1,500 PIPS PER MONTH with this method, VSA/SR/fibb etc.

[TigerWoods]

Originally Posted by petefader

btw, my skype name is petefader.

Why is this clown allowed to post here when all he is doing is trying to get people to his paid signal service? He has already been booted out of FF because of his commercial endeavors.

[tymen1]

Originally Posted by TigerWoods

Why is this clown allowed to post here when all he is doing is trying to get people to his paid signal service? He has already been booted out of FF because of his commercial endeavors.

Probably because the Admin has not caught up with him yet.

But they will.

Maybe I should dob him in!!

[o990l6mh]

Originally Posted by TigerWoods

Why is this clown allowed to post here when all he is doing is trying to get people to his paid signal service? He has already been booted out of FF because of his commercial endeavors.

Well, there's another user here on BP who sells seats in his trading room, James on the 40-100 thread, and the admins do allow this to continue.

Depending on the quality of PeteFaders presence here, who knows what admins will decide in his case? After all, they can't kick one guy for doing the exact same thing as another guy who can stay...

So far, PeteFader is contributing more than James is nowadays, imho

[petefader]

ok, some more about what I do. I will answer some common questions that I get.

I mainly scalp GJ, aka "the beast", because it gives more pips..it's one of the most active pairs. I also trade ej, gu and eu. I like to stay on one pair though, to focus all my attention.

Time frames: I look at all TFs to get the big picture, and use the 1 min for entry. I have a large TF and smal TF template, which are completely different as far as indicators. If I can get a scalp trade in the direction of the larger TF move, I will try to let a piece of the trade run for more pips. This way I avoid a large draw down..which I REJECT! lol

Method: As I said in a previous post, I include volume or "VSA" in my trading. I also use common stuff, like SR, Fibbs. Which I'd rather draw myself, but I have some simple indicators for that too. Also, patterns are very important..you can find most patterns here on babypis in the school section. I suggest memorizing them.

Entry signal: Wouldn't you like to know, lol. (just kidding). I dont trade blindly off indicators. That is garbage. You are smarter than your indicators by far. And big traders dont use the HV237 trend analyzer 3000, so why should you?? The indicators are for refence and secondary to SR, fibbs, and vsa...the only things you really need to trade. The rest is bells and whistles. The idea is to KNOW what the market is doing and why, not just to be told when to buy and sell (unless you have the banks ea on your pc, lol). With a basic understanding of those 3 things, the market will either make sense, and you will trade, or be undecided and you will not trade. It is that simple for me.

...more to come.

[melisky]

Originally Posted by petefader

ok, some more about what I do. I will answer some common questions that I get.

I mainly scalp GJ, aka "the beast", because it gives more pips..it's one of the most active pairs. I also trade ej, gu and eu. I like to stay on one pair though, to focus all my attention.

Time frames: I look at all TFs to get the big picture, and use the 1 min for entry. I have a large TF and smal TF template, which are completely different as far as indicators. If I can get a scalp trade in the direction of the larger TF move, I will try to let a piece of the trade run for more pips. This way I avoid a large draw down..which I REJECT! lol

Method: As I said in a previous post, I include volume or "VSA" in my trading. I also use common stuff, like SR, Fibbs. Which I'd rather draw myself, but I have some simple indicators for that too. Also, patterns are very important..you can find most patterns here on babypis in the school section. I suggest memorizing them.

Entry signal: Wouldn't you like to know, lol. (just kidding). I dont trade blindly off indicators. That is garbage. You are smarter than your indicators by far. And big traders dont use the HV237 trend analyzer 3000, so why should you?? The indicators are for refence and secondary to SR, fibbs, and vsa...the only things you really need to trade. The rest is bells and whistles. The idea is to KNOW what the market is doing and why, not just to be told when to buy and sell (unless you have the banks ea on your pc, lol). With a basic understanding of those 3 things, the market will either make sense, and you will trade, or be undecided and you will not trade. It is that simple for me.

...more to come.

Feel free to join me in my live trading room: myfxsource.com/peteschat.htm

You will hate me for that but... about a video?

But seriously, thank you very much for sharing

[Babatot]

I've been very interested in VSA, and it seems like people either swear by it, or think it's useless based on the fact that currencies are over the counter, and the indicators really just count ticks. I guess ticks are price action, and price action can reflect volume. In any case, I've seen screen shots of MT4 charts at the same moment on the same pair, from different brokers that show very different volumes.

