Learning to read Price Action with P&F Charting

Quote from sandygray66:

Sorry to be the bearer of bad news, but this revision seems to be filled with blanks also (one new chart, and the two that appeared the first time are gone this time). :(

Are the chart insertions large files (like more than 1 meg)? Maybe that's causing a problem when the word file is uploaded to ET?
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Came through all right for me.
 
Quote from HolyGrail:

As far as I am concerned this thread is finished. I really don't believe I have anything else to contribute. I want to thank everyone for participating, and I sincerely do hope this has helped someone.

I am leaving you with a synopsis of our discussion.

Good Trading & Good Luck!!!
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Excellent thread! You are, without a doubt, a trading scholar and a gentleman.

If nothing else, you have shown that less can indeed be more, i.e., KISS!!!!

Best wishes,

st
 
Quote from Stealth Trader:

Excellent thread! You are, without a doubt, a trading scholar and a gentleman.

If nothing else, you have shown that less can indeed be more, i.e., KISS!!!!

Best wishes,

st
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Thank you Stealth. I value your opinions and trading style.
 
Quote from Stealth Trader:

Excellent thread! You are, without a doubt, a trading scholar and a gentleman.

If nothing else, you have shown that less can indeed be more, i.e., KISS!!!!

Best wishes,

st
More...

SECOND THAT! Thank you for your contributions!
 
Fantastic thread, HG! Thanks for sharing your ideas and knowledge.
A couple of questions . . . .
What is your win% of trades? What is the avg win amount vs the avg loss amount. I know it does'nt backtest well, your approximation is fine.
I've gone through 60 pages or so, could'nt find any mention of these numbers.
 
I noticed I didn't fully answer Boib's question.

When do I add to the trade.

When I am shooting for targets, I am full in and full out. No adding.

For Level 2 trades it depends. If I am going against the predominant trend I do not add. If I am with the trend I wait for the first reversal and do not add until that reversal reverses.:D

Sounds complicated but it really is not. The attached chart explains my gibberish.

Thank you for your comments Maestro. They are appreciated.
 

Attachments

HG:

I would like to ask a question about risk control.

This mornings ES charts show a sell signal at 1360.50.

Would you have taken this trade as the risk was high. That is a reversal signal would have been 1366.

Thanks

B
 
Quote from Boib:

HG:

I would like to ask a question about risk control.

This mornings ES charts show a sell signal at 1360.50.

Would you have taken this trade as the risk was high. That is a reversal signal would have been 1366.

Thanks

B
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That would have been considered a sync trade. When I take a sync trade I have a flat stop(normally 2.5 points in this volatility) and a flat target (normally 2-3 points.

I would not have taken that trade because we were close to a pivot point at 1358.75, which would only yield 1.25. I would have looked for an entry below that as a second level trade.
 
Quote from HolyGrail:

That would have been considered a sync trade. When I take a sync trade I have a flat stop(normally 2.5 points in this volatility) and a flat target (normally 2-3 points.

I would not have taken that trade because we were close to a pivot point at 1358.75, which would only yield 1.25. I would have looked for an entry below that as a second level trade.
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Ahah: The light comes on.

I'll get it yet. :)

BTW I didn't take it either but because the reversal was so far away.

Thanks

B
 
HG, I have a quick question about the sync trade. You said all three charts should be about to show the same signal. Do you wait for a signal from all three or do you take the trade with only 2 signals? In your example it looks as if you take the trade without the third signal.
 
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