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Pointandfigure

Point and Figure Trend Line Indicator with AlertsMy Pine Script indicator, "PnF Bullish and Bearish Trend Backgrounds," visualizes bullish and bearish trends using Point and Figure (PnF) methodology. Summary: Input Parameters: Box Size: Determines the price movement sensitivity. Bullish/Bearish Angles: Set angles for defining trend slopes. Trend Calculation: The script calculates slopes based on input angles and updates trendlines based on price actions. Alerts: It generates alerts when price breaks bullish or bearish trendlines, signaling potential buy/sell opportunities. Visualization: Trendlines are plotted in green (bullish) and red (bearish), with background colors highlighting trendline breaks. Background: Green (uptrend) Red (Downtrend) Overlap or Black (Neutral) Usage: Add to Chart: Load the script on TradingView. Monitor Alerts: Keep an eye on alerts for trendline breaks. Analyze Trends: Use the visual cues to identify potential market movements. I'll release a video explanation of this indictor soon.
by ScotchNoCoke
Point & Figure Charts DO WORK on TradingviewI have been studying Point and Figure (PnF) for some time now and was uninspired by the basic charts that were available. I noticed Tradingview did offer a Point and Figure chart but found it difficult to correctly configure the scales and relative 45 degrees angles as per the fundamentals. After some tedious work I have produced an indicator that produces the correct scaled PnF angles as per the fundamentals and have found PnF a very successful way to trade. PnF does work on Tradingview. If you are a fan of Price Action (because there is no time involved) this may be for you. I'll make my indicators public shortly. If you would like to discuss PnF or need help setting up the scales, please msg me. Enjoy.
COINBASE:BTCUSD
by ScotchNoCoke
5
Short views on goldThe left-hand chart suggests that, having failed to establish support at its previous low of 2022, the near-month gold futures contract has further to decline. On this basis we would be more ready to add to an existing short position than to start a new one. The right-hand chart highlights the recent moving-average crossover as a sell signal. We might hold out for a better sell point. Confirmation can be found in the neckline of the slanted head-and-shoulders pattern having been broken. The slant's upward tilt does not suggest as large a decline as if it were level or tilting downward.
COMEX_MINI:MGC1!Short
by SwingWaiter
How to work out additional levels when breaking to new highsThis is a bit trickier and there are certain techniques that you can use. I personally use Fibonacci extensions, point and figure and any potential patterns to offer potential upside targets. I realise I have been a bit cavalier with my point and figure upside target, as you can work this out exactly, but wanted to show the techniques I use rather than concentrate on the actual count itself. I took a look at the Apple price to give potential upside targets. The potential new targets are contingent on the old high around 183 breaking. Disclaimer: The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
NASDAQ:AAPL
by The_STA
3
Learn point and figure chartPoint and figure charting is a type of technical analysis that is used to identify trends and potential buying or selling opportunities in a security's price. Unlike traditional bar charts, which display a security's price and volume over a while, point and figure charts only show price movements, disregarding the passage of time. The chart is constructed using a grid, with X's and O's plotted on it. An X is plotted when the security's price increases above a certain level, known as the box size. Conversely, an O is plotted when the price falls below that level. The box size is the minimum price movement required for a new column to be added to the chart. The point and figure chart are read by looking for patterns of X's and O's. A series of consecutive X's indicates an uptrend, while a series of consecutive Os indicates a downtrend. The number of Xs or O's in a column before a new column is added is known as the reversal amount. Support and resistance levels can also be identified by analyzing the chart. Support levels are identified as areas where the price has difficulty falling below, while resistance levels are identified as areas where the price has difficulty rising above. Traders can also use point and figure charts to set price targets and stop-loss levels. The price target is the level at which a trader expects the price to reach and the stop-loss is the level at which a trader exits a trade to limit their losses. In point and figure charting, a double top or double bottom is a chart pattern that is formed when a security's price reaches a high or low level twice and then falls back. This can be a sign of a trend reversal and could indicate a buying or selling opportunity. Another pattern is the triple top and triple bottom, which is similar to the double top and bottom but the security's price reaches the high or low level three times before reversing. It's worth noting that point and figure charting is a discretionary method of technical analysis, and it requires a certain level of experience and knowledge to correctly interpret the chart. It's more commonly used in stock trading, but it can also be applied to other securities such as futures and commodities.
