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 |
| 01 November | The strong move down off the highs has met most of its targets with one remaining at 1.3520 and a break below the current 1.3540 lows would probably indicate a move down to that target if not further as the strong bar move unfolds. The first target doesn't offer the trader much reward but the next o | Yesterday's forecast is still relevant: Cable is falling towards the neckline of a large double-top reversal pattern. It is in a short-term down-trend within a sideways consolidation (the double-top pattern). Price has just met tough support from major MA's at 1.5990. A decisive break below this lev | The USD/JPY has fallen back after reaching quite strong resistance from several major moving averages and the bottom of the large triangle. It failed to reach the up-side count for the bullish move at 99.20 and has now pulled-back to the 45° trend-line. It will probably consolidate at this level. Gi |
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