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Learning to read Price Action with P&F Charting
- Thread starter HolyGrail
- Start date
and the 2x3 and RS chart
http://stockcharts.com/def/servlet/...:$spx,prpadanrbr[pa][d][f1!3!2.0!!2!20]&pnf=y
http://stockcharts.com/def/servlet/...:$spx,prpadanrbr[pa][d][f1!3!2.0!!2!20]&pnf=y
Attachments
Quote from pnf.guy:
A really good thread on P&F was just opened yesterday over at Traders Laboratory. If you are a P&F enthusiast and not just dabbling this thread is a must. It has great potential. I'm looking forward to it. If you are not familiar with Traders Laboratory its hands down the best trading forum out there. Its not so amatureish like Elite Trader. Any way this thread was started by two graduates of the wyckoff stock market institute. If you are not familiar with that school its probably the best one that exists for technical analysis. Heres the link
http://www.traderslaboratory.com/forums/f131/point-and-figure-charting-3889.html
I apologize in advance if this has been mentioned already (it may have), but in the spirit of sharing information on P&F, here are 4 great resources:
1) Book by Thomas J. Dorsey, "Point and Figure Charting", 3rd edition. I liked this book a lot, and would have loved it, had it not been for the author promoting his web (paid) services a bit too much.
2) Book by Jeremy du Plessis, "The Definitive Guide to Point and Figure". Awesome book, with great color charts. If interested, the cheapest price around for it is on Buy.com (much cheaper than Amazon.com).
3) On Tom Dorsey's Website (www.dorseywright.com), there is a link for "FREE PNF Online Lessons". This is free, and a
great review of PnF. By the way, these lessons also come on a CD, that comes with Dorsey's book above.
4) This thread is great. HolyGrail's summary document is great, and needs to be read several times, to catch all the subtleties. The BEST comment in this treatise, IMO, is the trading avoidance strategy during chop markets (looking for double signals is an AWESOME strategy - it will increase winning % tremendously, and cut down on # of superfluous trades.
As far as trading environment is concerned (for short-term day traders), I love using the IB data feed, with Quote Tracker. It is a FREE data solution, and I find it to be extremely adequate. I trade ES intra-day, and am still using IB's native Trader Workstation for trades (I need to look around for a better interface). One thing that Quote Tracker lacks is the automated drawing of trend lines. I use Wealth-Lab Developer (now owned by Fidelity - www.wealth-lab.com) for this purpose. I use an old V3.01 version of this S/W, and there is a FREE plug-in for this that supports PnF, which automatically draws Bullish Support and Bearish Resistance trend lines for you, which I find extremely useful. The charts for WL and QT aren't exactly the same (different implementations), but they are close. By the way, WL's native IB plug-in no longer works, but WL supports a Quote Tracker interface. So, my data flow is IB -> QT -> WL, and this works great, without any performance degradation, on a single CPU (of course, QT also supports communication with IB from a different machine as well).
Thanks again to HolyGrail for getting me involved in PnF. I've turned off all my indicators, and just watch Supply and Demand fight it out during the course of the day.....makes a lof of sense, and certainly makes life simpler.
agreed.with above.
the consecutive signals/holygrail
that rule is great..it certainly keeps you out of the toxic waste !!!!
the consecutive signals/holygrail
that rule is great..it certainly keeps you out of the toxic waste !!!!
agreed.with above.
the consecutive signals/holygrail
that rule is great..it certainly keeps you out of the toxic waste !!!!
the consecutive signals/holygrail
that rule is great..it certainly keeps you out of the toxic waste !!!!
agreed.with above.
the consecutive signals/holygrail
that rule is great..it certainly keeps you out of the toxic waste !!!!
the consecutive signals/holygrail
that rule is great..it certainly keeps you out of the toxic waste !!!!
Quote from HooLee:
My MOS trade really went south, thanks everyone who offered their opinions.
Try again, how about this one: XOM
It responds to today's crude inventories report with a breakout, it will be stronger if takes out 96.
