Very clear set-up for quite some time today ^^ Congratz pr0crast
pr0crast - what was your entry criteria?
Weāre also in that spot I said I was waiting for a few days back, but I donāt like trading this late especially on a Friday, so Iām checking out until next week. Have a great weekend all!
My volume feed is very different from yours - I need to shop around and take a look at some decent ones. The no supply bar on the 5 min for me was still quite high volume.
Mine is MB Tradingā¦ Hereās the same piece on Go Trader:
Not sure if it matters what feed you use, as long as you check it against a 2nd one when youāre about to pull the trigger.
Online Forex Trading | MetaTrader 4 Brokers - GO Markets
Gotrader is awesome. I think you have to pick āaccount type AUDā to even get the demo these days. The only reason I stopped using it was that it had a few weird days, like IBFX just didā¦but it has passed (IBFX looks good now too).
I like GoTrader better because the variations in volume levels are a bit more extreme, making it easy on the eye to spot setups.
What Iām watching for next weekā¦
Possible strength in the background for a markup phase ā but it probably needs to test before breaking out.
Interesting to note that all the forecasts (which I read for kicks) are bearish on the Euro, and most retail positions are short, suggesting that a transfer of shorts to weak holders has taken place. Look at the change in the last two days:
Eric! At this point itās a given that I ālikeā all your posts, so Iāll stop hitting the like button every time.
Hey, maybe we should look to short A/J lol.
Sometimes I check Oanda āOpen ordersā, just to see where price may go based on their stops. Forex Order Book | OANDA fxTrade (Click zoom on the right for a better view)
With most retail positions short, it could make a direct run for that 1.4350 cluster to catch buy orders (stops on shorts).
Hi Petefeder, I have come across this method ā¦but I am very very slow in understanding this methodā¦I read some people saying they trade with youā¦live , How do I contact for your live signals or refā¦ I am new trader and interested in profit trading.
Thanks
Sharad
sorry , .I use fxcm trade stationā¦pl. advise me how to set up this strategy on trade station. which volume indicator should I useā¦:44:
All the information you need to know are on the 244 pages of this thread, your questions have already been answered.
Before you seek for help, make sure you help yourself in the first placeā¦
Easy as pie! (yet someone told me pie is not that easy to make lol)
Classic NS entry. One of the easier setups to understand.
edit: actually NSā¦ sorry been a while since I got up this early lol
Aww cute lilā fishy!
pr0crast - can you tell the future? I went short and closed out very quickly for 2 pips as I realised I was on the wrong side of the side (shorting in an area of strength). I take it that large upbars with higher volume in areas of strength do not represent weakness - and its the position of the bar thats important when considering whether the bar is indicating weakness or strength.
You went short at a possible area of resistance. You were inside the 50-61.8 zone of both the 1.4127-1.4335 move and the 1.4190-1.4254 move. IMO this is why itās important to orient yourself on higher timeframes before making decisions on the 5m. Plan areas to watch, and see how price/volume react there. Then find an entry on the 5m.
We were also making higher lows since london open. If you wouldāve took the conservative entry by placing your order a couple pips below the low of that bar, allowing to market to collapse on your orderā¦ you actually wouldāve never entered and the trade would be soon invalidated a few intervals after.
On another note, its seems its free cookie day in the smart money office.
edit: Two bars before the 2nd arrow is ANOTHER NS.
What times were the 1.4127-1.4335 move and 1.4190-1.4254 move?