Jumper My Good Friend, I see that you have taken an interest in Point
and Figure Charting. Don't worry, My Good Friend, I am here to guide
you through those Xs and Os.
As you can see, I tossed a coin on Tuesday and removed the hedges on
my long positions and even added a few long positions. Lucky me that
the coin came up heads, huh???!!!
Message 12875773
So let's start with CEGE
42 42
41 X 41
40 -------------------------------------------------------------X ---------- 40 -
39 X 39
38 X 38
37 X 37
36 X 36
35 -------------------------------------------------------------X ---------- 35 -
34 X 34
33 X 33
32 X 32
31 X 31
30 -------------------------------------------------------------X ---------- 30 -
29 X 29
28 X 28
27 X 27
26 X 26
25 -----------------------------------------------------X --X --X ---------- 25 -
24 X O X O X 24
23 X O X O X Top23
22 X O O 22
21 X 21
20 -----------------------------------------X ----------X -- -- -- 20 -
19.5 X O X 19.5
19.0 ----------------------------------------X O X ------X ------------------ 19.0
18.5 X O X O X 18.5
18.0 ----------------------------------------X O X O ----X ------------------ 18.0
17.5 X O X O X 17.5
17.0 ----------------------------------------X O X O X --X ------------------ 17.0
16.5 | | X O X O X O X 16.5
16.0 | ------------------------------------| X O --O X O X ------------ Med16.0
15.5 | | X O 2 O 15.5
15.0 | ------------------------------------| X ----O X ---------------------- 15.0
14.5 | | X O X 14.5
14.0 | ----------------------------------X | X ----O ------------------------ 14.0
13.5 | X O X 13.5
13.0 | ----------------------------------X O X ------------------* ---------- 13.0
12.5 | X O X * 12.5
12.0 | ------------------------------X --X 1 X --------------* -------------- 12.0
11.5 | X O X O * 11.5
11.0 | ------------------------------X O X | ------------* ------------------ 11.0
10.5 | X O | * 10.5
10.0 | ------------------------------C ----| --------* ---------------------- 10.0
See where there is a triangle like thingy that comes to a point at
around $16.00? And then you have a column of Xs that goes up? That
is called a bullish triangle....you could say that it is a "buy"
signal.
If you weren't lucky enough to have blindly pressed the "buy" button
at $17, it does look like there was another opportunity to throw
caution to the wind.
See where the Xs and Os kinda bunch up together between $22 and $25?
That is call "consolidation". The more Os that you have lined up on
the bottom, the better the support. The more Xs that you have lined
up on the top, the greater the resistance. What the coin toss told us
is that whichever way CEGE broke, we could really hope to see it go
a good distance in that direction (I hope, I hope). Anyway, I bought
before CEGE hit $26, I really hoped that the support at $22 would
hold so I bought it and prayed. Boy was I lucky when it broke
through that "triple top"!!!!!!!
Next: A Buy and Hoper shorts STM at the very top...And makes money!!!
.....wait, that can't be true, this P&F thing is only good for
playing long in the mania isn't it???
I now that you are anxious to learn more about P&F and I am hear to
help. In the future, you will be able to come back to this and any
other thread that is your favorite and learn everything that you
need to know about P&F. That is because I am a nice guy and I want
to share all of insights with you.
Your Good Friend,
Jorj X. McKie |
