Trading with point and figure

[Moneylender]

Morning all.

Thanks for the help and views to Dentist, all being absorbed in my grey matter.

 

[Dentalfloss]

mornin all
still ..no tank on the indices...lol

 

[Dentalfloss]

update on our dax chart

 

[Moneylender]

Todays pivots are

R2 11197
R1 11127
PP 11081
S1 11012
S2 10966

Hopefully they wont change today!

 

[Dentalfloss]

testing trend res at 11115 to 11130 area...that was a minor pivot we marked yesterday in 11117
horizontal supp from yesterday 11060 area
trend supp/aqua and breakout point is 10980 area
a mass 0f trend and horizontal supp underneath that

 

[Dentalfloss]

Todays pivots are

R2 11197
R1 11127
PP 11081
S1 11012
S2 10966

Hopefully they wont change today!

tested R1 so far
lets see what happens

 

[Dentalfloss]

updated spx

spx since Monday morning
bears have only had 2 tradeable moves/red trendlines...lol
some other areas marked

 

[Dentalfloss]

a clear picture..imho

 

[Dentalfloss]

if 2078 horizontal supp breaks wwe could get 50% area test

2070-2073 area

 

[Dentalfloss]

11024-11050 should be a reasonably strong supp..lets see



11072-11104 should be res area
these are only guides
take the signals

 

[MichaelJohnFX]

Morning all.

Dentist when you say wait for the signal, what do you mean?

For me, I tend to identify an area of potential support / res. Go to my 1 min and if it holds / there is a strong reaction off it - then i take my position. At least that works for me.

What would you classify as a signal? Moneylender as well? Just be interesting to hear people's thoughts

 

[Moneylender]

On PnF charts the change over from"x" to "o"'s and viz a versa depending if the trend is up or down.
If there is no change of x and o ie a break out then the trend continues in origianal direction.

All to be confirmed by The Master!!!:smart::smart:

I am still learning!

 

[MichaelJohnFX]

To add, I don't trade with Pnf (i use candlesticks) so maybe the signals are different as Moneylenders says..

 

[Moneylender]

You can see the levels of interest here in blue with trend in red. Just looking for reversals and breakouts.

 

[Moneylender]

To add, I don't trade with Pnf (i use candlesticks) so maybe the signals are different as Moneylenders says..

I also use RSI on 15m with candle sticks to help or confirm any pf entry/exits

 

[Dentalfloss]

dax
general picture

 

[Moneylender]

approaching a top or will it break out?

 

[Moneylender]

Had a false break up then the drop as expected

 

[timsk]

Had a false break up then the drop as expected

Tell us more Moneylender - why was it "expected"?

 

[Moneylender]

Tell us more Moneylender - why was it "expected"?

It went up and through thick blue line then retraced back through it (arrowed)
then i waited for the down signal on PnF, once that was in it was expected to fall

QED