Does anyone here use real-time point and figure charting on a 5 minute chart? Is there even such a thing? Or does it only work on daily charts? I was hoping that maybe I can use point and figure charting on a 5 minute chart as an addition to my current scalping strategies.. Here's an example of a point and figure daily chart of ibm:
I don't use them on intraday charts (or on any other charts currently). Tradestation has the ability to do PnF charts on any timeframe. SSB
Quick question off the subject.. Im thinking of opening a futures account w/ IB. Someone said they charge for canceled orders whic seems a bit odd. thanks in advance. T
just display a 5 min bar chart and then click the PnF symbol and you´ll get a point and figure chart on any time frame on eSignal. with the edit studies function you then set the reversal. on your IBM chart just use 1,1 on the daily or 0,25, 0,25 on the 5 min.
They do charge for cancellations but Ive never been charged and I do cancels all the time. As long as you make a few actual trades you probably wont have a problem as each trade gets you several cancellation credits.
Hi Scalper, Point and figure charts have absolutely NOTHING to do with time. The charts are based on price movement (which you specify)...that's it....time is totally irrelevant.... If you are interested in learning about PF Charts, a book I can recommend is Point and Figure Charting by Tom Dorsey. A Google search should give you his website as well.... Regardless of how you intend to use them, as with most things, intensive amounts of study are required and you may or may not be profitable using these charts.....P&F is not a get rich quick scheme....but they do show support and resistance better than most any other method I have come across.... Hope the above is useful to you... HM
I am sure you mean well but you are misleading the thread starter....time and P&F charts are as similar as peanut butter and napalm....one has nothing to do with the other.....