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Intraday Point and Figure Trading

  • #361
  • Nov 28, 2011 9:16am Nov 28, 2011 9:16am
Pair: EUR/USD
Setup: 10x3
Attached Image (click to enlarge)
Click to Enlarge Name: eurusd-2011-11-28.PNG Size: 20 KB
  • #362
  • Nov 29, 2011 2:48am Nov 29, 2011 2:48am
*Our overall outlook for crude oil prices is bearish, as the outlook for global growth is worsening due to mounting concerns from Europe and the fact that major economies around the globe are still weak, and that should put negative pressure on crude oil prices.
*Traders will be awaiting the infamous jobs report from the United States on Friday, and a strong figure could boost optimism and push crude oil prices higher. [Topcommodities Net]
https://lh6.googleusercontent.com/-v...00/11Nov29.png
Learn more :
Inserted Code
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  • #363
  • Dec 1, 2011 2:04pm Dec 1, 2011 2:04pm
PnF charts are a GREAT way to to find Supply and Demand Zones as bredin has pointed out.

I don't really care for the breakout/breakdown trades as risk is increased and profits are minimized unless there is a retest of the breakout/breakdown area.

The settings I use are: Box Size 2, Reversal 5 on a 1min, 5 min or 15 min chart .

I look only to trade in previous Supply And Demand Zones.

These settings are also good for scalping 7-10 pips on 5 min or 1min charts, many time you can find good range trades to scalp on these time frames, being mindful of which Zone you are in or coming out of.
  • #364
  • Edited 10:01am Dec 2, 2011 9:48am | Edited 10:01am
Hello everybody!

This is my first post here at Forex Factory and I'm just getting into the fascinating world of Forex trading. I have almost no experience whatsoever when it comes to Forex, but I'm eager to learn. The simplicity behind Point And Figure trading seems very appealing to me. That ofcourse might be, because I'm such a beginner.

I made my first trade on my demo account today and thought about posting it here and asking for the opinion of you guys who have experience. I attached screenshots of the trade. (Ignore the 2 red horizontal lines on the second attachment.) As the trade was quite profitable relative to how quick it was, it gave me a great motivating feeling.

What do you think about the trade?
Was my interpretation of the graph correct in regards the timing of the Sell?
I was not sure when to Take the Profits so I just summed the horizontal number of the X and O columns (8) along the short trendline. What methods would be best to find out the SL and TP?

PS. I missed the Buy at 15:18, which came after all of the 3 previous X's being lower than the other, when I left the room just for a few minutes. I would have gone in the trade at a good moment, but ofcourse I would have not been sure when to Take the Profits...
Attached Image(s) (click to enlarge)
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  • #365
  • Dec 4, 2011 10:32am Dec 4, 2011 10:32am
CL had a positive day for the Friday session as traders continue to buy commodities in general. The market looks like it wants to attempt a breakout above the recent highs of $103 and if it does – this could be the beginning of the next massive leg up in the market. However, we expect the area to actually be more resistance than the market is ready to go up against at the moment. We are buyers, but will need to see a pullback first.
[meta4forexbroker]
https://lh6.googleusercontent.com/-I...Qn4/s400/1.png
Inserted Code
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  • #366
  • Edited 11:36am Dec 4, 2011 11:24am | Edited 11:36am
Which chart would you rather trade for this period of time?

Point and Figure chart has Fib expansion to help identify possible Supply and Demand Zones.

Both charts are on 5 min time frame from aprox 7:00 GMT Friday.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: gbp aud candle.jpg Size: 110 KB
Click to Enlarge Name: gbp aud point and figure.jpg Size: 163 KB
  • #367
  • Edited 2:08pm Dec 4, 2011 1:57pm | Edited 2:08pm
Here are my trades from Friday looking at support turning into resistance, playing the Supply and Demand game.

I am BEARISH on GBP/AUD till we hit 4 hour Demand zone @ 1.5125- 1.5015

Does not mean I will not trade both small Supply and Demand Zones till we get there
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud point and figure2.jpg Size: 188 KB
  • #368
  • Dec 4, 2011 2:01pm Dec 4, 2011 2:01pm
My trend lines keep disappearing on Point and Figure chart, any help to fix this problem?
  • #369
  • Dec 4, 2011 3:18pm Dec 4, 2011 3:18pm
Here's a step by step of the trade I took on Friday to help trade Point and Figure with Supply and Demand Zones.
It's actually 2 trades the first is a pending order long I have had sitting there for 2 weeks that was triggered on the news event.

