Using P&F chart to predict intraday market diection.
Has anyone ever used P&F chart for intraday trading to attempt to predict the direction of the market? It looks much more clear as to what is about to occur, when using this chart type. This currently seems far better than using any other combination of study indicators, etc.
It's very clear as to what is about to happen if you keep track of double/triple tops and bottoms, and which breakout. Then, after a breakout occurs, waiting to see if a double breakout occurs in the opposite direction. If one doesn't occur, then the stock looks like it will very likely continuing going down or up (or whatever the original breakout that you saw was).
I am using the 1min chart, which you can see in the static image above. I simply have a 1D chart linked to this (because I don't know how to publish an idea without attaching to your chart?)
Just curious if anyone else has ever tried using this for day trading, or simply looking for a most likely direction for the market.
It's very clear as to what is about to happen if you keep track of double/triple tops and bottoms, and which breakout. Then, after a breakout occurs, waiting to see if a double breakout occurs in the opposite direction. If one doesn't occur, then the stock looks like it will very likely continuing going down or up (or whatever the original breakout that you saw was).
I am using the 1min chart, which you can see in the static image above. I simply have a 1D chart linked to this (because I don't know how to publish an idea without attaching to your chart?)
Just curious if anyone else has ever tried using this for day trading, or simply looking for a most likely direction for the market.
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