Learning to read Price Action with P&F Charting

facebook ipo came at the worst possible time
here is the spx..1o min data
the downtrend from 1 st may
note that it is in 2 waves
the first was a sudden move
the second is more prolonged and will have to take out that downtrend line with a res area of 1307 ish.if price goes down,so does the res area

 
eurusd 60 min
watch for that res area to get taken out



prev chart/cable
data is 10 min
these areas shown must be taken out to show any dollar weakness
 
hey dentist, what is the point of all this in terms of making actual money. What about entries exits stops and probabilities? How do you make money by what you're doing here??
 
hi Chikitout
ok.i am posting charts to basically show what to look for with p/f charts.the thread is learning to read price action
so...entries
i usually trade from 1 minute data looking for breakout points
i then look for areas at the opposite side of the breakout to try and enter.to try and keep my stop as tight as possible..if not,i have to enter on the p/f signal
that is it...no more to tell
probabilities...well this is more dependent on market mood...certain days give me good follow thru and some days are not great
the %win is >90%...but that does not mean to say that you make plenty on each trade...some only get a few points,and many have good follow thru
 
actually...checked back
last 6 months 80% plus
not 90% as i thought
but...you have to think about the fear and greed factor and this can give you many more points sometimes.so there are alot of factors to consider
it is not a system,just a method of charting data
 
eyes on europe
dax..hourly data
any rally has that res area to take out first

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