NSE:NIFTYEducation
by pratik2358
Bitcoin Bearish Structure Intact Breakdown to $14,600 LikelySometimes it seems one week in the world of crypto moves at the speed of three months in the traditional markets. If you recall, last week Cameron Winkelvoss called out Barry Silbert of Digital Currency Group (DCG) for potential solvency issues and potential co-mingling of assets between Digital Currency Group (DCG) and Grayscale Bitcoin Trust (GBTC). It would appear things are escalating quite rapidly on that front. It would appear Digital currency Group is currently being investigated by the US SEC and the US DOJ over suspicious funds transfers according to Yahoo Finance Digital Currency Group in Spotlight Over Suspicious Fund Transfers “Crypto-focused conglomerate Digital Currency Group (DCG) is under investigation by the U.S. Department of Justice as well as the Securities and Exchange Commission (SEC) over questionable transfers between DCG and a subsidiary, according to a Bloomberg report that cited unnamed sources.” Additionally, Bloomberg is reporting Dutch Crypto Exchange Bitvato rejected an offer by Digital Currency Group (DCG) to pay 70 percent of its outstanding debt to Bitvato. Dutch Crypto Exchange Says Digital Currency Group in Talks With Creditors …and of course this led to a call for removal of Barry Silbert from Digital Currency Group (DCG) by Cameron Winkelvoss (Yahoo Finance analysis link below). DCG, Gemini Tensions Escalate as Winklevoss Calls for Removal of Barry Silbert The ramifications of a potential Digital Currency Group insolvency – and by extension a potential insolvency of Greyscale Bitcoin Trust – would have a material impact on the entire crypto ecosystem. It would appear that the Cryptocurrency Ecosystem may need to brace for a hard landing. With that, Let’s get to the TA. (My methodology is Point & Figure/Wyckoff.) Looking at the 1D chart ($200 USD box size with a 3-box reversal), the bearish structure of the formation has remained intact, with a series of Upward Thrust (UT) shakeouts honoring the broken trendline of support throughout Phase C of this Wyckoff Redistribution. Upward Thrusts (UT) and Upward Thrusts After Distribution (UTAD) are quite common in Phase C of Wyckoff Redistributions to trap, shakeout, and chop up traders. “A UT or UTAD allows large interests to mislead the public about the future trend direction and, subsequently, sell additional shares at elevated prices to such break-out traders and investors before the markdown begins. In addition, a UTAD may induce smaller traders in short positions to cover and surrender their shares to the larger interests who have engineered this move. Aggressive traders may wish to initiate short positions after a UT or UTAD. The risk/reward ratio is often quite favorable. However, the “smart money” repeatedly stops out traders who initiate such short positions with one UT after another, so it is often safer to wait until Phase D and an LPSY.” - The Wyckoff Method: A Tutorial The recent PA move took Bitcoin to a confluence of resistance at $17,400 USD where the broken support trendline (started from the Secondary Test at $15,600 USD) and the resistance trendline (started from the UTAD local top at $18,200) meet. The PA should experience rejection here, with price falling into the $15,800 USD region on a Sign of Weakness (SOW) as the formation moves into Phase D of the Redistribution. The projected price for this Wyckoff Redistribution phase would be ((9 columns x 200 box size x 3 box reversal) * 2/3) - $18,200 = $14,600 region based upon the existing cause in the formation. A breakout above $17,800.00 would invalidate this bearish scenario. Something worth reminding about: One thing to be acutely aware of in a Wyckoff Redistribution cycle is these cycles generally have three waves – each with diminished intensity as a rule of thumb. It is entirely possible after BTC settles into a new Trade Range in the $14,600 region, the formation will move through a normal Phase A Wyckoff Accumulation right before experiencing a Change of Character and transforming into a third Wyckoff Redistribution only to take the PA to a lower Trade Range. Always remember this is not trading advice. Outside of that, Happy Trading.
COINBASE:BTCUSDShort
by FOFAgent1
3
Bitcoin Eyes Potential Breakdown to $14,600 on a Wyckoff RedistI have always marveled about how projected price movements from TA oftentimes capture some unspoken truth not widely shared in the market – both good and bad news. In that vein, if you have not had a chance to read about everything happening between Tyler & Cameron Winklevoss the Gemini cofounders and Barry Silbert the CEO of the Digital Currency Group (and by extension Greyscale Bitcoin Trust), you really need to take the time to read through this and understand the ramifications of a potential Digital Currency Group insolvency – and by extension a potential insolvency of Greyscale Bitcoin Trust – would have on the entire crypto ecosystem en.cryptonomist.ch With that, Let’s get to the TA. (My methodology is Point & Figure/Wyckoff). Looking at the 1D chart ($200 box size with a 3-box reversal), the formation moved into a normal Phase A Wyckoff Accumulation pattern after breaking a major line of support at the $17,600 price point. As the formation moved from Phase A into Phase B, the PA of the formation experienced a Change of Character (transforming midway in Phase B from a typical Wyckoff Accumulation pattern into a Wyckoff Distribution pattern). It formed a Last Point of Supply (an exit rally) which took the PA to the $18,200 region and subsequently printed a Sign of Weakness as the PA moved into a Wyckoff Redistribution pattern. If we look at the projected target price of this Wyckoff Redistribution using the horizontal method, the projected price for this Wyckoff Redistribution phase would be ((9 columns x 200 box size x 3 box reversal) * 2/3) - $17,000 = $14,600 region based upon the existing cause in the formation. One thing to be acutely aware of in a Wyckoff Redistribution cycle is these cycles generally have three waves – each with diminished intensity as a rule of thumb. It is entirely possible after BTC settles into a new Trade Range in the $14,600 region, the formation will move through a normal Phase A Wyckoff Accumulation right before experiencing a Change of Character and transforming into a third Wyckoff Redistribution only to take the PA to a lower Trade Range. Always remember this is not trading advice. Outside of that, Happy Trading.
