HG, Thanks very much for the Thread. Since I have never used P&F charts before, what are the settings to plot on a daily chart. And can they be used for shorter time frames? Thanks again.
I forgot to mention what the numbers in the columns represent in the charts. It just represents the month. You have 1-9 which represent January thru September, and you have a b c which is October, November, and December.
This is all very interesting. I've never taken the time to learn P&F, but I think I will now. Thanks.
Time is of no consequence on a pnf chart. A daily chart looks exactly the same as a monthly chart. The only difference is box sizes that you choose to use. If you use the standard box sizes a monthly chart will look the same as a daily chart. You should not use the standard box size for intraday trading. For example on ES the standard is a 20 point box. This is fine for daily or weekly trading but not for intraday. On intraday, I actually use three chart box sizes. .5, .75, and 1.0
What are your average holding times for each position? Looks like they can be held for weeks if the movement is small.
Typically I hold the stock until target or 5 weeks whichever comes first. Intraday trades very rarely last more than 10 minutes.
A word of caution. Taking every P&F buy or sell signal will absolutely guarantee your failure. You have to trade signals with high probabilities. We will get into that as well.
WOW - a very civil and yet educational thread at ET, there is hope here after all!!! :eek: LOL!!! HG - thanks for the BSC chart.