Point and Figure method - trading journal

Discussion in 'Journals' started by elit, Oct 31, 2012.

  1. elit


    #41     Nov 20, 2012
  2. elit


    Technical Wyckoff analysis of APPLE.

    AAPL is again becoming interesting. A stock that has been in the highest number of funds, with funds then wanting to get rid of it, securing profits, as we have seen in the downtrend. We now had some stopping action with the reversal on Friday, and now a big up move. Potential selling climax and automatic rally, as Wyckoff traders would call this. The next pullback would probably provide a great risk/reward position if the selling climax holds, and also a break out above the current rally.

    If the test of the selling climax does not hold, and we again see downside in the market. Then it is another story.

    #42     Nov 20, 2012
  3. elit


    I use eSignal on the trading computer that I have eSignal installed on.

    On the laptop I don't have eSignal so I just use the free YAhoo Finance data.

    It does accept IB. I have an account with IB but I don't use it for data as I have eSignal.
    #43     Nov 20, 2012
  4. elit


    Another bullish bar in the market, and we got the reversal to X column in the SPY. Let's see if it will meet the resistance as we identified earlier.

    #44     Nov 21, 2012
  5. elit


    #45     Nov 21, 2012
  6. elit


    How far up can we go? That is the question on many traders' minds right now.

    Looking at SPY - the rally is on rather low volume. The thrust is weakening.

    We are now looking for clues, evaluating if we will have a small pullback and go higher OR if we will head down again another leg.

    We are approaching the resistance zone, the "ice" that we have fallen though, in the P&F chart. On the candlestick chart we can see that we are approaching a short term trend line.

    #46     Nov 22, 2012
  7. elit


    #47     Nov 22, 2012
  8. elit


    It is always interesting to see the big picture of the market on a weekly chart of SPY and weekly 5 point figure chart of SPY.

    We are actually in a clear uptrend, had a pullback, that did not reach the lower trendline in place since 2009. On the short time frame trend line we can the higher high turning roughly at the level of this trendline.

    On the 5 point figure chart we are in an uptrend, have broken a downtrend line and have a rising 45 degree trendline at our support.

    #48     Nov 23, 2012
  9. elit


    #49     Nov 26, 2012
  10. elit


    And lets compare the relative strength -

    Which one would a trader choose? Among these nice performers the decision is hard. Based on technicals, AFFY is stronger. Usually it pays off to be in the strongest stocks.

    The long term shows Affy being stronger, with a current pullback

    Same is noted in the short term also, in the right hand side we have the 1 month view, in the left hand side longer term view. Bottom chart on each side is the RS calculation

    #50     Nov 26, 2012