Too late in the day though, market will be dead now until the early hours BST.
Huh? I placed 4 arrows referring to the trade I think you made. That order on my screen is an aggressive strategy Iâm demoâing.
You guys with the 4Hr chart have gone very quiet!!!
1.3950 is crucial support to this upmove. 4Hr shows bottom reversal on stopping volume. The same amount of volume that started this move on May 6th (hmmm⌠just thought of something⌠why they send it down at the same time as the flash crash last year⌠hmmm?) I think its about time we take this thing up.
Look at the amount of consistent volume during today.
IMO, looks like absorbtion of any sellers around 1.40
I bet if you looked at 2 different brokers youâd see differing heights!?
Iâve learned to trade IBFXâs volume and I rather not confuse myself by comparing it with another because Iâd obviously choose which one looks better. If IBFXâs volume fails me, then it fails me. Iâll just have to cope until I get a high-end feed.
Yes, itâs not that as such, and by the way I think your analysis is bang on, itâs back up again now, but you never know.
I too, have learned to trade using MBT, it works best with my strategy, I was just thinking that someone might be looking at the forum, and have a different broker with different volumes.
So 2 points here for traders I think, understand your brokerâs volumes, but also just donât take into account he volume, EnPoint has read the chart and price action as well as the volumes.
Recently, Iâve seen more SOSâs than SOWâs (high volume downbars with immediate bullish reaction or simply no follow through at all). I believe we are trying to build a cause.
Came here to post this
Great minds think awkward⌠errr⌠alike! lol
I went long yesterday on euro, made about 80 pips, but I closed part of that trade when it was going against me (scaling out). So the profit wasnt that great. My analysis was based on that obvious two-bar reversal on 4H and many SOS on lower TF, which EnPoint already pointed out (lol). I also made sure I am not going against any hardcore resistance and checked that higher volume is on downbars aka accumulation.
I was backtracking and came across this post - was too obvious, I take it people were taking long positions and were caught out - since the euro/usd pair fell considerably - that double bottom was not smart money - or was the volume shorting heavily on those two volume spikes? Would be interested to know peoples opinion.
I think it was a perfectly valid VSA setup to go long on that one. The reason why it kept going down after that was the accumulation of bad news coming from Europe. VSA, as any other system, doesnât work 100% of the timeâŚ
If you look at the 4hr chart, you will see a huge stopping volume, from where the EURUSD starting to increase again. It seems that the massive buy on EURUSD came partly from Bank of China from what Iâve read. In this case, the VSA setup was good and there was a lot of pips to be made. I canât wait to get back to a quieter period though (on the news front I mean). Much easier to trade VSA when news are not moving (polluting?) constantly the price action.
Just my two cents.
Cheers,
El M
2El Magnifico: VSA principles should have all news already included. I think this move was driven by smart money and not the news. We are just missing a key to another of their tricks.
Sagi, I agree with you in principle, and thatâs true in usual times. However, we are not under usual times right now. The debt ceiling has still not been raised in the US, the austerity plan in Italy is not âtrustedâ because of Berlusconi, Greece is still in deep troubles and the major EU governments have not yet agreed on how to âsave themâ, etc⌠There are so many uncertainties that the outcome of the news cannot be double guessed with enough confidence by SM, IMHO. The down move we saw last week on EURUSD was the result of an accumulation of bad news and could only be stopped by Central Banks, ECB, FED and BOC. Their mission is not to make profit but to stabilize the economy and control inflation.
We just have to acknowledge that VSA principles apply most of the time (90%?), but didnât in that caseâŚ
I think I agree with this. I could theorise that smart money knew that there was bad news coming that needed to be shored up by the banks. Hence they sold into the first news spike, and let it run, and seeing the momentum taking the price down, shorted into the second as well. Perhaps on the 15 minute chart there were clues - higher volumes on the upbars than downbars.
Absolutely.
Going through it again is SO REFRESHING.
That is why there are things called ârefresher coursesâ.
Fibs + S/R + Volume (relative) + Patience. = Simple $$$.
Lets talk more about NS and ND, what they mean when you see them, and more importantly, what they DONT mean when you see them.
Have to see volume trading has been fairly useless for entry points this week - a few false signals and rapid shakeouts.
Can you show some examples of your entries this week? Are you only using a specific VSA entry? Because I see the chart flooded with entries. VSA is all over the chartâŚALWAYS!
