Point and Figure for Forex?

[adowland]

Is there a way to do P&F charting on the metatrader platform (and for that matter Renko) does anyone know, thanks??

Alex

[ibbu007]

Originally Posted by adowland

Is there a way to do P&F charting on the metatrader platform (and for that matter Renko) does anyone know, thanks??

Alex

I figure you guys are checking on PnF & Renko.

Im a lover of pure price action. I really liked the concept of bar chart reading & 1-2-3 formations on em introduced by Joe Ross. But further I ended up plotting support / resistance lines & it improved the looks.

Just recently, I stumbled upon PnF & more interestingly Renko.
I believe the 1-2-3 formations on Renko look interesting.

Adowland> Did you get a good platform for PnF? Let me know, please. And is it possible to get it on Meta?

Arco> Do you have any good strategies on the PnF you use for forex? Please guide us.

Triffick> From what you say, I guess you are very happy bout it. I have this question as to how do you enter the orders for trading. coz, the price move can be at any time. Its not on Bar Close, so do you place orders beforehand or ?? Whats the technique. Do you constantly watch the charts for big moves? Would be quite interesting to hear your views, trif.

Pip Rippy> Thanks for starting this post. I hope you got on to your timeframe. Which time frame looks interesting? Also, have you tried watching the EOD as in End of Day CLOSE for PnF. Mebbe that will keep you in for the long term & with very less hassles.

Okay guy, lets keep the ideas coming, we gotta crack this puzzle

Cheers.

[ampris2000]

how do we change the chart data (box size and such) for P & F with VT Trader?

[arco]

ibbu

try this webpage for info on trading patterns.........(choose P&F from side menu)

http://www.archeranalysis.com/beb/index.html

regards

arco

[Triffick]

The simple answer to the question of entry is a double top or double bottom (or wider) in the direction of the trend.
There is a point to consider here - when the price reverses on its way along a trend it is important to take the points moved and then divide it by the number of reversals - if the result is less than the box size it may be considered that the trend is weakening so you may begin to reconsider your position.
Dont forget time is not relavent to P&F

Arco thanks for the website - I took a list and the first chart on the intro shows an entry at a top - I notice however that they waited to see a reversall before the exit which to me hints (No criticism here its just a glance) that they failed to hit the P&F projection. This will happen at the end of every trend of significant length because all targets get hit except the last one. - Makes sense really. If you start with a barmy target on a 50X3 like I did (see below) you can work the price along the trend but its scary.

For me P&F is a small startup pyramiding stake long term activity. For example about octobr 2003 I took a prediction from 1.6650 (ish) to 1.9050 which was struck in feb 2004 I am allways a little tense over time frames of that duration, but it shows the reliability of the method. I do better on breakouts - hitting 200 pips in 2 trades last week suits me better these days! I am not blowing my trumpet too hard - that was the best pair of hits for a while(I tend to set low stress targets) but it shows how working the price action can be better if your timing is on. P&F works in forex but I think the prevailing mentality of traders is on price and time which makes it a hard bridge to cross. My simple suggestion is to get a big 50x3 target and trade along it at about 10x3 - same same daily guiding hourly which is perhaps more familiar to many. Best wishes Guys.

[ampris2000]

those that use point and figure, what do you use to know how to make a good entry?

say the 4 hour says sell. Do you just sell or do you use some method to make sure you make a good entry?

[dentist007]

anybody know how to code in a 3 box reversal chart into excel..??

[ForexSpotTrader]

Hello,

i tried get some info on point and figure on the internet but it seems this is a lost art and all the new traders are not really interested in that chart type. Recently i found some article on wikipedia which is real good because you can find a host of information when you follow the links http://en.wikipedia.org/wiki/Point_and_figure_chart . When i saw the wikipedia page i found a website in english of a trader who uses point and figure charts and it seems interesting. When you go to http://www.pointandfigure.net/ you find in the tutorial section a point and figure chart introduction. I hope this thread can ranimate again because in my modest opinion this lost art is here to stay and a good guide in the daily chaos of the markets.

regards

Forex Spot Trader