Wow, about 13-14 pips last night on EURUSD and no public holiday?
A bit of advice on this, when you’re looking at your charts in MT4, if the range is around 10 pips or under, resize your chart accordingly (make the 10 pip range quite small), as if you get a break out you won’t think “wow the market is really moving!” when it’s only a couple of pips in the move.
No I don’t look for a specific number, it’s all relative. Say for example, this morning on the AUDUSD, the candle after the Tokyo Open I consider to be Stopping Volume.
The rules I look for are loosely:
Highest Volume over the last hour or two + candle wick,
Super High Volume out of the blue (very obvious) + candle wick,
Consider placing a 20SMA on your volume indi just to give you an idea of relativity.
Hmmmm. . . Please ignore the chart below. I had posted questiioning our MM indicator levels, but then realised (only after posting) the levels are re-set daily.
I know that my MM S&R updates (not sure at what time), so depending on what time our GMT is on our broker’s MT4 platform, either your lines might be “ahead/updated” compared to mine, or mine might be slightly ahead. I think (hope) that if we all stick to the PDHL, Opening Ranges, previous sessions ranges & 14ema, we should be ok.
With your comment about S&R levels being only 3.8 pips apart making it impossible, I think that’s the whole point! When price is rangebound/crappy, there’s layered levels of support & resistance, so you want a clear breakout of the furthest S&R.
You’re not alone in the frustration, I found even today on the UJ and AU, you get a clear break (finally) but then some stopping volume. And sure enough, for the rest of the session price doesn’t breakthrough the stopping volume. It all comes back to trading what the markets offers up. If there aren’t any fish swimming, it can’t be forced (unfortunately).
I will say though, we’ve got some FOMC and NFP/interest rate stuff going on, EURUSD has a lot of room below it on the downside, I’d hold onto your hats, I think when we come out of the American Summer trading lull, things are really going to start moving.
Sorry about that Ninja it was my mistake as the MM levels are redrawn the next day.
The market isnt offering much at the moment but you get days like that.
What I find useful is at the end of my day (mid NY session) going back through my charts from the Asian Open and marking all the NDNS and the SV candles and looking where I should have taken entries. Time put into looking at the charts in invaluable.
Not a prob. It’s not offering much at all, yesterday was some sort of low volatility record day, I think the AUD only offered one entry.
I’ve done a trade review on the majors after every sesison for maybe the last… 3 years? I find that I review my journal for “my” errors etc… but review market structure and safe entries/hindsight management to tweak my trading setups.
I find SV one of the harder ones in hindsight, because a relatively “small” volume can still be SV, if you only consider what is to the left of it. You kind of have to ignore the right hand side of the chart. Still though, keep it up! Sounds like you’re on the right track.
For your entries/personal journal, I keep a track of my errors (clear trend y/n, path to profit y/n, test of 14ema/s&r y/n, NDNS volume y/n) to find what is continually letting me down.
Ideally, I’d like to be posting examples of break-away entries with the trend that go on into 100 pips profit, but sadly the market isn’t moving that way lately! This afternoon though has provided some really good examples of how to stay safe in a range-bound market and what to look out for.
A nice example today on the EURUSD at the London Open, while price has broken below the Opening Range and our bias would be short, we’ve got the previous session’s Asian Low, Murray Math 0/8 S&R AND the previous day’s ultimate low (strong buying area) all below us. Price is well supported here.
Another nice example from this afternoon, this time on AUDUSD with price being well held in an arm wrestle between the high and low of the Opening Range. Until the price presents strongly outside of the Opening Range, my bias is neutral.
The yen was very quiet today, but finally made a move after the London Open. Without considering volume, this looks like a strong move to the upside. Having a clue about Stopping Volume, this wick (also at a key 100 level) is the sellers coming in. Price breaks below the OR and 8/8 S&R level, a good place to short.
[U][B]Summary
[/B][/U]Lots of people will show you great places to get in and out of trades, not many will show you the boring bits of where to sit on your hands!
I was out unfortunately, I was trading EU/UJ until 5pm my local time.
On this trade, if you study the “Opening Range” in the first few posts, you’ll see this one was a perfect test of the Opening Range. However at the time, the trade found support at a key S&R and the Asian Low, produced a bit of stopping volume etc.
So while it looks great, no I don’t think I’d have take this trade (there are a couple of nicer entries on USDJPY at the same time). the location of that Support Line is a similar situation to the other day, you’d be selling directly into support/buyers (which worked in this case, but is a lower probability).
P.S. If you chop off most of the Asian Session from your image then it will show up in the forum a bit bigger. Also, great work on reading the volume here.
There were quite a few nice setups today. I don’t strictly use NSND candles, but I look out for candles with lower volatility and higher volume at S/R levels, which signals that profit-taking and opposing orders are flowing in. This was a good entry during the retracement of a breakout on the AUDUSD.
Another setup today, on the USDJPY 5M chart. Hope you don’t mind me posting these charts, ninja. Since this isn’t 100% the same as your methodology, I can stop if you find think it’s cluttering up the thread.
Everything as per posts 1-6, nothing else. 5m TF, nothing else! 
