learning to read price action with p/f charts

Originally Posted by dentist007

Hi Malaguti
mine"s a pint of Stella Artois

Originally Posted by malaguti

Or of course you could do what I do..use updata, with intraday tick by tick, no downoading uploading all the counts are automatic and trendlies are automatic.
Visual inspection is the key, no "tuning" necessary..learnt that from the Dentist. I switch on my PC and as you say voila. Best P&F charting software there is.
Hey look. I think were on the same page anyway

Originally Posted by Abnash

Sure we are..(on the same page). Those are standard features of BEB4 too.. I highlighted for the sake of understanding.
I know, I've used BEB, but updata does everything for me..its automated. computers eh?

On trendlines, would urge you to look at non 45 degree trendlines that touch at least three points on the charts. These are extremely effective for helping discover trend reversals.
Its covered in pages 176 to 199 in duplessis book..your examples are great, but I understand duplessis also

And I really appreciate Dentists idea of drawing these lines on zoomed out views of the charts, before diving in back to the chart detail of interest. Price is generally seen to be bouncing of larger time frame trend lines and you can take advantage of that in smaller time frames. (time frame being more a place holder for the chart detail that you use - box size/bar width).
I use different charts for different timeframes in all honesty, and I'm not a fan of subjective trend lines by their very nature they are subjective. some of your charts below actually highlight my argument..anything shallower than 45 is in my opinion not a good indicator of the trend..ala Gann and the two main trend lines are the 1x1 (which is 45degrees) and the 2x1. But this is a debateable issue. what works for you, may not work for others. Take another look at your 123 trend line touches..they dont actually touch..just one does at 1 and another which you havent marked at the end. If you were to draw those correctly the price at 3 may actually go through the trend line..does that mean its ended, are you going long..which high..which low are you going to use...they are subjective as not even in your own analysis can you decide, hence I prefer to stick to 45s wherever I can

There is a problem in using pure tick data - as that tends to introduce noise, irrespective of box size and reversal boxes that you use. I also initially thought that this was not possible to control. While BEB4 can read data directly from my charting platform Amibroker, the tick level data does create the issue that I just mentioned.
Look at my charts again Abnash, you will see I condense tick into 5minute, hourly etc and the point is covered on page 104 of duplessis

So instead of using a direct data link to Amibroker, I started exporting data from Amibroker, first, manually, and then automated the process. By chosing 1min/2min/5 minute data bar intervals and varying the box size/reversals, there is a big change in the views of the PnF charts. Stick to high low parameters for viewing the charts (here I disagree, I will use high low but I will ALWAYS refer back to the close chart as that is my gaspel) pages 92-93. For intraday Wyckoff with 2 minutes bar sizes works good for me with scrip specific box sizes. (2 for an index of 5000 value, for example).
I use updata, so does duplessis..i think ive said enough now on this
This process simplifies the "visual inspection" needed to effectively use PnF.
Disagree, so does duplessis..I would urge you to read his book. I'll quote
"Only YOU can decide the data series and box and reversal sizes as it is dependent on what YOU wish to extract from the chart
Again, I learnt this one on one with the great man who started this thread

Comments, Dentist?