cmac813 wrote:I'm interested in what you guys are doing with PnF here but I'm completely new and lost about what you guys are talking about. I've read the end of es pips thread when PnF first came up and I've read the beginning of this thread and I'm confused about if you guys are trading the PnF or just using it as extra confidence to take a trade.
Should I stop reading the thread and maybe read a book or something on PnF charts and how to use them or if I read through the thread will that help me more?
The thread looks interesting, now I just need to figure out what you guys are talking about. Thanks.
AFAIK we have yet to discuss the various entry signals that a PnF chart generates. But I have to agree with the consensus here. The best way to use this analysis is to watch it in relation to your current trading setups and see if by applying DOP S&R SUPP/DEM CC's you can make a stronger case for pulling the trigger which is often the case.
Just be cognizant of the fact that it takes price longer to generate candle data so bredin's alarm is going to be a wonderful addon.
Also remember TRO's teachings in NLA. "if price isn't making a HH or LL then..."