The Point and Figure charting method represents price changes in 'parcels' of rather than bars on normal charts. It was developed as a short-hand for noting changes in price action by traders monitoring fast moving markets before the advent of computers. It's advantage is that it cuts out unnecessary 'noise' and highlights the main trend. It also gives objective buy and sell signals and reliable price objectives or 'counts'.
Yesterday the pair broke down after the FOMC meeting. It moved out of its sideways consolidation and reached lows of 1.3650. Although it is now recovering a bit it looks poised to break lower. More downside is favoured by short-term cyclical factors. The long column down from yesterday's (18th) high
Cable has recovered and risen back up within its consolidation range after falling to the range lows at 1.62225. It has found resistance at 1.64325 and pulled back a little. There is a possibility the pair will simply continue in a sideways market mode from now on, rotating at the present highs and
The pair has moved higher, rapidly rising after the FOMC meeting. It breached the 103.15 level confirming an upside break and moved up towards the upper border of the rising wedge pattern which has been forming since the 3rd of December, making highs of 104.35. There is a possibility the pair could