Point and Figure Method - Trading Journal

[PFtrader 10]

EXC looks so bad it does not even fit into the percentage point & figure chart without zooming

 

http://www.paf.am/?di=LCP7

[PFtrader 10]

Moving further downwards. We have already broken the technical level on the SP500 that we identified time ago. We will see a pullback at some point, but for now we are continuing to focus on the weak stocks to short.

 

CPE has a double bottom point and figure pattern at 4.50 on the 1% chart. The candle stick chart shows the quick pullback on lower volume. Looks like a nice short to me.

 

http://www.paf.am/?di=ZRWD

[PFtrader 10]

We had a huge up bar in FB which we are interested in mainly on the short side.

 

We are still in the range we identified, and these huge up moves have happened before in this range.

 

If we have worse times ahead, an entry at the top of this range could prove fruitful.

 

http://www.paf.am/?di=3B9Z

[PFtrader 10]

ACN is a tech stock that is in a nice downtrend, we are abit over extended for going short, unless the bottom falls ut at this point, as we are at a support level.

 

http://www.paf.am/?di=R4ZA

[PFtrader 10]

For a trend follower ADP only means following it down. Maybe to 50.

 

http://www.paf.am/?di=33E3

[PFtrader 10]

UTX in a break down through the short term support

 

http://www.paf.am/?di=20XY

[PFtrader 10]

The market is getting somewhat oversold, and we WILL get a pullback at some point. WHEN the pullback comes a short term trader could enter positions in strong stocks, if keeping in mind that the 3 month longer trend is down.

 

We will get a pullback and test the 1400 level in SP500. If we get that far, or if we even go through it - only time will tell.

[PFtrader 10]

DVN breaks some tough support while SP500 breaks its support

 

http://www.paf.am/?di=TKEF

[PFtrader 10]

We've had a big drop and will likely get a rally from here somewhere. Markets move up and down. We could be testing or entering the yellow area during this week. On Friday we saw a reversal bar.

 

http://www.paf.am/?di=BAZ7

[PFtrader 10]

For now it seems like we are in the rally we were anticipating earlier. How long it lasts, or if this is the beginning of a larger up - nobody knows.

 

KORS is an interesting stock for an upmove. It gapped earlier this year and we have now tried to close that gap, but failed. Instead we had a Wyckoff spring at the 48 level. On the P&F chart this reversal is happening at the exact level of the 49 top earlier this year.

 

http://www.paf.am/?di=JKLK

[PFtrader 10]

The Intraday point and figure chart of EXPE tells us we might be breaking the 60 level.

 

http://www.paf.am/?di=8T6V

[PFtrader 10]

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.

 

http://www.paf.am/?di=HYNH

[PFtrader 10]

S looks like it will want to head higher. We are pulling back to the gap on minimal volume.

 

http://www.paf.am/?di=EPJ9

[PFtrader 10]

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.

 

http://www.paf.am/?di=F36K

[PFtrader 10]

CNP

 

will we finally fall through the 45 degree p&F trendline?

 

http://www.paf.am/?di=SC5L

[PFtrader 10]

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.

 

http://www.paf.am/?di=GRTB

[PFtrader 10]

Looking at two strong stocks AFFY and OCN

 

http://www.paf.am/?di=QJDG

[PFtrader 10]

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

http://www.paf.am/?di=EA07

 

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

 

http://www.paf.am/?di=1BG1

[PFtrader 10]

YELP is all over the place, reminds me of a buddy of mine who was never able to sit still when we we're young. He got in trouble in school all the time.

 

For traders who enjoy trading range action this could be a play.

 

http://www.paf.am/?di=GQTX

[PFtrader 10]

Two cruise line stocks-

RCL and CCL

 

Both strong. Looks like a nice industry and a nice ride - not just for the passengers of the cruise lines, but for the speculators as well.

 

http://www.paf.am/?di=JLCE

[PFtrader 10]

Facebook - FB - the stock that everybody is scared of has had some great days. Are we running out of steam?

 

How many millions did you say you lost when invested in the IPO?!

 

http://www.paf.am/?di=T2D0

[PFtrader 10]

S&P500 is still at the previous area of support, the old high from before.

 

http://www.paf.am/?di=4S3L

[PFtrader 10]

As markets are rallying so is AAPL. A pullback will give us a nice risk/reward entry point.

 

http://www.paf.am/?di=2JGD

[PFtrader 10]

CCI has a very nice point & figure pattern

 

http://www.paf.am/?di=DBGG

[PFtrader 10]

CRM is breaking a technical level

 

http://www.paf.am/?di=MDR0