emini daytrading with Point & figure

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.

 

"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

 

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.

 

That's it exactly.

 

Thanks for explaining that. This helps a lot.

 

If anybody wants insight into PF ask Gann. He ran some test in the past.

Well....Only if he wants to share it tho!!!

Good Trade !!


Trend

 

WDGann dont wanna share jack, he's an AB.

 

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?

 

I don't share with people I've never met.

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