Learning to read Price Action with P&F Charting

Yes you will do well if you can identify range bouncing and trending correctly. P&F is about trend following, and typical win rate for such systems is about 30-40%.


Quote from flyinglead:

:D Just for $hits and giggles, one of these days I'm gonna short all my buy signals and visa versa. Ought to be good for a quick buck or two.
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HolyGrail

very sorry to hear of your present bad luck, hope things get better soon for you. thanks for starting this thread I've been making a little money with double bottom/top trades you mentioned. I find in this tough market it keeps me from jumping in too early, which is another way of saying " discipline"
 
LLY

Short trade I almost took couple nights ago. Was a good signal, but news about FDA decision due this week resulting in a predicted 10% gain or loss scared me away. Been going up ever since.
Any opinions ?
 

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Yeah, when it comes to events like that I'm inclined to stay away. Maybe with earnings I'd stay in unless it was a more explosive stock (like say, RIMM, which I think reports earnings today).
I think you made the right call.

I just checked Coleman Cable and saw that it's down on a huge up day like today ... hmm.
Honestly I try to stay away from such low volume stocks just cause it can either do nothing or move explosively in one way or another on good news, but I'm not sure that's the kind of volatility I want.

HolyGrail, sorry to hear, hope things get better soon!
 
Quote from yayt:



I just checked Coleman Cable and saw that it's down on a huge up day like today ... hmm.
Honestly I try to stay away from such low volume stocks just cause it can either do nothing or move explosively in one way or another on good news, but I'm not sure that's the kind of volatility I want.
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Of my two low volume stocks, LSR went up pretty good today, so it more than cancelled CCIX out. but you are probably right, in the long run. Some stocks just seem to go against the market.

What is your breakoff point on volume Yayt? 1M?
 
Quote from HolyGrail:

Just wanted to stop by and say hi. Been going through hell lately. Lost our beach house to hurricane Ike. Was without power at my houston house for 10 days. Not doing any trading right now. Taking care of my business which is falling apart with this economy, but should be picking up real soon with the recovery from hurricane ike.

Trade well.
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Hope you get things up and running HG. Sounds like a tough place to be right now. Guess thats why I like the cold miserable north.
 
Quote from flyinglead:

Of my two low volume stocks, LSR went up pretty good today, so it more than cancelled CCIX out. but you are probably right, in the long run. Some stocks just seem to go against the market.

What is your breakoff point on volume Yayt? 1M?
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No real hard cut off but I like seeing more than ~800K a day

I've been focusing more time on developing an automated system to do the intraday trading which I hope to forward test on simulator, but I think I'm going to do some trading tomorrow I'll post the results here
 
Did everybody give up? this thread sure went dead.
couple things I've noticed about p&f. doesn't matter how good the signal is, how it is doing against its sector or one of the indexes, a bear market is still a bear market. I'm sure this ties in to bulllish percentage altho I am still struggling with the bullish percentage. Probably cause I haven't studied it thoroughly.

Spent the weekend figuring out a good signal to use for shorting, only to have the market go down so fast this morning I only got one filled. Course it was the slowest of the three going down.

One of the problems I'm having with P&F, is waiting for the signal to materialize on a stock I'm watching , only to have it go past my targeted signal by two or three boxes. I'm not computer literate enough to set up a trade with "sell short if it goes below XX". Maybe I need to get with TOS and figure out how that works, cause I'm missing some trades and if I was doing it for more than testing right now I'd be pretty upset I didn't get filled today.

Even tho my signals proved right, selling a bullish catapult would have been right today so it was all moot.
 
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