Point and Figure method - trading journal

expensif

Active member
155 0
Facebook stock technical analysis

Assuming Nasdaq will perform worse in a bear market, it is safe to assume FB will perform badly as it has since the IPO. Action has been terrible and I feel for the people who bought there and then on promises. Who dares touching this one now. There are some technical points to consider which can provide for good setups. A break out below the 18 level would mean to me that we are heading down again, a confirming pullback on low volume for added confidence. The action in the current trading range is quite erratic. I don't see real stopping action, more a low base type of pattern.

http://www.paf.am/?di=PKKU
 

expensif

Active member
155 0
Moving further downwards. We have already broken the technical level on the SP500 that we identified time ago. We will see a pullback at some point, but for now we are continuing to focus on the weak stocks to short.

CPE has a double bottom point and figure pattern at 4.50 on the 1% chart. The candle stick chart shows the quick pullback on lower volume. Looks like a nice short to me.

http://www.paf.am/?di=ZRWD
 

expensif

Active member
155 0
We had a huge up bar in FB which we are interested in mainly on the short side.

We are still in the range we identified, and these huge up moves have happened before in this range.

If we have worse times ahead, an entry at the top of this range could prove fruitful.

http://www.paf.am/?di=3B9Z
 

expensif

Active member
155 0
The market is getting somewhat oversold, and we WILL get a pullback at some point. WHEN the pullback comes a short term trader could enter positions in strong stocks, if keeping in mind that the 3 month longer trend is down.

We will get a pullback and test the 1400 level in SP500. If we get that far, or if we even go through it - only time will tell.
 

expensif

Active member
155 0
For now it seems like we are in the rally we were anticipating earlier. How long it lasts, or if this is the beginning of a larger up - nobody knows.

KORS is an interesting stock for an upmove. It gapped earlier this year and we have now tried to close that gap, but failed. Instead we had a Wyckoff spring at the 48 level. On the P&F chart this reversal is happening at the exact level of the 49 top earlier this year.

 
 
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