Trading with point and figure

[Dentalfloss]

we said last weekend that dax looked like a dead cat bounce....

 

[Dentalfloss]

such a difficult market at the moment

some decent trends on 1 min..you have to have nimble fingers...to constantly adjust inputs..either to stay in or get out
trend is down since last night close

 

[Dentalfloss]

moving averages posted were the giveaway

 

[Dentalfloss]

17280 ish area...we marked
17260 the low
Not too far off
Who knows

 

[Moneylender]

Excellent calls thank you. Why dont you include the Dow more often?

 

[Dentalfloss]

Excellent calls thank you. Why dont you include the Dow more often?

here is the dow yesterday on 1 min

we can see ..break of support at about 9 am//pink horizontal
then the move down
then we get the support area/green horizontal and then a bull trap
a few bad scalps in that area for me...no complaints as you have to get kicked around occasionally.My own fault for thinking that levels would come into play...lol
i must have read about 50 people on twitter who must have got toasted ..by calling out levels

price then carried on downwards with another bull trap/marked...Did not fall for that one...

 

[Dentalfloss]

take the signals ...not the levels...yesterday a good example for learning how to filter signals by changing inputs...
a few bad ones...that did not bother me

 

[Dentalfloss]

dow
we finally got a trend...spx charts posted up until Friday were messy
there is no sign of support ..as yet

test of trend from this chart 17240 and 17290 areas

 

[Dentalfloss]

As i keep ranting...
levels are only there as a guide....take the signals
that is why traders who call levels are of no real interest to us

 

[Moneylender]

Like you I took some bad ones yesterday, always found myself battling against the trend.

More lines: let the trend be your friend until it bends!

 

[Moneylender]

Analysis of Fri Dow mayhem!

With hindsight I cant see why I was trying to fight the trend, Again
its trading what I "think" will happen and not doing what the charts tell me.
Really only had two levels all day that meant anything and briefly held!

 

[Dentalfloss]

dax into the open
showing the downtrend that started friday morning

no real sign ..yet ..of support coming in

 

[Dentalfloss]

change inputs to highlight a few areas for possible areas for recoil

trend is down...bulls will get trapped..uneless massive support comes in

/

from Friday morning

 

[Dentalfloss]

we either continue down and trade the bearish signals that get generated.we can then also mark new cluster areas from the new downmove
or
if it recoils we have some areas where trading signals could get generated...with test and failure or test and breakout
there are other horizontal areas which can be picked up on a candle chart
no bias when presented with a chart like that
it could easily recoil and create a new uptrend...which has some clout....that is good for us ...plenty of confusion===lots of pips

downmove was pretty sudden on Friday....so a decent recoil will create confusion and lots of pips

 

[Dentalfloss]

spx over last 2 weeks
we had 3 downmoves that recoiled and gave us bull traps/upside failures
This was probably leading to a sustained downmove which we got on Friday/pink
there is horizontal supp in 2004 area

 

[Dentalfloss]

oil/wti
latets downtrend shown
no sign of support as yet

36.00 area is 50% of latest downmove
rest starts at 35.85 area

 

[Dentalfloss]

mornin all

 

[Dentalfloss]

change inputs to highlight a few areas for possible areas for recoil

trend is down...bulls will get trapped..uneless massive support comes in

/

from Friday morning

10430 area nailed
unfortunatley...i was asleep...lol

 

[Moneylender]

Morning all. down trend been broken now need some confirmation

 

[Dentalfloss]

price stopped temporarily at 10337 area...we marked that at the weekend
possibly a supp area