European business hours end.
When trading based on an increase in volume, these patterns must serve as the norm.To decide whether there is a volume confirmation for a trade to be entered at 11 4.M., youmust compare today’s 30-minute volume for the 11 a.m. interval with the previous averagevolume for this same period only. This is equivalent to deseasonalizing or detrending thedata. Even with this precaution, an increase in volume for a thinly traded market, such ascocoa, may appear significant because the 30-minute volume jumped from 100 contractsto 300 contracts during midday. This can easily be misleading. You will need to considerthe sample error in low-volume markets or demand much larger volume changes to bemore certain.
FILTERING LOW VOLUME
It seems clear that minutes, hours, or even days that have little market activity are likely tobe associated with uncertain price direction. If the British pound moves the equivalent of$.50 in the early afternoon of the U.S. market, we know that volume is normally light andthe London and European markets are closed. If the intention of a volume indicator is toidentify positive moves in volume that can be used as a confirmation of price direction,then eliminating those days with low volume, or with marginal price moves, may make thevolume indicator dependable.254 VOLUME, OPt.. «(NTEREST, AND BREADTH
 
Removing Low-Volume Periods
The inclusion of low-volume periods into a volume index may make the index movementsunreliable. There is a similar situation in statistics, where a number of statistical values areslightly skewed to one side. Each value on its own is not noticeably important, but collec-tively they cause a bias. Some analysts believe that the collective weight creates a significantsituation, while others favor ignoring any statistic that is too close to the norm to be dis-tinguished. When you ignore the individual values, there is no collective value. In the sameway, by ignoring days with low volume, you do not have to risk the chance of posting aseries of days, all of which may be uncertain, that result in a confirmation of a new pricedirection. Days may be filtered if the volume falls one standard deviation below the aver-age (removing 16% of the total days), or two standard deviations (removing only 2.5% ofthe days), or any other combination. The use of absolute volume numbers, such as a dayon the New York Stock Exchange with volume under 200 million, will not allow consistentfiltering over any prolonged test. Then, on any day, the Volume-Filtered On-Balance Vol-ume would be found by the following program or spreadsheet steps:
volume_threshold = @AVG(volume, n) + f*@STD(volume - volume[1], n)
if volume < volume_threshold then VFOBV = VFOBV[1]else VFOBV = VFOBV[1] + ((close - close[1])/(@ABS(close - close[1])}) * volume.
where n is the number of periods in the average and standard deviationf is the number of standard deviations used to filter minimum volume
Removing Volume Associated with Small Price Moves
Indicators such as On-Balance Volume post all volume as either a positive or negative con-tribution to the index, based on the direction of prices on that day. It is fair to question thevalidity of posting all volume to the upside when the S&P 500 closed up a minimum moveof one-twentieth of one point (+.05). It could just as easily have closed down that amount.In a manner similar to filtering low-volume periods, in the section above, periods in whichprices moved very little may be eliminated by using a standard deviation of the pricechanges as a filter. Days which are within +.5 or +1.0 standard deviations of the averagewould be ignored. The Price-Filtered On-Balance Volume would then be found as follows:price_threshold = @AVG(price - price[1], n) + f*@STO(price - pricefl],n) \
if @ABS(price - price[l]) < price_threshold then PFOBV = PFOBV[1]
else PFOBV = PFOBV[1] + ((close - close[1])/(@ABS(close - close[1])) * volume
where n is the number of periods in the average and standard deviationf is the number of standard deviations used to filter minimum volume
Note that, in the case of a minimum price threshold, the rules look at price change, whichcan be positive or negative. For a volume threshold there is only a one-sided test.
MARKET FACILITATION INDEX
In weighing the likelihood that prices are indicating a direction, rather than a false start,the tick volume compared with the price range for the same period, called the MarketFacilitation Index,* can measure the willingness of the market to move the price. This con-cept is interesting because it is not clear that high volume results in a large price move,although it appears to set up the conditions for high volatility. If the Market FacilitationIndex increases, then the market is willing to move the price; therefore, trading profits aremore likely. -
* Bill Williams, Trading Chaos (john Wiley & Sons, 1995).SOURCES OF INFORM... 1ON 255
 
range _ high -loMarket Facilitation Index = ange igh = lowvolume volume
The results of combining the change in tick volume and the Market Facilitation Index areinterpreted as:
 
