P&F charts suck, don't use them...

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PebbleTrader
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Postby PebbleTrader » Wed Sep 28, 2011 10:31 am

I am going with all of the above (everything I mentioned before) plus that it pulled back to a place where two fractals occurred in the recent past...
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bredin
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Postby bredin » Wed Sep 28, 2011 10:39 am

PebbleTrader wrote:I am going with all of the above (everything I mentioned before) plus that it pulled back to a place where two fractals occurred in the recent past...


Seems reasonable to me :)

the dots appear after a retrace (the open of the bar with the dot is the retrace in many instances) following a rejection of S/R (the fractal)

by the time you also consider the sheer size of the break in the red (ie no overlapping consecutive red candles) things get real interesting indeed... and looksee at the green break that price ran up to...

theres some funky stuff going on... to my mind those breaks in candle color are quite powerful S/R and they seem to appear after a break of the dot row S/R.

I could be very wrong though :)

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Postby PebbleTrader » Wed Sep 28, 2011 10:40 am

I kind of see a connection between fractal and dots on the 4 thinner bottom purple areas, but then at the top I'm not sure what the larger purple boxes are doing...

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Postby bredin » Wed Sep 28, 2011 10:51 am

the boxes have nothing to do with the fractals

I think they might show the P&F equivalent of MightyZones..... they are just gaps in the candles caused by there being significantly more movement in one direction than the other

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Postby bredin » Wed Sep 28, 2011 10:52 am

if you look there is an identical trade on the way down on the left...

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Postby PebbleTrader » Wed Sep 28, 2011 11:06 am

"the boxes have nothing to do with the fractals

I think they might show the P&F equivalent of MightyZones..... they are just gaps in the candles caused by there being significantly more movement in one direction than the other"

Oh, I thought you drew those in as a clue to the dots/fractal...

Glad to know they weren't related :)
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Postby PebbleTrader » Wed Sep 28, 2011 11:30 am

"the dots appear after a retrace (the open of the bar with the dot is the retrace in many instances) following a rejection of S/R (the fractal) "

Can you mark the point you consider the "rejection of S/R (the fractal)"

I think I'll be able to follow you now that I am not trying to relate unrelated things :)
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Postby bredin » Wed Sep 28, 2011 11:43 am

Image

the circle shows the one specific to the trade in question.

but any of the arrows serves that purpose...

the leftmost red arrow on the 1.56000 line serves to mark the other trade I mentioned.

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Postby PebbleTrader » Wed Sep 28, 2011 11:50 am

So you have the reversal fractal you circled, then the large green column of boxes, then you get a short red reversal.

Price is moving lower in the shorter red column.

At what point does the dot get placed?

I'm not seeing how that alone would give good SR?

Then you are looking for at least two dots at the same level...

EDITED
Last edited by PebbleTrader on Wed Sep 28, 2011 12:20 pm, edited 1 time in total.
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Postby bredin » Wed Sep 28, 2011 12:20 pm

the dot gets drawn as soon as the bar its on opens.

the fractal arrow gets drawn at the same time.

the fratcal being drawn shows the rejection from S/R, since its not drawn until after price has moved (2 bars after, in fact)....

a line of dots seems like good S/R.

for the moment forget the pink boxes.

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