Learning to read Price Action with P&F Charting

[dentist007]

s&p 500 still looking bullish on the 1 box chart.bullish up to 1395 area

 

[dentist007]

dow rallying to resistance in an orderly fashion

 

[HolyGrail]

Quote from dentist007:

s&p 500 looking bullish up to 1414

I have to agree. The 1414-1420 area is very critical. I don't think there is any doubt we will test those areas before we ever test a new low.

 

[Boib]

Quote from dentist007:

dow rallying to resistance in an orderly fashion

Dentist

What are the small squares and retangles on your charts?
Do they have any signifigance?

 

[dentist007]

small squares are gaps

 

[Boib]

Quote from dentist007:

small squares are gaps

Interesting. Never seen gaps displayed on P&F

Does your charting program put these in or is this something you have added yourself?

Do the gaps have any influence on your decision making?

 

[dentist007]

charting program has the option to display gaps

 

[yayt]

Hey guys,
I've been trying to keep up this great thread, and on Thursday I started experimenting with P&F setups for both intra-day and swing/position trading.

What do you guys think of these entries:
XTO at $63
MT at $83 <-- Late on the longer term breakout, was planning to trade this intra-day but decided to keep it

What do you guys think? I'm starting small, just bought 2 calls for each of these.

Great thread guys!

 

[HolyGrail]

XTO looks good. Because of my rules I would not have purchased it until it reached 65, but you have a strong stock with great relative strength.

 

[dentist007]

xto.there is no breakout signal as yet.you might be able to go down to hourly data.but on my time horizon there is no breakout as yet.