Trading with point and figure

cantagril said:
Re SS et al - yes, I'd agree that it's all very obscure and Dentists's pronouncements don't appear to make sense at first glance but imho this is a routine matter of context. Whatever method or approach one uses, eventually everyone who does understand it and use it settles into jargon. The problem for people who look in on this thread is that a) they might not understand the fundamentals of p&f and b) unless they have got some software they're not going to have a chart to read in the first place.....

....unless of course Dentist / ML have been kind enough to post one. I keep most of my charts to myself because whilst they mean something to me ( I think!) they are at best messy and to someone who does not already understand the methodology, meaningless. Mystic Meg strikes again.

Dentist's charts today are models of clarity but for me to reproduce that quality with my knowledge of BEB takes ages and frankly, I can't be bothered. Likewise, I already understand what a "pump or dump" means and that an OCO is the way to deal with it without an explanation for action or levels because they're indicated in the chart.

Speaking for myself, this is a user's thread and not a learner's one. As I learn elsewhere (reading the Holy Books, checking out Linton et al) I then come back to the thread and see what's going on and if I understand it any better. Sometimes I do, sometimes I don't - I still can't get my head around why Counts, be they vertical or horizontal work as well as they do.....

Anyway, all this to say that imo it's Dentists's thread and if visitors choose to think that after ten years at this lark it's all delusion, then fair enough and this thread is not for them... but if one is curious and wants to learn why (after nearly a hundred years) people use it, then there's plenty of material out there.🙂
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Morning Cantagril, I have to tell you, you have completely underestimated what sonic & myself do understand, hence the bit of fun.

Gotta keep you boys on your toes. The language of this thread & it's content are very very easy to understand in fact.

You pulling a wage from the markets using the this thread ?

week in week out ?

Do you know for a fact that Dentist is ?
 
inzimam said:
what is the logic behind an O in an X column..what is the maths going on to print that?
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price reversed at rez/pink horizontal before it broke out
printed a down column and then got supported and reversed again to take out that horizontal/semi-catapult breakout
stop placed 1 box below
the chart is not a scalpers chart...was only to explain 1 box breakouts
 
tokyojoe said:
Morning Cantagril, I have to tell you, you have completely underestimated what sonic & myself do understand, hence the bit of fun.

Gotta keep you boys on your toes. The language of this thread & it's content are very very easy to understand in fact.

You pulling a wage from the markets using the this thread ?

week in week out ?

Do you know for a fact that Dentist is ?
Click to expand...

So, you understand the methodology, the terminology and have p&f charting, fair enough - but then I'm not sure what it is that you hope to gain with your posts. Whilst I'd agree that Dentist is relaxed in what he does and says and the way he says it, with your knowledge you know what he's doing and what he means.....so I don't get the bout of mockery but I suppose that if that's what amuses you on slow days then that's harmless enough.

As to whether he's making money, I don't care one way or the other. I'm not blindly following Dentist (or ML for that matter) but when they post charts that means I don't have to, as the work's been done and I'm more than happy exploiting that.

On my own performance: I'm a part-timer. I'm not consistent on a weekly basis as I frequently don't trade at all...but profit-wise, since I've been using this approach I'm less inconsistent than I was when using candles/ MAs/ LR/ Fib/ Ichimoku etc etc. As to using this thread, if there were other threads on p&f I'd probably be reading them too but apart from ancient history on Elite Trader and one on a German site, I haven't come across much.

Another aspect is the software: as I understand it there's not much out there. My level of activity at a measly £1 a point doesn't warrant me signing on to Updata and without doing too much slagging off I can truthfully say that the only two apps that I've used (BEB and Cute) leave a lot to be desired - if there was better for hundreds rather than thousands, I'd drop BEB instantly.

So, all in all, it suits me and I can also understand that it doesn't suit others.
 
cantagril said:
So, you understand the methodology, the terminology and have p&f charting, fair enough - but then I'm not sure what it is that you hope to gain with your posts. Whilst I'd agree that Dentist is relaxed in what he does and says and the way he says it, with your knowledge you know what he's doing and what he means.....so I don't get the bout of mockery but I suppose that if that's what amuses you on slow days then that's harmless enough.

As to whether he's making money, I don't care one way or the other. I'm not blindly following Dentist (or ML for that matter) but when they post charts that means I don't have to, as the work's been done and I'm more than happy exploiting that.

On my own performance: I'm a part-timer. I'm not consistent on a weekly basis as I frequently don't trade at all...but profit-wise, since I've been using this approach I'm less inconsistent than I was when using candles/ MAs/ LR/ Fib/ Ichimoku etc etc. As to using this thread, if there were other threads on p&f I'd probably be reading them too but apart from ancient history on Elite Trader and one on a German site, I haven't come across much.

