Learning to read Price Action with P&F Charting

apple is a very bullish stock.so shorts do have to be carefully planned.the fed decision on wednesday obviously helped it along.so as you can see that any move above $400 was unsupported and in resistance.imho
a different chart
2 hourly data..see the triple top break above 388 area
so price gets support in 388-400 area or retraces down to the trendline cluster at 375 area supp zone
price could turn in those areas.so,as i said a difficult one to short now..imho

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nas 100
15 min data
close12points by 3 reversal
another fake..just dont know where it will pullback.cluster of downtrendlines looks the most obvious


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The World MoneyShow London, 11-12 November, at the Queen Elizabeth II Conference Centre, and join over 3,000 other private investors and traders seeking the knowledge, wisdom, and tools to profit in the constantly changing global markets. You’ll hear about the latest economic pressures on the markets and how to position your portfolio for safety and profits in the current environment. Don't miss out...register FREE today!



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Join Jeremy du Plessis for this exciting tuition–paid intensive


Understanding and using point and figure charts - £99*
Friday, 11 November | 1.15 pm – 5.15 pm

Jeremy du Plessis Jeremy du Plessis, author of The Definitive Guide to Point and Figure, will be hosting a rare "Point and Figure" workshop for retail traders and investors at this year's World MoneyShow in London. The four-hour intensive workshop is designed to give you a full understanding of point and figure charts, starting from the history of this charting technique, covering the theoretical and practical aspects of point and figure charts, leading to more advanced professional and modern approaches of using point and figure charts.

This interactive workshop will cover:

How and why point and figure charts were developed.
Point and figure construction methods and when each method should be used.
Trend lines as a vital part of point and figure analysis.
Establishing accurate price targets with point and figure charts.
Calculating risk/reward ratios and how they can help assess your position.
Using point and figure to measure market breadth and to determine market turning points.
Ground breaking new point and figure charting techniques.
Live point and figure charting session, including live interactive analysis with the audience.
This workshop is a must for any serious home-based trader or investor.
 
i am not promoting tthe workshop.just thought if anybody was interested.i cannot make it on that day
anyway,on a different note
here is some stuff from jeremy about using hilo plot for eod data


Point and Figure was originally and still is a charting method to plot trades as they happen. This means that Point and Figure charts were drawn using tick data. When tick data became more difficult to obtain, users of Point and Figure decided to use end-of-day daily data. In order to account for the days range, the high/low method was devised. But there are problems. With daily data you do not know whether the high or low came first, so either the high or the low are used, but never both. This causes quite a few anomolies which is why the close is a better field to use. Furthermore, instead of using daily high/low, it is better to draw a 60 minute, or 5 minute or even a 1 minute chart based on the close at the end of every time frame. At least then the path the price has taken during the day is tracked which is not the case with daily high/low charts.
 
ok..so the anomoly/according to Duplessis
say price is moving in a downtrend and it say,spikes upwards at the open,enough to print a 3 box reversal.then the chart will print a 3 box reversal as it was the first move.the stock/fx pair might have got sold off after the spike,but the hilo plot will show a potential reversal as it only plots the first move.this is what i think he means.he has got a valid point on that..imho
 
Quote from dentist007:

i am not promoting tthe workshop.just thought if anybody was interested.i cannot make it on that day
anyway,on a different note
here is some stuff from jeremy about using hilo plot for eod data


Point and Figure was originally and still is a charting method to plot trades as they happen. This means that Point and Figure charts were drawn using tick data. When tick data became more difficult to obtain, users of Point and Figure decided to use end-of-day daily data. In order to account for the days range, the high/low method was devised. But there are problems. With daily data you do not know whether the high or low came first, so either the high or the low are used, but never both. This causes quite a few anomolies which is why the close is a better field to use. Furthermore, instead of using daily high/low, it is better to draw a 60 minute, or 5 minute or even a 1 minute chart based on the close at the end of every time frame. At least then the path the price has taken during the day is tracked which is not the case with daily high/low charts.
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In my opinion you can better spend your money on his book, I have seen a couple webinars from Jeremy and he doesn't give any additional information than he points out in his book.
 
Quote from dentist007:

dow...another fake ??
this upmove seems to have a bit more conviction.the bulls need to be tested.50% zone on the pole is approx 11520 area
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I think that's a good catch!
 
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