Point and figure chart analysis...!

[praveen98]

Hi Praveen bro,am not understanding properly from 1 day's chart
is it not possible to get continuous chart(atleast for 2-3 day's).

Hi sanjay,
The chart is from yester day open to today @2.15:clapping:

 

[praveen98]

Hi ,
i will post continuous chart in the evening...:thumb:
Btw you can draw the chart in free excel tool if you have data...if you don't have data i will post it....:thumb:

Hi Sanjay,
Here is the last two days NFOCT 3X3 HL 1M chart with trend lines....:thumb:

 

[praveen98]

i use amibroker with josh utility to extract data from nest which although not pure tick but is delayed max of 5 secs.

I do not agree with you as any timeframe other than 1 tick will make the pnf or renko plot totally wrong and unusable.

my chart is plotting correct as i myself have eyeballed the formation of forward and reverse boxes which it plots accurately and I trade the same.

@Boarders,
Linkon sir posted an AFL in post no:4 of this thread....Is it the one you are using...if not can you share the AFL you are using?
BTW how much Ami broker costs...I think its license is for life ...right?
Thanks in advance,:clapping:
Praveen

 

[praveen98]

NF today @11.10

 

[praveen98]

[email protected][IMG]http://i60.tinypic.com/28vg9bk.png[/IMG]

 

[Somatung]

@Praveen98

Nice going and thanks for your the time to really activate this thread again :thumb:

 

[praveen98]

Hi guys,
Here is the NF chart@EOD...(yesterday's and today's price action is visible in this image).Today also Bullish support line is broken and then price reverted back up to Bullish support line at a higher level....This is an important resistance level @ EOD spot charts...so one should be cautious at these levels...
Happy trading:thumb:

 

[boarders]

here follows the reason for not using pnf or renko chart other than on 1 tick frameL:

- a pnf chart will advance one candle only when a reversal happens. this could happen at any time not determined by time but by price reversal alone.

- a normal chart will advance one candle every set period of timeframe. a normal chart therefore is dependant on time alone and not price.

- the above two methods of plotting are totally different from each other.

now if a pnf chart is asked to be plotted with a time frame as horizontal axis, whenever a reverse price change happens the pnf formula will want to advance one candle, but if this happens in the middle of the set timeframe, the the charting software will not allow the candle addition by pnf as it will want to wait for start of new interval. thus that candle will not show up in the chart. so depending on trading with such a chart will result in entries and exits which actually happens during trading but will not show up on the chart.

I am seeing praveen posting charts with 1 minute timeframe, so thought of clarifying my point made earlier.

I hope I am making myself understandable and clear.

 

[praveen98]

here follows the reason for not using pnf or renko chart other than on 1 tick frameL:

- a pnf chart will advance one candle only when a reversal happens. this could happen at any time not determined by time but by price reversal alone.

- a normal chart will advance one candle every set period of timeframe. a normal chart therefore is dependant on time alone and not price.

- the above two methods of plotting are totally different from each other.

now if a pnf chart is asked to be plotted with a time frame as horizontal axis, whenever a reverse price change happens the pnf formula will want to advance one candle, but if this happens in the middle of the set timeframe, the the charting software will not allow the candle addition by pnf as it will want to wait for start of new interval. thus that candle will not show up in the chart. so depending on trading with such a chart will result in entries and exits which actually happens during trading but will not show up on the chart.

I am seeing praveen posting charts with 1 minute timeframe, so thought of clarifying my point made earlier.

I hope I am making myself understandable and clear.

Hi Boarders,
Yes, I got your point, there is no doubt in my mind that pnf based on tick by tick chart is the purest form of pnf chart...But we should be able to maintain such a large data base...it will further enhance difficulties if we trade more instruments...
I have tried tick chart with e Signal data and Updata trader Pro...It's look and feel will be entirely different from the plots what we are following with 1M data set provided our chart is based on Close series...but not much of a difference when chart is based on HL with box size and reversal size are larger multiples like 60 ticks(3) and 3 box reversal size it won't make much difference...(As in the NF chart)(NF 1tick is 5paise)
It will surely make difference when box size is multiples of 5 ticks or less(5 point) and reversal size 2 ...Crude 1tick is 1Rupee..(As in the Crude M chart posted by you the other day)
That is my point of view....
Pnf based on tick is preferred and superior to the type we are currently using...but we are compromising due to lack of logistics and for convenience to avoid maintaining large data bases...
Please see post no:74 and post your view on my query...
Thanks in advance,
Regards,
praveen

 

[singsanjay09]

here is my chart as of yesterday 5:46 pm

Hi Boarders, where is your crude chart? how you backfill when your system intrupted or when you not trading? Odin supports same day's tick backfill using Amaadamisoftware or some other utility, plz say something about your experience.