 
MarketTick Volume Facilitation index InterpretationUp Up Confirmation of directionDown Down False direction, do not take tradeDown Up Poor entry timing, approach with cautionUp Down Potential new trend, end of old trend
a
SOURCES OF INFORMATIONIn addition to the various references in this chapter, the following is a list of sources con-taining useful information on volume:
Steven B. Achelis, Technical Analysis from A to Z (Probus, 1995),
Colby and Meyers, The Encyclopedia of Technical Market Indicators (Dow Jones-
Irwin, 1988),.
CompuTrac Manual (Telerate, 1990)
Edwards and Magee, Technical Analysis of Stock Trends (Edwards and Magee, 1948)
_ Dr. Alexander Elder, Trading for a Living John Wiley & Sons, 1994)
Omega TradeStation, Easy Language Manual (Omega Research, 1995)
Martin J. Pring, Technical Analysis Explained (McGraw-Hill, 1991)
Kenneth H. Shaleen, Volume and Open Interest (Probus, 1991)Point-and-Figure Charting
 
prior to the turn of the twentieth century. This method differs from ordinary charting
Pircrenets charting is credited to Charles Dow, who is said to have used it justin three important ways:
1. It has simple, well-defined trading rules.
2. It eliminates price reversals that are below a minimum (box) value.
3. It has no time factor, As long as prices fail to change direction by the reversal value,the trend is intact. .
When point-and-figure charting first appeared, it did not contain the familiar boxes ofXs and Os. The earliest book containing the subject is reported to be The Game in WallStreet and How to Play it Successfully, published by Hoyle (not Edmond Hoyle, theEnglish writer) in 1898. The first definitive work on the subject was by Victor de Villiers,who in 1933 published The Point and Figure Method of Anticipating Stock Price Move-ment. De Villiers worked with Owen Taylor to publish and promote a weekly point-and-figure service, maintaining their own charts; he was impressed by the simple scientificmethodology. As with many of the original technical systems, the application was intendedfor the stock market, and the rules required the use of every price change appearing on theticker. The rationale for a purely technical system has been told many times by now, but anoriginal source is often refreshing. De Villiers said:
“The Method takes for granted:
1. That the price of a stock at any given time is its correct valuation up to theinstant of purchase and sales (a) by the consensus of opinion of a// buyersand sellers in the world and (b) by the verdict of a@// the forces governingthe laws of supply and demand.
2. That the last price of a stock reflects or crystalizes everything known aboutor bearing on it from its first sale on the Exchange (or prior), up to thattime.
3. That those who know more about it than the observer cannot conceal theirfuture intentions regarding it. Their plans will be revealed in time by thestock’s subsequent action.”
The unique aspect of the point-and-figure method is that it ignores the passage of time.Unlike bar charts, you do not make a single vertical mark and then move to the right a uni-form distance. Each column of a point-and-figure chart can represent any length of time.The measurement of a significant change in price direction alone determines the patternof the chart.
The original figure charts were plotted with only dots or with the exact price in eachbox or with a combination of Xs and occasional digits (usually Os and 5s every 5 boxes) to
‘Victor De Villiers, The Point and Figure Method of Anticipating Stock Price Movements (Trader Press, New York,1966 (Reprint of 1933 edition), p. 8).PLOTTING PRICES ~ ING THE POINT-AND-FIGURE METHOD 157—————help keep the chart aligned. A geometric representation was also created by connecting thepoints in each column with a vertical line and closing the gap between columns with acrossbar on top for a reversal down and a bar at the bottom if the next column goes up.This would later be called a swing chart. Charts using 1, 3, and 5 points were popular, inwhich each point represented a minimum price move. In the 5-point method, no entry wasrecorded unless the price change spanned 5 points.
Point-and-figure charts, which are still commonly used on the floor of the ChicagoMercantile Exchange and the Chicago Board of Trade, are recorded to show the greatestdetail. Each box represents the minimum allowable price move, and reversals of directionuse the traditional 3-box criteria. Floor traders use the charts to show only the short-termsustained price moves and leave a lot to the interpretation of patterns.
PLOTTING PRICES USING THE POINT-AND-FIGURE METHOD
To plot prices on a point-and-figure chart, start with a piece of graph paper and mark theleft scale using a conveniently small price increment. For example, each box may be set at$1 for gold and platinum, one-eighth of a point (4 ticks) for 30-year bonds, 1¢ for soybeansand silver, and so forth (see Figure 11-1). The choice of a box size will make the chart moreor less sensitive to changes in price direction, as will be seen in later examples. The smallerthe price increment, the more changes in direction will be seen. This also corresponds tolonger and shorter trends or major and minor trends. Therefore, a point-and-figurechartist looking for a long-term price movement will use a larger box size. Box sizes areoften related to the current volatility of the markets. :
Once the graph paper has been scaled and the prices entered along the left side, thechartist can begin. The first box to be entered is that of the current closing price of the mar-ket. If the price of silver is 852.50 and a 1¢ box is being used, a mark is placed in the boxbeside the value 852. An X or.an O is used to indicate that the current price trend is up ordown, respectively. Either an X or O may be used to begin—after that, it will be determinedby the method.
The rules for plotting point-and-figure charts are easily shown as a flowchart (Figure11-2). Preference is given to price movements that continue in the direction of the currenttrend. Therefore, if the trend is up (represented by a column of Xs), the new high price istested first; if the trend is down, the low price is of greatest importance. The opposite priceis checked only if the new price fails to increase the length of the column showing the cur-rent trend.
 
