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Technical Analysis (Part 5): Point and Figure charts
Point and figure charting does not plot price against time as time-based charts do. Instead it plots price against changes in direction by plotting a column of Xs as the price rises and a column of Os as the price falls. The technique is over years old. Chartcraft Inc, in the USA, popularized the system in the s. Cohen founded Chartcraft and wrote on point and figure charting in Chartcraft Inc is still running today, providing daily point and figure services for the US market under the name of Investors Intelligence.
Author: Jeremy du Plessis. Jeremy trained as an automotive engineer, then an economist, but gave them both up to become a Technical Analyst. In he founded Indexia Research and pioneered the development of PC based technical analysis software with the Indexia range of technical analysis systems. During the s he developed a number of technical tools and indicators under the banner of Indexia, which are still used in Read more on Jeremy du Plessis.
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Otherwise, the moving averages would not be properly represented. Moving averages require a true log scale where each box size is a percentage move. The moving average is the midpoint of each column. When using Bollinger Bands, the author recommends the use of a period center line rather than the standard setting. Volume is measured for each column. Another way he shows volume on the chart is to plot it at each price level horizontally. It plots the difference between price and its 45 degree trend line to determine whether the chart is in an overbought or oversold condition.
Point and Figure charts are one of the great secrets of the Technical Analysis world. Highly sophisticated and with a thoroughbred pedigree, they can, however, be overlooked by traders today. Jeremy du Plessis - one of the foremost Point and Figure experts in the world - returns with a fully updated second edition of this definitive guide in an effort to redress this imbalance. This second edition, with an extensive revision to the text and introduction of brand new techniques, demystifies the world of Point and Figure charting. It includes a detailed explanation of the history and development of the technique from its invention to the modern day, and covers the makeup of the chart patterns, why they are created, and how to interpret them. Cloud Charts teaches you all about the Ichimoku technique originally from Japan and now used by traders all over the world. The book is the first major work in English on the technique and covers everything you need to know to trade with Ichimoku effectively.