COINBASE:BTCUSDShort
by FOFAgent1
Litecoin Completes Wyckoff Phase E ReaccumulationHappy hump day in the first week of this new year. It’s been a minute since I’ve last posted some TA, and it seems the itch has returned after putting trading aside for a bit to focus on other pieces and parts of life. I’m sure The Byrds touched on crypto degen season in their hit Turn! Turn! Turn! somewhere. With the Litecoin halving expected sometime in Q3 or Q4 of 2023, backing up the Brinks truck and filling up the bags with Litecoin has become the recent mantra and memecoin. What better way to get back on the horse again? With that, Let’s get to the TA. (My methodology is Point & Figure/Wyckoff.) Looking at the 1D chart (0.20 box size with a 3 box reversal), the formation appears to have completed a Phase E Wyckoff Reaccumulation. If we look at the projected target price using the horizontal method, the projected price for the completion of Phase E would be (23 columns x 0.20 box size x 3 box reversal) + $65.20 = $79.00. The formation’s Buying Climax topped out at $77.80 at the time this article was published, so it appears all the cause built up to mark the price up has been used, and Litecoin should establish a new trade range and direction at this stage. The larger question is which direction is Litecoin likely to break? The weekly chart might help provide some insight. Looking at the 1W chart (0.20 box size with a 5 box reversal), the formation appears to be at the tail end of a Phase B Wyckoff Accumulation. Typically, at the tail end of this stage, the formation tends to retest support (in this case the $46.40 price at the top of support) followed by a test of resistance (in this case the $60.40 price at the bottom of resistance) before entering into Phase C with the shakeout (forming the creek and spring) prior to markup. As this chart is a higher timeframe, consider this may take some time for the full breakdown to complete before the subsequent retest of resistance. Always remember this is not trading advice. Outside of that, Happy Trading.
COINBASE:LTCUSD
by FOFAgent1
What are Point and Figure charts? And why are they good for me?The Point and Figure chart (an example for West Texas Intermediate crude oil futures, traded on NYMEX, is shown here) is used to identify price breakouts. These breakouts can be to the upside or to the downside—in either case potentially producing large profit opportunities. Mechanical rules free the trader from worry about when to act. (How to act is another matter, which is why point-and-figure charting should not be treated as just a gimmick.) The arrows show when a trader might have purchased a 100-barrel WTI contract at $72 per barrel during the last week of December 2021, and closed the position at $100/barrel during the first week of April 2022. This would have produced a profit of $2,800 on a margin of $1,670, which is the kind of opportunity that makes trading oil (and other commodities) a very lucrative proposition. If you like trading breakouts, it will be worth your while to learn more about Point and Figure charting. You can start with Thomas Dorsey's Point and Figure Charting book as well as with articles on the Investopedia and Stockcharts websites. In future articles here I'll talk about how I use the charts to optimize profits and limit drawdowns.
NYMEX:CL1!
