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

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PebbleTrader
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Postby PebbleTrader » Mon Oct 03, 2011 6:44 am

"So everytime an up candle closes above previous two or more up candles you have established long break-out and support just below the long breakout."

Ok, so the dot doesn't form until after the current column moves above the previous two up columns? Support dot does not form on a reversal from red column to green column then.

Thanks for clarification and sharing the indi :)
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Postby zhaozilong » Mon Oct 03, 2011 6:50 am

PebbleTrader wrote:"POC is a Market profile term and i learn about it for PnF from a webniar here"

Can you share the gest of the idea?


Hello PebbleTrader,

do you mean the concept of POC or how to identify POC using PnF?

For POC, you can do a search of market profile, for identifying POC using PnF, do look at the webinar link in my post.

best regards.

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Postby PebbleTrader » Mon Oct 03, 2011 7:21 am

A bit of discretion to draw, but look at the orange freq dist, what I was looking for was a "plateau" and then where it falls off the plateau and into the "valley" or a "sandwich" of small bar sandwiched between two long bars...

Keep in mind these stats are over more PnF chart than you can see in the image.

For supply / demand, maybe we want to see the levels sandwiched like that, red bar surrounded by a green bar on each side?

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Postby PebbleTrader » Mon Oct 03, 2011 8:01 am

Just got to it,

Point Of Control is where most of the trading takes place, just like looking at the peaks of a freq dist. :), or he used "bell shaped curve" in webinar. But price distribution are not normally distributed.

Look for buy or sell signals as price moves away from a POC area.
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Postby zhaozilong » Mon Oct 03, 2011 8:14 am

PebbleTrader wrote:Just got to it,

Point Of Control is where most of the trading takes place, just like looking at the peaks of a freq dist. :), or he used "bell shaped curve" in webinar. But price distribution are not normally distributed.

Look for buy or sell signals as price moves away from a POC area.


Hello PebbleTrader,

you are correct, i think your charts seem to be capturing the number of XOs in a row. i was hoping Bredin's indicator can also do it, it is good if it can also detect the patterns in PnF and to detect false auctions like in the webinar.

best regards

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Postby PebbleTrader » Mon Oct 03, 2011 8:21 am

It is a cumulative count of price reversals.

We don't want to make it too mechanical though :)
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Postby PebbleTrader » Mon Oct 03, 2011 8:40 am

Manta,

Shouldn't this have a green dot on it?

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Postby zhaozilong » Mon Oct 03, 2011 8:43 am

PebbleTrader wrote:It is a cumulative count of price reversals.

We don't want to make it too mechanical though :)


Hello PebbleTrader,

I was thinking more as a decision support tool rather than signal to be act upon. :D

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Postby PebbleTrader » Mon Oct 03, 2011 8:48 am

Manta,

It did show up but not until a red reversal occurred. Thoughts on having it paint sooner?

zhaozilong,

Right, there may be something to those but I think it would work out better to see them on your own.
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Postby PebbleTrader » Mon Oct 03, 2011 11:47 am

" (after candle close). Then and only then your support is established. "

I was suggesting that it paint it right when the high of the previous two is made, wouldn't need to wait for the "candle" to close. Since with PnF there is no taking away of boxes, just reversing...

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