Here's the order:

1.Price breaks down @ 138 fib to trigger my pending order at 161 fib expansion.

2.Price rally's to 138 fib, I exit trade with nice profit.

3.When price hit's 138 fib, I draw gold fib expansion from low of news to the 138 fib (MAGENTA).

4. The closest fib is the 182 fib(GOLD) and the 100 fib(MAGENTA), I placed a pending Sell just above the 182 fib that is still there.

5. Price didn't quite make it so I waited to see If my estimate was good, price broke below the 161 fib(GOLD) and a previous rally support (GOLD RECTANGLE) I knew I missed the boat so I was looking for the next best entry.

6. I placed a pending order at the current lower pending order and waited for price to get back up there (GOLD RECTANGLE). It did and I rode the trade back down to almost the 161 fib.

Now I am waiting for price to return to those levels to get in short but I will have a stop just above the 100 fib (MAGENTA) just in case.
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud point and figure3.jpg Size: 162 KB
  • #370
  • Dec 6, 2011 3:19pm Dec 6, 2011 3:19pm
Apparently this thread does not interest traders anymore.

Is it because Point and Figure seems old school? Or, is it too hard to master? I don't think it is.

Here is my demo statement covering the last 5 days of trading using a Point and Figure Indicator on a 5 min chart. (chart time frame is not important to me).

Well if 500 pips a week with very minimal effort does not interest anyone something is wrong.

I will give you a hint: Understanding Order flow and a Point and Figure chart are all you need to become a successful trader.

I would also suggest you check out Sam Seidens free video's on fx street, they are a real eye opener!

Let's help each other become more successful, start posting some trades and help someone struggling!
Attached Image (click to enlarge)
Click to Enlarge Name: gbp aud point and figure4.jpg Size: 261 KB
  • #371
  • Dec 6, 2011 4:09pm Dec 6, 2011 4:09pm
Quoting Baillie
Apparently this thread does not interest traders anymore.

Is it because Point and Figure seems old school? Or, is it too hard to master? I don't think it is.

Here is my demo statement covering the last 5 days of trading using a Point and Figure Indicator on a 5 min chart. (chart time frame is not important to me).

Well if 500 pips a week with very minimal effort does not interest anyone something is wrong.

I will give you a hint: Understanding Order flow and a Point and Figure chart are all you need to become a successful trader.

I would...
Good job.

I think the reason more don't use it is a combination of both. Too old school and they don't really understand it.

I've been looking into this recently (as I've had an interest in PnF for awhile). Haven't done alot with it yet. Thinking of trading it on my other account and see how it goes. I've checked at Sam's stuff and it seems pretty straight forward.

Do you trade breakout patterns or is it mostly based on supply/demand zones?
Mark ... Everything you have been told is a LIE
  • #372
  • Dec 6, 2011 4:28pm Dec 6, 2011 4:28pm
Quoting spzd
Good job.

I think the reason more don't use it is a combination of both. Too old school and they don't really understand it.

I've been looking into this recently (as I've had an interest in PnF for awhile). Haven't done alot with it yet. Thinking of trading it on my other account and see how it goes. I've checked at Sam's stuff and it seems pretty straight forward.

Do you trade breakout patterns or is it mostly based on supply/demand zones?
Thanks spzd.

Yeah, I figure it's probably both too, but I hope that traders who are using PnF would chime in and post some ways that they are trading to help others.

I trade primarily Supply and Demand Zones for the low risk and high probability of it but I do occasionally take a breakout or breakdown with a retest. I MUST have a retest or it's no trade for me.

The previous post I did with the explanation using the Fib expansion was a breakdown with a retest short trade, it worked out great!

The real excitement for me is understanding the Supply and Demand, Point and Figure just helps me visually locate the high probability Zones vs candles or even renko bars a lot easier.

