Learning to read Price Action with P&F Charting

There are methods for determining price objectives.

I have not used them for intraday because I don't think they work, but I will post them anyway.

Now Thomas Dorsey does it differently than most pnf'ers. He uses a different formula for shorts than he does for longs. He says this is because of the natural bias to go up.

The four types of price objectives are as follows:

Bullish vertical count
bearish vertical count
bullish horizontal count
bearish horizontal count

 

Bearish vertical count

 

bullish horizontal count

 

Bearish horizontal count

 

Thank you HG, I read that somewhere else before and I thought he meant something else.

Great job, BTW

 

Thank you Hoo. Now if someone can figure out how to use these price objectives for daytrading I am all ears.

 

Has anyone tried to daytrade w/ stockcharts? They have some nice looking charts.

 

I was under the impression they only offer eod pnf charting. Has that changed?

 

Since I only started looking for intraday charts after reading this thread I can't say.

But apparently they have them now.

I've noticed they seem to have all the bells and whistles on their Pnf charts except you have to refresh the page for an update which is a little annoying if you're used to watching real time.

 

What's your take of the price objective they show on the chart?

If it worked a good % of the time that would be a great feature.

Seems, ahem, a little high tho. LOL