Does the broker matter when it comes to the quality of the volume data?


Lots of things confuse me about VSA.

It seems that everyone has a different term for different bars and patterns. When I first started reading on the subject, I was looking at a table of patterns. Several of the patterns said "This pattern could represent a top, a bottom, or a continuation." I thought, " This isn't very helpful... any point on a chart is a top, bottom, or continuation."

My gut tells me that VSA could be a valid tool, but when it comes to applying VSA in currency markets, the available info isn't easy to digest and apply.

Hopefully you will be able to really come down to my level, and help me wrap my head around the methodology.

Thanks

[petefader]

Originally Posted by Babatot

I've been very interested in VSA, and it seems...

Thanks for the post Babatot. Yes, I am aware of the vsa in forex debate. Tick volume is very helpfull to me, I combine that info with SR, fibbs, patterns.. I'll give an example:

Lets say price is moving up to a major fib level. We are wondering if it will hit that fib level and pull back, or break up through.
One thing you will very often see, to signal a reversal back down, is this.

The 5 or 15 min price candle hit the level and pulled back forming a red candle with a large wick on top. If volume level for that candle is extreamly high compared to the recent range..it's a give away. BUYING and SELLING went on during that 5 or 15 mins, which caused the spike in volume. BUYERS push up price to hit target, then they CLOSED or went SHORT, creating the increase in activity.

Try to spot this by scrolling through your 5 and 15 min chart.

1. A move up to a resistance level.
2. A 5 or 15min candle with at least 40% wick on top, and a volume spike.
3. A reversal down begins, good entry for a sell trade.

*same works in opposite direction, with a wick on the bottom of the candle.

[NEW FX TRADER]

Originally Posted by petefader

Thanks for the post Babatot. Yes, I am aware of the vsa in forex debate. Tick volume is very helpfull to me, I combine that info with SR, fibbs, patterns.. I'll give an example:

Lets say price is moving up to a major fib level. We are wondering if it will hit that fib level and pull back, or break up through.
One thing you will very often see, to signal a reversal back down, is this.

The 5 or 15 min price candle hit the level and pulled back forming a red candle with a large wick on top. If volume level for that candle is extreamly high compared to the recent range..it's a give away. BUYING and SELLING went on during that 5 or 15 mins, which caused the spike in volume. BUYERS push up price to hit target, then they CLOSED or went SHORT, creating the increase in activity.

Try to spot this by scrolling through your 5 and 15 min chart.

1. A move up to a resistance level.
2. A 5 or 15min candle with at least 40% wick on top, and a volume spike.
3. A reversal down begins, good entry for a sell trade.

*same works in opposite direction, with a wick on the bottom of the candle.

Hi Petefader!

Your system interest me because Im looking for a more precise indicator for entry and exit right in point in time. For me, indicators other than volume are lagging indicators, meaning they are influenced by price actions...they are price following indicators while volume on the other indicates the quantity of buyers and sellers at a particular candle which can mean a buy or sell signal at that particular moment. Volume influences price. Price direction is notable by looking at the volume alone.

Volume is my type of indicator used together with S&R, & fib levels. I scalp and swing trade using volume indicator on the 5 min chart. Although not so successful at the moment (needs more practice), it fits my trading style and personal attitude including my psychological balance in the market.

Now, I would like to ask you a favor if you dont mind? Can you please elaborate on volume further? How do you know if price will continue on further or going to reverse? How this is applied in a larger time frame, say 1hr chart? Can we trade with volume long term or is it only good for scalping?

Thanks Petefader. I hope I didnt put it that much weight on you.

newfxtrader523

[petefader]

Originally Posted by NEW FX TRADER

...Now, I would like to ask you a favor if you dont mind? Can you please elaborate on volume further? How do you know if price will continue on further or going to reverse? How this is applied in a larger time frame, say 1hr chart? Can we trade with volume long term or is it only good for scalping?

Thanks Petefader. I hope I didnt put it that much weight on you.

newfxtrader523

Hey newfx, sure I'll be happy to elaborate and answer your questions. I'm out for the day, let's continue tomorrow..I'll put together some good charts and show some examples. Till then.

[cyberpasta]

I will be around to learn some about this system, thank you