learning to read price action with p/f charts

This is a discussion on learning to read price action with p/f charts within the Technical Analysis forums, part of the Methods category; very important....when the columns change direction..these are the s/r areas so we can pick these off really quickly.we dont have ...

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Old Feb 7, 2010, 9:48am   #9
 
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Re: learning to read price action with p/f charts

dentist007 started this thread very important....when the columns change direction..these are the s/r areas
so we can pick these off really quickly.we dont have to scroll back thru loads of different timeframes

these are the main s/r areas from the previous chart.price rejection by the market is easily seen.there are lots more s/r areas/minor as the columns of "X" and "O" changed direction

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Old Feb 7, 2010, 9:52am   #10
 
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Re: learning to read price action with p/f charts

dentist007 started this thread same chart ,but i have altered the box size to 2 points.the s/r areas are too far away from each other.the chart is too big and is unreadable.it is obvious that a box size of 2 pts for the dow on a 15 min data plot is wrong.the chart is unreadable
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Old Feb 7, 2010, 9:56am   #11
 
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Re: learning to read price action with p/f charts

dentist007 started this thread you can see that the columns are too long.so you have to adjust the box size to make the chart readable.that is up to the user
you can practice this for free,by going to stockcharts.com.eod charts are free
dow symbol is $indu
cable is fxb
ftse is $ftse
where it says sharp chart.click on this .it will have p/f
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Old Feb 7, 2010, 10:20am   #12
 
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Re: learning to read price action with p/f charts

dentist007 started this thread stockcharts.com
once you have the chart up.then to alter the box size,go to chart scale.click on scaling method and click on user defined.then choose box size.dont alter any other inputs.a nice easy way of learning the ropes
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Old Feb 7, 2010, 10:27am   #13
 
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Re: learning to read price action with p/f charts

dentist007 started this thread so in 1 quick look we can see alot of information on s/r.the next easy thing to see is the column characteristics.
are the columns long or short.?remember,direction change is s/r.the chart is showing you supply and demand.long columns mean the market was hot to buy or sell the stock/bond etc


chart below is 15 min data of cable..currency shares british pound.you can see that the market was eager to sell cable..long downward "O" coilumns.minor recoil "X" columns.a strong downtrend

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Old Feb 15, 2010, 8:13pm   #14
 
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Re: learning to read price action with p/f charts

dentist007 started this thread next thing to look at is the bias on the chart
is the price action bullish or bearish..??
that is easy,we just look at the columns
what are the characteristics of the columns.??
are the upside columns "x" long or short
are the downside columns "O" long or short
the last few columns...who had control "X" or the"O"
also were their any rising lows or lower highs

15 minute data from nasdaq 100 index
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Old Feb 15, 2010, 8:19pm   #15
 
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Re: learning to read price action with p/f charts

dentist007 started this thread dow 15 minute data
we can see that the bias is bearish to start ,in fact very bearish.
then we got some pullback with the rising lows

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Old Feb 15, 2010, 8:22pm   #16
 
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Re: learning to read price action with p/f charts

dentist007 started this thread a bearish hourly plot of eurusd

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