Brill…thanks mate 
Nice to see new vids, great job Pete!
When we see price retrace back to the 50-61.8 fibs, do we have to see higher volume there than started the retrace or is a general increase in volume at 50-61.8 enough to trigger the continuation of the trend?
Glad people like the vids. No, it doesn’t have to be higher on the fib test than the top, but it adds even more probability of a bounce if it is. The Volume/candles at the top would also influence my decision.
Thanks for the insight over the last 3 years Pete…much appreciated
I agree!
I really think I’m getting this now, of course I’m no master yet but atleast I’m profitible and that’s the most important part for me.
I appreciate the time and effort you have put in over the last couple of years to help others. Just by reading your posts you’ve easily become the best teacher I ever had, that’s for sure! And I don’t wanna forget about all the “mini-petes” who have helped carry on the teaching in this thread!
Thank you!
pls pet…i want to know why i lost this trade …to me every thing was as it sholud be…or was it the candlesticks marded with blue that made it fail?pls i need reply pls.
Well, what was your reasoning for the trade? What were your SL and TP? I actually see a No Supply-ish bar (first marked blue) that would of been a perfect short.
i took the trade when volume spike and pin bar and the next candle did not form any low…so i bougth it and remove my sell position that was on b4…check the first two marked red candles pls and my stoploss was below the first marked red candle was hoping it will retrase abit…lol
Look what you bought into: Price came down between 2 swing lows, pretty sustained down trend, no ultra high volume, all the widespread candles down were on pretty average volume. Price was dropping and there was no base being created. First rule: [B]THE TREND IS YOUR FRIEND. ITS YOUR BUDDY OL’ PAL![/B]
Today was predicted in the video, part 2. On Friday we saw the distribution/supply, and I said “no more longs”. We continued to see proof of this on the fake break up, as I talk about in the videos (upthrust on high volume, and right back into range.) So no one should have fell for that up move and known to look for shorts. Thanks to the Smart Money for making it so easy.
Can we change that to “Phase is your friend”? :33:
Consider it done!
[I]This message has been brought to you by The Official Quote Changers![/I]
you is magic. :51:
Thanks for the new video’s Pete, I am new to VSA after bumping into you in the chat room a couple of days ago. Picking the important posts out of over 3000 of them was a daunting prospect even though I was prepared to do it, but it seems like you will be saving me a lot of time with these new video’s. Thanks
See the 2 posted charts from 18th Oct approx 9am GMT.
I notice the similarity of their movement. I have been cross studying a lot of different currency charts since starting out Forex and notice the obvious correlatioin in all their movment…either the same or mirror image. There seems to be little other currency pair movement that is entirely unique. This is assume is due to how much the world currency market is tied to the USD.
Can I assume that the stop of the down trend on the EU chart is due to RES found at S1? (amongst other possible factors) This being the case, you would be cautious shorting not only here but in other currency crosses mirroring this movement (they probably will not have Piv lines at the same point)
On the AJ chart how should I interpret relatively high Vol dojis on a bottom like the one indicated on the AJ chart?
Thanks
Hey haggis,
Quite often you will see correlation in the different charts. In those cases, it is good to look at the one that looks the cleanest with what you want to trade (I like nice clean setups). Normally the majors are tied to US ie GBP/USD, EUR/USD and here AUD/USD, and in reverse USD/JPY, so in very general terms they do correlate a fair bit (JPY in reverse). However, look at tomights charts and you see the GBP/USD and EUR/USD going different ways, especially when you look at the 5 min charts. They correlated up until today, and are now all over the place.
No lesson here really, just an observation for you that shows they don’t always correlate
Yeah they are a bit out of Sync tonight…Thanks Tassie
Can someone tell me for how long does the FX market slow down over the Xmas break…does it get untradeable for a few days over this time?
Was watching the charts with Pete today and noticed huge stopping volume at a key reversal area (Channel bottom and 1.272 Fib extension). Everything looked good and so I got in once it closed above the 5 min supply/resistance line.
It didn’t work out as expected as it came back down to stop me out…I then proceeded to see more stopping volume on what seemed like a double bottom, but right after that I saw a bearish high volume wick that could have represented selling.
It was as if the chart was tell me go long, then to stay out, then to look for a long again, and then maybe to look for a short (because of that high volume wick). It was like an emotional roller coaster lol.
I finally got frustrated and switched to a higher time frame and entered long using the exact same method except with the 30 min charts.
I found applying this setup on a higher timeframe allowed me to filter out all the noise and have clearer picture of what SM was really doing.
I know most of the people on this thread use the 5 min for entries (including Pete) so i’m not sure if my approach was the best. If not, let me know. I’m still learning so I’m open to criticism.
Hey Strader,
That’s not stopping volume. That Volume is just slightly above average indicating that some buyers are present and demand is increasing. Not a place to jump in long tho. These reversal trades are tricky. As a beginner I try to avoid this bottom/top picking unless I’m 100% positive on the trade.
BTW I use H1 to find in which phase are we in, and then look for shorts/long on M5 / M15.