Nothing wrong with the stock. Might be a little something wrong with the r/r at this level. Theoretically you would have to place your stop at 87.00.
Edit: well maybe not. The horizontal projection is at 120, so actually it looks pretty damn good.
Thank you!Quote from HolyGrail:
Nothing wrong with the stock. Might be a little something wrong with the r/r at this level. Theoretically you would have to place your stop at 87.00.
Edit: well maybe not. The horizontal projection is at 120, so actually it looks pretty damn good.
Disappointed by the price action in the afternoon, here is the plan now: will add at 90/91, stop set to 87.
Because the weather has been too bad to work the last 2 days, I spent a lot of time going over charts. Altho I have found lots of good buy and sell signals, I realize there is no way I can go thru all the charts I need, to catch all the good signals so I can decide the best stocks to buy in a timely fashion.
Even using the Stockcharts scans and looking at the ones that have already given a signal takes an exorbitant amount of time. (and no, I'm not looking for something to just fall in my lap with no work), but I spent all day today and barely scratched the surface doing it manually.
After drawing a chart with some of my picks and comparing them to different markets, indices, I started to recognize something similiar to the charts "TheRumpledOne" has posted on jjrvat's thread, I got to wondering if it was possible or if someone has developed scans and filters that would take some of the time out of searching thru charts.
Disregard the actual stocks, markets compared to and results, as some have been just put in erroneoulsy and are probably comparing to the wrong markets
STOCK------$SPX -----$INDU-------$NYA ---------SECTOR---------BP%
CGN-----------^ ----------^-------------^ -------------^ --------- x%
DVN------------Y-----------Y--------------^-------------Y ---------- x%
FCS------------^----------^--------------^-------------^----------x%
OMX-----------^----------^--------------^--------------^-----------x%
TKS------------^----------^--------------^--------------^-----------x%
CMCSK--------^----------^--------------^--------------^-----------x%
FORR----------^----------^--------------^--------------^-----------x%
MCCC---------^-----------^-------------^--------------^------------x%
MRTN----------^-----------^-------------^--------------^------------x%
PACR----------^-----------^-------------^--------------^------------x%
VRGY----------^-----------^-------------^---------------^-----------x%
Its pretty crude but I was wondering what it would take to set up a scan/ filters to do this searching a little quicker than checking each one manually. or if Bullseye Broker, InvestorRT or Dorsey Wright already have this capability?
Even using the Stockcharts scans and looking at the ones that have already given a signal takes an exorbitant amount of time. (and no, I'm not looking for something to just fall in my lap with no work), but I spent all day today and barely scratched the surface doing it manually.
After drawing a chart with some of my picks and comparing them to different markets, indices, I started to recognize something similiar to the charts "TheRumpledOne" has posted on jjrvat's thread, I got to wondering if it was possible or if someone has developed scans and filters that would take some of the time out of searching thru charts.
Disregard the actual stocks, markets compared to and results, as some have been just put in erroneoulsy and are probably comparing to the wrong markets
STOCK------$SPX -----$INDU-------$NYA ---------SECTOR---------BP%
CGN-----------^ ----------^-------------^ -------------^ --------- x%
DVN------------Y-----------Y--------------^-------------Y ---------- x%
FCS------------^----------^--------------^-------------^----------x%
OMX-----------^----------^--------------^--------------^-----------x%
TKS------------^----------^--------------^--------------^-----------x%
CMCSK--------^----------^--------------^--------------^-----------x%
FORR----------^----------^--------------^--------------^-----------x%
MCCC---------^-----------^-------------^--------------^------------x%
MRTN----------^-----------^-------------^--------------^------------x%
PACR----------^-----------^-------------^--------------^------------x%
VRGY----------^-----------^-------------^---------------^-----------x%
Its pretty crude but I was wondering what it would take to set up a scan/ filters to do this searching a little quicker than checking each one manually. or if Bullseye Broker, InvestorRT or Dorsey Wright already have this capability?