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Trading with P&F charts
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Trading with P&F charts

  #1 (permalink)
Elite Member
san diego
 
Futures Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker/Data: FXCM, Interactive Brokers
Favorite Futures: FOREX, IWM, SPY, XLE, NQ
 
Posts: 219 since Apr 2010
Thanks: 70 given, 122 received

Trading with P&F charts

I have been experimenting with trading using P&F Charts and they seem to be quite useful for identifying patterns. I didnít locate many threads here on these charts and am somewhat surprised they donít get more attention, so I am creating this thread so traders can include their own examples and relate their experiences.

I have an example which illustrates their usefulness. I am using the Ninja charts with base period value 1, Box size 1, Reversal 4, and Base period type tick. The chart is the SPY. When it ticks up 1 cent, an x is drawn, and when down 1 cent a 0 is drawn. In an up move ďxĒs will be drawn until the price back ticks 4 cents, in which case a new bar will be printed. The reverse happens for a down move. Thus an up bar (x) is an up move that didnít back tick more than 4 cents and a down bar (0) is a down move that didnít back tick more than 4 cents.

The P&F chart shows an explosive breakout of a triangle which led to a nice up move. While trading, I could easily see the triangle forming minutes before the breakout. I drew the two lines before the false breakout. I could easily see the compression of the range leading to the breakout. There was a false breakout to the downside which increased my confidence that the real breakout would be to the upside. I had already decided I would not take downside breakouts because the moving average was sloping up. The breakout was strong without any retrace. I have included for contrast a 1 minute chart of the triangle. I never would have seen the triangle on a 1 minute chart which I drew much later. The P&F chart really made the pattern obvious.

Since I was trading with Interactive brokers, I used the GOM recorder to record the data so I could draw the P&F charts. One thing to watch out for is that on the charts, the current price isnít highlighted in the bar, so to see where the current price is you have to look to the price highlighted on the scale to the right. I also put on a Gomi footprint chart with P&F period, and the price on GOMI is highlighted with an orange square. So, it must be possible to write a simple indicator that provides this feature.

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  #3 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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If you use NT, check out @SodyTexas's brilliant P&F indicator suite

https://futures.io/elite-circle/34569-working-point-figure-indicator-suite.html

Mike

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  #4 (permalink)
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@jodistrict,

Is this a general methodology thread? Or are you asking for NT script help? I need to move it to the proper subforum if that is the case.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #5 (permalink)
Elite Member
san diego
 
Futures Experience: Intermediate
Platform: FXCM MarketScope, NT, Interactive brokers, AMP
Broker/Data: FXCM, Interactive Brokers
Favorite Futures: FOREX, IWM, SPY, XLE, NQ
 
Posts: 219 since Apr 2010
Thanks: 70 given, 122 received


Big Mike View Post
@jodistrict,

Is this a general methodology thread? Or are you asking for NT script help? I need to move it to the proper subforum if that is the case.

Mike

I was intending a general methodology thread. If any traders are using P&F charts they can discuss it here and provide any interesting examples.

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