Learning to read Price Action with P&F Charting

ok.so here is one tipped today by a leading guru in the u.k.
glaxosmithkline/gsk.price is in pence.close price on friday was 1152p.ie £11-52p
i have put the 5p by 3 reversal chart.now u can see price moving up with new columns.consecutive double-tops.however,price has approached a major resistance area at 1160.also i am not happy that the double-tops dont seem to give moer than 3 box advance before giving a reversal column .so to me this should not be traded just yet.
anybody else thinking the same.?
 

Attachments

looking at gsk on a 1 box reversal chart.then u can see the chart is not very bullish as yet
holy grail.u got any ideas for some input fo this one.?
 

Attachments

PnFguy,

I like those InvestorRT charts. What settings should I use for fixed income intraday? Like US Ten Year.

PnF shows support/resistance and breakouts real well. I trade futures and getting intra day settings right is tricky.

thanks
 
I want to thank all the fellow Point and Figure technicians for their commentary. I'm only posting charts for the educational benefit. The two heads better than one concept. I would never trade on opinions of others. I have very strong rules that I try to never deviate from. However, I may be able to learn something new from a fresh objective. I guess the best way to respond is to answer three quick questions. 1. Your opinion (Bullish-Bearish)
2. How you would trigger an entry on this specific chart 3. Where your stop would be
If anyone has more ideas on relevant questions for each posted chart that would be of benefit to all lets give it a try.

My take on GSK
1. Kind of neutral its right at key resis
2. In a ideal world I would have been long at 1025p and taking profits right here at 1155
3. Stop would be 990 on close

Here is a great resource that hasn't been mentioned yet in this thread. Its a free 60m webinar on point and figure done by the CME.

http://www.cme.com/extlt/createAcct...figure.html?&campaignId=219&referringUrl=null
 

Attachments

Regarding the 10yr note. I would trade it on 4 different settings.
1. 2tick/3 reversal (H+L+C/3)
2. 4tick/3 reversal (H+L+C/3)
3. 2tick/3 reversal (High low range)
4. 4tick/3 reversal (High low range)
 
Quote from pnf.guy:

I want to thank all the fellow Point and Figure technicians for their commentary. I'm only posting charts for the educational benefit. The two heads better than one concept. I would never trade on opinions of others. I have very strong rules that I try to never deviate from. However, I may be able to learn something new from a fresh objective. I guess the best way to respond is to answer three quick questions. 1. Your opinion (Bullish-Bearish)
2. How you would trigger an entry on this specific chart 3. Where your stop would be
If anyone has more ideas on relevant questions for each posted chart that would be of benefit to all lets give it a try.

My take on GSK
1. Kind of neutral its right at key resis
2. In a ideal world I would have been long at 1025p and taking profits right here at 1155
3. Stop would be 990 on close

Here is a great resource that hasn't been mentioned yet in this thread. Its a free 60m webinar on point and figure done by the CME.

http://www.cme.com/extlt/createAcct...figure.html?&campaignId=219&referringUrl=null
More...

Just my opinion, but I would have taken this last x column breakout with a small position because it fits my level two breakout. I would have then added to the position on the next x column as long as the next 0 column did not exceed the last 0 column.
 
You must log in or register to reply here.
Back
Top