long term point and figure charts | Forex Factory

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long term point and figure charts

  • #1
  • First Post: Edited Feb 28, 2009 8:43am Feb 27, 2009 10:41am | Edited Feb 28, 2009 8:43am
Have you ever heard the expression that less is more? This is true in many cases but especially in forex. I have found a very profitable long term strategy using point and figure charts. Here are the rules for the system.

Buy at one box above the starting point of the first box in a downtrend
Sell at one box below the starting point of the first box in an uptrend.
A trend is defined as 10 or more boxes in the same direction.
Stop loss is when you get a signal in the opposite direction. Alternatively stop loss could be placed near support or resistance on a candlestick chart
Use the system on EUR/USD

Example
Sell at the red horizontal line which is one box below the starting point of the first box in the current uptrend.
http://img27.imageshack.us/img27/878/unavngivetaqz.jpg

Take profit when you are satisfied with your profit. Don't be greedy.
http://img27.imageshack.us/img27/29/unavngivetr.jpg

What do you think about this strategy? I don't have the exact figures but I think it is profitable in about 90 % of the trades. the problem is when to take a profit. I don't have exact rules for that. The indicator I use is attached in this post.

Edit: Before you ask any questions please read all the posts in the thread. I don't like repeating myself again and again.
Attached File(s)
File Type: ex4 PointAndFigure.ex4   7 KB | 1,955 downloads
File Type: mq4 PointAndFigure.mq4   7 KB | 2,272 downloads
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #2
  • Feb 27, 2009 10:46am Feb 27, 2009 10:46am
can u plz put the indy?
  • #3
  • Feb 27, 2009 10:49am Feb 27, 2009 10:49am
Quoting Superscalper
can u plz put the indy?
Sorry. I thought I had done that.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #4
  • Feb 27, 2009 11:40am Feb 27, 2009 11:40am
do you have the indicator for metatrader .mq4 extension?
  • #5
  • Feb 27, 2009 11:40am Feb 27, 2009 11:40am
Interesting system. I think in the P&F manual I have that's called the "slingshot breakout" entry.

Counting backwards, wouldn't the 4th column from the right be a losing trade?
  • #6
  • Feb 27, 2009 11:51am Feb 27, 2009 11:51am
Quoting Ronald Raygun
Counting backwards, wouldn't the 4th column from the right be a losing trade?
yes it would but as you can see on the chart there is more winners than losers. Depending on what your target would have been you could either have lost a lot of money or won a lot of money. Counting backwards in the third column there is a short signal and in the first column a re entry. Adding to positions is a good idea when the market is trending.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #7
  • Feb 27, 2009 11:53am Feb 27, 2009 11:53am
can you shoe some more pictures i dont get it ?



best regards
  • #8
  • Feb 27, 2009 11:58am Feb 27, 2009 11:58am
Quoting jgadefelth
can you shoe some more pictures i dont get it ?
Buy at one box above the starting point of the first box in the latest downtrend

http://img19.imageshack.us/img19/8779/unavngivetx.jpg

Take profit when you have earned some pips
http://img19.imageshack.us/img19/8286/unavngivetc.jpg
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #9
  • Feb 27, 2009 12:00pm Feb 27, 2009 12:00pm
can you post the mq4 indicator, the ex4 do not work fine in metatrader. thanks
  • #10
  • Feb 27, 2009 12:03pm Feb 27, 2009 12:03pm
  •  zykas
  • | Joined Oct 2008 | Status: ... measure thrice, but cut once | 196 Posts
Quoting Gambler180
yes it would but as you can see on the chart there is more winners than losers. Depending on what your target would have been you could either have lost a lot of money or won a lot of money. Counting backwards in the third column there is a short signal and in the first column a re entry. Adding to positions is a good idea when the market is trending.

Ya, will be following this thread to see how it goes.Good luck
I like the Big Dogs because I trade like them
  • #11
  • Feb 27, 2009 12:04pm Feb 27, 2009 12:04pm
Think i get it you trying to get a position in the oposit direction of the latest trend how many pips are you gong for and what do you have for stopp loss and how long have you been trading this system ?


best regards
  • #12
  • Feb 27, 2009 12:04pm Feb 27, 2009 12:04pm
Quoting blanca
can you post the mq4 indicator, the ex4 do not work fine in metatrader. thanks
I have just done that.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #13
  • Feb 27, 2009 12:05pm Feb 27, 2009 12:05pm
Quoting blanca
can you post the mq4 indicator, the ex4 do not work fine in metatrader. thanks

he alredy post it

and here is another one

thank u
Attached File(s)
File Type: mq4 FXI Point And Figure Advanced.mq4   39 KB | 2,125 downloads
  • #14
  • Feb 27, 2009 12:07pm Feb 27, 2009 12:07pm
Quoting jgadefelth
Think i get it you trying to get a position in the oposit direction of the latest trend how many pips are you gong for and what do you have for stopp loss and how long have you been trading this system ?


best regards
I have already answered those questions. Is it too much to ask that people at least read the first post before asking questions?

Edit: I have not used the sytsem yet. the other questions I have answered.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #15
  • Feb 27, 2009 12:16pm Feb 27, 2009 12:16pm
Quoting Superscalper
he alredy post it

and here is another one

thank u
I tried adding this and my MT4 got hung... Tried in 1H and 1M both the same. Looks like it takes lot of CPU for processing or it may be just me.
  • #16
  • Feb 27, 2009 12:21pm Feb 27, 2009 12:21pm
Quoting karun
I tried adding this and my MT4 got hung... Tried in 1H and 1M both the same. Looks like it takes lot of CPU for processing or it may be just me.
Yes it requires some cpu. BoxSize and MinBox should both be 10. And in width I have typed 4. If you type anything less than 10 in BoxSize MT4 will probably freeze.
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #17
  • Feb 27, 2009 12:42pm Feb 27, 2009 12:42pm
What do you think? I can see a lot of people are reading this thread. Do you have an opinion about the system yet?
If slaughterhouses had glass walls, everyone would be a vegetarian!
  • #18
  • Feb 27, 2009 12:47pm Feb 27, 2009 12:47pm
Quoting karun
I tried adding this and my MT4 got hung... Tried in 1H and 1M both the same. Looks like it takes lot of CPU for processing or it may be just me.
I got it to work. Just save, compile and load.

http://i40.tinypic.com/b6zuop.gif
TRO
  • #19
  • Feb 27, 2009 12:47pm Feb 27, 2009 12:47pm
ok seems like you have a BIG stopp loss does the indicator repaint if it doesnt it is possible to just draw it back in time and see how it works out



best regards
  • #20
  • Feb 27, 2009 12:51pm Feb 27, 2009 12:51pm
Quoting jgadefelth
ok seems like you have a BIG stopp loss does the indicator repaint if it doesnt it is possible to just draw it back in time and see how it works out
It does not repaint. it is just another way to show the movement of the price.
If slaughterhouses had glass walls, everyone would be a vegetarian!
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