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; eurostoxx 50 which way will it break ??? trend supp at 2570 trend res at 2670 daily data...

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Old Feb 17, 2013, 12:29am   #586
 
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Re: learning to read price action with p/f charts

dentist007 started this thread eurostoxx 50
which way will it break ???
trend supp at 2570
trend res at 2670
daily data
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Old Feb 18, 2013, 6:45pm   #587
 
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Re: learning to read price action with p/f charts

dentist007 started this thread dxy
h4
watch that trend/green
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Old Feb 20, 2013, 9:51pm   #588
 
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Re: learning to read price action with p/f charts

dentist007 started this thread eurusd daily
a trend break or support goin to come in ??
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Old Feb 21, 2013, 7:22pm   #589
 
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Re: learning to read price action with p/f charts

dentist007 started this thread are we there yet ??
eurusd
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Old Feb 22, 2013, 7:51pm   #590
 
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Re: learning to read price action with p/f charts

dentist007 started this thread you ******s !¬!!!!
we saw you comin !!!!
you led us to believe the eurozone troubles were over.....lol
a fake....
back into support for a rethink....durr....
i only have a small brain.....cannot take it in



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Old Feb 24, 2013, 6:20pm   #591
 
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Re: learning to read price action with p/f charts

dentist007 started this thread watch those "fakers"
we had a fake move up as per chart posted
1.3130 was the previous breakout point
big support area here
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Old Feb 26, 2013, 10:46am   #592
 
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Re: learning to read price action with p/f charts

dentist007 started this thread update to our euro trade
price almost always has to test these big confluence areas
plenty of trendlines,all near each other
previous breakout points in close proximity
market makers cannot resist testing bulls/bears
when looking at charts...these should be found aswell and noted.price will almost always head for those areas
great way to enter swing trades
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Old Mar 3, 2013, 10:59am   #593
 
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Re: learning to read price action with p/f charts

dentist007 started this thread euro breakdown
in 2 steps
the aqua line got taken out
but the green.watch that trend ,if it tests res then 1.3100 area
or sideways..or a move down
eurusd 2 hour data input
20 pips by 2 reversal..hilo plot
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Old Mar 3, 2013, 11:44am   #594
 
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Re: learning to read price action with p/f charts

dentist007 started this thread cable 4 hour
a test of trend is in 5085-5150 area
35 pips by 1 close from 10 jan
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Old Mar 3, 2013, 12:04pm   #595
 
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Re: learning to read price action with p/f charts

dentist007 started this thread usdcad 240
testing trend support
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Old Mar 3, 2013, 8:11pm   #596
 
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Re: learning to read price action with p/f charts

dentist007 started this thread a closer look at the trends on eurusd
we go down to 30 min data
see...a new trend started on 28 feb.red line....not picked up on 120 min data chart posted earlier
res for thsi trend is 1.3100 area
we shall watch this trend
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this should teach you a lesson !!!!
never " curve fit " the data.ie.dont go to the best fit box size..
move around to expose the price action
don"t be lazy.....
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Old Mar 3, 2013, 8:38pm   #597
 
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Re: learning to read price action with p/f charts

Quote:
Originally Posted by dentist007 View Post

this should teach you a lesson !!!!
never " curve fit " the data.ie.dont go to the best fit box size..
move around to expose the price action
don"t be lazy.....
if there's one thing i found, there is always a box/reversal setting to that will show exactly what you want to see!
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Old Mar 5, 2013, 8:39am   #598
 
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Re: learning to read price action with p/f charts

dentist007 started this thread
Quote:
Originally Posted by malaguti View Post
if there's one thing i found, there is always a box/reversal setting to that will show exactly what you want to see!
way round that
you have identified the trend
note when it started..say on a line /candle
only look at that trend
then......
box size/reversal....get the trendline,usually subjective...very close to the price action.also add in 45 deg
note supp/res areas... and breakout points.....preferably map them
then going down box /reversal sizes..the trendlines will move away from the price
.so then you will expose the minor trends and other s/r areas...note any other breakout points/patterns..map those
only takes a few minutes
but...there will be no surprises when trading

dont get lazy
go to the gym and do some press ups

counts and pivots could also be added
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Old Mar 5, 2013, 8:54am   #599
 
