Does anyone use point and figure charts? They appear to have fallen to the wayside, replaced by other charting techniques. I like them for fast information without all the noise and they can be plotted anywhere with just a pencil. Just curious.
Bar charts are better. With P&F charts, ultimately, you have to pick an "arbitrary" scale that you feel comfortable with.
Point and Figure charts make it easier to be more systematic about identifying chart patterns. I discuss that in an article I wrote a while back. I said that if you wanted to create a automated chart pattern identifier , I would use a Point and Figure type grid to remove the noise and normalize the size of the patterns based on volatility.