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; BT..yes,a new downtrend.......BUT...... go up box sizes and see where the trends are and where they break these are potential ...

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Old May 13, 2012, 10:42am   #239
 
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Re: learning to read price action with p/f charts

BT..yes,a new downtrend.......BUT......
go up box sizes
and see where the trends are and where they break
these are potential supp levels


OK, so looking at a 3 box size, I can indeed see we have support underneath.
So should these be my potential exit and reentry points? on the break of these?




most breaks,you usually get 5 boxes...then market retraces..that is a rule from holygrail on elitetrader...a good one
so in the region of 5 box i am lookin for an exit potential..i dont want to be around whilst the market decides
but then i am looking at retracement areas for early entry...see Duplessis book for that


Thats very interesting, visually even looking at BT 4-5 boxes and then a retracement. So clearly you are not looking for confirmation of the breakout, as then you only have 2 boxes perhaps from which to exit, and not even setting a sell stop on the break as you are already in..too advanced for me, but I will take this on board!
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Old May 13, 2012, 4:53pm   #240
 
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Re: learning to read price action with p/f charts

dentist007 started this thread not quite
i am looking for early entries
that is..
assessing where the breakout is
then getting in on the opposite side of the pattern
so..i am getting a run inside the pattern and the break,which will hopefully give 5 boxes
then possible trade the retrace...not always
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Old May 16, 2012, 9:53pm   #241
 
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Re: learning to read price action with p/f charts

dentist007 started this thread hi malaguti
i got myeself some 10 minute data for barc
not an easy one
in fact it tricked chartcraft into going long
here is the chart
showing the downtrends
the first one was a short one and sudden
the second one is far more tradeable...the red line
you can see how many consecutive p/f signals there were on the second downtrend
so,we keep the red line as the trend identifier....any move to the line and we close any shorts.that shows.the trend is weakening

Click the image to open in full size.
also,to make life more intolerable,there was a long period of consolidation between first move down and second move

Last edited by dentist007; May 17, 2012 at 6:46pm.
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Old May 16, 2012, 10:16pm   #242
 
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Re: learning to read price action with p/f charts

dentist007 started this thread barc...hourly data
the green line shows where chartcraft/investors intelligence got caught in a trap/shakeout
they got a signal to go long
they made the classic mistake..they traded against the trend..see that downtrend line/red
the numbers are just dates...daily
Click the image to open in full size.

Last edited by dentist007; May 17, 2012 at 6:18pm.
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Old May 17, 2012, 6:15pm   #243
 
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Re: learning to read price action with p/f charts

dentist007 started this thread spx 15 min data
watch that trend

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Old May 17, 2012, 7:18pm   #244
 
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Re: learning to read price action with p/f charts

dentist007 started this thread here is an excellent chart for defining the trend
45 degree trendlines are red
subjective is purple
60 min
audusd

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Old May 18, 2012, 8:46am   #245
 
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Re: learning to read price action with p/f charts

Gold this is happening right now
I was viewing this on a 1box reversal, this is 2 however for any fresh upward counts. That according to duplessis was not a good sign.
But I'd like to trade the breakout as its all good experience
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