.paf.am/?di=7TP7

This is normal. Now that we are on our way down I am assuming technology based Nasdaq will perform worse.

We did have an up day on Friday - but not very big, more of a breather. But still a heavy reversal with a close on the low end of the range. Tried to go up, closed down - if we can't go up, we will probably go down.
 
Facebook stock technical analysis

Assuming Nasdaq will perform worse in a bear market, it is safe to assume FB will perform badly as it has since the IPO. Action has been terrible and I feel for the people who bought there and then on promises. Who dares touching this one now. There are some technical points to consider which can provide for good setups. A break out below the 18 level would mean to me that we are heading down again, a confirming pullback on low volume for added confidence. The action in the current trading range is quite erratic. I don't see real stopping action, more a low base type of pattern.

http://www.paf.am/?di=PKKU
 
Moving further downwards. We have already broken the technical level on the SP500 that we identified time ago. We will see a pullback at some point, but for now we are continuing to focus on the weak stocks to short.

CPE has a double bottom point and figure pattern at 4.50 on the 1% chart. The candle stick chart shows the quick pullback on lower volume. Looks like a nice short to me.

http://www.paf.am/?di=ZRWD
 
We had a huge up bar in FB which we are interested in mainly on the short side.

We are still in the range we identified, and these huge up moves have happened before in this range.

If we have worse times ahead, an entry at the top of this range could prove fruitful.

http://www.paf.am/?di=3B9Z
 
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