Trading with point and figure

[Dentalfloss]

practice...practice and more practice

end game...is to be able to see trend.supp/rez wihout putting lines...then be able to do that from your phone


then yu can trade more instruments cos yu have more time
pip count increases dramaticallyy

 

[Dentalfloss]

tomorrow...we will talk about p/f.fibs.pivot points.Gann etcetc
remember...these are all calculated areas...Does the market know you are watching them....they dont give a monkey"s...lol

we have covered so far.....where the market has been..ie prev supp/rez and possible trend
it is up to us to assess where the market will go...and it does not care if you are thinking it will bounce for a pivot or a Fib

 

[Dentalfloss]

correction.....we will cover entries and exits
the calculated stuff is only there as a guide

 

[Dentalfloss]

raw chart
the start was a bit messy with a move up to rez.at this point we dont really know the mood of the market
price had hit a rez area which we had marked before the open

 

[Dentalfloss]

a breakout area then develops

in this cae its a poss dump and the entry area is now defined

 

[Dentalfloss]

Down to a lower timeframe to set entry and stop

 

[Dentalfloss]

price bounced off supp/our pump or dump area we marked/red horizontal
into rez/aqua horizontal..trhat was prev minor supp
there we have our entry area
the stop area is above ...prev rez /higher aqua

 

[Dentalfloss]

price dould have pulled back more before turning downwards
so we would have been ready for that

 

[Dentalfloss]

then milked it all the way

 

[Dentalfloss]

once entered and goin your way
folllow the price with a tick chart
they do show trends and supp/rez

bar/candles might be too clumsy
tick chart from netdania

 

[Dentalfloss]

the tick chart is to follow the recoil/if any .....against your trade
meaning..if its starting to go against you on the tick chart...you should be ready to exit or wait for a possible turn and go back in your direction

 

[Dentalfloss]

Outlook for next week

chart is from freestockcharts.com

 

[Dentalfloss]

11250-11350 marked as prev rez area...should be decent supp there uneless anything nasty happens
nyse is a decent composite
dax,dow and ftse should follow
it will take something big to get past 11250
and even bigger to get 11250-11350 as rez on a bounce

 

[Dentalfloss]

mark your supp and rez areas..market will fumble around looking for direction...not sure if earnings will have a big impact,,..maybe
thinking that the opening move is a bounce off that supp area....and it is a wide supp area
bears need to be careful

 

[Dentalfloss]

DAX

 

[Dentalfloss]

FTSE

 

[Dentalfloss]

all index in wide supp areas...the bulls got hammered last week,especially Tuesday and Thursday
As yu can see NYSE is in a wide supp area/horizontal aswell/prev rez
could get a low volume float up today..or just messing
possibly better to take the day off..lol

 

[f2calv]

I am re-reading du Plessis (specifically trend lines) and often come across how "P&F is objective" - but quite frankly I can't see it.

It seems to me that depending on what box/reversal are set trend lines can be made to hit/miss on multiple points at whim, which is entirely subjective. A bit like a bunch of candlestick-charters looking at the same chart and some "seeing" a "head and shoulders", some seeing "a cup and handle" and some not seeing anything.

In systematic trading (specifically back testing) this is called "curve fitting" i.e. bending the test to better fit the data.

Objective assessment is a form of questioning which has a single correct answer. Subjective assessment is a form of questioning which may have more than one correct answer (or more than one way of expressing the correct answer). There are various types of objective and subjective questions.

I.e. the 15x4 DAX plot below - what does the same data look like on a 13x4,16x4, or a 15x3... care to give your input on why you chose 15x4 over any other type of plot @dentist007?

DAX

 

[Dentalfloss]

dont curve fit

the inputs we use..sometimes are not right
nor the plot
but..yu get a general idea of what is happening

the market does not know yu are expecting a rveversal on 12 by 1 reversal 60 min plot of ftse...they dont give a monkey"s

 

[Dentalfloss]

the 15 by 4
i am always trying to filter the rubbish...so if 15 by 4 seems to be a decent filter...then i am on it
p/f is non time based input...not like candles and bars
p/f is objective...but if the inputs are not good ..then it will miss