FIGURE I1-1 Point-and-figure chart.
- Silver
 
 
 
 
 258 POINT-AND-FIGURE CHARTING
 
 
 
FIGURE [1-2 Point-and-figure daily rules.
 
      
Get the high and lowprices for today.
Is the current columnXs or Os?
  
  
 
         
Enter new Os.Do not fill box ifscale price is lessthan today’s low,
Enter new Xs.Do not fill.box ofscale price is greaterthan today’s high
          
 
 
 
 
          
       
is today's low at
least 3 boxes belowthe highest box
containing an "X"?,
Is today’s high atleast 3 boxes above
the fowest becontaining an "0"?
 
       
 
Move right one column. Move right one column.Record today’s date. Enter Os Record today’s date. Enter Xsbeginning 1 box below the beginning 1 box above thehighest box containing an “X”, lowest ox containing an “0”.Do not fill box if scale price Do sot fill box if scale price
is less than today’s tow. is greater than today’s high.
  
The traditional point-and-figure method calls for the use of a 3-box reversal; that is,the price must reverse direction by an amount equal to 3 boxes from the most extreme boxof the last column before a new column carrbegin (it actually must fill the 4th box sincethe extreme box is left blank). The importance of keeping the 3-box reversal has long beenquestioned by experienced point-and-figure traders. It should be noted that the net rever-sal amount (the box size times the number of boxes in the réversal) is the critical value. Forexample, a $4 box for gold with a 3-box reversal means that gold must reverse by $12 toindicate a trend change. The opposite combination, a $3 box and a 4-box reversal, wouldactually signal a reversal of trend at the same time. The prop::r selection is based on thesubsequent sensitivity of the box size following the reversal. Therefore, a smaller box sizemay interpret the smallest price movements as a continuation of the trend and ultimatelycapture more of the price move; it is considered the preferable alternative. The choice ofbox size and reversal boxes will be considered later in more detail.CHART FORMATIONS - 259_ OOO eee
CHART FORMATIONS
It would be impossible for the average speculator to follow the original method of recordingevery change in price. When applied to stocks, those charts became so lengthy that interpre-tations similar to those used for the traditional bar chart were necessary to select the best pat-terns. In 1969, Robert E. Davis published Profit and Profitability, a point-and-figure studythat detailed eight unique buy and sell signals. The study covered two stocks for the years1914-1964, and 1,100 stocks for 1954-1964. The intention was to find specific bull and bearpatterns that were more reliable than others. The best buy signal was an ascending triple top,and the best sell signal was the breakout of a triple bottom (Figures 11-3 and 11-4).
Plotted daily, futures prices do not offer the variety of formations available in the stockmarket. The small number of markets and the high correlation of movement betweenmany of the delivery months make the limitations of signal selection impractical. Instead,the most basic approach is used, in which a buy signal occurs when an X in the current col-umn is 1 box above the highest X in the last column of Xs, and the simple sell signal is anO plotted below the lowest O of the last descending column. The variability in the systemlies in the size of the box; the smaller the size, the more sensitive the chart will be to pricemoves. In:1933, Wyckoff noted that it was advisable to use a chart with a different box sizewhen the price of the stock varied substantially.”
Trendlines
The bullish and bearish trendlines important to bar charting also exist for point-and-figurecharts. The top or bottom box that remains blank when a reversal occurs often forms thebeginning of a descending or ascending pattern at a 45° angle (diagonally through theboxes, providing the graph paper has square boxes). These 45° lines represent the majoranticipated trends of the market. Once a top or bottom has been identified, a 45° line canbe drawn down from the upper corner of the top boxes of Xs toward the right, or up fromthe bottom of the lowest box of Os toward the right (Figure 11-5). These trendlines areused to confirm the direction of price movement and often filter the basic point-and-figuretrading signals so that only long positions are taken when the 45° trendline is up and onlyshorts are entered when the trendline is down.
Point-and-Figure Studies
In 1970, Charles C, Thiel, Jr., with Robert E. Davis, completed the first purely futures marketpoint-and-figure study’ that calculated profitability of a reasonably large sample of markets
2 Richard D. Wyckoff, Stock Market Technique, Number One (Wyckoff, New York, 1933, p. 89).3 Charles Thiel and R.E. Davis, Point and Figure Commodity Trading: A Computer Evaluation (Dunn & Hargitt,‘West Lafayette, IN, 1970).
 
