Learning to read Price Action with P&F Charting

[dentist007]

cable showing signs of breaking down
54 pips by 1 reversal
4 hourly close input

 

[Totantaz]

Okay,

so here are my point and figure swing plays for the start of the week

LONGS

CMS - above 19.9 on nice trendline
http://img24.imageshack.us/img24/6893/20110219longcms.png

FHN - above 12 on bounce
http://img148.imageshack.us/img148/8506/20110219longfhn.png

FST - above 40.5 on nice triple top break and nice trendline
http://img163.imageshack.us/img163/8913/20110219longfst.jpg

GILD - above 40.25 on big catapult bounce
http://img828.imageshack.us/img828/3410/20110219longgild.png

SHORTS

CTRP - below 39 on triple bottom break and trendline
http://img510.imageshack.us/img510/2613/20110219shortctrp.png

TSLA - below 22.25 on weakness
http://img502.imageshack.us/img502/4701/20110219shorttsla.png

UL - below 28.8 on spread triple bottom break
http://img64.imageshack.us/img64/9523/20110219shortul.png

URBN - below 36.75 can't seem to pierce big resistance area
http://img844.imageshack.us/img844/6207/20110219shorturbn.png


im still not sure about the image hosting thing, any suggestions ?

cheers,

Totantaz

 

[dentist007]

hi tolan
you are an updata user...looks nice
chart looks pretty bullish.hopefully $20 resistance gets taken out quickly
here is a chart i thought you might find interesting.4 hr data from freestockcharts.com
21 cents by 2 reversal hilo.you can see that 18.80 area was the resistance from early october to the end of december.note how price went down in february to support/previous res.it soon got bought from that level.a good sign imho
enclosed chart

 

[Totantaz]

oh yes

that area seems like a very good base for some more upside.

i love updata, its a bit buggy with IB feed but usable anyway.

ill keep folks posted on those swing trades if they trigger

cheers,

Totantaz

 

[dentist007]

eurusd 2hour data input
23 pips box size
downtrend line got broken last wednesday

 

[dentist007]

cable..gbpusd
broken out on 2 hourdata input

 

[Totantaz]

wow so basically everything on the watch-list went down.

no longs and 2 entries on the short side
TSLA and LLY

lets see how many O they print hehe

 

[dentist007]

cable..gbpusd
daily input
54 pips by 1 reversal/close plot
still in an uptrend.some zones to watch for support
6090 and 5980 areas..these zones are not that specific on the daily..just gives you an idea though
chart goes back to august

 

[dentist007]

 

[dentist007]

eur..be careful with shorts.price got rejected at previous resistance.the breakout point is clearly seen and 2 trendlines support this uptrend.need to see where it retraces