Expert advice: P&F vs Renko to start the noiseless chart learning
-
Hello Prashant,
I am totally new to the noiseless charting method. I am confused about selecting the best charting method between P&F and Renko to start the noiseless chart learning as a beginner. Can you please guide?
Thanks in Advance.
-
As Prashan sir says never go to the debate of which is the best charting method...
It is a subjective thing...
Start with Renko chart eventually you will understand both of them. -
@Aanal-Shah
Both P&F and Renko are the same things-
- Renko is basically what would happen if P&F chart didn't have have horizontal but diagonal lines.
- P&F is basically what would happen if Renko chart didn't have diagonal but horizontal lines.
Real deal is understanding how this works. We are looking at price action at fixed percentages directly instead of looking at its evolution vis-a-vis time.
Either way you will still need to understand support/resistance, and a sound system to trade. And most importantly favorable conditions. In the current times, the bear market has destroyed many portfolios.
No chart works when the world is melting.
-
Nicely put. However, I disagree with the statement that no chart works in a bear market. In fact, during a bear market, price analysis becomes even more crucial. It's often the lack of discipline or confusion around the strategy that leads to unfavourable outcomes—not the charts themselves.
-
@Aanal Shah There’s no such thing as the best charting method. P&F (Point & Figure) and Renko are noiseless charting techniques that differ from traditional candlestick charts.
P&F charts plot price in a vertical format, while Renko charts use a diagonal format.
If you are looking to learn a method for effective stock picking, P&F offers a clear advantage. For trading a few instruments consistently and riding the trend, Renko can be highly effective.
That said, both are complete systems in themselves. Once you understand one, learning the other becomes easier.
-
A admin moved this topic from Ask Prashant
