The good thing about the P&F is the “old” reputation along with the use of indicators restricted old fashioned 45 degree trend lines. This makes the P&F quite boring to the younger “squiggly line” technicians we see out there to-day. It is the under use of the P&F that makes it attractive to me. I see no point in looking at a daily chart with the same six squiggly lines that millions of other sheep are starring at. I clipped a P&F from Stockcharts.com to illustrate the Barrick has not yet made a clean breakout. The formant is a 3 box reversal and we can see that Barrick needs a close at or above $55 US to signal the breakout.
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3 comments:
you can modify P&F chart settings to say whatever you want old man
Bill: Looking at a 10 year chart of the US dollar, I see a very bullish trend: large inverse head and shoulders, followed by a series of higher lows, and now a decending triangle is forming. Is the chart telling us that despite all the woes of the US, Europe (and the Euro) is in bigger trouble?
Hello Anonymous
I know of no way to alter or otherwise influence a P&F chart - if you know how - please let us know - never to late to learn
Bill C
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