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Re: learning to read price action with p/f charts

dentist007 started this thread forgot to add in horizontal supp/res.ie column reversal.that is where most traders make their calls.ie from prev supp/res.we can also do that,but we can put on trend supp/res.that is our advantage
so from that
1. we have a good idea where s/r lies
2.we have a good idea where breakouts will occur
3.from the s/r map we can then have a good idea where to take positions on the othre side of the potential breakout...keeps the stop tight and reward higher
easy....just keep it a routine
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Old Mar 5, 2013, 10:14am   #600
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Re: learning to read price action with p/f charts

I would like to share the steps that I take to filter out the symbols for use in trade by PF strategy.


1. I apply the settings one by one on the symbol for 1%2 and then 1%3. In addition, updata software has an indicator
called P&F Trend Oscillator which I also plot as a line. The objective here is to visually see the chart if the PF osc
indicator is above Zero line (meaning the PF trend is UP) and I see signs of strong support only (both external/main and internal ones).
In the market I trade, there is NO short sell but only go long, hence I need those stocks where the trend is UP and shows price actions
touching the support lines.

2. At this point, if I have filtered out a good candidate(s), I then tweak the box size (only using %age and not fixed size) and the reversal,
in hope of seeing a stronger main 45 angle support that runs from the start until the current time.
The data I have from esignal for my market Tadawul is only 1 or at most 1.5 years old, so am looking for a main support that runs from the start.
Of course, i will also draw manual res and sup lines where applicable to see how price bounces off from the support and how the resis is held up.
I do not draw horizontal support as I used to do that only for Candles chart or line, DO WE need horizontal support in PF? Isnt double botton
or double top is tellins us the break of the support and rest respectively, do we need to draw a hor-line?
I am using only clear buy and sell signals which are double/triple top, double/triple bottom so the 45 support/res line is enought for me.
However lately I have read some other patters, one is Shakeout (page 85 of Dorsey book), I have also created a
scan using updata prog language to scan the symbols and filter out where the shakeout happens, will watch out for it now.
There is however another strategy that I used on paper, which is to scan the symbols again using the code, to find where the price is very close
to the 45 line and then identifying that this could be a reversal if price indeed touch and bounces off that support. It nice and so far it works in
3 out of 4 cases. The fourth case it became a lost trade, because the price pierced thru the support.
I think drawing Horizontal support can be useful if the prices bounces off from such a support (atleast 3 touches), never tried or plotted it
but will do now.


3. After step 2 above, I look at those stocks which made it thru step 2(able to draw a strong main support), I evaluate the success of previous
price targets, How many have been achieved and how many double top trades ended up successful.


Is there anything I missed out or needs to be corrected?

Questions:

1. There have been some symbols which make the perfect trend , support and indeed a buy signal as double top. However I found that the stock moves
so slow that the double will remain there appeared in say nov and price kept playing with the buffer of reversal, until say in march you see
price either moving up or down. How can we use any tech indicators to know that such stocks are so less volatile that its not wort htrading with
because your money is blocked for extended period of time. Volatility is subjective to the underlying market, so how can i evaluate the stock
based on an indicator (if there is one) that i should inclide thise in watchlist?

2. Lets say you have see a double top becoming quite successfull, price went all the way up and no resis in sight. Now the price then retraces down
only a few boxes and then immediately goes up and again create a double top. What would you do? First of all you noticed the stock too late in the
first place when it made a pol of X after the double top and you fear this is like an over bought condition so you did not enter.
So if the price turns (very short pull back) and join the main trend again, should i ENTER long?

In short if everything goes fine as per pf rules, how do we check the strength of the chart that it wil show activity soon


I attached charts for ref
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