Trading with point and figure

[myattitude]

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[swissy]

Morning all,

ftse sp 6800 rez 6830. Could go sp 6770 rez 6800.

Could just bump about in narrow range... need reasons to go long or short. This is ideal bull and bear trap conditions with fakes either way imho... so either scalps or wide stops.

Been clipping my ticket on ftse swing trade short and tightened stops to profit.

Closing out my swing trade @6750. Its been a good run...

I think it could go lower but in the short term may well pump up again and I will look again to place another incremental swing trade if this is the case.

 

[Dentalfloss]

think we might get a move down on dow...for a bull test...lets see
18770
maybe
bear trap area

excellent movement
posted at 9.35 am
and we got the bounce
ftse went with it
dax into our marked 10600 supp area
luvin it

 

[Dentalfloss]

FTSE over last 48 hours
trends marked

we were out with our supp area
had 6750 area marked..as we say ..it is only a guide
rez starts from 6814..ish..up to 6872..if bulls take it

 

[Dentalfloss]

ftse
2 months of data

 

[Dentalfloss]

ftse
last signal was bullish/aqua
difficult with all this volatility

 

[Dentalfloss]

DAX over last 48 hours
no real sign of any bears ..as yet

milked ..in and out of our 10600
excellent
posted at 8.42am

 

[Dentalfloss]

The market has not only survived this week, it has done very well. The Dow is at a new all-time high. Most other indexes have surged off their lows and are doing well. The Nas and Nas 100 have struggled. Overall I’d consider the performance to be very good, but the difference between the Dow and Nas is notable.
The first move off a low is the easy move. The result of the election was a surprise, but the market’s reaction was not. Most expected Clinton to win, and most expected the market to rally. So it’s not like there were a lot of trapped shorts that needed to quickly cover. But there were many traders on the sidelines who had to suddenly get into the market. Now (or next week) we’ll find out how strong the market is and what kind of staying power it has. There needs to be continued buying several days after the initial thrust takes place. That’s what we’ll be looking for next week.
We also must be very aware of the rotation of money. There have been some obvious winners and losers the last couple days. Money is definitely moving out of some groups and into others. You want to be in the strong groups. If you simply look for good-looking charts, you have to be good and lucky to make money over time. But if you restrict yourself to only playing stocks in the best-performing groups, a rising tide within those groups helps significantly. I’ll talk about this more over the weekend.

from Jason leavitt

 

[Atilla]

The market has not only survived this week, it has done very well. The Dow is at a new all-time high. Most other indexes have surged off their lows and are doing well. The Nas and Nas 100 have struggled. Overall I’d consider the performance to be very good, but the difference between the Dow and Nas is notable.
The first move off a low is the easy move. The result of the election was a surprise, but the market’s reaction was not. Most expected Clinton to win, and most expected the market to rally. So it’s not like there were a lot of trapped shorts that needed to quickly cover. But there were many traders on the sidelines who had to suddenly get into the market. Now (or next week) we’ll find out how strong the market is and what kind of staying power it has. There needs to be continued buying several days after the initial thrust takes place. That’s what we’ll be looking for next week.
We also must be very aware of the rotation of money. There have been some obvious winners and losers the last couple days. Money is definitely moving out of some groups and into others. You want to be in the strong groups. If you simply look for good-looking charts, you have to be good and lucky to make money over time. But if you restrict yourself to only playing stocks in the best-performing groups, a rising tide within those groups helps significantly. I’ll talk about this more over the weekend.

from Jason leavitt

Yes very true. All we need now is some good news to crash it :cheesy:

 

[Dentalfloss]

DOW

 

[Dentalfloss]

dow one week of data
pivot area marked...there now

 

[Dentalfloss]

if it breaks that pivot
watch for the bounce
bears could be in 18800-18814 area
first big rez is 17792

 

[Dentalfloss]

in our rez
lets see how it gets handled

 

[Dentalfloss]

dow one week of data
pivot area marked...there now

excellent bounce
posted at 4.23pm

 

[Dentalfloss]

straight into our 18814 marked area

 

[Dentalfloss]

straight into our 18814 marked area

scalp short in..tight stop

 

[Dentalfloss]

scalp short in..tight stop

only got a few
still pumping

 

[Dentalfloss]

re entered earlier
took a few more from our 18814 area
Gonna pump or dump that area

 

[Dentalfloss]

DOW
marked some possible reaction areas if it pullsback
there is a mass of horizontal supports which have not been marked
we either break higher or test those supports
no real sign of any bears...as yet

 

[Dentalfloss]

FTSE
a different story..lol
it all depends if 6660-6700 supp area holds...a bad bounce and sellers in
should read 6660-6700 area on the chart...if 6700 area fails
otherwise up