Point and Figure

Does anyone have any opinions on point and figure charts? I can see pros and cons, but one thing that has seemed odd to me is there is not that much practical information from retail traders using them. Any input is appreciated.

please dont all rush at once to say something!!!

Personally I’m afraid I don’t know what a point and figure chart is, have never heard of them. So perhaps I’m not the only one, which might explain the lack of responses.

Thanks for the reply. The fact that you’ve never heard of them is useful to me as it does give an indication of their popularity.

Its just a type of price chart in which the time element is removed and gives information about how far the price has moved without a significant reversal.

Point & Figure Chart Definition | Investopedia

+1 Me neither

Forex Point and Figure Charts | OANDA fxTrade Interesting.

[QUOTE=“pipwhip;592128”]Does anyone have any opinions on point and figure charts? I can see pros and cons, but one thing that has seemed odd to me is there is not that much practical information from retail traders using them. Any input is appreciated.[/QUOTE]

I use it to help me make my trades. I found George Smiths course and additional indicator. More than anything it SUPPORTS my other indicators as I don’t want to get into a trade that so going the other way.

Ah yes point and figure charts… If you want to get a series 7 or a CMT license you will have to read a whole book dedicated to just building point and figure charts. They are very useful but old school in the sense that the technique is to plot them by hand. Basically if you can draw up a point and figure chart of vertical ‘x’ and ‘o’ plotting price close points in essence you can build a chart of anything as long as it has a value that changes over a period of time. They are really neat in a classic car kinda way. Technology has already done most of the hand work for us and not to mention actual candlesticks :48:. Point and figure charts are just a concrete way of saying you know what you are doing and if computers ever disappear you still know how to track a market without a computer just like they did it in the times of old before bar charts exsisted.

That is what is interesting to me. I know its a kickback to some old school technique but i think it has some interesting properties. The other thing i have found really interesting is how little they seem to be used in practice.