RajDhall

#Education Tradingview P&F #BP share chart looking for a break

Education
LSE:BP.   BP PLC $0.25
Point and Figure Charts ( PnF ) are another example of a chart type that relies solely on price movements and not time intervals during the creation of the chart. In this way, PnF Charts are similar to Renko, Kagi and Line Break Charts. A basic understanding of PnF Charts is that they are comprised of a series of columns made from either X's or O's. X columns represent rising prices, while columns consisting of O's denote falling prices. Point and Figure Charts were originally popular in the early 1900's before the prominence of computer based charting. They were a way for technical analysts to chart large amounts of data in a short period of time. With the rise of computers, PnF Charts fell out of favor for quite a while. However recently, PnF Charts are once again gaining in popularity. Overall, there is a renewed interest in "noise filtering" charts which focus on price movements alone.

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Rajan Dhall MSTA
fxdaily.co.uk