Point and Figure Errors
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     nihonjin
Member
Username: nihonjin
Post Number: 27
Registered: 05-2007Rating: N/A
Votes: 0
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| | Tuesday, January 08, 2008 - 10:12 am: |  
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Good morning Colin,
I am trying to get to grips with Point and Figure charts this year. I would like to point out that 1 point reversals are incorrectly drawn by Incredible Charts.
When a price moves 1 point and then reverses 1 point the chart should look like this:
...X
...O
making a 1 step back.
Incredible Charts does this:
...X
.....O
Please see Jeremy du Plessis's Definitive Guide to Point and Figure for a full explanation.
I would also like to ask that Incredible Charts plots a correct grid on Point and Figure charts and defaults the diagonal drawing line to 45 degrees.
A further enhancement would be to print the column numbers along the bottom X axis.
The market wins because it has an edge! Traders blink first.
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3087
Registered: 09-2002Rating: N/A
Votes: 0
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| | Wednesday, January 09, 2008 - 11:40 am: |
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njn,
There is more than one method of constructing P&F charts. What you are suggesting is the DeVilliers method, normally used with live data rather than end-of-day data.
Regards,
Colin
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nihonjin
Member
Username: nihonjin
Post Number: 28
Registered: 05-2007Rating: N/A
Votes: 0
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| | Thursday, January 10, 2008 - 10:50 am: |
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Hi Colin,
I understand the history of Point and Figure. Mr. du Plessis explains the reason for back stepping has to do with the width of the chart and establishing price targets using the horizontal counting method. Using the DeVilliers method gives more accurate counts than the method of plotting 1 point reversal charts in Incredible Charts.
Mr. du Plessis's book also gives a wealth of ideas to widen the scope of indicators to give Point and Figure chartists the same tools as those using time based methods.
The market wins because it has an edge! Traders blink first.
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nihonjin
Member
Username: nihonjin
Post Number: 35
Registered: 05-2007Rating: N/A
Votes: 0
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| | Sunday, March 23, 2008 - 04:43 pm: |
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Hi Colin,
I am using Point and Figure charts more and more and becoming frustrated by the fact that Incredible charts draws them incorrectly.
Here is an example of a 3x10 reversal chart drawn by Incredible charts.
a is 46
b is 37
Here is a correct version from 2005.
The market wins because it has an edge! Traders blink first.
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colin_twiggs
Member
Username: colin_twiggs
Post Number: 3143
Registered: 09-2002Rating: N/A
Votes: 0
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| | Tuesday, March 25, 2008 - 12:35 pm: |
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nihonjin,
That may not be difficult. If I understand you correctly, what you are looking for is a plain closing price reversal without the steps? Incredible Charts normal scale steps are set out here:
http://www.incrediblecharts.com/technical/pnf_construction.htm#Normal+Scale
Regards,
Colin
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