Sentiment Indicators – Renko, Price Break, Kagi, Point and Figure – What They Are and How to Use Them to Trade : [PDF Download]

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“Once the trader selects the intended direction, the key questions are when and where to enter. The price break charts do not answer the question of when to enter, because price break charts do not predict the timing of a reversal. However, they answer the question of ‘where?’

The trader who is looking to put on a long position first needs to confirm that the prevailing sentiment is bullish, and then can determine if a countermove is in place. This may appear to be counterintuitive. If you want to buy into a trend, the sentiment should be positive when you put on the trade right? Wrong.

The larger prevailing sentiment is positive, but the price action in price break charts should be negative or counter to prevailing sentiment. The reason is that the best time to join a trend is when it resumes at the location where the price break chart projects the reversal.

Thus, traders desire this situation because they can use price break charts to project exactly when there will be a reversal in the direction of the prevailing sentiment or trend!”

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