The breakouts in Market Profile from an existing control area to establish a fresh new 'value area' is a very similar concept. The great thing about P&F is that you don't need to have this extended price chart on the horizontal axis in order to see where the price breakouts are occurring. P&F is very compact - floor traders used to keep them on trading cards.
s&p 500 index 2 hour data flat for some time now res is well defined supp is also well defined however,if we break downwards,the main trend support is underneath/cluster of trendlines
well...w e saw 6400 area act as major supp on the dax this week now lets look at the euro eurusd 2 hour data 10 pips by 3 reversal 1.2970 is the 50% retrace on this chart...uneless we get more downward moves anyway,,we can see that price coiled before it broke downwards
here is an excellent chart for defining the trend 45 degree trendlines are red subjective is purple 60 min audusd
spx hourly still no let up in that downtrend internal trendline has to be taken out to show some sign of strength