FIGURE 11-3 Best formations from Davis’s study,
 
Ascending Triple Top Breakout of a Triple BottomX — BUY xX XxX X OXOXxOX XOX OXOXOXOXOX o 0 90XOXO - O —SELLoO260 POINT-AND-FIGURE CHARTING
 
——_—FIGURE I1-4 (a) Compound point-and-figure buy signals. (b) Compound point-and-figure sellsignals. |
 
 
 
 
    
 
 
 
 
 
 
 
 
 
 
 
 
    
 
   
xa Buy x——Buyx x xx xx xox xoxox xXOx0x xOxOx0xxoxo OxOxox° 200boBreakout of a triple top ‘Ascending triple top ‘Spread triple topYQxO xx0 WN x e—BreakoutxOxOKxoxoxXOxOX,xOxex xoxxoxo xxox x0 xxUpside breakout of a Upside breakout of a xsymmetric triangle bullish resistance tine xxT — . x8 x<—Break» x~—«—Buy x—<— Breakoutx0 x 7 Box axo x xx x x maximum xo x ‘Oxa\ x~—<—Buy xoxoxox XOXoxoXx X Ox Ox OX, XOX2 0xOx x Ox 0x9 x x xoxoxox xoxox xoxoxa0 ox xoxa xoxox NK Nota° xox : oo new lowx9 :toUpside breakout of a Upside breakout of an Bullish catapuitbearish resistance tine ascending triangle ©,(a)Breakout of a triple bottom ‘Spread triple bottom“x Not aokono new highOxOxXoxoo oxaoxo8 8x0<—Breakout xfe 7 Box 9% 8maximum o<~ BreakoutDownside breakout of a ‘Downside breakout of a $symmetric triangle bearish support tine °°°— °°°°Oownside breakout of 2. Downside breakout of a Bearish catapultbullish support line descending triangle
(5)POINT-AND-FIGURE BOX SIZE 261
 
aFIGURE 11-5 Point-and-figure trendlines.
 
