"Point and figure (P&F) is a charting technique used in technical analysis. 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."
Point and Figure charts are based primarily on price action, not time. If there are no significant price moves over time, P&F charts will show no new data. This difference can make P&F charts ideal for detecting directional patterns and trends in a condensed format."
This chart above shows the Apple stock daily price changes over the last 20 years in a condensed format. Compare how the large price rises from 2009 to 2012/13 are compressed into a single rising bar. Note: this example is for illustrative purposes only - you would normally focus on much smaller time periods and detailed movements.
The line chart for the same period is shown below.