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jeremy du plessis the definitive guide to point and figure


The Definitive Guide to Point and Figure
A Comprehensive Guide to the Theory and Practical Use of the Point and Figure Charting Method

Jeremy du Plessis

Point and Figure charts are one of the great secrets of the Technical Analysis world. Highly sophisticated and with
a thoroughbred pedigree, they can, however, be overlooked by traders today. This should change with the long­
awaited publication of this book. Jeremy du Plessis - one of the foremost Point and Figure experts in the world
- has written what can truly be described as the definitive guide to the topic.
For the first time this book thoroughly demystifies the world of Point and Figure charting, with a detailed
explanation of the history and development of the technique from its invention to the modern day. The book
covers the make-up of the chart patterns, why they are created, and their interpretation. Throughout, readers are
encouraged to understand Point and Figure charts from first principles, rather than just remember the names of a
series of patterns. It is the first major work for 50 years to discuss in depth the original I-box reversal method of
Point and Figure charting and contrast it with the more popular 3-box reversal method. Further, the explanation
of how to use Point and Figure charts to project targets and calculate risk-reward ratios is the most comprehensive
ever seen. Also covered in detail are:


A step-by-step analysis of the FTSE 100 Index using the 3-box method, as well as the NASDAQ Composite




A detailed discussion of optimising techniques.



Point and Figure's contribution to market breadth with bullish percent.

Index using the I-box method.



Lesser known, more advanced techniques such as the use of moving averages, parabolic SAR and Bollinger
Bands on Point and Figure charts.

All this is illustrated with numerous colour charts and observations from years of trading experience.
According to du Plessis, Point and Figure charts are the 'voice of the market'. This book helps you listen to, and
understand, that voice.

"Rarely does a book live up to its claim of being the 'definitive' guide to something. Jeremy du Plessis' new book
lives up that claim and more. It's almost impossible to imagine a more definitive treatment of point and figure
charting. The author pays homage to its early development and the pioneers who first wrote about it. He gives
extensive coverage to the original I-point reversal method before moving on to the more modem methods. The
subject is examined from every conceivable angle. I'm not aware of anyone who has even attempted to combine
p&f charting with so many modem technical indicators. I expect that du Plessis' book will not only become the
definitive book on point and figure, but will also become a classic in the field of technical analysis."

John Murphy CMT, Author of Technical Analysis of the Financial Markets
"A superbly comprehensive book on this powerful technique from one of the world's leading experts on the
subject. A must read for all serious technicians and investors."

Adam Sorab, Chairman

-

UK Society of Technical Analysts

www.harriman-house.com/definitivepandf


Illi

Harriman House Publishing

I

$90.00
£59.95


The Definitive Guide to Point and Figure
"If you had to go to a desert island and were only
allowed to take one investment tool with you, then
it should be the Point and Figure chart. If you were
also allowed to take only one book, other than the
Bible and the works of Shakespeare, then make it
this Definitive Guide by Jeremy du Plessis.
The whole subject is covered from its early
historical beginnings as a way of noting the noise of
the ticker tape in the days of Charles Dow, then
called the Book method, through its evolution to
become the 'Voice of the market'.

Jeremy d u Plessis CMT, FSTA

How to construct and use the charts and their

Jeremy trained as an automotive engineer, then an

unequivocally clear buy and sell signals, revelation

economist, but gave them both up to become a

of trend, reversal, support and resistance levels are

Technical Analyst. In 1983 he founded lndexia

all revealed and well illustrated. The subject is

Research and pioneered the development of PC­

explained as an evidence gathering procedure, that

based Technical Analysis software with the Indexia

leads to a successful trading method, with accurate

range of Technical Analysis systems. During the

entry, stop loss, and targets. It is also brought right

1980s he developed a number of technical tools

up to date with some new thinking involving

and indicators under the banner of Indexia, which

indicators such as OBV, Bollinger Bands, and

are still used in software to this day.

parabolic stop and reverse signals.
You will have such a great time working through it

He is an expert on Point and Figure charts, and the
Indexia software was the first PC-based system to

on your desert island that you might not want to
"
come home.

draw them correctly and clearly in the early 1980s.

Robin Griffiths FST A, Head of Asset Allocation,

Society of Technical Analysts and sets the Point

Rathbone Investment Management

He lectures the Point and Figure module for the
and Figure syllabus for the International Federation
of Technical Analysts. He has taught Technical
Analysis, and in particular Point and Figure, to

"Even though point and figure charting is 120 years
old, Mr. du Plessis has brought a truly fresh and
authoritative approach to a subject that is central to
"
technical analysis. Bravo!

