Abhishek

Abhishek

24-03-2022

16:01

Nifty Futures Positional Trading Using Point & Figure Charts Following this system on stocks since 2021 and started on Index in 2022 Based on Richard Dennis's Turtle Trading System and the P&F version was created by @Prashantshah267 Details here:

Chart Settings Instrument: Nifty Futures ( Current Month) Chart : Point & Figure Box Size: 0.10% Reversal Box: 3 Data Frequency- 1 Min P&F Charts don't have concept of time but it has a concept Data Frequency, i.e. duration after which to consider plotting X or O on the chart

Since DF is 1 Min here, so we need to wait for 1 Min closing on P&F Charts for Entry, Exit Signals The chart is an Intraday Chart & requires Intraday data Which is available on the Real Time Tradepoint Software & on the Web Version of this software -

Let's now Discuss Bullish Entry Pattern The Entry Pattern is called as a Bullish Follow Through Turtle Buy Pattern This actually comprises of 2 Parts 1. Bullish Turtle Breakout 2. Bullish Turtle Follow Through For Entry, #1 must happen and there must be a #2 immediately

First Let's Understand the Bullish Turtle Breakout Pattern This is a 5 X BO Pattern If current column of X goes above highest ‘X’ in last 5 columns (including current column), then it is a 5-X Turtle breakout.

See if you can spot the Bullish Turtle Breakout Pattern on this chart

Now let's come to Bullish Turtle Follow Through pattern This pattern is seen when we get a Double Top Buy pattern immediately after a Bullish Turtle Breakout Pattern If you are not familiar with Double Top Buy pattern, then its the most primitive Buy pattern in P&F Charts

Here's an example of the Turtle Bullish Follow Through pattern Which is simply :Double Top Buy Pattern preceded Bullish Turtle Breakout Pattern followed by Which would look like something Like

Marked all the Turtle Bullish Follow Through patterns on the Chart

One thing to note is that its not mandatory that each Bullish Turtle Breakout Pattern will result in a Follow Through ( Double Top Buy Immediately after Bullish Turtle Breakout) It may happen that a Double Top Buy pattern is not formed and in that case we have to avoid the entry

Now that we are clear about Entry, lets talk about Exit Initial Exit Condition is based on a Single Patterns if either its is formed we must exit the Bullish Trade Double Bottom Sell If you are not acquainted with these patterns here's a quick summary

Double Bottom Sell then its the most primitive Buy pattern in P&F Charts and the opposite of Double Top Buy discussed earlier, If you understood Double Top Buy Pattern it will be a breeze

Some Examples of Double Bottom Sell

It's Important to know your StopLoss before you Enter a Trade and P&F helps you with this as soon as you decide to place Trade. So if we Enter into a Bullish Turtle Follow Through, just look for nearest Probable Double Bottom Sell

Example of using Double Bottom Sell as SL during entry

Trailing Stops Once the Trade becomes In the money, its important to protect profits. While the Initial SL ( Double Bottom Sell) was useful but if Prices go up fast and one way, then keeping the initial SL as exit trigger would take away all profits.

For Trailing Stops we can use either of the 2 Patterns 1. Double Bottom Sell 2. High Pole

High Pole Pattern

Some Examples of High Pole

Trailing Stops in Bullish Turtle Trade

Here are a Few Examples of Entry, Initial SL & Exit Trade#1

Trade#2

Trade#3

I have marked some of the Long trades since Dec 2021 for understanding

Backtest of this Strategy Since 2011 to 202 Jan ( Long) This does not Include Slippages, Brokerages Or consider GapUp or Gap Down scenarios as P&F Charts do not show GapUps or Downs

This System can be traded on Short side as well. Entry: Bearish Turtle FT SL: Double Top Buy TSL: Double Top Buy or Low Pole



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