Best Thread learning to read price action with p/f charts

[Dentalfloss]

twitter 4 hour

 

[Dentalfloss]

eurjpy
4 hour data
wants to pop

 

[Dentalfloss]

natural gas september contract
testing res
4 hour data

 

[Dentalfloss]

cable into trend support

daily data
close plot
30 pips by 1 reversal

 

[Dentalfloss]

ES sept contract
4 hour data
areas to watch

 

[Dentalfloss]

audusd 4 hour
a pump or a dump

 

[Dentalfloss]

gbpusd 4 hour data
4 waves of selling since 15 july

 

[Dentalfloss]

a closer look at the latest down move
we either break lower or test the trend at 1.6800 and 1.6840 areas

 

[Dentalfloss]

eurusd 30 min data

 

[Elliottwave13]

Hi, Dentist............. The Euro is getting ready to make a comeback and then a huge crash................

 

[sanjay252]

Hi Dentist,

Just wondering why your chart looks so different to mine (see attached).

I am using 30 min interval with 0.0003 x 1 with closing prices.

Data feed from IQFeed FX (FXCM).

Edit: I am guessing its due to you using high / low??

Investor RT doesn't have a H/L option...1 box charts don't seem to work as well for intraday analysis with close...

 

[Dentalfloss]

Hi Sanjay
how does your chart look for this
audusd 6 pips box size by 2 reversal..30 min data
hilo plot
only load the trends i have shown.ie from 1 am 6th aug uk time
data is from Alpari.It was only slightly different when i loaded data from LCG

 

[Dentalfloss]

Sanjay
same data 5 pips by 1 reversal
close plot
audusd 30 min data

 

[sanjay252]

Dentist,

Our 6x2 charts look different, again this is down to H/L vs close differences.

Our 5x1 are almost the same..

It's a shame InvestorRT doesn't allow high / low plots.

Do you use shorter time intervals too? 1 min / 5 min / 15 min?

Thanks

 

[Dentalfloss]

ok
5 by 1 close looks good
hilo is very useful for analysis...you really do need that
ask them to do it ??
lower time input..very useful
but...if you train your eye on line charts and use a dot for the close..you will find you only need p/f for confirmation
also....one of your charts had squat X and O..they need to fully formed to maintain the aspect ratio.
remember..we are only interested in analysing trends..finding breakout points

 

[sanjay252]

ok
5 by 1 close looks good
hilo is very useful for analysis...you really do need that
ask them to do it ??
lower time input..very useful
but...if you train your eye on line charts and use a dot for the close..you will find you only need p/f for confirmation
also....one of your charts had squat X and O..they need to fully formed to maintain the aspect ratio.
remember..we are only interested in analysing trends..finding breakout points

cheers, i think i will just buy BEB..it is cheaper than investor RT anyway

another thing i was wondering, how far back are you looking at trends? most of your charts seem to be showing recent trends going back maybe a few months, do you also take into account much longer term trends too?

thanks

 

[Dentalfloss]

look back...
1.the latest trend
2.the prev trend..ie if latest trend is up..then look back at prev downtrend
vice versa in a downtrend is the latest trend

 

[Dentalfloss]

what you are doing by using p/f
you are prejudging the breakout point
if a break upwards..anticipated.......then you want to get in on the lowest possible print on the p/b to support
if an anticipated break downwards...then on the highest print on the bounce to resistance
That is all you need to know
otherwise trade on the breakout

 

[sanjay252]

What are your thoughts on AUD/USD then? Here is what I see..

First chart (long term): Underlying trend has been up since February...but this has recently broken down, as you can see from trend lines being breached. Chart is 20x3 on 4 hour data.

The next screenshot is the short term (1 month of data) which is 5x3 on 30 min data. We can see the breakdown of the long term upward trend and the recent bounce.

Next screenshot is this most recent bounce..5x1 on 30 min data. I would look to go short (as this is the LT trend) on the break of the upward 45 degree trendline.

Cheers

 

[Dentalfloss]

Sanjay...you need to get closer in
ie...close in on the price action
see how the analysis is easier when you spend more time on the latest trend