Learning to read Price Action with P&F Charting

[dentist007]

emotions
you also have market profile on updata
do the p/f breakouts ever respond to the market profile signals ??
do both give signals in the same place ??

 

[dentist007]

gold...
this is a chart of the spot price
hourly data $3.50 box size by 3 reversal.close
no sign of a reversal downwards as yet

 

[dentist007]

how to get data into bullseye from freestockcharts.com
1.right click on desktop and create a new file.call it freestocks
2.go to freestockcharts.com and put up a chart.go to the icon which says export data
3.export the data and save it in the file freestocks
4.only export the price history
5.you must give a name to the saved file...say spx 5mins.if it s500/3 mins
now you have the data in youre file ready for bullseye to read

 

[dentist007]

bullseye
you will need to set the file format
here is a screenshot of the setup

 

[dentist007]

bullseye..
now you have the file which has the data and bullseye setup to read the data
finally...
go to the data wizard
click next
select data source
click on "i have data in text or excel files
click next
right click on the side button and find the freestocks file
text file format: find freestocks text file format as per the screenshot
click next
and finish

 

[dentist007]

bullseye will need some adjustments first
1.make the default box size as 0.2%.or near equivalent.this will cater for intraday data
2.unclick the relative strength .this can be added on later
windows 7 will need to make an adjustment to the timing

 

[dentist007]

here are the changes needed for windows 7
Windows 7
settings. Try to go to the windows Control Panel, by clicking the
start button, then Control panel, then select "change keyboards or
other input methods", then click the "Formats" tab. Under short time
and long time select the appropriate ones. You will see examples at
the bottom of the window.

You can also go to "Additional setting" button in the same screen and
click the "Time" tab. Here you can remove the AM/PM symbols.

you will have to restart your computer

 

[dentist007]

here is the file format set up from dukascopy

 

[dentist007]

now if you want to practice day trading using p/f charts
try loading data from freestockcharts before market opens .do youre own anlysis on bullseye.then go to dukascopy they have free p/f charts for fx.time inputs are just 10sec,1minute,1 hour,daily.these update continuously with live data.then you can update bullseye when you need to see anything that might look interesting.for indices and certain stocks, livecharts.co.uk have free intraday charts/updating live.same thing.10 secs,1 minute
this is a great way of practising,which costs nothing
on the right hand of th chat click on options.then on candle,change it to p/f

 

[dentist007]

cable..gbpusd
a safe haven..gbp is now seen as a safe haven.
hourly data
29 pips by 3 reversal .closed
note long thrust columns from the 1.5805 bottom.some res at 6470 ish..but up we go