learning to read price action with p/f charts

eurusd daily data input
an intermediate resistance area encountered on the latest uptrend which started in june
66 pips by 3 reversal hilo plot.green line showing the res area..45 degree trendlines/down.price breakout is a high pole

a higher box size..81 pips by 3 reversal..hilo
we are now in a pretty major resistance.this should set back a summer stock rally for the time being

Impressive knowledgeable posts. Thanks a lot.

p/f .there is very little to be learnt..one or two books needed
takes a little practice ,and a charting package the plots the boxes correctly
no more needed

Hello DT007

I would like to know your view on this one. It has broken last major resistance & made triple top buy signal or I have to wait for retracement upto last support line to initiate longs??




Regards,
TAQ

ok taq..no problem
it is a bullish chart,yes a triple-top breakout
risk/reward is calling the shots
1.do you buy the breakout ?
2.do you wait for the pullback into the pattern and then buy the next break.the risk in this case is lowe,but the reward is also lower.
it is a bullish pattern,plenty of white space between the up columns
however,one big thing you missed out.we need to know where the next resistance area on this chart is .? the chart does not have enough columns to go back to find out where that is.we need to see the previous downtrend.with 45 degree trendlines and internals to make an assumption.ths could be near of far away

taq..youre chart looks to be the nifty.so no reistances from previous downtrend to be seen

nifty chart
daily data
100 by 3 hilo

risk is quite high on the chart you have shown.the stop sghould be at a minimum of 1 box below the lowest "o".what made it more bullish ws that there was a double-top just before the triple-top breakout.that would have been the ideal entry as the stop was only 4 boxes away.not happy about youre channel lines.kermit zieg has a book on p/f.you can read it free on google.if you go to 1 box/wyckoff.it might show up s/r areas more clearly
hope this helps