Another aspect is the software: as I understand it there's not much out there. My level of activity at a measly £1 a point doesn't warrant me signing on to Updata and without doing too much slagging off I can truthfully say that the only two apps that I've used (BEB and Cute) leave a lot to be desired - if there was better for hundreds rather than thousands, I'd drop BEB instantly.

So, all in all, it suits me and I can also understand that it doesn't suit others.
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A fair & articulate answer mate, but your answer sounds a little green, you SHOULD care whether Dentist is making a decent living out of this if you are going to invest time & effort into this method.

I'm thinking of coming back to t2w, it's been like a graveyard tbh, so just sounding a few things out, I mean no ill will or malice, anybody who knows me knows that.
I like Dentist he comes from a good place, but we all get a little carried away with ourselves eh !

Sonic has his way of asking questions & I have mine, you could simply ignore us mate, Dentist generally does 😉

Anyway, happy trading today.
 
tokyojoe said:
A fair & articulate answer mate, but your answer sounds a little green, you SHOULD care whether Dentist is making a decent living out of this if you are going to invest time & effort into this method.

I'm thinking of coming back to t2w, it's been like a graveyard tbh, so just sounding a few things out, I mean no ill will or malice, anybody who knows me knows that.
I like Dentist he comes from a good place, but we all get a little carried away with ourselves eh !

Sonic has his way of asking questions & I have mine, you could simply ignore us mate, Dentist generally does 😉

Anyway, happy trading today.
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Point and Figure is good in that it gives a clearer picture, eliminating some of the noise. Just like any strategy or trading method, it's not perfect.

I'm only using it to identify levels, but the levels and trends marked on the chart can be wrong (depends on box size etc) and Dentist always says the levels are just areas of interest. You need to have other signals for entry and exit.

I am still trying to merge my previous trading method which was reasonably successful and using PnF to stop getting in on the wrong side of the market. In the process of merging the two, I've taken a big hit unfortunately. A lot to do with ignoring the clear signals from one and just emotions getting in the way.

My current plan is to try and just use both strategies together, without exception. This will really limit the number of approved trades, but the probability of those being successful must be higher.

There is no thread on this site which will exactly match your own personal trading style. That's the problem with trying to follow others. Do what works for you.
 
23550 hit
1 box horizontal count target posted on the chart this morning
it does go up to 23575....no sign of any bears
 
tokyojoe said:
A fair & articulate answer mate, but your answer sounds a little green, you SHOULD care whether Dentist is making a decent living out of this if you are going to invest time & effort into this method.

I'm thinking of coming back to t2w, it's been like a graveyard tbh, so just sounding a few things out, I mean no ill will or malice, anybody who knows me knows that.
I like Dentist he comes from a good place, but we all get a little carried away with ourselves eh !

Sonic has his way of asking questions & I have mine, you could simply ignore us mate, Dentist generally does 😉

Anyway, happy trading today.
Click to expand...


...and thank you for your own courteous reply🙂

I think that perhaps I misled you as to my interest in p&f. When the world was young and dinosaurs roamed the land, I spent a while trading for a living. Screens were black and green but not nearly as green as I. For reasons that had very little to do with my ability, I did quite well for a few years and then cashed in the piggy bank & did something else for a decade or two.

My interest in p&f had nothing to do with Dentist's threads, present or past. I began looking at p&f as a way of gaining clarity and getting rid of a load of noise and superfluous information that obstructs the answer to that all important question: "What the fruk is going on?" One of things I like a lot is knowing that I don't know (i.e having the p&f chart confirm market indecision)and then seeing the picture resolve itself and then getting on board, which is exactly what you have seen Dentist doing today.

As to investing time and effort in p&f - perhaps I'm looking at things the wrong way but if I want to understand any method and whether it's going to be helpful to me, then I always invest time and effort (it seems stupid to do anything else) , after which I might be able to make a decision - which is what I have done with the methods I have looked at so far....e.g Candles, about which I have read a lot more than I would have liked. I have reams and reams of articles and piles of books about all sorts of trading crap - some of which (not much) is genuinely useful and the rest is mostly padding or firelighter material.

Whether Dentist makes money from using p&f is completely irrelevant as is whether proponents of any other approach not their own are doing so. A cursory online search brings up people who were using p&f many decades ago; I certainly don't think of him as any kind of a guru (sorry Dentist!) but as an experienced practitioner. What he is doing now is taking a historically tried and tested approach and applying it to his area of interest, which coincides partially with my own. Without wishing to denigrate his efforts, the creative input necessary to produce a useful p&f chart with BEB or Cute is infinitesimal, fortunately for me.

And since we're chatting: I'm still long cable from 1.3050 with SL at +15. Target remains 1.3120. It being Friday, I''ll get rid of it sometime before 5pm, I'd imagine.
 
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