Bruce M. Kamich, CMT, Adjunct Professor of
Finance at Baruch College, Past President of the
Market Technicians Association

thousands of professional traders and investors
over the last 20 years. In 200 1 , after running
Indexia Research for nearly 20 years, he agreed to
merge the company with Updata pic, where he is
now Head of Technical Analysis and the designer
of the Updata Technical Analyst software.
He is a Fellow of the Society of Technical Analysts
(FSTA) in the UK, and a member of the American
Market Technicians Association (MTA). He is a
holder of the Chartered Market Technician (CMT)

"Not only does Mr. du Plessis plumb the history and
elucidate the present state of point and figure
analysis, he looks at a craft many regard as passe
and sees a vibrant future. This eye-opener is a
welcome addition to the literature of technical
"
analysis.

John Bollinger, CFA, CMT, President, Bollinger
Capital Management

designation awarded by the MTA.


The Definitive Guide to
Point and Figure

A Comprehens ive Guide to the Theory a n d P ractical
Use of the Point and F i g u re C hart ing M ethod

Jeremy du Plessis


HARRIMAN HOUSE LTD
43 Chapel Street
Petersfield
Hampshire
GU32 3DY
GREAT BRITAIN
Tel:

+44

(0) 1 730 233870

Fax: +44 (0)1 730 233880
Email: enquiries@harriman-house.com
Website: www.harriman-house.com

First published in Great Britain in 2005 by Harriman House.

Copyright Harriman House Ltd

The right of Jeremy du Plessis to be identified as the author has been asserted
in accordance with the Copyright, Design and Patents Act 1 9 88.
ISBN 1 -897-59763-0

British Library Cataloguing in Publication Data
A CIP catalogue record for this book can be obtained from the British Library.
All rights reserved; no part of this publication may be reproduced, stored in a retrieval
system, or transmitted in any form or by any means, electronic, mechanical,
photocopying, recording, or otherwise without the prior written permission of the
Publisher. This book may not be lent, resold, hired out or otherwise disposed of by
way of trade in any form of binding or cover other than that in which it is published
without the prior written consent of the Publisher.
Printed and bound by Cambridge Printing, University Printing House, Cambridge.

No responsibility for loss occasioned to any person or corporate body acting or
refraining to act as a result of reading material in this book can be accepted by the
Publisher, by the Author, or by the employer of the Author.

Designated trademarks and brands are the property of their respective owners.


About the Author
Jeremy du Plessis CMT, FSTA
Jeremy trained as an automotive engineer, then an economist, but gave them both up to
become a Technical Analyst. In 1 983 he founded Indexia Research and pioneered the
development of PC-based technical analysis software with the Indexia range of technical
analysis systems. During the 1 980s he developed a number of technical tools and indicators
under the banner of Indexia, which are still used in software to this day.
He is an expert on Point and Figure charts, and the Indexia software was the first PC-based
system to draw them correctly and clearly in the early 1 980s. He lectures the Point and
Figure module for the Society of Technical Analysts and sets the Point and Figure syllabus
for the International Federation of Technical Analysts. He has taught Technical Analysis, and
in particular Point and Figure, to thousands of professional traders and investors over the last
20 years. In 200 1 , after running Indexia Research for nearly 20 years, he agreed to merge the
company with Updata pIc, where he is now head of Technical Analysis and the designer of
the Updata Technical Analyst software.
He is a Fellow of the Society of Technical Analysts (FSTA) in the UK, and a member of the
American Market Technicians Association (MTA). He is a holder of the Chartered Market
Technician (CMT) designation awarded by the MTA.

iii



To Lynne



Contents
Preface

1

Introduction

5

Introduction to Technical Analysis

1.

2.

Introd uction to Point and Figure Charts

11

25

History and development

27

Where did Point and Figure charts get their name?

43

The voice of the market

50

Characteristics and Construction
Characteristics o f Point and Figure charts

51
53

Constructed with XS and Os

54

Up moves and down moves

54

XS and Os called boxes

54

Box size

54

Reversal size

55

Variable sensitivity

55

Gaps

55

Price o n Y-axis but n o time on X-axis

55

Two-dimensional charts

56

No volume

56

Demand and supply

56

Naming Point and Figure charts

56

Point and Figure construction
I -box reversal charts

57
58

Why change columns when price reverses?

