Learning to read Price Action with P&F Charting

[dentist007]

15 min data
downtrend broken

 

[dentist007]

same time input/15 min
same box size 25 cents for spot oil
change the rversal from 1 to 2
hey preesto...we can plot trend res at $99.00 area
supports can be picked up/horizontal between 97 and 98.25 areas

 

[dentist007]

then if we change the reversal to 3..we get a clearer picture of the price action
purple horizontal is prev supp...could be res at $100
trend res at 100.50/red trendline

trend supp/green at 97.50 area
at this point..it is a recoil in a downtrend

 

[dentist007]

dax futures for the open

60 min data

trend res/red 9114
horizontal res/yellow 9093
prev breakout point/aqua 9009
trend supp 8967/green trendline
horizontal supp 8925/orange
at this point..it is a recoil in a downtrend

 

[green.green]

Does bullseye allow you to only draw 45% trend lines or can you also connect swing highs etc? Do you find 45% is a better indication of trend change then traditional trend lines?

 

[dentist007]

hi greengreen
bullseye does both
trendlines..always use both..it only takes a few seconds to put them on...but it will enhance your analysis..imho

 

[dentist007]

dax 30 min shows the 3 trends since 14 march

 

[dentist007]

gold 30 min
going into next week

 

[dentist007]

spot gold 30 min
gettin ready to pop

 

[dentist007]

update to the chart posted this morning
a classic case of a failed signal
a failed triple-top and a double-bottom break ..downward
whenever,we get a p/f signal..we always look for failure
these failure trades always work well