Learning to read Price Action with P&F Charting

[dentist007]

change the plot to close
look what we get

always look for prev s/r

 

[dentist007]

4 hour data for spx futures
for general trend

 

[osho67]

i am sure they are
the data source ie,interactive brokers is the same
the only thing that can differ is the method of calculation might be different/or the same.
The only way to find out is to compare charts from bullseye and multicharts using the same set of data.same box sizes and same reversals
there is a way round this..just use line chart and have a dot on the 1 sma
also .a candle and use a dot as the sma
look for those dot clusters for possible breakouts and place trendlines
just the final bit of analysis could be with p/f as you have already extracted most of the information from the chart
load up one trend.so a 4 hour should have one trend...if there is one
see eurusd 240 posted yesterday

Thanks

 

[dentist007]

missed that one
always look hard when the range tightens

 

[dentist007]

after todays news..there will be confusion on the strength of sterling
p/f thrives on volatility

 

[dentist007]

gbpusd

 

[dentist007]

here is a handy tip for all
when looking for signals to trade only load up 30-50 data points
the reason
trading signals recquire you to get in close to the price action.however,p/f can crowd the chart
so..trading signals will recquire a different visual optimisation.ie box size and reversal to find the best signals to trade from
to make life much more profitable the watchlists should be set up with possible trading signals only....then do the analysis after you have confirmed a decent set up.this means you are ready before market opens
exit signals..these should only have 10-30 ish data points.ie you want to get near the action to look hard for that exits

 

[dentist007]

by loading fewr data points we can then look hard at the trend going into the day and we are on notice to go long
30 min dow futures

 

[dentist007]

if you load ...say 50 data points and you want to look further back.ie backfill..it will make you go to a higher time input for a longer look back period
that does make life alot easier ..imho

 

[dentist007]

played around a bit and 120 data points show the last 1-2 trends well
so..a long term chart ..as many data points as you want..then 120 ish to pick up the latest trends and then 30 for breakout signals
so..day trading
long term chart...then
120 data points /60 or even 30 min
then 30 data points /5 min for signals..1 min if further confirmation needed
this can be applied to bar/candle aswell
it does save alot of time with doing analysis