Learning to read Price Action with P&F Charting

[dentist007]

s500 hourly data showing the latest breakpout.possibly at resistance.the 50% zone for that pole is 1265 area.so,we might get a test of that area to see if the bulls have the upper hand

 

[osho67]

Quote from dentist007:

so far ,very good.been using p/f for 3 years now.
better still,since i have been using holygrail consecutive rule.
this rule has made me more relaxed about my trading and saves me time when looking for trades [/QUOT

I am reading this thread with interest.I think a newbee can become profitable with p and f method.

What is holygrail consecutive rule? Thanks

 

[dentist007]

S500 index
120 minute data input
4.00 box size by 3 reversal
at the 50% retrace from the move down from 1248...market is waiting for direction

 

[ammo]

thanks dentist

 

[osho67]

thanks dentist.

 

[dentist007]

sorry
it was 30 minute data not 120
anyway,if you go to 1 box reversal on that chart,all the s/r areas show up nicely

 

[osho67]

Quote from dentist007:

holy grail.i have emailed the queen of england asking her to give you a special commendation for that trading rule.consecutive signals.it certainly keeps you out of the chop.bravo
had no reply from her as yet

dentist,

I am reading the thread but I have missed that rule. Please explain this again . Much appreciated.

 

[dentist007]

osho
well..holygrail uses a rule
say in a consolidation..you need 2 consecutive signals.ie consecutive bullish signals to then consider if there is a possibility of a bullish trade
hope that explains it

 

[dentist007]

spot gold
hourly data from beginning of august. $16 box size
not really doin alot
there is some bullish signs,but lots of res above

 

[dentist007]

cable.gbpusd
hourly data..20 pip box size by 3 reversal
a new trend has started.a shakeout
at supp now after the selloff on friday
reversal or continuation ???? of uptrend