Best Thread learning to read price action with p/f charts

[nitrader]

Thanks for all the info - SORRY Dentist - I hand the thread back to you

 

[Dentalfloss]

alibaba 1 min data
probably too early to say what will happen
interesting to see the reaction in purple/red trendline area if it tests

 

[Dentalfloss]

audusd 60 min

 

[Dentalfloss]

gbpaud 60 min

 

[Dentalfloss]

usdjpy uptrend since 8th august
30 min data

 

[Dentalfloss]

needs to t5est the trend
audusd 2 hour
16 pips by 1 reverasl
close plot

 

[paszkman]

Hi dentist, by any chance does your magical bullseye chart have daily ENI.IT?

 

[Dentalfloss]

Hi dentist, by any chance does your magical bullseye chart have daily ENI.IT?

what is that ?

 

[paszkman]

what is that ?

Eni is an oil&gas company quoted on the FTSEMIB..ticker ENI..
If you have it, are you able to post a daily chart of that company please?

 

[Dentalfloss]

Eni is an oil&gas company quoted on the FTSEMIB..ticker ENI..
If you have it, are you able to post a daily chart of that company please?

I will look tomorrow
I think I cann download data from yahoo
are you in a trade
or do you want to get in
what is your time horizon ?

 

[paszkman]

I will look tomorrow
I think I cann download data from yahoo
are you in a trade
or do you want to get in
what is your time horizon ?

i am not in a trade, but may want to buy..time is medium to long term, so usually use daily&weekly charts..
thanks for your time..

 

[Dentalfloss]

general look
been in an uptrend since October 2011

 

[Dentalfloss]

a closer look
17.4 area was res/red line
but..after the breakout it was support/purple
trend is up/green..that could get tested at 17.40-17.70.that is a confluence area of trend and horizontal support
there should be horizontal support down to 15
horizontal res at 20 area/yellow also some res at 19.20
box size is 0.30 by 1 reversal
plotted the close

 

[Dentalfloss]

final chart gives us a better feel of supp/res
still on 0.3 box size
we have gone to 3 box reversal and hilo plot
we can see the breakout above main res at 18/orange horizontal
noteable areas
purple horizontal at 16.50 area..that coincides with trendline cluster/green
we have horizontal supp down to red line/HERE at 15.30.The chart goes negative in that area

minor trend res at 18.60 area/red trendline

there was a long upthrust column from beginning of March to 20 res..was there big news then ??..that is good
bulls took profit at 20 and price retraced back to major res area at 18/orange horizontal
bulls came in again...ish
need to see where decent support comes in

 

[Dentalfloss]

if we change to plot end of day close..we get a very clear picture of that latest break
we got rid of the rubbish
price broke at beginning of march/purple
then broke that horizontal res /red
peaked at 20 ish
then retraced to that prev res which provided support
then bounced

 

[paszkman]

thanks very much for detailed analysis, really appreciate it..will study it over the weekend..

 

[Dentalfloss]

russell 200 index...supposedly has a death cross !!
its rangebound
1100 is range/horizontal support/red
trend support is 1050 area/green
no death knell as yet

 

[Dentalfloss]

cable into res
60 min

 

[Sigma-D]

You mentioned about tick charts in another thread and I got to thinking after reading through this thread, there's no reason that you couldn't use PnF on tick charts providing you set the units to a sensible size. Is that a correct assumption? Have you ever done this?

 

[Dentalfloss]

eurusd into nfp
daily data
28 pips by 2 reversal
hilo plot
shows the price action well
if it recoils on good cpi data..areas to watch