Free Forex Point And Figure Charts

Free forex point and figure charts

I am also interested in using Point And Figure Charts for forex trading.

@Blaiserboy:
Where can I get that indicator from, that you use with Metatrader?

One question I have:
I think there could be a problem, when having an indicator that does not use real time prices but creates the P&F charts from bars.

Imagine the following setup:
  1. Boxsize = 10 Pips (EURUSD)
  2. 3 box reversal
  3. Using on 1 hour chart

Now if there's a 1 hour bar with the following dimension:

  1. Open: 1.5000
  2. Close: 1.5100
  3. High: 1.5150
  4. Low: 1.4950

This would be a 200 pips move from top to bottom, but we have no clue about what exactly happened during this time.

Learn Point & Figure charts and know how to trade them

The price could have made 10 swings between high and low or only 1 swing. That would have a huge influence to the outlook of the P&F chart.

How could an indicator handle this? Taking the data from the 1min timeframe woul reduce this problem, but not totally.

Free forex point and figure charts