Trading with point and figure

FTSE dump off 7550... 7535 needs to hold....watch the bounce (or not)...ready either way!
 
Moneylender said:
I try and only use two settings on DAX and concentrate on the one or two instruments, the other being the DOW.
Basic settings for both are overall outlook are usually 8x3 box, to Zoom in I use 4x2 all set at high and low. This gives me a good idea of whats likely to happen. (cough cough) I then use a tick chart to get the entry at the various points of interest, sometimes I get it very wrong lol.

If you need to look even further back just increase the box size and say a 5 reversal.
Click to expand...

Thanks for this. I do get Dentist's point about getting the look from a bar chart and that has sort of been my approach for the last couple of years where I look at a chart in the context of significant levels, starting with the Daily chart and then coming down to 15min. Using today's example, I was hesitantly bullish on looking at my basic candlestick chart but to be frank, no more so when I'd done the p&f....which is why that extra bit of clarity on yours was a help, even though I didn't have the confidence to adjust my trade size accordingly.

Currently, I think too much and I'm more than aware that if I too had 10 years experience that I could probably do this in my sleep. I need to just keep doing this as a matter of routine until it marinates properly and things become more intuitive.
 
You can find me here later and all weekend probably!!!!:cheers::cheers:
 

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cantagril said:
Thanks for this. I do get Dentist's point about getting the look from a bar chart and that has sort of been my approach for the last couple of years where I look at a chart in the context of significant levels, starting with the Daily chart and then coming down to 15min. Using today's example, I was hesitantly bullish on looking at my basic candlestick chart but to be frank, no more so when I'd done the p&f....which is why that extra bit of clarity on yours was a help, even though I didn't have the confidence to adjust my trade size accordingly.

Currently, I think too much and I'm more than aware that if I too had 10 years experience that I could probably do this in my sleep. I need to just keep doing this as a matter of routine until it marinates properly and things become more intuitive.
Click to expand...

Only one rule you need to remember all the time

"account preservation at all times".

If the trade is wrong get out of it or hedge it.
 
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