Point & Figure on Cable

Hello,

Has anybody trading cable using only P&F charts? I am getting very interested in looking at only price movement, and forget about time.

Thanks,

Frank

p.s. I will post my intra-day trading recommendations on this pair twice a day, around 10AM, and 10PM EST.

I use MT4 platform, with an indicator drawing a very basic P&F chart. I am very interested to trade the breakout of a congestion area in P&F.

Attached chart shows some are of congestion (inside white circle) for cable. A breakout strategy from this congestion phase could be a good trading strategy, obviously with a sound money management as well.

I also attached (serg153xo.mq4) the indicator for those who use MT4 platform.

Attached is the cable's P&F situation:

No current area of congestion is forming...on the sideline for now.

GbpUsd

P&F shows continuation of trend with no sign of reversal.

Long @ 2.0095 SL @ 2.0048

Next analysis around @10-11AM EST, July 2...


Note: This is a demo account. Please don't take these signals on your LIVE account, at least, not yet.

Hello Franc,
Do you know or have any good book/tutorial material on point and figure charting? Can you share it with us? We want to learn about this method of trading.
Thanks and regards
R. S. Iyer

Hi,

I recommend this site to start: http://dorseywright.com/cgi-bin/foxweb.exe/fwuniv?partner=

However, you can always google P&F on Forex and find other interesting sites.

Re: GbpUsd

Current Price: 2.0102

Still looks good long on P&F charts, and no sign of reversal. Holding the same position @ 2.0095

Re: GbpUsd

Exited @ 2.0161

Area of congestion are building up, so it's time for profit taking.

Re: Point & Figure lesson link

http://www.archeranalysis.com/beb/index.html

http://chartfilter.com/pointandfigure/bearishpointandfigure.htm

Thanks a lot
Regards
R. S. Iyer