Learning to read Price Action with P&F Charting

you might all think that the euro is a dog..pretty much rangebound since april 18.however,in a minor uptrend now..bounced off support on thursday
hourly data 60 pips box size by 3 reversal

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panic stricken investors ran for gold last week thinking it was armageddon...lol
they might be nursing a temporary loss this week
just posting the dow chasrt to explain why
price had made a breakout which was unsupported.the column of "X" did not retrace..just went up.therefore there was no support on this chart. a false breakout..a fake.

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any bad news and the market tanked
price is just back into support zone while the market has a rethink
trend is down,but it is not a selloff..no break as yet of 10750 support area
10 min data.50 point box size
 
so we had a falkse breakout in gold.the breakout column was unsupported so back into the support area for a rethink.these fakes are easy to pick up

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dow.
previous chart updated
support was found at the previous breakout point...horizontal blue line which showed 11000-11050 area..so before market opene we had this pencilled in as a possible potential support area.previous breakout points/signal areas provide great clues.they do vary according to the box size,even if you use the same data set
also used trendlines/45 degrees and columns to find s/r
so trend is up to 11500 area
could be bumpy as eauropean central bank being quiet for now
happy labor day to all

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