not sure if this was mentioned on this thread but i stumbled across http://www.xocharts.com/ ... it draws the p&f on excel, data is free, you get it off yahoo, just input the symbol proper....naturally, it's good only for eod analysis...
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Learning to read Price Action with P&F Charting
- Thread starter HolyGrail
- Start date
It is a great advantage to have time taken out of a chart. PNF does this for you.
While time is unimportant in determining price direction, time is critically important from a swing trading stand point.
You may know the direction, but if it takes 6 months to get there you may not want to make that swing trade.
Most commercial packages do not display any time reference in each column. If a new X or 0 is entered in a column, and it is the first time we have placed a new x or o in a column for that month we should replace that x or o with the month number.
An example chart is below.
While time is unimportant in determining price direction, time is critically important from a swing trading stand point.
You may know the direction, but if it takes 6 months to get there you may not want to make that swing trade.
Most commercial packages do not display any time reference in each column. If a new X or 0 is entered in a column, and it is the first time we have placed a new x or o in a column for that month we should replace that x or o with the month number.
An example chart is below.
Attachments
Now here is an example of what I am talking about.
Sybase symbol SY
This is a great chart, and it may be a great long term hold, but it sure isn't a good swing trade right now. We are at the end of March and this stock hasn't even added an x to the new column it made in January.
If you look at previous columns you see an A and B in columns but not a C. That means we had a whole month of no significant movement.
Sybase symbol SY
This is a great chart, and it may be a great long term hold, but it sure isn't a good swing trade right now. We are at the end of March and this stock hasn't even added an x to the new column it made in January.
If you look at previous columns you see an A and B in columns but not a C. That means we had a whole month of no significant movement.