Point and figure charting is a type of technical analysis that is used to identify trends and potential buying or selling opportunities in a security's price. Unlike traditional bar charts, which display a security's price and volume over a while, point and figure charts only show price movements, disregarding the passage of time.
The chart is constructed using...
DAX is demonstrating a perfect example of reacting to psychological round levels (16000,15000,14000). 14000 level seems to be a natural zone for a short position.
As of Friday (Jan 21) IWM has fallen out of a long range of distribution, produced both daily and weekly closes outside the trading range, and importantly has the potential to produce a large move. In this piece we discuss the trading range, mostly from a Wyckoff perspective, show multiple ways to start thinking about how far the move might progress, and finally...
Point and figure charts eliminate noise and time. Hence I find them highly beneficial.
On how better to use them I recommend to refer to Neil Callard of 8 dragons capital (for forex) or Du Plessis manual on Point and Figure (meant for stocks however).
In forex we use 1 box reversal pnf charts. In stocks it is common to use 3 box reversal charts.
I prefer to use...
Consider using different styles of charts simultaneously for a clearer view of what the market is presenting.
Top: Traditional candles with fractal breakout levels.
Middle: Point and Figure candles for cleaner price action.
Bottom: Renko candles with a simple reversal strategy.
The point and figure chart suggests the upside break was false.
Now we have two key short term levels to keep an eye on.
Twitter users keep ramping up the stock so look out for official RNS's
This may be some kind of pull back before a break higher so do not discount that point of view
