isatrader
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Hi isatrader & KinsaleForex,
Besides the books you've already referenced, there's one that might escape your radar that's well worth a look at IMO called Marc Rivalland on Swing Trading Rivalland is nuts about P&F charts and devotes a whole section of his book to them. It's basic stuff comparted to Du Plessis' Definitive Guide, but his comments and observations are well worth reading nonetheless. Don't let that fact that it's aimed at swing traders put you off - there's plenty in there of interest for the day trader too.
You appear to be going down the DIY route regarding charting. There's a lot to be said for this and the ones you've produced look great to my eye. If you do go down the commercial route, tread carefully, as quite a lot of vendors offer P&F charts but don't fully understand them. The main issue tends to be the aspect ratio of the chart which needs to be 1 : 1 in order to correctly draw in 45 degree trend lines. Surprisingly, lots of software packages struggle to do this!
If you need any help, dentist007 is a P&F buff and all round helpful bloke. You can find him and see examples of his charts on the Wallstreet1928 Analysis & live calls on FTSE,DAX,S&P...aimed to help New traders thread. If you can get hold of him (and I haven't seen him around for a while) the real expert when it comes to P&F and computers is DaveJB who's written some excellent articles for T2W on P&F - which you can find here.
I’ve updated the P&F chart for GBP/USD.
It’s currently below the downtrend line and has just made a triple bottom sell signal in the last hour in the 15440 box. Safezone stop is currently at 15489. To get a new buy signal it would need to reverse back above 15520.
Here’s the chart
P.S. I’m still learning how to do this so let me know if you think it’s wrong.
Price has moved above the downtrend stop of 15489.
I taught myself P&F from Jeremy du Plessis book. It is an extremely expensive but very comprehensive book and I would thoroughly recommend it if you can get hold of a second hand copy. I have also attended a seminar given by J du Plessis on P & F for a load of city traders and it is not meant to be used in isolation. It is meant to be used as confirmation and targets alongside more conventional trading methods.
The GBP/USD is close to making what looks like a diagonal triple bottom pattern on the hourly P&F chart. Price is still in an uptrend though, but supply looks to be in control for now. It will need confirmation though by other methods if it completes the pattern.
cable
hourly data input.4 months of data
50 pips by 3 reversal hilo plot
downtrend......now look at the consolidation and the support at 1.5400
so nfp tomorrrow.i have drawn a trendline/blue,from the latest low .to see the reaction,if there is strength or weakness in the dollar..