58

One-step-back

62

Using other box sizes

65

Construction example of I -box reversal chart

66

Filling and emptying glasses

3-box reversal charts

73

76

Constructed from I -box charts

76

Unique asymmetric filter

76

Consider the value of the box

80

Example of a lOx 3 Point and Figure chart

80

Constructed from the I -box chart

86

Characteristics of 3-box reversal charts

86

5-box reversal charts

87

2-box and other reversal charts

88

2-box reversal charts

88

Characteristics of 2-box reversal charts

89

Other box reversals

89

vii


The Definitive Guide to Point and Figure

Summary so far

90

3-box reversal charts

90

5-box reversal charts

91

2-box reversal charts

91

The move from intra-day t o end-of-day - the great debate
Close only method
Plotting close only end-of-day Point and Figure when data is being received in real-time

High/low method
Example of a lOx 3 Point and Figure chart using high/low prices

93

94
95
1 02

Problems with the high/low Method

103

End-of-interval time-frame Point and Figure charts

1 04

Log scale Point and Figure charts

1 05

Naming log scaled Point and Figure charts

1 07

Choosing between log and arithmetic

1 08

Stops and log scale Point and Figure charts

1 10

U nderstanding Point and Figure Charts
Point and Figure signals
Double-top and bottom patterns

III

113
1 15
1 15

Continuation as well as reversal

118

Reversal patterns in I -box charts

120

Triple-top and bottom patterns
I -box charts

Compound patterns

1 23
1 25

126

Knowing when to ignore signals

1 27

Importance of reassertion of control

128

The strength of the pattern

viii

92
93

Plotting high/low end-of-day Point and Figure when data is being received in real-time

Point and Figure construction summary

3.

90

I -box reversal charts

1 29

Upside and downside triangles - sloping bottom or sloping top

1 29

Symmetrical triangles - sloping top and sloping bottom

1 33

The breakout and pullback

1 35

3 -box catapult patterns

1 36

I -box catapult patterns

137

Terminology clarification

1 43

I -box and 3-box patterns

1 43

Traps

1 43

Bull trap

1 44

B ear trap

1 44

Trading traps

1 45

Shakeouts

1 47


Contents

Broadening patterns
I-box broadening patterns
Bullish and bearish patterns that reverse
Bearish pattern reversed

149
150
150

Bullish pattern reversed

152

Comparing 3-box and I-box charts

154

Poles

155

Trading strategy with poles

158

Poles in I-box reversal charts

160

Opposing poles

164

Congestion analysis

164

The fulcrum

165

Strength and weakness in fulcrum patterns

168

Final word on patterns

174

2-box reversal charts

174

Signals with the trend or against the trend

175

Trend lines on Point and Figure charts

176

Trend line breaks

177

Bullish support and bearish resistance lines

178

Rationale for bullish and bearish 45° trend lines

179

Where to draw bullish support and bearish resistance lines

18 1

45° trend line drawing rules

182

Implications of different box reversals on 45° trend lines

183

45° lines and log scaled charts

186

Changing the time horizon of 45° trend lines

187

Parallel trend lines

1 90

Summary of the use of 45° bullish support and bearish resistance trend lines

Trend lines and signal rules
Exercise in drawing 45° trend lines on a log scale chart
45° or subjective - which do you draw?

Trend line summary
Understanding Point and Figure charts summary

4.

147

Projecting Price Targets
Counts on I-box reversal charts

1 92

193
194
1 99

202
203

205
207

How to establish a horizontal count on I-box reversal charts

208

Summary of I-box counts

220

Counts on 3-box reversal charts
Vertical counts on 3-box reversal charts
How to establish upside targets using the vertical count method on 3-box charts

221
221
222

How to establish downside targets using the vertical count method on 3-box charts

225

Vertical count establishment and activation

228

ix


The Definitive Guide to Point and Figure

The logic of the vertical count

Horizontal counts on 3-box reversal charts
How to establish upside targets using the horizontal count method on 3-box charts

23 1

How to establish downside targets using the horizontal count method on 3-box charts

234

Horizontal count stage

236

The logic of the horizontal count

236

Things you should know about Point and Figure counts

237

Targets have no time-scale

237

Nearest counts must be achieved first

238

Clustering of counts

238

Negating a count

238

Opposing counts

239

Combining counts with trend lines

239

Unfulfilled counts

240

Improbable and impossible counts

241

Counts on different time horizons

243

Good counter or bad counter

246

Counts on close or high/low charts

247

Counts on other box reversal charts
Counts on log scale charts

248
249

Accuracy of counts on log scale charts

25 1

De Villiers and Taylor 3-box horizontal counts

252

Risk and reward
Risk-reward ratio from vertical counts on 3-box charts

252
253

Risk-reward ratio from horizontal counts on 3-box charts

255

Risk-reward ratio from horizontal counts on I-box charts

259

Risk-reward ratios on shorts

262

Risk-reward ratios in aiding the placement of stops

262

Finally

262

Other ways of projecting targets
Fibonacci retracements
Summary

5. Analysing Point and Figure C harts

x

230

230

263
263
268

271

The reversal size

273

Choosing the correct box size

278

Choosing your data time series

284

Log scale charts

286

Summary

287


Contents

Analysis of 3-box reversal charts
Flipping charts

294

Taking a shorter-term view

302

Changing time-frames

3 06

Analysis using I -box reversal charts
Taking a shorter-term view

6.

