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

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prochargedmopar
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Postby prochargedmopar » Sun Oct 02, 2011 1:25 pm

PebbleTrader wrote:Prochargedmopar,

What were your thoughts on comparing them?

"Comparison of 5 pip renko and 5 pip II_2box reversal eu: " - Prochargedmopar


With Renko price seems to be moving somewhere, With PnF it just IS what it IS.

In the past I personally have always wanted/desired a direct connection with each and every tick in price movement. Kinda like a tape reader of old. Now,? my world has changed with all the work you and Bredin have done. I can actually visualize price as it really is going up and down on a totem pole which gives a crystal clear structure. Very weird and eye popping.

The price levels in red on this chart were placed on here month's ago via an old tpl that I used with price off daily/h4 charts but applied it to the PnF chart.

The #'s are eerily close to the same ones you posted above: Lots of 80/50/20 levels.
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Postby bredin » Sun Oct 02, 2011 2:44 pm

What Ive found "weird" is looking at 50x1 charts as the 'long term' chart (with D+ extremes drawn on)... Ive found it difficult to visualize any trade smaller than 200-300 pips.

even the 10x2 charts lend themselves to moves of 100+ pips.

Oddly IF/THEN lines now turn into hard stops / partial closes... you dont gets 'trapped' into waiting for the candle to close before getting out. I just get a feeling of "A Box Too Far" :)

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Postby PebbleTrader » Sun Oct 02, 2011 3:16 pm

"PT: it looks like what you are doing with frequency distribution is similar to what..."

He's using it to show volume at the different price levels, I'm showing where price reverses the most/least.

Price will reverse the most at areas of minor support / resistance (congested areas) but the greatest supply / demand is located at areas where price will reverse the least amount of times.

Thanks for sharing :)

" Price canNOT stay where it is the MOST out of balance. Very small amount of trading actually done at those levels." -Prochargedmopar

:)
Last edited by PebbleTrader on Sun Oct 02, 2011 3:22 pm, edited 1 time in total.
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Postby PebbleTrader » Sun Oct 02, 2011 3:22 pm

" I can actually visualize price as it really is going up and down on a totem pole which gives a crystal clear structure" -prochargedmopar

"PnF intrigued me because of the clarity" -aliassmith

Without TIME we get CRYSTAL CLEAR CLARITY :)
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Postby PebbleTrader » Sun Oct 02, 2011 3:25 pm

"you dont gets 'trapped' into waiting for the candle to close before getting out." -Bredin

Right, kind of a combo for me :)
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Postby PebbleTrader » Sun Oct 02, 2011 3:27 pm

Manta,

Cool!

Can you give us an explanation of how it is constructing the dots?
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Postby PebbleTrader » Sun Oct 02, 2011 5:51 pm

This might be a little hard to follow but the markups I did on the previous page was the most recent PnF with the supply / demand lines drawn in. What I have done here is removed that most recent area you saw in the previous post, so this is what it looked like just before the more recent stuff happened...

I wanted to mark the supply / demand lines here and see how well they would have worked out in the "future". I marked them by looking at the smallest stat levels. You can compare the levels from the previous post. They are either the same or are 1 level off. Kind of interesting:

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Postby PebbleTrader » Sun Oct 02, 2011 5:54 pm

^-----There is A LOT more to the PnF chart that's why the numbers appear larger than what you can count, it's based on a monster of a PnF plot.

Combine this with DOP :shock:
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Postby PebbleTrader » Sun Oct 02, 2011 6:11 pm

Bredin,

I've been meaning to ask you this, but it's all been so hectic I decided to wait to ask. Does the "Show Wicks" option mean it is showing breachs?

If so, why does the green column here show it out the bottom of the column?

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Postby PebbleTrader » Mon Oct 03, 2011 3:36 am

I'm looking at Manta S/R (looking forward to hearing how they are constructed)

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