Trading with point and figure

[Moneylender]

Lots of serious supp below us

 

[Dentalfloss]

@;

Lots of serious supp below us

yes
a bad bounce and shorts in for the kill

 

[Dentalfloss]

decent bounce so far..in res 2061

 

[Moneylender]

good bounce on Dax as well

 

[Dentalfloss]

spx over ;last 24 hours
bounce in res

a bad bounce and shorts in for a kill

 

[Moneylender]

Well this low oil price will scupper Janets interest hike!!!

 

[Dentalfloss]

good bounce on Dax as well

yes
short scalps in from those res areas
both stopped out for decent points

 

[Dentalfloss]

Well this low oil price will scupper Janets interest hike!!!

could be...seems like a manipulation

 

[Dentalfloss]

downtrend broken

 

[Dentalfloss]

that is the latest down move on spx from 11.45 this morning
2055 is trend supp
it will either consolidate or new rally

it could even break lower and start a new downtrend

 

[Moneylender]

Well that wasnt my best day, spent most of it not believing what I was seeing and stood on the side, it was safer there!

 

[Dentalfloss]

consolidaton and then the new rally

 

[Moneylender]

This afternoons action

 

[Dentalfloss]

not an easy day..especially the morning
the problem being that that downtrend took time to build ..with a heck of alot of whipsaw
the easy bit was the latest rally

 

[Dentalfloss]

morning price movement started at red trendline..you can see long columns both up and down till 11.30

big whipsaws

 

[Dentalfloss]

some of the downmoves were missed..even on tick it was a bit crazy
even when you try and move around box sizes and reversals..you cannot follow the action

 

[Moneylender]

Glad you found it hard today as well.

 

[Dentalfloss]

Glad you found it hard today as well.

not easy..but we got the break of trend...so it was going to rally at some point
got that with oil/wti aswell

 

[Dentalfloss]

a lesson learnt by me aswell..if it is whipsawing and you are finding it difficult...then try and pick off the break of trend
no other way ..imho

 

[Dentalfloss]

hopefully with a new trend it might be more orderly