Point and figure charts

Has anyone here ever used the Point & Figure charts? jForex offers this standard, next to the renko en heikin ashi.

Each bar comes with two lines. One is up i think and the other then must be down. It is not time but price related much like renko.

Really? No-one?

I have used in the past but not much success unless there is a big trend. It gets you in the trade late and you also exit late.

I do use it but only on demo at the moment. How about you, do you have any success with it so far ?

Hi Metta87,

Part of my trading plan is to study trading and forex for four hours a week.

My jForex software contains many many more features than MT4. One of them is Renko blocks, one of them is P&F. As you might have read in my thread about the GoldenTulip strategy, i do not believe in time related trading. In my opinion it's all about highs and lows.

Renko as well as P&F filters out the fuzz as well as the time element. So it might fit in my trading strategy of higher highs, lower lows and price action patterns.

I found a book (online) about it (515 pages all about P&F, how much is there to know). Am half way by now. It is interesting and i will start trading with it next week. Let you know the results.

IMHO. it is all the same. Brick size is substitute for time frame.

You could not be more wrong Grin.

Hi SemperAugust,

Thanks you for flagging up the issue. I've just recently begin to realise the beauty of point and figure chart, and am quite puzzled by how neglected in discussion amongst forex trader. I have some problem finding an EA for P&F in my MT4 platform, a build 600 version, which is apparently too new for most of the EA I find online (and there are not that many!). If you know where to locate the EA, I would really appreciate. Or perhaps I should just switch to jForex altogether - fancy having the Renko and P&F and saving all the time.

When you mentioned about the book, could you share the title? I have been introduced to P&F through a living trading session hosted by David Weis, which got me puzzled, and I also track down a few Wyckoff books, where P&F plays quite an important role. I haven't managed to finish those books, I must say. But it is nice to find someone who is also interested in this direction.

SemperAugust,

Could you please provide a link to the online book location? I am also interested but just haven't been able to understand what little I've read so far.

Thanks

I'm using daily point and figure charts which I draw myself with pencil and paper using the high low method.
I cross reference them with daily candlestick charts and 3h point and figure charts, open close method, by oanda.
I basically trade resistance/support and trendline breaks by placing orders and letting trades run on a 100pip trailing stop.
Slow way of trading but I don't have to be at the screen all day. The signals are robust and the trailing stop minimizes losses.