It depends on the type of trade I am making. If it is a sync trade I am typically looking for a target on YM for 10-15 points or 1.5-3 points on ES. If it is a failed double top or bottom buy or sell I set my target for a minimum of 3 points and 30 points on YM. If we are close to a new high or low I will set my target 1 or 2 ticks below the high or 2 ticks above the low. Obviously if the risk/reward is not good enough near that high or low I will not take the trade.
I am also going back to 3 box reversals. I've kept up both types of charts during this and there has yet to be a sync trade with my current YM 4 box reversal set-up, but there have been good ones on the 3 box.
Thanks. So you mainly use profit targets as opposed to pivot points or fibs, etc.? You never use any other indicator with p&f charts?
I have pivot points on my chart at all times. I consider them support and resistance. I do not use any other indicator on intraday trading. When I swing trade I add relative strength as my only indicator.
That's because you're using your intuition man ... it's actually better than the analytics, but it's not always there, so we have to rely on our technique.
nobody seems to be using 3 box vertical counts and 1 and 3 box horizontal counts.these are very powerful indecators they are only suited to p/f charts aswell as 45 degree trendlines on 3 box reversals these are the only 2 things that enhance p/f charts.it is not just about double-top/bottom.catapults,semi catapults etc etc once you incorporate these,there is no other charting format that can give you the same amount of information about the instrument you are trading
go to google.register.then go to books.put in definitive guide to point and figure.import it in to youre library.you can preveiw most of the book under contents go to projecting price targets.it is all there and for free
i have no connections with the author or the publisher of this book.it is a great book.thats it...!!!