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Point and figure charting does not plot price against time as time-based charts do. Instead it plots price against changes in direction by plotting a column of Xs as the price rises and a column of Os as the price falls.
The technique is over 100 years old. Hoyle” was the first to write about it and showed charts in his 1898 book, The Game in Wall Street. Point and Figure was written by Victor Devilliers in 1933.