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'.
| 2013 | EURUSD | GBPUSD | USDJPY |
| 29 November | EUR/USD's overall trend is unclear but it is rising today and so is expected to continue. There is resistance close by now at 1.3630, only about 15 pips higher. At that level it will probably rotate and pull-back down to perhaps 1.3580-90. There is a new count higher to 1.3730, although 1.3630 wou | Cable has broken out of the range it was in and moved higher. It has reached a high of 1.63725 on the 7.5 pip box for GBP/USD. There has been some weakness this morning which has taken the exchange rate back down to the important 1.6330 support and resistance level and it could continue lower. This | USD/JPY has pulled back after strongly trending higher. This is probably just a temporary adjustment before the next leg up begins. The pull-back could extend to 101.75 but after that the dominant short-term up-trend will probably resume, with the 103.72 highs targeted next. There is also a new bull |
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