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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (4982)7/22/1998 3:38:00 PM
From: Ms. X  Read Replies (1) of 34811
 
Hi Judy,
So true. P&F combined with FA is the best way to use the methodology.
You can use it for trading but you have to look for specific signals,
meaning some are better than others for initiating short trades. Take
for example Dell. It broke a triple top at 96 and then took off. I know
traders on the floor that look for triples like this for quick trades.
They love 'em.

Now, Dell.
Moved down two more boxes today to 106. Next support for a pullback is 98.
I'm basing that on the last resistance level. The next support level
is way down at 90. 89 would be a big break in Dell.
So, if it reverses up from the 106 box, I'd use 104 as the trade stop.
If not, one has to go by percentage risk.
Let me know if that makes sense.
Weekly momentum positive while monthly and daily are negative. Daily
just flipped negative yesterday by the way.

120 ------------------------------------------------------------------
118 X
116 X O Top
114 X O
112 X O
110 ------------------------------------------------------------X O --
108 X O
106 X O
104 X
102 X
100 ------------------------------------------------------------X ----
99 X
98 X X X
97 X O X O X
96 X O X O X
95 ------------------------X O X O --------------------X --X --X ----
94 X X O X O X O X O X
93 X O X O X O X O X O X
92 X O X O X O X O O X Med
91 X O O X O X 7 X
90 --------------------X ----O --O --------------------X ----O ------
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