Trading with "Point And Figure"

I found something interesting while placing my fibs on point and figure chart.
After an impulse i place the fibs matching the impulse and the consolidation area just before the impulse.
It looks that after crossing the 161.8 level will hit the 423.6 level.
Too soon to say that is true.

All I can say after experiencing some expensive whipsaws is that in the market of 5 minute trends(if that) during the stock market hours is one should be prepared to go either way - long or short-and be working pairs or with a broker offering minimal spreads. Forex movements seem to go in the anti-logical direction to breaking news , and have gone topsy-turvy since petroleum prices have come back to earth. If the S&P goes up, the dollar heads south, and vice-versa - a real 180 compared to the spring of 2008 . Then, after the stock market close, it seems like an anti-the immediate trend logic sets back in. I reckon it's because the day's verdict is done. Witness the 40 pip EUR/USD reversal in the period Friday between the stock market close and the Forex close.

Thanks Coonhound

Some of this trades already brokeout and went some way and some were fresh breakouts. Let's see how is this going to go.
We got the breakouts, we just need the "juice" to push the market!

Constin

Was curious what fib indicator you used to overlay on P&F indicator? I'm also looking for a price channel indicator to overlay on it as well......

Or did you just draw manually?

I just used the fibs indicator from the Mt4 platform

Like Constin, I just used the Fib Retracment indicator from the MT4 platform typically set to the highs and lows of the most recent price ranges.

Sign me up, think I like p&f charts etc more so than renko these days, & would like to contribute here now & again.
later,
45

Heya

Please dont take it as a trade advice
iam still learning and keep an eye on different setups
and wait till the odds are clearly in our vavour..
iam not a trader but a student i just show u waht i observe at the moment

i also started to look more into P and F lately aswell as J16 PA..

i found a nice setup i guess at EUR/USD H4 .


I use the ATR (14) to determine the box size wich is 57 pips at the moment
we see clearly how an old resistance now turned support and we are in a buy signal at the P and F chart ... the major trend is Up .. we could now buy
at the last O column wich also stopped at the same area as the O column before .. wich would give us a buy stop @ 1,4300 ish and a SL 50 pips below
that @ 1,4250 ..

http://g.imagehost.org/t/0961/PF.jpg

also we get a Pin Bar Setup wich bounces off the support either it will retrace back to our buy stop or it will take off now.. this setup would be
a B+ setup as the PinBar is in traffic ... but we have a PandF setup with the trend at PPZ area ... wich stacks the odds in our vavour

Edit : Its not a real PinBar as the left eye is way to big to consider it a pinbar .. its more an InsideBar

http://g.imagehost.org/t/0720/pin.jpg

also i did a price projection wich is calculated this way :

Number Of X's x Boxsize x 3 + first X in Column = Bullish Price Target

wich in this case is 1.5003ish ..... its just a projection doesent mean it rises to that level ..

but the RR is amazing 50 pips risk 700 pips reward

eye poppin 14:1 ...


cheerz

Nice find PrymeTyme,
Just wonder why you don't upload your screen shots to FF instead onto other site. If your using MT4 it has a built in screen save feature that will save them as a jpg which is very small file that FF will let up upload to it's servers. These pics others can easily zoom in to see exactly what's on your charts without having to download huge bmp image files.
Think it's right click on chart & save as picture.

Heya


well looks like it took of without us ..

spotted the setup to late ... would have been a nice trade , but we have to cherry pick the setups .. it would have been a nice setup wen i would have spotted the setup sooner .. when the Inside pinbar has formed and brokm thru the upside..

http://f.imagehost.org/t/0538/pa1.jpg

but hey setups come and go the whole year ..

http://f.imagehost.org/t/0346/pf1.jpg

still learnin

cheerz

This might help you to spot some of those pin bars etc sooner.

Are this point and figure thread is sleeping?
All PnF'ers come and talk about PnF here, or at another active thread: http://www.forexfactory.com/showthre...=19253&page=17

Please code this Excel file for P&F charting. The origin file just for stock data and offline. This file included the real time EUR/USD quote. But I can not join together. If anyone can do that will help me and other.

Many, many thanks.

Hi i am interested to study Point and Figure charts can some one recommend me some books for this topic.