Learning to read Price Action with P&F Charting

Hi Dentist,

What are your thoughts on BEB5? Did you use it? Any reason why you don't switch from 4 to 5?

Thanks,
Slainte

 

Hi Slainte
I mainly use beb4.i dont have a real need for continuously updated data.that I can read in pf
because in low tf ----p-f can crowd the chart area.you can do nearly the same job with netdania for intraday and prorealtime for eod.both are free
Iif you use metatrader, you can get many tf.using period converter
beb5 is great.
learn to spot those breakout points on line and candle
trend analysis is best in pf

 

What do you mean? Can you download eod data from prorealtime with metatrader and use it in beb4?

 

you can download eod data from yahoo
you can export eod and intaday data from freestockcharts.com
put them in a file.beb will then read them
my point was that if you practice with line or candles you can get breakout points and trends quite easily without having to resort to p/f.You can use Prorealtime for eod and netdania for intraday to practice.Both have lots of timframes.Horizontal supp/res can vary with the timeframe
what you want to find
1.breakout points..ie that is the same as a double/triple top breakout
2.trends.carve up the chart into bullish and bearish sections using trendlines
3.Move around the timeframes picking up those different horizontal supp/res area
By doing this you are emulating the process of changing the box size and reversal in a p/f chart
do not load too much data..say 2/3 trends max
dont have the candles/bars too close together.You will be creating a sort of p/f based chart by doing it this way
With any chart....the most important...is trend.So always place trendlines on first and carve it up into bullish and bearish sections.Hence,as i said..no need to load too much data
It will make life easier and more profitable for you..imho

 

do you need p/f to read this chart ??
to all... so much depends on how much data to load up on to the plot area of the chart
as to how you interpret the chart
imho

 

spot gold into prev supp 1324/purple
trend res at /red at 1332 area
let see what happens

 

gold 4hour data
coming into a big supp area..trend and horizontal support

 

some areas to watch
30 min data
1293-1296 ..alsothere is horizontal res all the way up to 1305..trendline cluster/purple looming above
trend support/green at 1281 area
horizontal supp 1275 area

 

dax 30 min
not clear as yet if its a top

 

dax looks bullish for the open on monday
trend support/green 9390 area
9450 trend res /orange
plenty of horizontal s/r around