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Point and Figure Charts - Learn Forex Trading
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Point and Figure Charts
Get The Commodity. Sign me up right now! Get the latest market intelligence from the world of commodities. Let's Go. Volume was not available in the early years of stock trading and most investors only had daily access to prices published in newspapers. Then traders started to see patterns, and used them for forecasts and trading signals.
On 3-box reversal charts, by convention, trendlines are usually drawn only at 45 angles, connecting a high X with the adjacent O or by connecting a low O to the diagonally adjacent X, then extending the line. There are some treadlines in the Microsoft chart above.
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Support and resistance lines are drawn horizontally. Support lines are drawn connecting bottom O's, while resistance lines are drawn connecting top X's. There are 8 standard patterns for 3-box reversal charts. The most common and simplest patterns are the double top , double bottom , triple top , and triple bottom. There are also some other patterns that are used in other chart types, such as the head and shoulders pattern. Below are some of the these simple patterns.
The simple patterns are much more frequently identified and are usually more reliable.
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You can see some of these patterns in the Microsoft chart shown at the top of this page. There are not many free charting services on the web that provide point-and-figure charts, but probably the best is StockCharts. The Pauper's Money Book shows how you can manage your money to greatly increase your standard of living. Save, invest, and earn more money.
Point & Figure Charting
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