Learning to read Price Action with P&F Charting

a closer look at that pattern when it failed
same box size
changed reversal to 2
and hilo plot...same time input
the chart is wider so we have gone in for a closer look
we can see the rs/purple and then we get the break of that consolidation
so..we are always looking for failed signals ..either to close trades or open new ones

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5 min data has given us the best veiw of the price action in that downtrend that started on 17 march
the signals to go short are very well defined
$3 box size by reversal/close plot
purple horizontal is this mornings trade

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Dax cash index into next week
60 min data for the month of March
showing 2 trends
the uptrend that began on 14 march is coming up against horizontal res/purple
these are at 9600 and 9670 area
main supp area starts at breakout point/yellow horizontal at 9486 area
trend support/green in 9450 area
the second phase of the uptrend is green
so..now we have a fix on where supp and res might lie
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so..we have mapped out the important areas from the 60 min data
in order to daytrade we want to take a closer look
the uptrend from 14 March had 2 moves with a wide consolidation.On any chart,if there is a wide consolidation,it is important to keep each trend separate.Especially with p/f as you will be 'curve fitting ' the box size and reversal to incorporate 2 separate trends which both have different volatility
so we look at the latest push upwards..as it is of short duration at this point we go down to 15 minute data..that trend started on 24 march


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from this chart we can see trend supp..horizontal supp and of course we have those big horizontal res on the 60 min
depending on the news..price could break above those horiz res or possibly better is a bounce off and test supp...then we need to see the reaction/signals in supp
We dont want to waste our money on trading coaches/mentors,we just want to get in from 1/5 min signals and trade
 
moving around box/reversal size,we can see where the trendline cluster/big supp should be if that uptrend gets tested approx 948 area
so now we have the horizontal res and the bigger supp area marked


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looks to need to stay above 9500 to remain bullish
 
going into NFP tomorrow
now..spot gold seems to be basing
so...from this chart there is a res area that tests the trend in 1305 area..note that there is a prev supp at 1310 area
bad nfp and we go to the safe haven...gold..stock index move down
lets see how good the numbers are bearing in mind that the polar vortex is over


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Nas 100..just about to activate a downside vertical count
trend and horizontal supp..yellow and green in 3425 area.activation of count is 3525/red horizontal
trend res at 3625 area
earnings next week
daily data
25points by 3 reversal..hilo plot..shows the uptrend that started in november 2012..not 2011 as seen in the chart


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