I just had volume on yesterday with fxcm marketscope and I took it off and I cant find it…I even right clicked the chart and its not there.
Strange, don’t know why that would happen.
So…this time of day, price tends to reverse the trend of the session. I’m locked BE on this last e/u short position from 1.4060, hopefully I can stay in and catch more pips on it tomorrow.
I caught +80 pips so far on this trade with no draw down. When I entered I was watching tweets on everyone going long, and chatter of USD weakness in all the headlines, G20 etc.
Good day.
EDIT: ah, hit my +100 pip mark, but still holding.
Oh ok so you got there and your still holding. You locked your profits and are at break even also… so its win win lol
Reversal hasnt really followed through is stalling big time at the point you showed me… to me this looks a lil suspect… wat do ya reckon…?
I dont trade this time of day. The major moves of the day are over, and the market is in a different phase, unless there is news or something…rare.
You have a mix of profit taking/exits and positioning for the next session, low volume. With the small moves, it’s usually not worth it.
The usual cycle is for the main trend of the session to [I]retrace or pause [/I] this time of day, untill some new factors come in for Aisa, which brings more positioning usually…then finally London starts the real action.
If you want to do something worth while, study this method lol. Not much to trade now.
What broker do you have?
I have a few accounts with different brokers. To read Volume, I use MT4 demos. Go Markets, Spot Trader, some people like Ibfx.
Took this long scalp. Just looking to catch the move to fibb levels. About a 15 pip stop. Hope Aisa doesnt die out too soon…
Your a BEAST! But I still dont get how you do it. First you look for high volume because its the sign of an ending trend. Then you look at price action at the approaching fib. Then you enter?
How do you know its gonna reach .50% to .618%? Why not exit on high volume?
Right, were looking at the Volume and candle formations. Have you read the thread?
.50 - 61.8 is the most common retrace point. The higher Volume to stop the down move, along with the candles/wicks we see there, give a much higher probability that it will reach it.
Yes, if I see sudden high volume during this up move, I would consider closing or locking BE etc.
Like the shark?
It’s toying with 38.2 fibb, I banked half my position +14 and locked BE. Scalp is a scalp. We’ll see if it gets to fibb target. Getting into a slow time of day now.
YEa love that 150pip trade
Reversal done and dusted with, back in the bulls court for london session and rest of the week lol.
What is this bull obsession you have? lol. I’m thinking maybe a short around 1.4 but I’m just going to wait and see…no real plan yet. Would be nice to see big climax up bars on very high vlm to end this rotting up trend once and for all. See what we get though.
Bulls the rest of the week? We’ll see who’s right…so far 1 point for me lol.
lol… yea well i aont a dollar reversal… i wana see 13600 …
yea its a bad obsession, prob scars from getting caught in euro rampage… there too strong and scary. HAHA
But who knows… maybe it will jus get on the lift and go down
Volume looks pretty high at the moment… something cooking away maybe…?
Buyers and sellers are close together. I don’t see a concensus for a direction today yet. Highest vlm is showing some buy interest, have that to go on for now.
Price was down here on Friday…it was all clustered and choppy, could happen again. No setup, I’ll check back later.
This is crazy… never seen anything like this… jus completely dead.
Kinda spooking me out if im honest lol