to be honset, I wasn't looking, but I should have been. I'm only part way thru the nasdaq, so I'll strt looking.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Learning to read Price Action with P&F Charting
- Thread starter HolyGrail
- Start date
Quote from hayman:
Holy Grail,
My 1st post on this thread......I have been following it for a while, and have purchased 2 books on the subject (Dorsey - the book is good, but he tries to promote his services too much, and (Du Plessis - this is a great book !).
In any event, I have a quick question for you. When you trade ES using P&F, I see that you use 0.5, 0.75, and 1.0 box size. For the purposes of day-trading or scalping ES, are you using a 3-box reversal for each of the 3 box sizes ??
Hence, for this instrument, are you just trading based on these 3 screens (0.5 x 3, 0.75 x 3, and 1.0 x 3) OR are you using different variants of the reversal size as well ?
Also, if you trade YM intraday, what P&F parameters would you recommend for that ?
Many thanks in advance, and thanks for putting so much detail into this thread.
Best Regards
Sorry for the late response , I just got back to town. When I trade ES and NQ I do use a 3 box reversal with the .5, .75, and 1.0 charts.
On ym I use 4, 6, and 8 point charts.
Quote from flyinglead:
chart
(a day isn't complete until you learn at least one new thing) --adding attachments
Haha, yep
I'm really curious to see how this works out for other declining stocks, I hope we don't get caught in those unfortunate BSC-type situations
Attachments
Quote from yayt:
I'm really curious to see how this works out for other declining stocks,
I noticed a lot of clear bearish triangles and double bottom breakouts in the big losers while I was browsing today.
yayt. for some reason most of my post (with the chart) never got entered, but what you show on your chart is exactly what i said, ( I would have bought at 87 and got stopped out at 80. but don't know enough yet to have put in the sell at 79.) I might have done it at 74 and 55 tho
the comment about learning to add charts was directed at me, not you.
pnf ,what do u think of aig?Quote from pnf.guy:
RIO- My methodology would allow me to day trade this ticker symbol around the price of 38.00 from the long side. I would day trade it all the way up to the price objective of 42.00. However, I personally don't trade anything other than the ES or YM.
Regarding AIG, I would maintain in my own vocabulary a daily short bias from the 49.00 price level. This term daily caused confusion on this thread so it could also be called a short-term short bias.
My plan of action would be
1. I would initiate a short bias when price hit the 49.00 price level a while back.
2.I would day trade this stock on the short side.
3. I would terminate my short bias when price touches 37.00.
4. Or I would terminate my short bias if 52.00 is touched before 37.00
My plan of action would be
1. I would initiate a short bias when price hit the 49.00 price level a while back.
2.I would day trade this stock on the short side.
3. I would terminate my short bias when price touches 37.00.
4. Or I would terminate my short bias if 52.00 is touched before 37.00
Attachments
Hey FlyingLead, if it helps, I would have gotten short as soon as it went under 44.
Anyway, I'm going to start work on backtesting PnF signals on Wednesday, I should hopefully have something done by Wednesday night.
I'm planning on testing just the simple signals: double, triple, quadruple top breakout/breakdown, and de/ascending triple/quadruple top breakout/breakdowns.
I can already think of possible improvements to the raw signals we have above, such as investing more on a quadruple top (assuming it's a stronger move against stronger resistance) as opposed to a double top.
Anyway, I'm going to start work on backtesting PnF signals on Wednesday, I should hopefully have something done by Wednesday night.
I'm planning on testing just the simple signals: double, triple, quadruple top breakout/breakdown, and de/ascending triple/quadruple top breakout/breakdowns.
I can already think of possible improvements to the raw signals we have above, such as investing more on a quadruple top (assuming it's a stronger move against stronger resistance) as opposed to a double top.