288

3 13
3 24

Analysis of 2-box charts

327

Stops in Point and Figure analysis

330

Standard percentage stop losses

330

Stop losses the Point and Figure way

330

Early entry points

332

Summary of Point and Figure analysis

333

Point and Figure Charts of Indicators
Point and Figure of relative strength
Using Point and Figure counts on relative strength charts

335
339
344

Point and Figure of on-balance volume

347

Point and Figure of oscillators

350

Summary

35 1

7. Optim isation of Point and Figure Charts

353

The case for and against optimisation

355

Approaching Point and Figure optimisation

357

Test parameters

359

Data consistency and adaptability

359

Alternative exits

3 63

Optimisation of FTSE 1 00 constituents for longs
Optimisation of S&P 1 00 constituents for longs

Optimising for shorts

363
364

3 66

Optimisation of FTSE 1 00 constituents for shorts

366

Optimisation of S&P 1 00 constituents for shorts

368

Optimising for specific patterns
Catapult entry signals
Optimisation of FTSE 1 00 constituents for catapult entry for longs
Optimisation of S&P 1 00 constituents for catapult entry for longs

Triple-top entry signals

3 69
3 69
369
371

372

Optimisation of FTSE 1 00 Index constituents for triple-top entry for longs

372

Optimisation of S&P 1 00 constituents for triple-top entry for longs

374

Conclusion

375

xi


The Definitive Guide to Point and Figure

8.

Point and Figure's Contri bution to Market Breadth
Introduction

379

A caveat

3 80

Bullish percent

3 81

Analysing bullish percent as a line chart
Adjusting the sensitivity of bullish percent

382
386

Analysing bullish percent as a Point and Figure chart

3 89

Log or arithmetic scaling

392

Close only or high/low data

392

Bullish percent on other indices

396

Summary

397

9. Advanced Point and Figure Techn iques
Moving averages on Point and Figure
How to use moving averages on Point and Figure charts
Moving averages on 3-box reversal charts

399
401
405
406

Moving averages on I -box reversal charts

411

Fine-tuning the guidelines

414

Using a single moving average

415

Final word on moving averages

4 18

Parabolic stop and reverse (SAR) on Point and Figure
Taking earlier signals

419
420

Parabolic on I-box charts

422

Parabolic acceleration factor

424

Combining parabolics with trend lines

426

Bollinger Bands on Point and Figure

427

Overbought or oversold

427

Volatility and the squeeze

429

More examples

432

S ummary

1 0. Chart Examples

xii

377

435

437

Spot Euro Dollar (daily) 0.0 1 x I

440

Spot Euro Dollar (60 minute) 0.0 I x I

44 1

Gold PM Fix 5 x 1

442

Gold PM Fix 5 x 3

443

Brent Crude Index (IPE) 2% x I

444

Brent Crude Index (IPE) I % x 3

445

MIB 30 Index 1% x 3

446

Nikkei 225 Index 100 x 3

447

Hang Seng Index 100 x 3

448

DJ Euro Stoxx 50 I % x 3

449

Infineon Technologies AG 2% x 3

450


Contents

IDM I % x 3

� I

Compuware Corporation 1% x I

452

Intel Corporation 0.25 x 3

453

American Express Company 1.5% x 3

454

Three month sterling interest rate future (June 2005) (60 minute) 0.025 x I

Summary

455

456

1 1 . Conclusion

457

1 2. References and Further Reading

463

Appendix A - Construction of 2-Box Reversal Charts

467

Example of a lOx 2 Point and Figure chart

Appendix B - Construction of 1 -Box Reversal Hig h/Low Charts
Example of a 10 x 1 Point and Figure chart using high/low prices

469

475
477

Appendix C - Construction of Log Scaled Charts

489

Appendix D - Codes and Instrument Names

493

For FTSE 100 stocks

495

For S&P 100 stocks

496

Appendix E - Dividing your Stocks i nto B u l l ish and Bearish

Index

497

Refining the search

500

Adding relative strength to the search

503

505

xiii



Instruments
The following instruments have been covered:
Alizyme pic

24 1

Alliance UniChem pic

1 42

Amazon.com Inc

361

American Express Company

454

Apple Computer Inc.

433-434

Avis Europe pic
BAA pic

229
340-34 1 , 343-344

Barciays pic

2 3 7 , 248

BG Group pic

348-349

Bradford and Bingley pic

247-248

Brent Crude Index

444-445

British Airways pic

1 94-195, 197-200

BT Group pic

140

Cable (USD/GBP)

1 55

Cairn Energy pic

346

Carnival pic

345

Compuware Corporation

452

Countrywide Financial Corp.

432

Dax 30 Index

394, 395

DJ Euro Stoxx 50

449

Dow Jones Industrial Average

15 3 , 154, 160

eBay Inc.

