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Advantage of point & figure chart over line, bar and candle charts

gkintl

gkintl

All trading platforms provide facility to view price action in the form of line, bar and candles. However, only custom script will enable a trader to visualize price action as a point and figure chart. They offer some unique advantages over others. The first thing is insignificance of time in the construction of charts. Thus, a clear understanding of the trend can be understood. The next major advantage is that a trader can filter out negligible price movements by using reversal parameter. A box parameter also enables a trader to choose smaller or larger moves as per his trading style. Have you tried using point & figure chart? Pls., share your views.
 
willy

willy

no i am just trading with candlestick chart because this chart is great with the technical analysis and also the candle stick is older than any chart and many professional traders advice the newbies to trade with this chart
 
S

Svetlana Loboda

willy said:
no i am just trading with candlestick chart because this chart is great with the technical analysis and also the candle stick is older than any chart and many professional traders advice the newbies to trade with this chart
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Yes, no doubt candlestick is the most useful one! But, you need to use horizontal lines, trend line; Fibo and few technical tools for filtering your entry and exit points!
 
L

Lee Mark

Svetlana Loboda said:
Yes, no doubt candlestick is the most useful one! But, you need to use horizontal lines, trend line; Fibo and few technical tools for filtering your entry and exit points!
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News trading is my major, but till now I am comfortable with the candle pattern! I see, this is more popular one than the other 2 types.
 
L

lioneld

gkintl said:
All trading platforms provide facility to view price action in the form of line, bar and candles. However, only custom script will enable a trader to visualize price action as a point and figure chart. They offer some unique advantages over others. The first thing is insignificance of time in the construction of charts. Thus, a clear understanding of the trend can be understood. The next major advantage is that a trader can filter out negligible price movements by using reversal parameter. A box parameter also enables a trader to choose smaller or larger moves as per his trading style. Have you tried using point & figure chart? Pls., share your views.
Click to expand...


Well; initially I tried with the bar chart but now I am using the candle; yes I am happy on technical support of the candle chart!
 
trauton

trauton

Trading on news is indeed a good choice. Economic statistics have a strong impact on the market, so you can make good money with proper analysis.
 
L

Lee Mark

trauton said:
Trading on news is indeed a good choice. Economic statistics have a strong impact on the market, so you can make good money with proper analysis.
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Can you please add more info on news analysis! I mean, how do you make your analysis based on fundamental data?
 
sininfinity

sininfinity

Well I myself have not used it and also MT4 does not support it. But I have seen point and figure charts and personally I prefer candlesticks over any other types of charts.
 
Derzi

Derzi

Candestick patterns are the best for using on your chart window as they show the price action in the best ans simple way. Every candle stick has its own reputation on the chart and it gives you a clue about the future of the price. You have to train yourself for understanding them properly.
 
L

lioneld

sininfinity said:
Well I myself have not used it and also MT4 does not support it. But I have seen point and figure charts and personally I prefer candlesticks over any other types of charts.
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I think, more than 80% traders use the candle chart; because it represent more technical aspects!
 
P

Pagaro

Point and Figure charts are non-time based charts which means that the component of time is completely removed from the charts. Instead, Point and Figure charts focus exclusively on price movements and momentum. If, for example, there is no momentum and price just drifts sideways, a Point and Figure chart might not show any new chart information at all; this feature is similar to Renko charts.
 
L

lioneld

Pagaro said:
Point and Figure charts are non-time based charts which means that the component of time is completely removed from the charts. Instead, Point and Figure charts focus exclusively on price movements and momentum. If, for example, there is no momentum and price just drifts sideways, a Point and Figure chart might not show any new chart information at all; this feature is similar to Renko charts.
Click to expand...

Never used this kind of chart, thanks for your info mate! I found interested info from your post.
 
O

Oscar Shumack

Traders prefer mt4 more than nt5 trading platform. Whatever your choice is, the platform should be reliable and free of trading technical errors like slippage, reqoutes and dealing desk. So, make sure your platform incorporates all indicators and technical tools.
 
B

Bahiya Shinam

Forex trading will be lucrative for you if you trade here with a well-proven strategy. Traders have to spend more and more time with the market to innovate such a good trading strategy. But it’s sad to know that traders don’t focus on this issue much.
 
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