Welcome to the world of Asian & Middle East sovereigns and Russia diversifying out of USD and into other currencies like EUR. Quite often they’ll put the skids under any intra-day drop in EUR. Pretty frustrating for those would like to short the hell out of the Euro because the EZ looks like it’s about to implode sometime but hey ho.
[U]Purplepatch[/U]: Unfortunately it didn`t get there but I managed enough pips to put a smile on my face and the rest S/L for BE+5. I noticed that the market did die down but had no idea that it might prevent the trade getting to that level. Therefore maybe I was reaching a bit too high. When I think about what you said it does make sense that the market does not have the volume of trading to perhaps push it up.
Thanks!
[U]Dodge[/U]: +21 Pips and set S/L to BE+5. ( I have watched & listened to how you all trade and have taken notice. You have all taught we well in this thread.)
[U]PipBandit[/U]: Im still getting my head around the economics and fundamental aspects of how the foreign exchange works. I havent been too fussed about the nitty gritty and have been concentrating on the technical analysis of VSA. The rest of the background information will fall into place with time. Thanks for you information.
Stephen
Long AUD/USD
High volume on the 50 fib and mid pivot, unable to break through. Multiple tests show no significant selling pressure. Background has strength, with no distribution after yesterday’s high volume strength candles.
Update
Not sure what your TP was for the trade that got stopped out short but it looks to me like you were entering on the basis of one bar in the 5m chart. Probably better off looking across a few different timeframes to give you an overall picture of what’s going on. If you dial back a bit you can see there’s a pretty defined range in E/U recently with 1.45 being the top of this range. If you’re going to go short I’d be looking to get in around there rather than in no-man’s land before that - check out the price action / volume if price gets up there and you might get a better value entry with lower risk and more room to run if it does work out.
PipBandit,
I did look at the one & four hour T/F and yes I went against the basis which indicated a bullish direction. I understand what you have said, point taken. Thanks!
Might I suggest something!!!
I use the 15m chart, but that is the very same reason I started the Trend Continuation thread, it’s just easier, the thing I found with VSA is that you’re looking for the end of the move all the time, and so often there’s a little bit left that stops you out, trend following is so much easier and the hidden gem of VSA!
Look out for low volumes not high volumes!
Update
Purplepatch,
Are you suggesting that the low volume bullish bar that you marked indicated to you an entry point for the possible continuation of the up trent?
Therefore, with the way you trade using VSA you are both scalping ( picking the possible continuation of a trend ) and also have the ability to pick the end of a move and trade the reversal. So adapting your trading depending on the given situation.
Steveleg, I couldn’t have put it better!
Perhaps I should now have a read through your thread and see how to combine the two together because in my analysis I do look at the 4hr T/F, 1hr T/F, [B][/B][U]( the 15m T/F )[/U] & the 5min T/F.
I’m not sure why this candle on your chart has such low volume, had you seen what I saw you likely would’ve gone long.
Are you on the Demo or Beta server of IBFX? I’ll see if I can figure this out for you.
Mmmmmmmmmmm how interesting!
Dodge, your volume indicates stopping volume with that candle and your right I would have gone long. It changes the way I looked at the whole thing. Whether I would have entered aggressively or waited for No Supply it would have been a long trade. Throughout this thread I have red the comments about some of the problems with volume feed.
My demo account is with FXCM MT4. If you have any ideas I would love to here about them. Much appreciated
Regards
Stephen
Thanks Kyle, it worked perfectly, too easy.
Stephen
Use IBFX demo like Pete do :19: How many more times need to be said about volume feed 
Here are some posts from early on in the thread where Pete discussed the issue:
FYI, Pete now uses ibfx demo for charting, he even switched to ibfx as his main broker methinks