Learning to read Price Action with P&F Charting

Now here is the chart I would have used for GSK. I would not buy this stock at this time because it has negative rsi and it has not broken out yet.
 

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Quote from HolyGrail:

Now here is the chart I would have used for GSK. I would not buy this stock at this time because it has negative rsi and it has not broken out yet.
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What software are you using?
 
thanks for a very informative thread HG.

Has anybody used the charts from XOcharts.com?
Pretty basic. However, I can't figure out how to check commodities on it. ( I need to figure out what CSV files are)

checked the stocks in one of my portfolios, and almost all of them are in an uptrend. (I'll have to call him and see if he uses P&F)

Now I would like to figure out how to use it to check commodities so I can check on my broker when he recommends some options I trade in.


If you keep this up HG, I may be able to S.C. my broker someday.:p
 
Quote from staffpro:

in your opinion what is better to use the closing price or the high/low option?

thanks, awesome thread learned so much so far, thankyou so much
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just stumbling on this thread...

tick data is the best, then intra-day, then daily high/low, then daily on close

P.S.
I am glad to see other people are recognizing IRT's P&F enhancements.

I have been working with them for a very long time on it and I have to give them kudos for working with me and implementing features that were needed. There are still a few more things to go but I think it is hands down the best P&F software on the US market.
 
Quote from WyckoffTrader:

Nice thread you have here...... I was introduced to P and F while in a program in SF about 7years ago and this program was based on Richard Wyckoff and he had his own PF style.......what I found after many 1000's of hour and ideas that we where trying to automate is that P and F will not allow for volume or any normal indicators.....Thus I use Renko in conjuction with RNF and the combined tools are better than anything out there......I will post some ideas that we have tested and give a few of our issues that we have worked out over the last 3 years. Trade well and good luck to all using this alternative price action method. this is the right track.
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Hopefully, this doesn't get answered later in this thread since I am reading through from the beginning. You can have indicators and oscillators on P&F charts, the software just needs to support it. Keep in mind that certain indicators and oscillators are not useful on P&F for obvious reasons.
 
Quote from HolyGrail:

Renko didn't help me and I am familiar with the wyckoff method as well.

If you don't mind, I don't want to change the direction of this thread. If you start a thread on your method I promise I will read it.
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Here is a tip... to reproduce a renko chart...try a 2 box reversal. ;)

P.S. These are typically traded quite different than a 3 box reversal chart though.
 
Quote from Goinglite:

Here's a PnF Chart from Sierra.
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those charts are completely worthless if you are a P&F trader

no offense meant to you of course :)
 
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