1,500 PIPS PER MONTH with this method, VSA/SR/fibb etc

[Mystic]

I took that trade on E/U at 4:45 EST. Same basic setup. Take a look, you can draw an upper TL. That 5min close broke it, then I entered. Obviously the setup was there…just needed the confirmation that buyers were ready to go.

Yeah, I saw it. Thought the setup looked slightly cleaner on cable but just didn’t follow my instincts. Your stop around 11/12 pips there then?

Nice work

[rogerrabbit]

hi Pete, you are still using a main chart of 5m and a 30m as your “longer term” chart correct (even though you scroll through all TFs)?

[petefader]

RodgerRabit, I look at all TFs. I draw fibbs even on the weekly chart. Need to mark all those important s/r levels. With volume though, I’m looking at the 1hr all the way down. Mystic, SL was about 20 pips on that.

Had an awesome short today on e/u. I’ll post a chart.

[petefader]

Climactic action on the overall up trend in the background in recent days. Price tested .50 fibb to the pip today. It was also an upper TL.

It closed with a pin on top, high Volume. Then there was no candle close above the high of that candle. My signal to enter was the bearish close on medium volume.

[duntellu]

Hi Pete,

took a small trade earlier.

Attached a picture, but unable to post a link due to my postcount.
h t t p:// img21.imageshack.us/img21/5134/gbpusd12augshortscalp.png

Hope to hear some feedback on this trade.

Regards
Duntellu

[petefader]

@duntellu

Hi Pete,

took a small trade earlier.

Attached a picture, but unable to post a link due to my postcount.

Hope to hear some feedback on this trade.

Regards
Duntellu

You nailed it…dropped 140 pips. It ended up double topping with no new high, so your SL was safe. I would have put an even smaller SL, around 25 pips or just above the high 1.5715.

(re-post of your image)

[petefader]

I know you spotted it too, duntellu.

[wantmorepips]

Is there a link that explains how i can trade this method?
Indicators as well?

Thanks!

[petefader]

Is there a link that explains how i can trade this method?
Indicators as well?

Thanks!

As of now, this thread is the only explanation that I have of this method. You should read the entire thread, and you can always ask questions. There are no custom indicators involved. Any indies you see on my charts are not part of the method I’m presenting here.

[rogerrabbit]

Is there a link that explains how i can trade this method?
Indicators as well?

Thanks!

your best bet is to join pete’s trading room to learn the method the fastest

[wantmorepips]

[B]How do I join his room?
Where is it please[/B]

[freedom0x0]

OMG … Just traded first time using VSA + bit “instinct” in demo for eu.
May be it is just a lucky day for me…
Earned 50pips:D:D:D
I went out early, else i could earn 90+pips which is initial target (higher fibo resis ) …
Anyway, it is good trade for first timer using VSA.

May the force be with me

[Soma]

If you want to see the chart as the banks do.

If you want to “feel” the market as the story unfolds.

If you want to know that when you enter a trade, big money is entering with you, than learn to use the Volumes indicator that comes with your MT4.

I’m not talking about VSA. I wish I could change the name of this thread. The name given for the act of using the volumes indicator has been hyjacked.

Traders have been flooded with the most ridiculous BS about using the volumes indicator, that I can’t call what I do VSA anymore.

VSA, the way it’s taught by unnamed comercial enterprises, is a load of CRAP. You CAN pick tops and bottoms, and you dont have to have a “definition” for every candle.

As for system jumpers, [B]the problem is that you have a system rather than an UNDERSTANDING.[/B]

May the force be with you.

Hey Pete,

I’m a little confused by this. To see the volume should we use the VSA indicator or something else?

[petefader]

Hey Pete,

I’m a little confused by this. To see the volume should we use the VSA indicator or something else?

There is an indicator called Volumes that comes with MT4. It’s located under indicators, just like all the others indicators. Apply it as you would any indicator. Combine that information with basic s/r and fibbs, that is the basis for this method.

[Soma]

Cool, thanks for the clarification. I’ll try it out.

[Soma]

I’ve read this entire thread now and want to be clear on how volume works. Can you tell me if the following is correct…

Big money buyers always buy low and sell high or vice versa, which means they ONLY buy near support and only sell near resistance.

So, if price is nearing support and a relatively large volume spike occurs that means a lot of buyers have just entered and price can generally be expected to rise. Opposite situation if price nears resistance.

Is that right? If so, how do we determine if price will break and continue past s/r rather than reversing?

[Gesek]

Nice thread Petefader!

I like this thread, because I see a very high potential in volume!

Im searching for ONE indicator which will be my guide when trading PA(same as u trade S/R, trendline break etc). This seem to be the best, because it is not lagging in same way as the others, so Im sure this is the reason why u have chosen it.

I have some stuff according volumes, especially VSA (book from Tom Williams and The Secret Science of Price and Volume) and the attached pdf´s.
Hope will be useful for others.
These are very invaluable (but not so much for me because of my very basics english…I simply cant understand the concept of VSA)

This is why I beg you to deeply analyze your trades in simple english:o

So I will be your follower from now:rolleyes:

Better_Volume_Indicator.pdf (322 KB)

VSA BASICS.pdf (665 KB)

[forexgenuine]

That is why I asked. Why is it any better than just looking at candles.

Explain to me why volume even matters, if it is not moving the price?

In your example two doji are very similar, one had two lots traded on it, the other 90. The dojis tell me the bears and bulls are undecided in the direction. What is how many lots were traded supposed to tell me? The only logical thing is that most of the people trading that doji think for one reason or another price is going to go in one direction. Does that mean they are right? Is it just a way to follow the crowd better and hope to catch momentum, before the next candle goes up and blossums large?

I’m honestly asking. My post wasn’t supposed to be snarky, at this point I don’t see what a volume indicator shows that candles don’t.

I’d be happy to check out the guys trading room, but if he charges, sorry no. I’ve been burnt by those too many times. Sorry if I can’t take yours or others words for it, I’d have to see some sort of track record before following someones trading room in the hopes that they can teach what they do, well enough to produce someone who can trade with similar results.

I was reading this thread because I was interested by volume reading. Why do people spoil something just because they can’t understand ? VSA is related to Richard Wyckoff Richard Wyckoff - Wikipedia, the free encyclopedia method, it’s about tape reading for sure it’s not something obvious for everybody but it’s not because it isn’t obvious for you that you should prevent others from learning.

[EnPoint]

To me, candlesticks are like a body and volume is everything inside that body, the whats-really-going-on picture. I’ve recently adopted VSA as a primary trading method. Im going to make a new thread in the daytrading section.

To answer that question to why volume matters… It is moving price. We’re all bandwagon hoppers. We’re little puppets trying to jump on and off a train. Professional money (smart money) is pushing price and waiting for the “herd” to jump on and lock in traders (accumalation/distribution - supply/demand) for a certain direction. Forex in a nutshell.

I mean… c’maaaann… you can never go wrong with a method based off ideas from the early 1900’s LOL

[goose4]

Dear pete,

Is your live trade room still active and open?

I have tried to to email the customer service (twice) with no success:(

Very in interested in joining:)