Learning to read Price Action with P&F Charting

eurusd
price\at support
lets see what the reaction is aound the uptrend line

 

Hi there dentist007, I was wondering what your leverage was considering your box size is 70 points?

A 3 point reversal P&F would be 210 points, and with 100:1 leverage thats over double your positon?

Would you use 20:1 leverage to trade FOREX P&F? Or is my observation wrong here?

I was considering using P&F for forex because the S/R is wide, but flawless otherwise,but with a box size of 20 points.

Thanks

 

100:1 leverage
so, on a mini contract the margin is $100,and each pip is worth $1
ordinary contract,margin $1000,and each pip is $10
i trade 5 mini"s
but...the charts i post are just for interest.the signals on daytrading are from 2 box reversal..hilo plot
2 box shows up s/r better on intraday,and allows the stops to be closer...1 box hilo..the charts are too wide
200 pips/day is easily achievable
i have increased the $ amount for each pip,but found more success on smaller pip amount

 

eurusd looking a bit stronger.possible breakout brewing
daily data input 55 pips by 1 reversal.close plot
above this is resistance
a close above 1.3365 makes this chart bullish......however, 1.3475 area is a start of a new resistance zone that goes to 3650.zone is marked..black lines/dotted.this is false breakout territory.i have put on a couple of trendlines to see where strength/weakness could lie

 

this chart gives a better veiw
67 pips by 1 close..daily input
1.3400 is resistance.however,the death zone starts at 1.3460 area,uneless there is bad news with the dollar

 

eurusd...bulls still in control
3 weeks of data
36 pips by 1 reversal.close plot
10 min data input

 

an excellent week looming.hopefully lots of voatility
bulls in control/short term.however,look what faces them
daily data input,50 pip box size by 1 reversal.
close plot

 

eurusd...too early to tell which way it is going
45 pips by 1 revesal.hilo.daily data

 

eurusd..a closer look at the potential breakdown scenario
hourly data input
37 pips by 1 reversal..close plot,this removes some of the noise
supp areas /potential
1.3580
1.3500
1.3430...this is a major one
lets see if the egyptian riots strengthen the dollar

 

Dear Dentist, on a little bigger box size you see a clear trend within the EURUSD.

This chart has a box size of 0.5 procent and shows a clear trend up to the 1.4160 after which we will probably see a small pull back after which it will move up (very high probability) to (big guess) 1.45 or higher: