Point and figure (Part 2)
Box size: The minimum price movement required for a new column to be added to the chart.
Reversal amount: The number of Xs or O's in a column before a new column is added.
Support and resistance levels: Areas where the price has difficulty falling below (support) or rising above (resistance).
Price targets: The level at which a trader expects the price to reach.
Stop-loss levels: The level at which a trader exits a trade to limit their losses.
Double top and double bottom: A chart pattern that is formed when a security's price reaches a high or low level twice and then falls back. This can indicate a trend reversal and a potential buying or selling opportunity.
Triple top and triple bottom: A chart pattern that is similar to the double top and bottom but the security's price reaches the high or low level three times before reversing.
Breakout strategy: A strategy where traders buy when the price breaks above a resistance level or sell when the price breaks below a support level.
Trend following strategy: A strategy where traders buy when the price is in an uptrend and sell when the price is in a downtrend.
Mean reversion strategy: A strategy where traders buy when the price is undervalued and sell when the price is overvalued, based on historical price levels.
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 and to use the strategies mentioned above.
Reversal amount: The number of Xs or O's in a column before a new column is added.
Support and resistance levels: Areas where the price has difficulty falling below (support) or rising above (resistance).
Price targets: The level at which a trader expects the price to reach.
Stop-loss levels: The level at which a trader exits a trade to limit their losses.
Double top and double bottom: A chart pattern that is formed when a security's price reaches a high or low level twice and then falls back. This can indicate a trend reversal and a potential buying or selling opportunity.
Triple top and triple bottom: A chart pattern that is similar to the double top and bottom but the security's price reaches the high or low level three times before reversing.
Breakout strategy: A strategy where traders buy when the price breaks above a resistance level or sell when the price breaks below a support level.
Trend following strategy: A strategy where traders buy when the price is in an uptrend and sell when the price is in a downtrend.
Mean reversion strategy: A strategy where traders buy when the price is undervalued and sell when the price is overvalued, based on historical price levels.
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 and to use the strategies mentioned above.
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