emini daytrading with Point & figure
- Thread starter trader333
- Start date
"I don't understand how point and figure can be based off a 1 minute chart? I thought one of the results of P&F charting was to remove the time scale. Please explain."
First there was tick driven P&F that employed one box reversal charts. From these they would slow things down and create 3 or 4 or even 5 box reversal charts from the tick driven charts.
In the 40's Abe Cohen realized you could get many of the slower signals by using EOD 3 box reversal charts that looked at the high and low of the day.
Doesn't matter if you are looking at monthly, weekly, EOD, 1 min, 10 min, etc time frame. They all have a high and low. Some folks use just the close. That's what Steele claims to use.
Chuck
First there was tick driven P&F that employed one box reversal charts. From these they would slow things down and create 3 or 4 or even 5 box reversal charts from the tick driven charts.
In the 40's Abe Cohen realized you could get many of the slower signals by using EOD 3 box reversal charts that looked at the high and low of the day.
Doesn't matter if you are looking at monthly, weekly, EOD, 1 min, 10 min, etc time frame. They all have a high and low. Some folks use just the close. That's what Steele claims to use.
Chuck
You mean to tell me that after the 1 minute chart has closed, then the P&F chart will use the close price to draw a point and figure chart? So it is kind of just getting one data point per minute? Is that what's going on? Interesing - a 1 minute filter is being applied if my interpretation is correct.
I could be wrong about this, but it seems the unwillingness of various traders to share their success with you is a common complaint.
Why do you suppose that is?
Quote from WDGann:
Though, I will help in ET. Along with posting stupid stuff.
Hi WDGann,
Keep on going WD, I learned you are certainly not the most stupid guy around here.
nononsense