219

Euro Dollar
FTSE 1 00 Index

47, 440-441
1 23 , 184- 1 87, 201-202, 220, 246, 276-277, 280-282,
285-286, 289, 292, 295-296, 299-301, 303, 305, 307309, 3 1 0, 3 3 8, 340, 345-346, 403-404, 407-414, 4 1 6417, 420-421, 423-425 , 428, 430-431

xv


The Definitive Guide to Point and Figure

FTSE All Share Index
Gold
Hang Seng Index
IBM
Infineon Technologies AG
Intel Corp.

1 46, 3 82, 3 87-389, 3 9 1 , 393
48, 442-443
448
350, 45 1
450
46, 426, 453

Land Securities plc

141

Lehman Brothers

503

Marconi pIc
M IB 30 Index
NASDAQ Composite Index
Nikkei 225 Index
Reckitt Benckiser plc

1 09, 1 1 0
446
2 1 4-2 1 8, 3 1 4, 3 1 6, 320-320, 322-329
447
49

S&P 500 Index

1 3 2, 1 7 1 , 1 7 7, 189, 1 9 1 , 244-245 , 250-251, 274-275

S&P 1 00 Index

365, 368, 3 7 1 , 374, 496

Sun Microsystems

502

Three Month Sterling Interest Rate Future

455

Tiffany & Co.

501

Vodafone plc

1 07, 1 08

Whirlpool plc

1 63

Whitbread plc

1 7, 27, 1 3 5 , 1 72 , 1 73 , 257-25 8, 26 1 , 264-267

Xerox Corp.
Yahoo Inc.

xvi

1 74, 243
502


Charts
Charts are actual Point and Figure charts of Indices, Shares, Stocks, Exchange Rates and
Commodities from a number of International Markets.
Chart 1 :

Whitbread pic showing support and resistance levels

17

Chart 1-1:

Point and Figure chart of Whitbread pic

27

Chart 1 -2:

Computer drawn Point chart with 5s and Os of Intel Corp.

46

Chart 1-3 :

Computer drawn Point chart of Euro Dollar

47

Chart 1 -4:

Computer draw Point and Figure chart of gold pm fix showing month numbers

48

Chart l-5:

Computer drawn Point and Figure chart of Reckitt Benckiser pic

49

Chart 2-1 :

2 x 3 of Vodafone pic - arithmetic scale chart

1 07

Chart 2-2:

2% x 3 o f Vodafone pic - log scale chart

1 08

Chart 2-3:

Marconi pic line chart - arithmetic scale

1 09

Chart 2-4:

Marconi pic line chart - log scale

1 10

Chart 3-1:

50 x 1 of the FTSE 1 00 Index Index showing weak and strong buy signals

1 23

Chart 3-2:

5 x 3 of S&P 500 Index showing failed upside triangle

1 32

Chart 3-3 :

lOx 3 of Whitbread pIc showing upside and symmetrical triangles

1 35

Chart 3-4:

15 x 3 (h/l) of BT Group pIc showing two successful catapults

140

(A&B) and one failed (C)
Chart 3-5:

15 x 3 of Land Securities pic showing a multiple catapult

141

Chart 3-6:

10 x 3 of Alliance Unichem pic showing a catapult at A but not at B

1 42

Chart 3-7:

lOx 1 of Alliance Unichem pic lOx 1 showing a catapult at A and a

1 42

semi-catapult at B
Chart 3-8:
Chart 3-9:

20 x 3 of the FTSE All Share Index showing traps
1 00 x 3 of Dow Jones Industrial Average showing bullish and bearish
patterns reversed

Chart 3 - 1 0:

1 46

1 53

1 00 x 1 of Dow Jones Industrial Average showing bullish and bearish
patterns reversed

1 54

Chart 3 - 1 1 :

0.01 x 3 of Cable (USD/GBP) showing bullish and bearish patterns reversed

1 55

Chart 3 - 1 2 :

2 5 x 3 of the Dow Jones Industrial Average showing a high pole

1 60

Chart 3 - 1 3 :

0.5 x 3 o f Whirlpool showing high poles and low poles i n 3-box charts

1 63

Chart 3-14:

0.5 x 1 of Whirlpool showing high poles and low poles in I-box charts

1 63

Chart 3-15 :

1 x 1 tick chart of S&P 500 Index showing fulcrum tops and bottoms

171

xvii


The Definitive Guide to Point and Figure

Chart 3-16:

15 x 1 of Whitbread pic showing fulcrums and semi-catapults

172

Chart 3-17:

15 x 3 of Whitbread pic showing fulcrums and catapults

173

Chart 3-18:

0.5 x 1 of Xerox Corp. showing fulcrums

174

Chart 3-19:

lOx 1 of the S&P 500 Index showing trend line breaks

177

Chart 3-20:

50 x 1 of the FTSE 1 00 Index showing the drawing of 45° trend lines

1 84

Chart 3-21:

