Trading with point and figure

dentist007 said:
not yet...lol
Click to expand...

finally got bought

s4yr06.jpg
 
rez area
calculated from main trend/45 deg line and 45 deg trend from reaction point/pullback area....gives us an area of rez
not well explained in the book
supp area is area from green trendline to horizontal support
possible faults.....box size is out....i think only a tad cos on that box size as the main trend is displayed well and the reaction area is displayed clearly
reversal seems right as trends are displayed clearly

now we have a good fix on where supp and rez is

wide areas ....agreed....market is volatile so anything could happen
 
dentist007 said:
bulls seem to be getting some traction

2j33d7b.png
Click to expand...

Yeah on balance I think the bull side are the plays. Price n time though didn't signal a decisive trend change, so it's possible the markets could make further lows on bad sentiment. So for the coming week, i'll be position building longs in the US markets. European side of the pond a total different story.....way too much risk to take on given the bad data coming from the EU arena, not to mention the political risks.
 
Ostwald, Marc
09:03 (7 minutes ago)
to Marc

- Market turbulence likely to continue to override macro inputs, other than
on a selective basis: UK Budget, Credit data and CBI Trades survey
accompanies US Personal Income & PCE; digesting poor China Industrial
Profits, elections in Brazil & Germany; also looking to Italy auctions
and more corporate earnings; Chicago Fed's Evans speaks

- UK Budget: Hammond to fill in details on run of pre-Budget briefings,
but Brexit contingencies render any assessment of long-term implications
rather redundant

- Elections: convincing win for Bolsonaro, but can he muster a majority
in Congress; Hessen vote underlines very shaky outlook for federal
grand coalition

..........................................................................

********************
** EVENTS PREVIEW **
********************

After another turbulent week, which leaves many pondering whether this is the start of some form of meltdown in equity, credit and other 'risk' asset classes, per se rendering incoming macro inputs of secondary importance for many market participants, the focus will also be on the UK, via way of the budget along with the BoE's monthly report and monetary and credit aggregates, and the CBI's Distributive Trades and Retailing surveys. There are also the rapidly decelerating China Industrial Profits to digest, while the US has Personal Income and PCE reports along with the Dallas Fed Manufacturing survey, and Belgium publishes its provisional estimate of Q3 GDP. Politically there are the expected decisive win for Bolsonaro in the Brazilian presidential election, and another hefty defeat for the grand coalition parties (CDU & SPD) in German's Hessen state elections to digest, while Chicago Fed's Evans provides the Fed speak for the day, and there are also a reasonable volume of corporate earnings, with Italy testing the water of demand with its end of month 5 & 10-yr BTP and 7-yr CCT auctions.

In term of the day's statistics, UK Consumer Credit is seen picking up modestly to around its average pace for much of the year at £1.2 Bln, while Mortgage Lending is also expected to pick up to £3.0 Bln, though total approvals are forecast to edge down to 65K, mirroring the UK Finance data. As for US Personal Income and PCE, the consensus looks for readings 0.4% m/m and 0.1% m/m respectively vs. 0.3% on both measures in August, and as ever echoing previously published data on Average Hourly Earnings and Retail Sales, with the deflator measures seen little changed around the Fed's target level in y/y terms.

As for the UK budget, the array of pre-budget 'off and on the record' briefings leaves Mr Hammond in the position of fleshing out the details of what has been touted as an 'end of austerity' budget, in what he has also hinted will be his last budget as Chancellor of the Exchequer. Anything related to large scale infrastructure spending (physical and services related) will have to be taken with a large pinch of salt, given the contingency on Brexit negotiations outcomes, and indeed a prior record of ostensibly major spending announcements, which in many cases have remain mired in planning and approvals processes. There will nevertheless be particularly equity and credit market sensitivity to the details on relief measures for the beleaguered 'bricks and mortar' retail sector. While it remains obvious that taxes will have to rise at some stage, given that the room for fiscal largesse is heavily encumbered by the UK's high levels of debt (across the board, but above all govt and household, and a disparate picture in the corporate sector), Hammond is unlikely to be offering any hints in that direction, at such a sensitive and uncertain time for the economy.

Elsewhere, while Bolsonaro's win in the Brazilian election was decisive, it will be just as divisive, with the immediate question being whether he can muster an effective majority of support in Brazil's congress, above all given his complete lack of prior experience in building support for any measures in the legislature. The ruling CDU/Green coalition looks to have maintained just enough support in Hessen to carry on, thanks to the surge in support for the Greens, but the focus remains on the survival of the Federal grand coalition, given that both major parties saw their vote in Hessen drop more than 10% each. SPD leader Nahles has indicated that the SPD will be examining whether it can continue to participate in the grand coalition at the start fo next year, which avoids an immediate collapse, but still leaves it on very shaky ground, precisely at the a point in time where the huge challenges on EU and Eurozone reform really do not need the added encumbrance of political instability in Germany.


from Marc Ostwald
 
You must log in or register to reply here.

Similar threads

Michael Carr
  • Article
Equities Technical Analysis Testing Point & Figure Patterns
Replies
0
Views
3K
T2W Bot
T2W Bot
S
Point&Figure
2
Replies
39
Views
7K
subarashi
S
M
Point and Figure
Replies
2
Views
1K
Dentalfloss
Dentalfloss
A
Point and Figure box size for commodities
Replies
4
Views
4K
TWI
TWI
William Rafter
  • Article
Technical Analysis Point & Figure Gone High Tech
Replies
18
Views
9K
GruntnoWay
G
Top