cable gbpusd 10 min data 3 downtrend waves.the last one may not be complete eyes on that res area at 1.5540 for non farm payrolls on friday that res area will move down if price continues down
dax daily data no reason to go long as yet there will be bounces need to see that downtrend line taken out.if there is a reaction point.ie a correction of this down move we can draw another internal trendline that gets nearer the price action
Hi Dentist, still around, nice work you are doing! I can agree that the probabilities for the entries are very high and you can use very very short stops! And it is the only technique I know that keeps you out whipsaws, something traders are often complaining about. Some patterns have very high probabilities and some have a little smaller probabilities. And you need to know under what conditions a pattern will work and when not. PnF is no holy grail but it can help you a lot. But the most difficult part of all is keeping your emotions in control! I use PnF for daytrading futures and I'm happy doing it. I use only tick charts, I'm not that big of a fan of minute charts because I will only know after a minute if you should have stepped in or not and your good entry point that PnF gives you can be gone what means higher risc because your entry moves up and your stop keeps at the same place. Same thing to your stop, after a minute you would know if you should have got out of it or not!
hi emotions good to hear from you we are sinking here in the uk.... our economy exports quite alot to the eurozone...so people running scared now.hence europe watch is more important now anyway,we shall forget all our troubles for a few days.we have the diamond jubilee celebrations here so people in a party mood back to business s&p 500 people calling out levels for support to come in we do things differently with p/f we watch the trend..when the downtrend line gets taken out,then we say that support has come in here is the spx/hourly watch the purple trendline
update to that hourly spx chart we had a reaction point .so now we can place more trendlines nearer the price action.these are the green trendlines.there is the more inetnse downtrend by the first downtrend line.this was drawn connecting the right hand side of the semi=catapult.this is a very intense trend and probably will weaken.the other is the 45 degree trend..the thicker green line
How can I have P&F tick charts in QT . Do I have to go to another charting software. Looks very interesting idea. Thanks
hi osho qt is great....but 2 problems 1.hilo method is only available...not close 2. 1 box reversal is not calculated properly..if you are going to trade then you need 1 box reversal the only charting package that does all this and is cheap is bullseye..tradestaion has decent p/f also spx..5 min a very intense uptrend.this will rerace..these intense trends cannot be maintained for long
update to the spx 5 min that intense trend blew off as we said earlier this evening,back into the supp zone