50 x 3 (hll) of the FTSE 100 Index showing the drawing of 45° trend lines

185

Chart 3-22:

50 x 3 (cl) of the FTSE 100 Index showing the drawing of 45° trend lines

1 86

Chart 3-23:

1 % x 3 (cl) of the FTSE 100 Index showing the drawing of 45° trend lines

1 87

Chart 3-24:

lOx 3 S&P 500 Index showing drawing of internal 45° trend lines

1 89

Chart 3-25:

10 x 3 of S&P 500 Index showing drawing of paral lel trend channels

191

Chart 3-26:

Exercise in drawing trend lines using 1 % x 3 of British Airways pic

194

Chart 3-27:

Exercise in drawing trend lines using 1 % x 3 of British Airways pic

1 95

Chart 3-28:

Exercise in drawing trend lines using 1 % x 3 of British Airways pic

197

Chart 3-29:

Exercise in drawing trend lines using 1 % x 3 of British Airways pic

198

Chart 3-30:

1 % x 3 of British Airways pic showing the procedure for drawing trend lines

1 99

Chart 3-31:

1 % x 3 of British Airways pic comparing subjective trend lines with

200

45° lines
Chart 3-32:

50 x 3 (hll) of the FTSE 100 Index comparing subjective trend lines with

201

45° lines
Chart 3-33:

50 x 3 (el) of the FTSE 1 00 Index comparing subjective trend lines with

201

45° lines
Chart 3-34:

50 x 1 (cl) of the FTSE 1 00 Index comparing subjective trend lines with

202

45° lines
Chart 4-1:

1 x 1 tick chart of the NASDAQ Composite Index showing I-box horizontal
counts

Chart 4-2:

1 x 1 tick chart of the NASDAQ Composite Index showing I -box horizontal
counts

Chart 4-3:

218

1 x 1 daily chart of eBay Inc. showing the establishment and achievement of
I-box horizontal counts

xviii

217

2 x 1 tick chart of the NASDAQ Composite Index showing I -box
horizontal counts

Chart 4-6:

216

1 x 1 tick chart of the NASDAQ Composite Index showing I-box horizontal
counts

Chart 4-5:

215

I x 1 tick chart of the NASDAQ Composite Index showing I-box horizontal
counts

Chart 4-4:

214

219


Charts

Chart 4-7:

50 x 1 daily chart of the FTSE 1 00 Index showing the establishment
and achievement of I -box counts

220

Chart 4-8:

1 % x 3 of Avis Europe pIc showing a count being established but not activated

229

Chart 4-9:

5 x 3 of Barclays pic showing vertical and horizontal counts

237

Chart 4- 1 0:

2 x 3 of Alizyme pic showing impossible and improbable counts

24 1

Chart 4- 1 1 :

0.5 x 3 of Xerox Corp. showing an improbable count being achieved

243

Chart 4- 1 2 :

1 0 x 3 of the S&P 500 Index showing vertical and horizontal counts

244

Chart 4- 1 3 :

5 x 3 of the S&P 500 Index showing vertical and horizontal counts

245

Chart 4- 1 4:

Chart 4- 1 5 :
Chart 4- 1 6 :

1 x 3 (tick) of the FTSE 1 00 Index showing achievement of vertical and
horizontal counts

246

3 x 3 of Bradford and Bingley pIc showing a example of a bad counting chart

247

5 x 3 daily (hI) of Barclays pIc showing counts on a high/low

248

constructed chart
Chart 4- 1 7:

1 % x 3 of the S&P 500 Index showing counts on a log scaled chart

250

Chart 4- 1 8:

1 0 x 3 of the S&P 500 Index showing counts on an arithmetic chart

25 1

1 0 x 3 of Whitbread pIc showing risk-reward ratios from

257

Chart 4- 1 9 :

3-box horizontal counts
Chart 4-20:

10 x 3 of Whitbread pIc showing risk-reward ratios from

258

3-box vertical counts
Chart 4-2 1 :

1 0 x 1 of Whitbread pIc showing risk-reward ratios from

261

I -box horizontal counts
Chart 4-22:

10 x 3 of Whitbread pIc showing Fibonacci retracement levels

264

Chart 4-2 3 :

1 0 x 3 of Whitbread p I c showing Fibonacci retracement levels

265

Chart 4-24:

10 x 3 of Whitbread pIc showing Fibonacci retracement levels

266

Chart 4-25:

10 x 3 of Whitbread pic showing Fibonacci retracement levels

267

Chart 5- 1 :

1 0 x 3 o f the S&P 500 Index showing a 3-box reversal chart

274

Chart 5-2:

10 x 1 of the S&P 500 Index showing a I -box reversal chart

275

Chart 5-3 :

1 x 1 tick chart of the FTSE 1 00 Index

276

Chart 5-4:

