Looks like people are asking for a one post explination of how I trade…sorry that would be one hell of a long post lol.
Understanding what moves the market takes time, but it’s learning to trade correctly. Read the entire thread, just like you would read a book. I have posted many many charts and explinations of how I trade as different situations apprear in the live market.
I grabbed +40 pips on the long buying at 1.3 after the VSA confirmed double bottom on the 5 min, with the 1hr stopping volume and no new low to back it up… but part of my position was knocked out at BE.
All I can say is the retrace is all setup now…a couple hundred pips up. If not, then this is Veeery Baaaaad for the Euro.
And there you have it… featuring Harry, the happy shark.
I’m expecting higher, trailing my stop. Until I see large stopping vlm on an up move, I’ll be buying dips. Background is in my favor, using smaller TF for entries.
Good God! I put a small position on this dip to .50 fibb. another +105 pips for the daily total.
Congrats, Pete.
Well done!
Thanks Buckscoder. Text book setup here…
mm hmm…
Took an easy 70 pips of the E/U this morning as well. Near perfect entry.
Nice. Trading the fibb bounce…I watch the price action as it nears and tests .50 fib for rejection, high volume and pins. If all is well I tend to take the [B]next solid medium volume candle close in the direction of the bounce[/B]. So, I usually don’t wait for the low volume, no demand, no supply test.
If background confirms, then .50 - 61.8 fibb is hit with stopping volume and not broken. Then medium volume returns as it reverses, with a solid close…I find that spot to be the best.
You could end up getting a better price waiting for the low vol retest, and sometimes not but it’s additional confirmation, I see that… Do you find that you miss a good entry sometimes waiting for it?
Gavin (pimped out by Tom Williams) says to wait for an indicator (diamonds) to confirm if I’m not mistaken. To me that’s way late to enter. True Volume Analysis of the chart gives entries way before that most time. …Just the way I see it. Many ways to skin a cat though…whatever works.
When I first started with VSA, I would take the confirmation bar close but got stopped out alot as I wasn’t paying attention to the background so I started just waiting for NS/ND and in doing so, have missed some good runs as price took off with no tests and would be afraid to jump on a moving train.
But now I feel like I’m at a point where I might be able to start taking those confirmation bars as I have a better idea of whats going on in the background.
Today was a situation where sellers came in, but I didn’t get an entry. Then it broke support, gave no demand on it’s way up to test that support…and a pin rejection there to get me in… +50 pips no draw down.
Lmao. Great Trade!
I just got home so I haven’t even had time to do my weekend analysis. I’m already slacking lol.
Hi Pete,
Can you please explain how I can add the volume to my FX chart?
Thank you
I wasn’t sure what we were going to get today, but I was looking to short here based on daily and reaction to fridays up move. Going to take it day by day. Now we found some buyers off 1.3250.
I don’t use MT4. Thinkorswim apparently doesn’t offer a volume indicator for FX.
Get a demo and just use it for charting.
Volumes will differ depending on broker. The main ones I use is IBFX and GoTrader.
So the volume from MT4 refers to the total bids, correct?
Not in spot FX, this is tick volume. Ticks, as in price change. We are looking at market activity as it increases and decreases.
I just woke up for London with my TP hit on this one from Aisa setup…
