Learning to read Price Action with P&F Charting

So far, the only one anyone has been able to come up with is Investor/rt. 5Pillars had to come up with that one.

The problem is pnf is not something many people use, so I guess no one cares to add the proper features.

Equis, the makers of metastock, has many bugs in their pnf charts. One is, during a fast market the damn thing will keep repeating columns over and over. That is why I got bulls eye broker because it can read metastock data. I would look at the charts in metastock and when things started repeating I would look at bulls eye broker to see the real correct columns and trend. I would have to keep hitting refresh in metastock, and then look at bulls eye.

When I called equis about the problem they said that they were aware of the problem, thought they had already fixed it, but did not plan to do anymore work on pnf.

I guess if enough people start requesting it they might feel the pressure. It probably won't happen anytime soon though.

 

Man, there have been some really great signals on ES today. I sure hope this keeps up.

 

Thanks for all your hard work HG!!!

Can you tell me what you think about Investor R/T so far?

Any bugs?? Reliable? Stable? etc.

Thanks!

 

Any chance you can provide some charts to show what you see on the ES today? After market close is fine.

Thanks!

 

I second that as A Great Idea.

 

So far I like it, but I have only been using it three days so I am definitely not an expert. It seems very stable though. I still have a lot to learn about all the features.

 

I was going to post some in real time today, but I am having all kinds of trouble annotating charts. I don't know what I am doing yet on this investor rt

If I can, sometime after the close I will do it with bulls eye.

 

Try Sierra Charts. They don't use "o's" and "x's", but I've been told that their PnF charts are extremely accurate.

 

Thanks for your help to this thread Goinglite, and I do apoligize for my previous comments to you.

 

Ok, I am going to post a .75 chart of ES today.
I believe when you first get started in P&F, or if you want to just about always make money trade these signals, and ONLY THESE SIGNALS. Normally you will get at least 1-3 a day. If you feel that you can't make enough money with that many trades then increase your contract size.

What I always do is take a position on the reversing double bottom breakout signal, and then try to add contracts on the retrace.

I normally just place a 3 to 5 point target on this. A target of 3 from the first breakout. Any additions will still have the same target, but hopefully it will be from a better price.

Now remember my target is 3 based on a .75 chart. If you use a .5 I would lower that target, and if you use a 1.0 I would increase that target.

EDIT: by just trading these signals you don't have to go through the trouble of buying new software so you can have trendlines.