If you understand the straight forward explanation Sam Seiden gave, then trading with Point and Figure will be a breeze for you.
  • #373
  • Dec 6, 2011 4:43pm Dec 6, 2011 4:43pm
Quoting Baillie
Thanks spzd.

Yeah, I figure it's probably both too, but I hope that traders who are using PnF would chime in and post some ways that they are trading to help others.

I trade primarily Supply and Demand Zones for the low risk and high probability of it but I do occasionally take a breakout or breakdown with a retest. I MUST have a retest or it's no trade for me.

The previous post I did with the explanation using the Fib expansion was a breakdown with a retest short trade, it worked out great!

The real excitement for me is understanding the...
Thanks for the breakout explanation. I'll have to go back and read that post in depth. As far as Seidon's stuff, I have a fairly good grasp of it. I'm going to have to observe the PnF chart for a bit to get a better feel for it. I do like how it removes all the noise.

You said you use the 5 minute chart, what box size and reverse do you use, if you don't mind my asking?
Mark ... Everything you have been told is a LIE
  • #374
  • Dec 6, 2011 5:03pm Dec 6, 2011 5:03pm
Quoting spzd
Thanks for the breakout explanation. I'll have to go back and read that post in depth. As far as Seidon's stuff, I have a fairly good grasp of it. I'm going to have to observe the PnF chart for a bit to get a better feel for it. I do like how it removes all the noise.

You said you use the 5 minute chart, what box size and reverse do you use, if you don't mind my asking?
I use a Box size: 2

Reversal: 5

I use all different time frames but 5 min chart is mainly for 10-20 pips.

Also, I only use pending orders. I identify the zones and place the order, even for the breakouts and breakdowns.
  • #375
  • Dec 6, 2011 5:16pm Dec 6, 2011 5:16pm
Quoting Baillie
I use a Box size: 2

Reversal: 5

I use all different time frames but 5 min chart is mainly for 10-20 pips.

Also, I only use pending orders. I identify the zones and place the order, even for the breakouts and breakdowns.
If it's not too much to ask and when you have time, could you post a couple more trades? No hurry.

Think I'm going to work with this in a demo account to get a better grip on it.
Mark ... Everything you have been told is a LIE
  • #376
  • Dec 7, 2011 2:01am Dec 7, 2011 2:01am
I am bearish on EUR/USD

Hopes towards the summit can remain high through the week, but the choices are not pretty. Fiscal integration cannot be realized quickly. The ECB can definitely stabilize the situation by buying bonds en masse.....
[By forexcrunch]
https://lh3.googleusercontent.com/-v...Y/s962/mt4.gif
  • #377
  • Dec 7, 2011 1:07pm Dec 7, 2011 1:07pm
The pair XAU/USD found support yesterday just above 1700 points and now
validated a return above 1725 points.
Indicators stay globaly bearish.
We stay neutral on the pair between 1725 and 1750.
We advise to wait an exit of this range to take position:
- Long if 1750 is broken. The breakout of 1775 points will give a new buy signal.
- Short if 1725 is broken. The breakout of 1700 will give a new sell signal.
[by ibtimes]
https://lh3.googleusercontent.com/VF...HFXx-XMx7emPnY
  • #378
  • Dec 11, 2011 6:34am Dec 11, 2011 6:34am
...In the bigger picture, there is still no clear sign of long term trend reversal yet and price actions from 1923.7 would still be finally unfolded as correction/consolidation only. Though, the consolidation pattern would likely extend below 1923.7 for a while and rally attempt should face strong resistance near to this level. We'd anticipate another falling leg before such consolidation completes. And in such case, downside should be contained by 1478.3/1577.4 support zone...[by oilngold]
https://lh3.googleusercontent.com/-1...LIQ/s576/1.PNG
A t t a c h m e n t:
Inserted Code
https://docs.google.com/document/pub?id=1Y5rnn301l8-O_xROiUY15UzqwhHoCWipS6mND6YTepY#id.x7mxdqofo4yv
  • #379
  • Dec 15, 2011 7:40am Dec 15, 2011 7:40am
EURUSD
setup: 5x5

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  • #380
  • Dec 16, 2011 4:11am Dec 16, 2011 4:11am
setup: 10x5
positions: 2 buys
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