 
xx «KK x
 
by varying both the value of a box and the reversal criteria (the number of boxes necessary tostart a new column), With the standard 3-box reversal and only simple buy and sell forma-tions, the tests showed 799 signals, of which 53% were profitable; the average net profit onall trades was $311 realized in approximately 50 days. The period studied was 1960 through1969. In the :mid-1970s, Zieg and Kaufman‘ performed a computerized study using the samerules but limiting the test period to 6 months ending May 1974, an extremely active marketperiod, For the 22 commodities tested, 375 signals showed 40% .of the trades were prof-itable; the net profit over all the trades was $306 and the average duration was 12.4 days. Itis interesting to note that the most significant difference in the results of the two studies is inthe average length of a trade, from 50 to 12.4 days, indicating a change apparently inducedby more volatile markets. Although the two tests varied in many of the details, the results area strong argument for the consistency of the point-and-figure method as a trading tool.
In its current role, point-and-figure differs from other forms of charting because it pro-vides a rigid set of rules for entering long and short positions. Many of the formations are stillsubjected to interpretation and are frequently used in the original sense by floor traders; butas a tool for the speculator without access to intraday prices and the experience to under-stand the subtleties of chart analysis; point-and-figure fills an important gap. It will tell thetrader exactly what penetration of a resistance or support level is necessary to generate a buyor sell signal and exactly where the stop-loss order should be placed to limit risk. It is thiswell-defined nature of point-and-figure charting that allows computer testing and evaluation,
The basic study of the point-and-figure method involves rules of charting, buy and sellsignals, trendlines, geometric formations, and price objectives. Since these points have beencovered effectively in at least two books currently available,’ they will not be repeated here,More advanced point-and-figure topics will be discussed, including its relationship to barcharting, alternate plotting rules, risk-limited trading, and varying box size.
POINT-AND-FIGURE BOX SIZE
The box size used in a point-and-figure chart determines the sensitivity, or frequency of sig-nals, and allows the identification of trends and trading ranges of various duration. Formany years Chartcraft was.the only major service that produced a full set of point-and-figure charts (see Table 11-i).
‘Kermit C. Zieg, Jr, and Perry J. Kaufman, Point and Figure Commodity Trading Techniques (Investors Intelli-gence, Larchmont, NY, 1975). This book contains complete tabularized results of both _point-and-figure rests.
5 AM. Cohen, How to Use the Three-Point Reversal Method of Point and Figure Stock Market Trading (Chartcraft,Larchmont, NY, 1972), and Zieg and Kaufman, Point and Figure Commodity Trading Techniques (1975).262 POINT-AND-FIGURE CHARTING
 
——————————_——TABLE ||-la_ Point-and-Figure Box Sizes*
 
 
 
 
 
 
Prior to1975+ 1975+ 197F 19778 1986+Box Box Box Box BoxCommodity Year Size Size Size Size SizeGrainsCorn 1971 Ag 2¢ 2¢ 2¢ lgOats 1965 Ag I¢ \¢ l¢Soybeans 1971 \¢ 10g 10g 5¢ S¢Soybean meal 1964 50 pts 500 pts 500 pts 100 ptsSoybean oif 1965 10 pts 20 pts 20 pts 10 ptsWheat 1964 I¢ 2¢ 2¢ 2¢ l¢Livestock and MeatsCate 1967 _ 20 pts 20 pts 20 pts 20 ptsHogs . 1968 20 pts 20 pts 20 pts 20 ptsPork bellies 1965 20 pts 20 pts 20 pts 20 ptsOther Agricultural ProductsCocoa? 1964 20 pts 100 pts 100 pts 50 pts 10 ptsCoffee (20) pts 100 pts 100 pts 50 pts 100 ptsCotton (20) pts 100 pts 100 pts 50 pts_Lumber (100) pts 100 pts 100 prs 100 ptsOrange juice 1968 20 pts 20 pts 100 pts 100 ptsSugar 1965 5 pts 20 pts 20 pts 20 pts (0 ptsMetals
Aluminum - 50 ptsCopper x 1964 20 pts 100 pts 100 pts 50 pts 50 ptsGold 50 pts 100 pts 400 ptsPalladium - 100 ptsPlatinum 1968 200 pts 100 pts 200 pts 200 pts . 400 ptsSilver 1971 100 pts 200 pts 200 pts 400 pts 1000 pts
 
* All box sizes use a 3-box reversal and are in points (decimal fractions treated as whole numbers) unless otherwise indicated.* Cohen (1972); parentheses indicate approximate values,
+ Courtesy of Chartcraft Commodity Service, Chartcraft, Inc., Larchmont, NY.
§ Chart Analysis Limiced, Bishopgate. London. Values are for long-term continuation charts.
1 Cocoa contract changed from cents/pound to dollars/ton.
Over.the past 10 years, all markets have had one or more major price moves reachinglevels often greater than twice their normal price. Sugar and silver each topped at 10 timestheir starting value. These moves necessitate changes in box size to control the impact ofthe increased, and later decreased, volatility. ue
Alternating with extremely high prices are periods in which many commodities fall tlevels near their production coszs. Table 11-1 shows part of the history of changing boxsizes based on a 3-box reversal, for agricultural markets during the late 1960s comparedwith the mid-1980s. By noting the historic pric€ moves, the change in volatility can berelated to the change in box size. Whereas most agricultural markets show a pattern ofsmall to large to small box sizes, coffee and orange juice have remained volatile. Silver andgold maintain large box sizes. through the mid-1980s, as a result of their long steadyTHE PROBLEM OF RISK 263
 
