Learning to read Price Action with P&F Charting
- Thread starter HolyGrail
- Start date
Quote from 5Pillars:
BTW, EXCELLENT thread - best in a long time.
I just got tired of seeing all of the fighting and predictions on the other threads. I figured we might all learn something from this.
Thanks again for the investor RT. Now I have to figure out how to use this sucker.
After the early trade I took on the ES it was clear this was going to be a sideways day. The range was small and volume was low.
The P&F signals I know are good for breakouts only. I didn't take any trades after the opening short. Didn't see anything I like. I shitched to gold and had a couple of decent shorts there. It was a pretty good day but I wish someone knew some good fading entries for P&F. I feel like I only have a system for about 50-60 percent of the days we can trade. If the market is going up, good. If the market is going down, good. Sideways markets though suck.
Any ideas?
The P&F signals I know are good for breakouts only. I didn't take any trades after the opening short. Didn't see anything I like. I shitched to gold and had a couple of decent shorts there. It was a pretty good day but I wish someone knew some good fading entries for P&F. I feel like I only have a system for about 50-60 percent of the days we can trade. If the market is going up, good. If the market is going down, good. Sideways markets though suck.
Any ideas?
My only solution has been to limit the loss on my down days so they have no effect on my monthly returns.
Days like this could could wipe you out if you don't do that. I've thought about trading other systems during days like this but sometimes you can hava a flat day that turns into a great trending day. I have no solution other than limiting losses. Maybe someone else has an idea.
I made money today because of the large early move and because of the fact that I switched to gold. The metals and soft comms move alot more and don't get faded as much. I would rather trade the ES when it moves because of the liquidity. I just don't think the indexes can be traded with P&F when they are not moving. I use smaller targets in the summer when its slow but I find that fading is better for that type of market.
The best market for long sustained moves and big breakouts is forex, but the forex brokers are basically running bucket shops and I don't feel they can be trusted. I may trade currency futures but I'd rather trade the pairs offered in forex. Take a look at the USD/JPY chart over the last few days. Use .025x3. Gold set for .5x3.
The best market for long sustained moves and big breakouts is forex, but the forex brokers are basically running bucket shops and I don't feel they can be trusted. I may trade currency futures but I'd rather trade the pairs offered in forex. Take a look at the USD/JPY chart over the last few days. Use .025x3. Gold set for .5x3.
My consolation for today is that even with five minute charts today would have been a challenge. The price spent the whole day between the PP and R1 and just kind of wandered around so only tape readers probably did well today. I have always been a trend follower so today would have killed me before. With P&F I just don't get any trades I like so I just change markets or sit on my hands. Not much fun but safe. The dollars you don't loose are just as important than the ones you win.
Volty ebbs and flows. Just try and be aware that if you have a couple/few wide range days there is a low range day waiting to chop you up. Take a few swings and if nothing sticks walk away and live to fight another day.
I know you guys are trading PnF, but keeping a candle chart next to it can hint at these types of days. Today was a spinning top(*doji) all day on the daily which signifies indecision.
Just my thoughts on da chop.
Good trading to you all and this is a fine thread!
Good job Holygrail.