Learning to read Price Action with P&F Charting

change the plot to close
look what we get

always look for prev s/r

 

4 hour data for spx futures
for general trend

 

Thanks

 

missed that one
always look hard when the range tightens

 

after todays news..there will be confusion on the strength of sterling
p/f thrives on volatility

 

gbpusd

 

here is a handy tip for all
when looking for signals to trade only load up 30-50 data points
the reason
trading signals recquire you to get in close to the price action.however,p/f can crowd the chart
so..trading signals will recquire a different visual optimisation.ie box size and reversal to find the best signals to trade from
to make life much more profitable the watchlists should be set up with possible trading signals only....then do the analysis after you have confirmed a decent set up.this means you are ready before market opens
exit signals..these should only have 10-30 ish data points.ie you want to get near the action to look hard for that exits

 

by loading fewr data points we can then look hard at the trend going into the day and we are on notice to go long
30 min dow futures

 

if you load ...say 50 data points and you want to look further back.ie backfill..it will make you go to a higher time input for a longer look back period
that does make life alot easier ..imho

 

played around a bit and 120 data points show the last 1-2 trends well
so..a long term chart ..as many data points as you want..then 120 ish to pick up the latest trends and then 30 for breakout signals
so..day trading
long term chart...then
120 data points /60 or even 30 min
then 30 data points /5 min for signals..1 min if further confirmation needed
this can be applied to bar/candle aswell
it does save alot of time with doing analysis