Learning to read Price Action with P&F Charting

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

  1. Slainte

    Slainte

    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
     
    #2431     Apr 7, 2014
  2. 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
     
    #2432     Apr 7, 2014
  3. Slainte

    Slainte

    What do you mean? Can you download eod data from prorealtime with metatrader and use it in beb4?
     
    #2433     Apr 8, 2014
  4. 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
     
    #2434     Apr 9, 2014
  5. 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

    [​IMG]
     
    #2435     Apr 9, 2014
  6. spot gold into prev supp 1324/purple
    trend res at /red at 1332 area
    let see what happens


    [​IMG]
     
    #2436     Apr 10, 2014
  7. gold 4hour data
    coming into a big supp area..trend and horizontal support


    [​IMG]
     
    #2437     Apr 19, 2014
  8. 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

    [​IMG]
     
    #2438     Apr 24, 2014
  9. dax 30 min
    not clear as yet if its a top

    [​IMG]
     
    #2439     Apr 25, 2014
  10. dax looks bullish for the open on monday
    trend support/green 9390 area
    9450 trend res /orange
    plenty of horizontal s/r around

    [​IMG]
     
    #2440     Apr 26, 2014