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Does anyone know how to use Point & Figure (P&F)? Where can I find out more information about how to use it in Forex? Is it really the "holy grail" of Forex trading?
I would suggest just using Range bar charts in f.i. NinjaTrader. At least that way you can still use all your favourite indicators with the benefit of having spikes filtered out.
A big disadvantage of P&F charts is that they can’t be used with indicators, they don’t have a time scale and they don’t record gaps, plus the volume is not taken into consideration. Useful just for “old timers”
you can also try renko charts, they are not exactly same as P&F but similar in pattern recognition. These types of charts are independent of time, a new candle is only formed when it moves a certain number of pips in a direction.
i think it's very clear to see the trends, since it's totally objective in trend lines (=45%). But you should finetune your entries, i e. waiting for retracements.
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