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PFtrader

Point and Figure Method - Trading Journal

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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

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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.

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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

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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

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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

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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

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