Learning to read Price Action with P&F Charting

Discussion in 'Strategy Building' started by HolyGrail, Mar 22, 2008.

  1. a closer look at that pattern when it failed
    same box size
    changed reversal to 2
    and hilo plot...same time input
    the chart is wider so we have gone in for a closer look
    we can see the rs/purple and then we get the break of that consolidation
    so..we are always looking for failed signals ..either to close trades or open new ones

    [​IMG]
     
    #2421     Mar 27, 2014
  2. 5 min data has given us the best veiw of the price action in that downtrend that started on 17 march
    the signals to go short are very well defined
    $3 box size by reversal/close plot
    purple horizontal is this mornings trade

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    #2422     Mar 27, 2014
  3. Dax cash index into next week
    60 min data for the month of March
    showing 2 trends
    the uptrend that began on 14 march is coming up against horizontal res/purple
    these are at 9600 and 9670 area
    main supp area starts at breakout point/yellow horizontal at 9486 area
    trend support/green in 9450 area
    the second phase of the uptrend is green
    so..now we have a fix on where supp and res might lie
    [​IMG]
     
    #2423     Mar 30, 2014
  4. so..we have mapped out the important areas from the 60 min data
    in order to daytrade we want to take a closer look
    the uptrend from 14 March had 2 moves with a wide consolidation.On any chart,if there is a wide consolidation,it is important to keep each trend separate.Especially with p/f as you will be 'curve fitting ' the box size and reversal to incorporate 2 separate trends which both have different volatility
    so we look at the latest push upwards..as it is of short duration at this point we go down to 15 minute data..that trend started on 24 march


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    from this chart we can see trend supp..horizontal supp and of course we have those big horizontal res on the 60 min
    depending on the news..price could break above those horiz res or possibly better is a bounce off and test supp...then we need to see the reaction/signals in supp
    We dont want to waste our money on trading coaches/mentors,we just want to get in from 1/5 min signals and trade
     
    #2424     Mar 30, 2014
  5. moving around box/reversal size,we can see where the trendline cluster/big supp should be if that uptrend gets tested approx 948 area
    so now we have the horizontal res and the bigger supp area marked


    [​IMG]



    looks to need to stay above 9500 to remain bullish
     
    #2425     Mar 30, 2014
  6. a quick look at spx futures into the open
    looks a bit negative
    30 min data
    t[​IMG]


    trend and horizontal supps shown
     
    #2426     Mar 30, 2014
  7. adding to the confusion...
    dow in a reasonably strong supp area
    4 hour data
    dow futures 16170 area
    the range is coiling

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    #2427     Mar 30, 2014
  8. spot oil at a 50% retrace on the latest breakout
    30 min data

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    #2428     Mar 30, 2014
  9. going into NFP tomorrow
    now..spot gold seems to be basing
    so...from this chart there is a res area that tests the trend in 1305 area..note that there is a prev supp at 1310 area
    bad nfp and we go to the safe haven...gold..stock index move down
    lets see how good the numbers are bearing in mind that the polar vortex is over


    [​IMG]
     
    #2429     Apr 3, 2014
  10. Nas 100..just about to activate a downside vertical count
    trend and horizontal supp..yellow and green in 3425 area.activation of count is 3525/red horizontal
    trend res at 3625 area
    earnings next week
    daily data
    25points by 3 reversal..hilo plot..shows the uptrend that started in november 2012..not 2011 as seen in the chart


    [​IMG]
     
    #2430     Apr 6, 2014