Trading with point and figure

[Dentalfloss]

9084 trend res
9100 prev breakdown /purple
a break above will need to see 9036-9048 as supp...bulls will need to see that
9012 supp area needs to hold..imho
needs to stay above 9k

gotcha

 

[Dentalfloss]

stopped out on spx
a good run
dax stopped for a decent run

 

[Dentalfloss]

dax wants to pop 9050 area
a pump or a dump
1860 on spx

 

[Moneylender]

1842 is S2

 

[Dentalfloss]

1848 supp...not held..who cares
it became minor res

 

[Dentalfloss]

1842 is S2

that did not hold..we go with the flow

 

[Dentalfloss]

the flow

 

[Dentalfloss]

we can see the first trend from 8 am today and then the new trend from 2 pm
trend test at 1845 area

 

[Dentalfloss]

although we called supp levels..the flow did not back it up
hence pivots etc did not work..they are only calculated lines anyway

 

[Dentalfloss]

at thsi point ..market will want to see retest of supp and price supported by trendline/red..imho

 

[Dentalfloss]

there we are
price broken above trendline

 

[Dentalfloss]

needs to stay above 1842-1844 trendline
bulls will see that

 

[Dentalfloss]

the flow was down from 2pm...levels did not work

 

[Dentalfloss]

there we are
price broken above trendline

a classic example

go with the flow...dont trade levels
also...
forget about bullish or bearish mindset..go with the trend

 

[Dentalfloss]

updated chart

 

[Dentalfloss]

trendline test...green area at 1836,,there now
lets see what happens
as you can see from the chart..the minor bounce got taken out

 

[Dentalfloss]

will it get supported ??

 

[Moneylender]

oil going up

 

[Dentalfloss]

holding..just..lol

 

[Dentalfloss]

looks promising