Point and Figure charts make it Brain Dead Simple.
....771. NYSE Composite Index ($NYA) MONTHLY CHART
March 20th! The high of the month is at an interesting level.
11105 the high of last July 2014 on this monthly chart and closed at the same level last Friday February 20th! Where is price NOW!
February 27, 2015. Now we know that the biggest stock exchange in the world did not advance this week! Just the facts.
....7711. $NYA - Quintruple Top at 11100
11100 we see a total of 5 X's spread over the period since July 2014. (7 for the 7th month)
This chart is based on high low prices and the close only as is traditional. A traditional chart will show only a triple top.
...366. $RUT - 1 hour Candlesticks, 1024 3
February 13th The number of stocks on the Russell in X's is 253 more than at the end of January.
Price at 1200 has been consistently an obstacle in the month of January.
Watching where (not when) price has changed momentum or direction before offers insight into the next price that the process may repeat.
...3667 $RUT - daily PnF, 700
..411. NASDAQ 100 Shares (QQQQ) candle
Now the activity is at 108.00 +/- a small margin of error.
Now we can see that within the margin of error of 1/2 of one percent that 104 +/- .50 cents has been an important level before.
One message! If you know how to to accurately find support and resistance you can make it work for you.
If you don't know, you don't know! It's in my e-book!
It is all about objectively defining where price has changed momentum or direction in the past. These are the TED Lines and they are posted in advance are are light years ahead of any other indicator.
1. $INDU - Daily Candlesticks, 1024
February 27 close 18,132
January 30 close 17164
Dec 31 close 17823
Nov 28 close 17828 (Last trading day of November)
11. $INDU - Monthly Area, 1024
Nov 7th! As of the close the DOW has gained over 4500 points since November of 2013. The horizontal line is simply a reference point.
11.$INDU Traditional PnF chart
February 19th. The DOW just a couple of points from a 3 box reversal to O's at 17950. This is the same price we mentioned in the comment below last December 22nd!
December 22nd. 17950 was the previous high recorded on this chart and price is back to take another look.
12.$COMPQ - Daily Candlesticks, 780
Watch what happens, and then stop watching and learn how to avoid mistakes! www.tedslines.com
123. $BPCOMPQ - Daily Histogram, 1024
click here to add comments