Trading with point and figure

[Dentalfloss]

price is very volatile now
a great time to be learning to read price action

 

[inzimam]

in my mind you are going about the wrong way
PnF is more about price action
i think you are relying too much on calling supp/rez

yes maybe. I'm trying to use pnf to find the trend and possible support/ rez areas.
Then I use the normal candle chart to see how price reacts at those support/ rez levels. Maybe I'm not taking the right signals!

 

[Dentalfloss]

try this
analyse for supp/rez
then watch price action only
the s/r is in the back of your mind

 

[Dentalfloss]

Back at the desk now

 

[Dentalfloss]

Dow into the open

 

[Dentalfloss]

Its lookin like 24500 has held it

 

[Dentalfloss]

lower trendline gets tested in 24720 area

 

[Dentalfloss]

close up

 

[Dentalfloss]

now we have a fix on poss movement

 

[Dentalfloss]

rez channel is 24650-24720 area
supports
24600/round
24580
24540.....areas

 

[Dentalfloss]

Sir Inzi
yu waz trying to buy the falling knife.....imho


falling knife......first rez and be prepared to bail out quickly

 

[Dentalfloss]

DAX

 

[Dentalfloss]

 

[Dentalfloss]

Dow

 

[inzimam]

how come you're using non-45 degrees trend lines in PNf?

 

[Dentalfloss]

OIL
remember our 53.50 rez area
excellent results

 

[Dentalfloss]

45 degrees and if you can see others...then fine
use both if necessary

 

[Dentalfloss]

in horizontal supp now

 

[Dentalfloss]

and bounce

 

[Dentalfloss]

stops tight now