Learning to read Price Action with P&F Charting

eurusd.. 30 min data
a pole after the data on friday from nfp and the greek debt decision
15 pips by 2 reversal
hilo plot
any weakness will show at the 4580-4595 area.ie the 50%retrace of this move upwards from the triple top breakout on friday
if price moves higher then the chart is replotted to see if a new pole has formed

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eurusd.4 hour data
38 pips by 2 close
showing a pole ..at this point this is a false breakout.it has not retraced as yet.raw a trendline from the top to pick off any strength or weakness that may evolve over time.the 50% retrace/blue line at 1.4440 area is another area to watch

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Quote from gwac:

very interested
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Paul Rotter, arguably the greatest daytrader of all time (certainly the biggest in terms of volume), uses P&F. Not saying it's the best or for everyone but it is definitely used by quite a few professional old timers.
 
cable/gbpusd
from this chart price could go either way.tend is up,last signal was bullish on 27 april.however,note the downtrend line.bulls not in complete control now.

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same box size but 2 reversal...close
daily data again
2 important support areas have appeared.
thinking that the bulls will have these areas retested in the nearish future.
what do we do....well ,we watch for weak bounces.upside failure..not taking out a min 50% fib or in p/f failed counts,horizontal or vertical on lower t/f or box size
then we will know who is in real control in these important areas
just my two cents worth
let me know if you agree or disagree


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Long time not seen guys but here is a quick update...

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As you can see the FTSE 100 has created an other top. If it had enough strength it would have broken the triple tops. Because of the fourth top it means there is weakness so a break wouldn't mean a perfect trade, it can but the chances have lowerd.

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GC or Gold 1%x3 a triple top breakout would mean new highs for Gold! And would be very interesting to take!

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EUR/USD as said before I didn't expect it to go to 1.3 at once, the pattern wasn't there but now everything is possible! I have no idea how to trade it at this point on the longterm. I go for short term trades.

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CL or Oil 1%x3 has made a very nice triple bottom sell after which it made a retracement back to the breakout. The retracement started at exactly the point where you could have expected to find support. And I wouldn't be surprised if this was to lowest point of CL for the comming months, I can see higher prices. But you have to wait for a signal to trade it.

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NK255 0.5%x3 as I said before I didn't expect it to go high from that triple top buy signal, I expected it to turn down very soon. Yes it happend even made a nice tripple bottom sell signal that I would have taken (I don't take long term trades myself, I am a full time day trader, so I am out of the market at the end of the day, but the signals are the same). But as you can see not every trade will be a winner, this is one of those trades that would have been a loser! There is not enough weakness to bring the trade down to 8500 but the high probability was there so you should have taken this trade with this high risk/reward number to support it.
 
FXStreet.com are reviewing Jeremy du Plessis's The Definitive Guide to Point and Figure in a webinar on the 26th of July.

This webinar will be comprised of a short introduction to Jeremy's book by Gonçalo Moreira followed by a question & answer session with Jeremy.



The presentation will be most useful for those interested in how well Point and Figure charts work when trading the currency markets or anyone with a general interest in Point and Figure charting
 
Quote from dentist007:

FXStreet.com are reviewing Jeremy du Plessis's The Definitive Guide to Point and Figure in a webinar on the 26th of July.

This webinar will be comprised of a short introduction to Jeremy's book by Gonçalo Moreira followed by a question & answer session with Jeremy.



The presentation will be most useful for those interested in how well Point and Figure charts work when trading the currency markets or anyone with a general interest in Point and Figure charting
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Thanks for your mention of this event!
I joined it, but I can't say Jeremy told something interesting, he confirmed a few things I already suspected but he didn't want to show all he know in my opinion. A pitty in my opinion.

I was the one asking him some questions about volume and the only thing he did was show that it was implemented within TraderPro from Updata but he didn't show edges that you could have with it...

Did you hear any interesting notes?
 
hey emotions
i listened to the webinar.i did not see the screen,as i was listening thru my bluetooth headphones.so i was sitting in the garden whilst listening.
not alot was new imho..but if you look hard at the book,there is not a huge amount of bare facts.the main thing is practice.so it was nice to have a few minor points mentioned
volume..he covered
1.volume/time.ie amount of volume on a 5 minute candle
2.volume by price.ie volume at a specific price
3.volume by column.ie the amount of volume per each p/f column
i think that is plenty as far as volume studies are concerned.i am sure there are others..anything else ?? let us know
have you ever thought that many market participants get things wrong and enter badly,hence clouding the action.so maybe volume is not entirely reliable...just a thought
i do see many bad entries and bad analysis on the chat rooms i visit
did u tape the webinar ??
have a great weekend
keep truckin
 
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