1 x 3 tick chart of the FTSE 1 00 Index

276

Chart 5-5:

1 x 3 tick chart of the FTSE 1 00 Index

277

Chart 5-6:

50 x 3 of the FTSE 1 00 Index

278

Chart 5-7:

25 x 3 of the FTSE 1 00 Index

279

Chart 5-8:

5 x 3 of the FTSE 1 00 Index

280

Chart 5-9:

5 x 3 (hll) of the FTSE 1 00 Index

28 1

xix


The Definitive Guide to Point and Figure

Chart 5 - 1 0 :

5 x 3 (60 minute) of the FTSE 1 00 Index

283

Chart 5 - 1 1 :

5 x 3 (h/l) (60 minute) of the FTSE 1 00 Index

284

Chart 5 - 1 2 :

1 s t chart analysing the 5 0 x 3 o f the FTSE 1 00 Index

287

Chart 5- 1 3 :

2nd chart analysing the 5 0 x 3 o f the FTSE 1 00 Index

290

Chart 5 - 1 4 :

F l ipped 50 x 3 chart o f the FTSE 1 00 Index

293

Chart 5 - 1 5 :

3rd chart analysing the 50 x 3 o f the FTSE 1 00 Index

295

Chart 5 - 1 6 :

4th chart analysing the 50 x 3 of the FTSE 1 00 Index

297

Chart 5 - 1 7 :

Flipped version o f chart 5 - 1 6

298

Chart 5- 1 8 :

5th chart analysing the 50 x 3 of the FTSE 1 00 Index

300

Chart 5- 1 9 :

Analysing the 25 x 3 o f the FTSE 1 00 Index

302

Chart 5-20:

Analysing the lOx 3 of the FTSE 1 00 Index

304

Chart 5-21:

1 st chart analysing the 5 x 3 hourly chart of the FTSE 1 00 Index

306

Chart 5-22:

2nd chart analysing the 5 x 3 hourly chart of the FTSE 1 00 Index

307

Chart 5 -2 3 :

3 r d chart analysing the 5 x 3 hourly chart of the FTSE 1 00 Index

308

Chart 5-24:

Analysing the 5 x 3 tick chart of the FTSE 1 00 Index

310

Chart 5-2 5 :

1 st chart analysing the 2% x l of the NASDAQ Composite Index

313

Chart 5-26:

2nd chart analysing the 2% x 1 of the NASDAQ Composite Index

315

Chart 5 -2 7 :

3 r d chart analysing the 2% x 1 of the NASDAQ Composite Index

317

Chart 5 -2 8 :

NASDAQ Composite Index from 1 990 t o 2000

318

Chart 5-29:

NASDAQ Composite Index from 1 990 to 2000 flipped upside down

319

Chart 5-30:

4th chart analysing the 2% x 1 of the NASDAQ Composite Index

321

Chart 5 -3 1 :

5th chart analysing the 2% x 1 of the NASDAQ Composite Index

322

Chart 5-32:

Analysing the 1 % x 1 of the NASDAQ Composite Index

323

Chart 5-3 3 :

1 0 x 1 hourly chart o f the NASDAQ Composite Index

324

Chart 5-34:

1 x 1 tick chart of the NASDAQ Composite Index

325

Chart 5 -3 5 :

2 % x 1 o f the NASDAQ Composite Index

326

Chart 5-36:

2% x 2 of the NASDAQ Composite Index

327

Chart 5-37:

2% x 3 of the NASDAQ Composite Index

328

50 x 3 Point and Figure chart of the 20 day moving average of

338

Chart 6- 1 :

the FTSE 1 00 Index
Chart 6-2:

Chart 6-3:

xx

1 % x 3 Point and Figure of the relative strength of BAA pIc against the
FTSE 1 00 Index

340

1 % x 3 Point and Figure chart of BAA pIc

341


Charts

Chart 6-4:

1 % x 1 Point and Figure chart of the relative strength of BAA pic against
the FTSE 1 00 Index (chart 1 of 2)

Chart 6-5:

1 % x 1 Point and Figure chart of the relative strength of BAA pic against
the FTSE 1 00 Index (chart 2 of 2)

Chart 6-6:

344

Showing counts on the 1 x 3 chart of the relative strength of Carnival pIc
against the FTSE All Share Index

Chart 6-7:

343

345

Showing counts on the lOx 3 chart of the relative strength of Cairn Energy pic
against the FTSE All Share Index

346

Chart 6-8:

25000 x 3 Point and Figure chart of the on-balance volume of B G Group

348

Chart 6-9:

Price line chart of BG Group

349

Chart 6- 1 0:

I x 3 Point and Figure chart of the 1 4 day RSI of IBM, with line charts
of RSI and price

350

Chart 7- 1 :

2.4% x 3 chart o f Amazon.com Inc

361

Chart 8 - 1 :

