We bottomed out last Tuesday with a tad bit of weakness on Thursday (perhaps some profit taking as price drifted) followed by stopping volume in London and clear strength in NY. Longs were definitely in favor this week.
(1) First bar after stopping volume on 1hr chart in previous post.
(2) Testing weakness of last widespread bar down.
(3 and 4) Testing same widespread bar, no selling pressure. Aggressive entries.
(5) Not quite above the previous top but testing the high of the widespread bar, volume relatively low. Nice conservative entry.
3 nice strength bars 15 mins after NY open. Broke above the previous top and gave it a beautiful test. Entered at the close instead of waiting for the market to fall on my order this time. Took half off at +20, the other half at +50.
Felt like I needed a change from the black background and I use to hate bar charts but I find myself seeing price a tad bit better. Not sure why lol.
But I swear, its like they want you to take their money.
Gold, look at the 1hr chart. Stare at it and spot all the stopping volume. There were opportunities on Tues, Wed and Friday also. I hope you arenāt weighing your decisions all on one bar.
Speaking generally, the chart is pretty damn clear about what it did last.
Iām still practicing my some aggressive entries off the 15m.
On the 1hr chart, you can see clear buying off of last Fridayās lows (coupled with stopping volume).
I took the first NS marked on the 15m, again I took the close instead of letting the market fall on my order. So I promptly got stopped out. Thought about taking the following NS but figured Iād let it try and reach the open of the widespread bar. Saw some volume come back after it reached that open and entered long for a perfect entry. Took half off at +20, trying to let this reach 1.44
Just moved stop to 1.4375, a few pips below the bottom of the widespread bar, some volume entering, feeling like I should maybe close it now. But I love stragglers, you never know how far they can go
If it gets a little range-y up here, Iāll move the stop up again and aim for a higher TP.
Great to see that 15m Chart Enpoint, it is so easy to trade, I donāt see your trade as aggressive, to me that would be very safe from my point of view!
This is a trade I took yesterday for 30+ PIPS, exactly the same principle as yours, Enpoint, Low Volume and enter off the break from the support.
These trades are āsafe as housesā LOL!!
But!!! To make life even easier I have a library of setups that I refer to, so yesterday I looked at my chart, looked through my library, came across this chart :-
Looks pretty similar expect the lows of the support are closer together, but thatās only because on the 2nd one it wasnāt a weekend in between, time and time again you get the same patterns and the same setups, I never done anything the hard way, all my trading entails now really is, look at the chart find a copy, if I find one I more or less copy the trade - simples!
It started with a bunch of Peteās pics and explanations, and whatever else I could find.
They have slowly been (and being) replaced by my own.
Why? Because it FEELS [B]so damn good[/B] to look at your own victories.
Even still, I have a bunch of [I]incredible[/I] Trade examples, (in hard copy and all), from a number of our locals, (Pete, Nero, Yourself, Dodge, EnPoint, Luiz, et al.) I keep them handy and often I look at them, study them, try to understand them.
And more importantly, LOOK for them in the demo account and PRACTICE THEM.
Study, stare at the chart all day, try to explain the connection between price and volume. Just one instrument, get the feel of it, and thatās all we need.
Just entered off the NS once it passed the previous top. Wouldāve entered off of support had I been awakeā¦ Grrrrrā¦ Going for a simple 1:1 with this one.
Yes, Iām in that one, but youāve got to be careful with volumes this time of day, are they low because of trading, or just because itās this time of day.
Yea, I usually donāt like entering at this time of the day. Most of the action has disappeared even though sometimes there are some late afternoon orders. But I never take an entry past 12p EST. I find that entries for longer term moves happen between 8 and 12 and provide minimal drawdown.
Well guys, as of tomorrowā¦ Iām shorting the USDā¦ Actually going long on GU and shorting UCADā¦ Those entries are based on D1 trendlines and H1 weaknessā¦ Iām letting the market fall on my two orders, as soon as price brakes no demand and no supply bars. I will post charts as soon as I see how it went. I donāt want to spoil this thread with wrong analysis. Iām just letting you all know :).
My overall risk on those trades combined is about 0.8% which increased from 0.4% risk of the last (winning trade). I double my risk after a winning trade and half it after losing trade. (Maximum 2%, minimum 0.1%, anti-martingale MM)
Been studying this for 5 weeks nowā¦ read MTM and on page 170 on the thread.
I just installed IBFX MT4 to watch its volume, but the candles are also different, the open and close seem to be on different time periods, then my Oanda MT4 whose demo account Iām using to trade.
Question is:
a) Will this affect my volume analysis
b) How can I change it so they match, or is it because the companies are in different time zones?
guess i should also ask, if you can change it , which time zone should i set them too.
Volume in the FX market isnt centralized, so youāre looking at Oandaās volume, IBFXās volume, FXPRO volume, etc.
You have to find a broker that youāre satisfied (customer service, etc.) and then learn how to trade their volume. For the most part, volume is the same throughout different brokers with slight variances.
