The setting for the volume indicator is whatever you want them to be, i.e. just have a look at the coding and put in whichever hours and colours you want, I had another look at it last week and tidied up the code, it was just a quick hack of the ‘Better Volume’ indicator, now it’s a much better ‘hack’, but I also made the current bar a prediction bar, I find it quite useful sometimes when your into the fourth minute and your trying to estimate how much volume you’re going to end up with.
One dude told me it’s gambling in Forex. Nobody can’t make 20 % per month without gambling. I’m on new mission. This trade gave me 1 %. Friday also gave me 1 %. So, my mission is going well.
5% per week consistently is a pretty challenging target I reckon. That’s my upper band target but I haven’t managed to hit it consistently. I’m +24% for the past 6 weeks which falls well into my standard target band so I’m not going to be complaining but I need to get more consistent overall. My weekly results since switching over to Oanda have been:
+5.04%
+4.76%
-1.33%
+6.82%
+0.27%
+6.16%
If I can get over that psychological hurdle of letting some of my winners run for a bit longer I think it’d help me a good bit. After reviewing my trades I definitely could’ve done quite a bit better by showing a bit more patience overall.
Sweet pips, PipBandit.
Not happy with myself today… As I’m going against my very own rules, which proved costly many times before. I promise myself to follow suit the rules, trade what I see, not from my bias…
Fool!
Ok, going to start posting my trades again. As always, comments and criticism are encouraged. My goal is to book 1-2% per day. I traded GU today for 2.4%. Missed some very obvious moves on EU since I was trying to watch 15M more than 5M.
1.) Double top, prices really lingering there for a while. No demand spotted. Didnt look like they were going to break resistance. Went short for 2% risk.
2.) Took half off at pivot point.
3.) Stopping volume on very wicky candle. Exit short and go long after the next two candles close up.
4.) After a scary fall I closed BE, didn’t see the strength I’d like in the long.
Funny thing is, it’s highly related to the same psychology that kept you from closing losers out quickly when you started. Only the fear has shifted into not wanting to lose profit. So, the natural result is to book profit.
The trick is, spotting momentum. And the more you get used to the idea of having successful trades, the easier it gets to hold on longer.
You can use any number of clues as to hold on, or book profit. Look for recent past bounces off of obvious levels, the pair’s daily range, past hi/lows, and fibs as presented here.
Then decide to move your stop up to B/E, or close partial, and move up your stop.
The more you get used to managing trades, the more your trades will net.
That space between the ears is easily the toughest zone to conquer ain’t it?
Thanks for the tips Master Tang. You’re 100% right. It’s a tough hurdle to overcome and a constant battle. Slowly making headway in the war of attrition but it’s a slog sometimes. Just need to settle the jittery troops some so they can get a bit more seasoned
Yep - could see 1.4150-60 basing it for a while from late morning to early afternoon. Clearly was demand there (or no real desire to push it any lower). Nice and easy pips to get the week well on track.
Hey Pete,
could you have a look at my analysis? You said this trade was very obvious on the 1H chart but I was watching only 5M E/U chart. Since I am reading the forum from the oldest posts to the newest I am applying your methods to identify buyers and sellers. I have highlighted sellers red and buyers green. I have noticed that the volume is always higher when buyers come into the game. That way I realized that the buyers are much stronger. I entered after the pinbars in the last green area and run the trade for about 35 pips. Also… The buyers got very strong cuz there was a lot of buying so I expected pretty strong bull move.
Is my analysis OK? Or am I completely wrong and just lucky?
Yes, you have it right. It was almost absurd the way price kept going lower with only strength on the chart. Eventually I figured they were just waiting for US news. It was like the whole thing was planned from the start. This way SM accumulated more longs at lower prices, so they made more on the up move. lol, this game is so rigged.
Yeah they know that the upper range is 1.4240-50 as the selling there seems strong right now so better to drive it down some first and have a nibble at anybody who had stops below 1.4050. Didn’t get them but it gave them a nice 90 pip range to drive up in the afternoon with very defined risk.
No pull back it seems. The euro levitation goes on and on. China is trying to hold 1.43 apparently. Looks like we’re going to have to be patient today. If it breaks 1.43 there’s heavy stops not far past it which would see it propelled higher quickly possibly.
Gambling ftw… This is dedicated to Pete who didn’t show up in Skype today… At all. -.-
Anyway, in red circle, I closed half from trade and moved my stop in profit zone. Didn’t lock BE… 'cause it was like stopping volume, but I had feeling it might go even higher. So yea, closed half and moved my stop around 1.4295 area. There was that last volume spike. When that spike happened, I moved my stop much closer. But didn’t lock BE or take profits… I just had strong feeling.
And my opening maybe doesn’t make sense at first, 'cause it wasn’t no supply candle… Like text book one. But shape was good and it was low volume. And it touched support lvl.
lol… Wall of text ftw.
Edit… 1/4 is still going… The thing is… I start to see some very bad things… I maybe have to take back that prediction about 1.44…
This trade gave me 1 %. Friday also gave me 1 %. So, my mission is going well.
Goodluck Dodge
