A Simplified Point & Figure Chart for Consolidation and Breakout
Hello!
I’m Satori, researching FX.
Today I will deliver “Points to simplify ranges and breaks and the Point & Figure chart.”
The figure below is the GBPJPY 30-minute Point & Figure chart.
In the figure above, × means rise and ○ means fall.
On the 30-minute chart, by default one box (the range of one ◎ or ×) is 7 pips, but this can be changed in the settings.
When the up×or down〇 reverses, it moves in the reverse direction by 3 boxes at the closing price, so it’s a 21-pip reversal.
From the 1-minute to the weekly chart, the default pip value per box differs, but all can be changed in the settings.
Point & Figure charts are non-time-ordered, so only price movement is observed.
Because time is not used, the chart is simplified.
Trend lines, resistance lines, and support lines are easy to draw, and it is particularly easy to distinguish between ranges and breaks, which facilitates a trading style that waits for opportunities.
At first glance, it may seem like a game of filling the grid, but it’s characterized by catching breakouts after a rising swing low.
The basic signals are executed in the trend-following direction when the high of the previous × column is surpassed and when the low of the previous ○ column is breached, along with email alerts.
Signals can also pass through an EMA trend judgment filter.
The indicators related to today’s article are as follows.
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