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Point and Figure Charting

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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
19 December	Possible break lower evolving 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 เพิ่มเติม	Sideways consolidation extending 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 เพิ่มเติม	At highs of wedge pattern 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 เพิ่มเติม
18 December	Possible triangle forming	Tentative breakdown out of consolidation	Rising wedge pattern
17 December	Resumption in progress	Sideways move continues	Bouncing off support
16 December	Up-trend probably resuming	Sideways consolidation extending	Finding support - bounce possible

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Point and Figure Charting

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