Ron,
I started using point and figure charts early in my trading career, because it only used price and not time. Since we trade price and not time, it made sense. It made it easier to see the whole picture. Also, P&F charting has a set of very few rules for trading, and the best use that I find, is it keeps you in the trade longer. i.e. you capture nearly 80% of the move. That daily SPX chart that I sent, shows that you needed to to be (out, flat, short) at roughly 1400 and (out, flat, long) at 800. And that's just using the trend lines, you still have the chart patterns to work with and can use intraday data (tick, 1 min, etc) instead of end of day data to fine tune your entry or exit.
Sign-up with these guys for their free e-mails. www.siacharts.com You get free Annotated Charts, gold, oil, copper, Dow, etc., plus they are Canadian, so you get views of their markets. i.e. TSE, Miners, Trusts, etc.I use and arsenal of tools intraday, but at the end the day, I look at my P&F charts.
KBANTZ |