Price line chart of the FTSE All Share Index with line chart of bullish percent
based on 2% Point and Figure charts

Chart 8-2:

Price line chart of the FTSE All Share Index with line chart of bullish percent
based on 1 % Point and Figure charts

Chart 8-3:

391

I x 3 bullish percent of the constituents of the FTSE All Share Index based
on 2% high/low Point and Figure charts

Chart 8-7:

389

I x 3 bullish percent of the constituents of the FTSE All Share Index based
on 1 % Point and Figure charts

Chart 8-6:

388

1 x 3 bullish percent of the constituents of the FTSE All Share Index based
on 2% Point and Figure charts

Chart 8-5:

387

Price line chart of the FTSE All Share Index with line chart of bullish percent
based on 0.5% Point and Figure charts

Chart 8-4:

3 82

393

1 x 3 bullish percent of Dax 30 Index constituents: constructed with data
courtesy of Bloomberg

394

Chart 8-8:

Price line chart of the Dax 30 Index: data, courtesy of Bloomberg

395

Chart 9- 1 :

50 x 3 o f the FTSE 1 00 Index with a 2 1 -column simple moving average

403

Chart 9-2:

50 x 3 (h/!) of the FTSE 1 00 Index with a 2 1 -colurnn simple moving average

403

Chart 9-3:

50 x 1 of the FTSE 1 00 Index with a 2 l -colurnn simple moving average

404

Chart 9-4:

50 x 3 of the FTSE 1 00 Index with 5- and 8-colurnn exponential moving
averages. Inset shown in Chart 9-5

Chart 9-5:

Chart 9-6:

407

50 x 3 of the FTSE 1 00 Index with 5- and 8-colurnn exponential moving
averages (zoomed)

408

50 x 3 of the FTSE 1 00 Index with 3- and 5-column exponential moving

409

averages

xxi


The Definitive Guide to Point and Figure

Chart 9-7:

50 x 3 o f the FTSE 1 00 Index with 3- and 5-column exponential moving

410

averages
Chart 9-8:

25 x 3 of the FTSE 1 00 Index with 5- and 8-column exponential moving

411

averages
Chart 9-9:

50 x 1 of the FTSE 1 00 Index with 5- and 8-column exponential moving

412

averages
Chart 9- 1 0:

50 x 1 of the FTSE 1 00 Index with 5- and 8-column exponential moving

413

averages
Chart 9- 1 1 :

50 x 3 of the FTSE 1 00 Index with 8- and 2 1 -column exponential moving
averages

414

Chart 9- 1 2:

50 x 3 of the FTSE 1 00 Index with 1 3-column exponential moving average

416

Chart 9- 1 3 :

Enlarged 5 0 x 3 of the FTSE 1 00 Index with 1 3 -column exponential
moving average

Chart 9- 1 4 :

Chart 9- 1 5 :
Chart 9 - 1 6 :

Enlarged 50 x 3 of the FTSE 1 00 Index with 1 3 -column exponential
moving average

417

50 x 3 o f the FTSE 1 00 Index with a 0.02 parabolic SAR

420

50 x 3 of the FTSE 1 00 Index with a 0.02 parabolic SAR showing
early signals

Chart 9- 1 7:

417

42 1

50 x 3 of the FTSE 1 00 Index with a 0.02 parabolic SAR showing
whipsaw details

42 1

Chart 9- 1 8 :

50 x l o f the FTSE 1 00 Index with a 0.02 parabolic SAR

423

Chart 9- 1 9:

50 x 3 (hll) of the FTSE 1 00 Index with a 0.02 parabolic SAR

424

Chart 9-20:

50 x 3 of the FTSE 1 00 Index with a 0.0 1 parabolic acceleration factor

425

Chart 9-2 1 :

0.25 x 3 of the Intel Corporation with a 0.02 parabolic SAR

426

Chart 9-22:

50 x 3 of the FTSE 1 00 Index with 1 3 -column, 2 standard deviation
Bollinger Bands

Chart 9-23:

50 x 3 of the FTSE 1 00 Index using high/low data with 1 3 -column,
2 standard deviation Bollinger Bands

Chart 9-24:

432

0. 1 x 3 of Apple Computer Inc. using 5 minute data with 1 3 -column,
2 standard deviation Bollinger Bands

xxii

43 1

2 x 3 of countrywide Financial Corporation using close only data with
1 3-column, 2 standard deviation Bollinger Bands

Chart 9-27:

43 1

1 % x 1 of the F T S E 1 00 Index using close only data with 1 3-column,
2 standard deviation Bollinger Bands

Chart 9-26:

430

1 % x 3 of the FTSE 1 00 Index using high/low data with 1 3 -column,
2 standard deviation Bollinger Bands

Chart 9-2 5 :

428

433


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