TABLE II-lb  Point-and-Figure Box Sizes
 
 
1986 1986Commodity Box Size Commodity Box SizeOils Currencies
Crude 10 pts British pound 50 pts
Gasoline 50 pts Canadian dollar 10 pts
Heating oil 50 pts Japanese yen 10 pts
Swiss frane 10 pts
Deutschemark 10 pts
Financials Index
Eurodollars 10 pts S&P 500 50 pts
GNMAs "Ay pts Major market 50 pts
Treasury bonds "Aa pts NYSE 50 pts
Treasure bills JO pts Value line 50 ptsCertificates of déposic 10 pts
 
declines; however, current levels would require a reduction. Rules for varying box sizesand risks associated with these changes will be discussed in the next sections.
The Nature of Markets
Financial markets have underlying differences from agricultural ones. Interest rates havethe greatest similarity, with the exception that a low volatility level for rates is associatedwith high prices. To create a point-and-figure chart for Eurodollars with the same orienta-tion as soybeans, it is necessary to plot the yield, rather than the price, of the market. Thisis easy for any 3-month rate, because the current price can be subtracted from 100; forlonger maturity bonds this is more difficult, but could be estimated by subtracting the cur-rent price from 164, or by dividing 800 by the futures price.
Currencies present another unique problem, because there is no low or high price forforeign exchange, only what the market decides. When an economy strengthens, the value ofthe currency increases; when the economy falters, its currency devalues. Sometimes, as hap-pened in the U.S. from 1985 to 1995, the government may choose to allow the currency todecline as a way to reduce its debt. Does this mean that the U.S. dollar is low and that itsvolatility will decline? No. With agricultural products, when prices fall to production levelsthere is less trading and lower volatility, the result of lack of interest. The dollar, however, cancontinue to decline and its volatility can increase as long as traders believe that the currentsituation is changing. Therefore, the volatility of a currency is low when market participantsSee its price as correct, at equilibrium. If prices move away from equilibrium, and the gov-ernment disapproves of what is happening, economic policy will attempt to move it back;therefore, currency prices can be volatile when they move in either direction away from equi-librium. This makes it difficult to scale prices by a percentage, as we will do in later sections.
THE PROBLEM OF RISK
1 go long or short as close as I can to the danger point, and tf the danger becomes real I- close out and take a small loss.Jesse Livermore to Richard Wyckoff®
“ Wyckoff, Stock Market Technique, Number One (Wyckoff, New York, 1933, p. 2).264 POINT-AND-FIGURE CHARTING
 
If the point-and-figure method is accepted as successful, why is it necessary to modify thebasic signal and use trendlines and geometric formations to interpret new signals? Theanswer involves the risk of an individual trade. The difference in treatment of the same pricemove can be seen by looking at both a bar chart and a corresponding point-and-figure chartfor the same period (Figure 11-6). The most basic bar chart trading method uses horizontalsupport and resistance trendlines to define a rectangular trading range; when the resistanceline is penetrated, a long position is taken. A stop-loss is placed below the resistance line toclose out the position in the event of a false breakout. An alternate place for the stop-losscould have been below the support line allowing the new bull move some latitude todevelop. The interpreted bar chart makes the selection of the entry point and the placementof stops seem obvious; however, when trading, the placement of the support and resistancelines is not as clear. The time to enter a trade after a breakout is never certain, and the posi-tion for the stop depends on the volatility of pfices and the risk that can be assumed.
In contrast toyhe ambiguity of the bar chart, the point-and-figure method defines thesupport and resistance levels exactly, establishes a place to buy in advance, and designatesthe position for the stop-loss below the rectangular congestion area. The rigidity of themethod allows only one place for the stop-loss and fixes the risk as the difference betweenthe support and resistance lines, a total of 5 boxes in this example. In the bar chart, the riskmight have been held to the equivalent of 2 boxes using the first strategy; however, a verysmall risk often results in being stopped out of the trend prematurely,
TRADING TECHNIQUES
There are alternate methods for selecting point-and-figure entry and exit points that havebecome popular. Buying or selling on a pullback after an initial point-and