by SwingWaiter
IWM: The most interesting chart in the world: As of Friday (Jan 21) IWM has fallen out of a long range of distribution, produced both daily and weekly closes outside the trading range, and importantly has the potential to produce a large move. In this piece we discuss the trading range, mostly from a Wyckoff perspective, show multiple ways to start thinking about how far the move might progress, and finally take a look at IWM in terms of its strength relative to the higher quality SPX. Again, there is not a trading recommendation attached to these observations. The CMT course offers an excellent way to learn more about the concepts discussed below. 1) The most important chart feature is the trading range. Long trading ranges represent zones where supply and demand move into balance. a. Ranges are zones where strong hands / smart money accumulate new shares if they are bullish, or distribute existing shares if they are bearish. b. In early November price attempted to break out of the top of the range, but failed. In Wyckoff terms this is known as a terminal upthrust. The failure is bearish and confirmed the view that the range represented distribution. c. The upthrust was followed by a high volume decline back to the lower bound. The volume expansion and solid thrust strongly suggested that price was likely to break out of the trading range. d. There was some buying as the market tested the bottom of the range for the last time (note the very low volume bounce). My interpretation is that traders who had repeatedly bought the trading range lows, tried to buy again. They failed to recognize the significance of the upthrust and of the development of high volume in the days just prior. Now they are trapped. 2) On Friday, price fell through the range lows, trapping longs and accelerating lower on high volume. 3) Was the volume high enough to exhaust the immediately available supply? I would think not. Modern selling climaxes often take multiple days to unfold, and are not likely to occur this soon after falling out of a long zone of distribution. Remember, the long range attracted many weak handed buyers who are now being forced to liquidate. Targets: 1) There are several ways to think about move objectives. The simplest is to run a Fibonacci retracement of the March 2020 low to the November 2021 high. I keep it simple. I look at .382, .500 and .618. 2) Note that the 50% retracement of the entire move is very close to the January 2020 high pivot. The two form a support confluence in the 169 zone. Given the amount of distribution that occurred in the trading range, I think its more likely that the .618% retracement @ 152 is the most likely one. 3) When a correction develops you will be able to use the TradingView trend based Fib extension tool to project additional targets. Its likely that those targets, combined with the retracement tool and more traditional chart analysis will provide support confluences to work with. Point and Figure charts also provide insight. They don't get nearly the respect of Fib points, but they deserve it. I tend to use the Fibo points as my references, but sometimes, a solid PF range count can add insight. Wyckoff and others taught that the length of time spent in the consolidation is related directly to the distance of the subsequent move. Trading ranges are areas of the chart where large amounts of shares change hands, often from strong hands to weak hands. This is why there is a relationship between the length of the range and the size of the move. 1. Granted, there is no end to the debate as to what points should be used to define the counts. Since I'm a simple guy, I keep it simple. 2. In this case the width of the range is notable. A conservative target falls in the 145 area while a more aggressive accounting measures as deep as 121. So I have targets, what do I do now? 1. I think its enough to know that the targets are all much lower. As the trade progresses the chart will produce more support and resistance zones, target and objectives that will help to narrow the range of outcomes. 2. The final point is that, particularly in the case of point and figure charts, objectives are more guides than they are precise points. When available P&F counts are extremely useful in determining risk/reward in a trade. In the shorter run, the market broke out of its trading range on Friday with a solid daily/weekly thrust lower. But now, in the shortest perspectives it is deeply oversold. If the market does rally, the character of the rally is likely be corrective. I like to look for bear flags or pennants or a rally back to the underside of the broken trading range before the market rolls over again. Final Point: I was always taught to buy the strongest names/groups in uptrends and to sell the weakest names/groups in downtrends. IWM has clearly been weaker than SPX for a number of months. The top panel is IWM, the middle panel is the SPX and the bottom panel is the ratio between the two. If the market is setting up a major correction IWM probably will be far weaker than SPX. Good Trading: Stewart Taylor, CMT Chartered Market Technician Shared content and posted charts are intended to be used for informational and educational purposes only. The CMT Association does not offer, and this information shall not be understood or construed as, financial advice or investment recommendations. The information provided is not a substitute for advice from an investment professional. The CMT Association does not accept liability for any financial loss or damage our audience may incur.
AMEX:IWMEducation
by CMT_Association
52
Two scenarios for BitcoinBitcoin reached the target we previously predicted (see idea below) But what are the scenarios facing Bitcoin at this stage? There are two scenarios for Bitcoin at this stage. 1-The first scenario is the respect of Bitcoin to the previous support area in the Point and Figure and RENKO charts. Bitcoin may have respect for this support range. The reasons for this can be seen in the candlestick chart. The dynamic RSI oscillator has entered the oversold area and the wave trend indicator is located on the middle support of the channel. 2-The second scenario is determined by the volume profile and momentum oscillators in the monthly time frame. Bitcoin's volume profile has a small trading volume in this area (40500) and will not be able to create the accumulation area needed to reverse the trend. In fact, the next POC area looks like $ 34,700, and Bitcoin is likely to create its next Lateral movement area around this price. (29700 - 40500) But the next important issue is that with the breaking down of support at 40,500 in the monthly time frame, the trend wave oscillator will leave the overbought area, which can be an important signal for the continuation of the downward trend in the future.
BITSTAMP:BTCUSD
by cryptoonchain
4