Right here goes, I’ve been doing my homework big style this week, and this is how I interpreted the chart today, unfortunately I didn’t get the short, I was too cagey with my SL 'cos of counter trending.
I went short because.
We are at yesterday’s high.
It’s a long term double top.
On where I have marked short it shows steady increasing volume on support test, if you would have been sharp enough you could well have read it as a short from resistance test holding just a few pips up.
The Long I am still in!!!
The key for me here was the 50% fib at a resistance level, just dipped below, volume is decreasing so it means there is no selling pressure.
An up bar does coincide with a low volume point, but it’s the second bar after the high that’s the key(it’s in the book!).
I’ll close soon and end for the week.
Nero - if only I had left that stop alone I may well have beaten your 5%, but hey lets not even consider a challenge, lest we fall flat on out faces.
Happy Days though, Happy Days.
Hope it helps and like Nero said - the more you learn the more you earn, shame it’s so hard to find a training course on this stuff.
Today was the first day I could do any trading. Work has been giving me a hiding this week. Took that same long - was a really obvious one. There was a pile of orders sitting there waiting for price to arrive. Stops are going to be around 1.4520-30 so they’ll be gunning after those now I suppose.
I had that eu long also. I like to move my stops higher when price goes higher. This time it kicked me out from trade too early. But I got 1 % from it so… What ever.
Was hoping to get out at the 78% retracement but ended up getting out at the 62% instead. Was good for +1.4% so I’ll take that any day of the week. Now just have to wait to trade the edge - we’re in no-mans land right now - could shoot 60+ pips either way quite easily at this point.
Alright I’m kind of confused, the thread starter says you don’t need indicators and they’re a waste of time basically, but he has a thread started for scalping that is pure indicator based? So which one is it? Would love to hear from the orriginal poster to advise which is more profitable if he could only trade one of his systems – anyways great threads bro!
Joe
Alright I won’t delete this whole post i’ll leave it up for laughs, yes I just read the start of the other thread (the update) and feel like a copmlete idiot haha can’t wait to read the thread! Keep rockn ! :60:
It’s okay. Almost everyone including me asked some kind of silly question at the beginning :). I guess you’ve already found the answer but in case you didn’t…
Pete created two threads, one called Madscalper which is indicator based easy-to-follow system.
And also this thread called VSA, which is more a method than a system and it doesn’t need any other indicators than Volume and the actual price bars. Ofc we all use Fibonacci and Pivot points and some people use more exotic indies too. Since this is not a “system” you will NOT find any exact entry/exit points and SLs or TPs. It’s just a way to read the market right. Very confusing at first but it gets easier the more you read and practice.
I strongly recommend reading a book called “Master the Markets” by Tom Williams altho I admit that Pete’s approach is easier and more straight-forward. If you really want to learn the original VSA methods go ahead and read it. It is very interesting. The difference is that in this VSA thread we don’t really care about exact terminology and single price bars.
Oops! Nevermind! I just found out how by using the Metaeditor application! Someone else had asked and I’ll ask the same question (for you PurplePatch): could you tell us in detail the most effective way to use your indicator? I really like it and thanks for your hard work. I’m sure I along with the others who downloaded it really appreciate it!
Well, that IS the 1h chart. And the biggest volume of the day was when entering the 50-61.8-fib area. But I might have been a bit too creative when fitting my fibo. Still, it hasn’t been able to close below the 61.8 line (1.4292 ish).
Edit: and the fact that I have been stopped out might also serve as proof of my mistake…
But I got 1 % from it so… What ever.
Would love to hear from the orriginal poster to advise which is more profitable if he could only trade one of his systems – anyways great threads bro!
However, is there anyway I can disable the alerts?