Learning to read Price Action with P&F Charting

[HolyGrail]

Trade is over. Target hit at 9:16:31 Old buy order at 1336 cancelled.

Sync trade 2 points
cumulative for the day 2 points.

 

[HolyGrail]

ok we just got another sell signal on the .5. I would not take this signal. The reason is we have a long column on the .75 will no pullback, and the 1.0 is very close to support as well. It still may turn into a trade, but I would need a pullback on the .75 and then a new sell signal, or a sell signal on the 1.0. I want at least two charts with sell signals, and preferably three.

 

[HolyGrail]

OK we have two potential trades that could occur.

We could have a 2 contract failed double bottom on the green chart. We would place an order right now at 1332.

We would also place a sell order at 1328.75 because the .5 will trigger a sell at 1329 and the .75 will trigger at 1328.25

 

[HolyGrail]

The two contract buy signal triggered at 1332. We are now in a trade with a stop at 1329.

 

[HolyGrail]

Long trade did not work out. We lost 3 points with two contracts or 6 points.

We now stand cumulative -4 points for the day.

A new sync trade was triggered at our stop loss. We are now short with a two point target.

Edit: we are in at 1329 stop at 1332.75

 

[HolyGrail]

2 point Target hit.

cumulative for day -2 points

 

[HolyGrail]

A potential failed double top on the .5. 2 contracts placed if we hit 1325.

 

[HolyGrail]

short order placed at 1325 2 contracts. Target 1322. stop 1328

 

[HolyGrail]

2 contract buy order also placed for possible failed double bottom at 1337. Stop of current order moved to 1337

 

[HolyGrail]

Stopped out of 2 contracts for 2 points, or -4 points.

cumulative for the day -6 points.

We are now in 2 contracts long at 1327. Target is 1329 based on last resistance. Initial stop at 1334.50.