T2W Bot

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In my first article last week, I discussed the basics of creating the point and figure style of chart.  In this article, I will build upon that knowledge and show more advanced methods for identifying patterns and projecting price movement.  I want to mention that I tend to use this method of charting for longer term swing or position trades rather than intraday.  Remember that time is not a factor when attempting to achieve targets in P&F and you will likely hold positions for some time. Patterns in P&F charts are a bit different than what you may be used to in candlestick charting.  A triple top formation is not necessarily a reversal formation, it could be continuation.  It will still offer a trading opportunity however.  Look at the following examples of both the bullish and bearish triple formation.

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