Trading with point and figure

[Dentalfloss]

you want to run the stop so it does not lose too much on the recoil
bigger supp/rex..the bigger the recoil
or watch for overextension..then a bigger recoil

 

[Dentalfloss]

True enough but Mr Peroni wont let me screen watch now and its a free trade.

better to have pips in the bank than a free trade..imho

 

[Dentalfloss]

you can see from the other side of the room where to place the stop

 

[Dentalfloss]

on that dow chart..the recoil always tested the 1 min supp area
easy to place the stop


DONT LOSE THOSE PIPS IN THE RECOIL....

 

[Moneylender]

you can see from the other side of the room where to place the stop

Ok your logic is sound, stop to 18600

 

[Dentalfloss]

18529 bounced to 18550
broke 18544
recoil..18550 became horizontal rez and was prev supp on 1 min

 

[Dentalfloss]

Ok your logic is sound, stop to 18600

better move it near 18560.ish
my opinion only

 

[Dentalfloss]

definitely above 18570..ish
imho

 

[Dentalfloss]

definitely above 18570..ish
imho

if it bounces then you have banked some pips

 

[Dentalfloss]

Ahem.....
My own methods
Dow...... Once it broke down to 18529 then stop moved down to 18560 area which was prev support on one minute.Monitor the movement at that 18529.You will see that price got bullish immediately....then close out at 18540.
Stops are just as important as entries

 

[Dentalfloss]

18600 excellent entry.....just dont want to see bankable pips fly out the window
the money is to be enjoyed and not given back needlessly
bank the pips...you can always re enter

 

[Dentalfloss]

in a nutshell
as soon as price breaks in the direction you are trading
look immediatley at supp/rez levels in preparation for any recoil
you will have these areas marked before you trade
on a downmove...stop moved quickly to prev supp area on 1 or 5 min candle
that is possible recoil area
you can then assess the recoil to see if it has any clout...if it has ..then make stop really tight

you can always reenter when recoil has burnt out


my opinion only

 

[Dentalfloss]

recoil burn out

down move
wait for any bullishness to burn out
easiest way..use a trendline on 1/5 min candle....minor recoil uptrend must finish.ie trendline taken out..better if it tests prev supp
wait for consecutive lower highs on candle..that enables you to plot a sloping downtrend line

you should be set up to look hard for reentry

 

[Dentalfloss]

SPX into the open
bull flag or failure ??

 

[Dentalfloss]

dax over the last week
really messy

 

[Dentalfloss]

dow..slightly more bearish

 

[Dentalfloss]

dax
a much clearer picture
should be decent supp in those marked areas..imho

 

[Dentalfloss]

http://www.leavittbrothers.com/pdfs/lb weekly 20160814.pdf

 

[Moneylender]

Morning folks

another attempt at the 10735 area!!!

 

[Dentalfloss]

Morning folks

another attempt at the 10735 area!!!

looks like it will pop