More signs of weakness. Today’s biggest volume 1hr candle was the 14:00. A long wick green candle.
Looking at the 15m on that time frame, we confirm the biggest volume candle had a long wick.
Same on the 5m chart.
Yep, it would be nice to take only one trade today, come London…a big fat short.
I’m holding on to my big fat short from yesterday…of course it’s a 400 pip TP and SL lol
We’ll see how gridding works with volume analysis.
when it goes to break can you please post,
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So I can see the breakout and learn about it
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So I can make some mad pips and let the love go around haha
If it goes short, it will just be the end of markup… so it shouldn’t be massive should it? I mean, it would just go into distribution…
Thanks for the updates Dodge; I find the spotting, highlighting and reasonings useful for the ongoing education.
Just to clarify; you are spotting the highest volume candle for the [U]Day[/U], and not neccessarily looking for maximum volume to operate off.
(even as I write this I realise I have done the same thing before, but I’m still new :o).
Sometimes I find it difficult to work out if it is an abnormal high volume or just volume itself:- does that even make sense?
Keep it all coming; this is great.
Went long off the higher volume reverse on the 61.8 fib.
whats it gonna do?? pullin my hair out haah
I need some trading advice on this one
Some strength where Dodge pointed out, still holding. Might take another trip up to resistance, 1.3680.
TP Taken. Might be a bit early, but I just happen to wake up and see a bunch of resistance at the 23.6 fib, and I feel the general trend is down for the day, so I exited.
Smarty Pants! Very well read.
I missed the entry until it was underway. Exercised self restraint in not following it.
[B]I Don’t have to take a trade[/B] is my new mantra.
Damn though.
More lessons required.
Can you guys run through, what made [B]THAT[/B] pin so special against the other bajillion. I noticed that some of the others even had greater volume.
What made this one stand out so?
Went short at the 15m candle close.
Show me some others and I will show you why I liked that one better.
Was just a simple set up higher volume at 50-61.8, pins with no new low. There actually was a new low made after that post, almost hit my SL, but I walked away and came back to target hit. Now we are seeing real sellers off 1.3685 resistance, I’m short. Look at 5min, highest vol of the day.
It’s an agressive entry since I didn’t wait for the 1hr to confirm with stopping vol on up bar followed by bearish close.
Looking back I can see it now… (Which is of little consolation to me, as I [I]knew[/I] it was on the horizon.
My volumes look a little different cosmetically, so maybe I need to thin them out to identify them a bit better.
To rephrase my previous Q. What other confirmations did you utilise to determine that this was going to be it.
ie; Fibb, candle, etc
Basically I am trying to get a mechanical walkthrough of your process that said,
a) check
b) check
c) check
d) feels right GO!!!
I’m just trying to understand it as I see it.
Seems like you’re feeling like your missing something, but it’s all here…at least the way I do it. Not sure what more info to give. Simple s/r and fibs. Seeing the reaction as price gets there. I also take into account the phase we are in, pictured in the first post.
I could take the time to write some steps, but it’s alot to write lol. Besides, everything is explained already throughout the thread.
TP Taken.
That is sick…
Taken? What happened to big fat short? lol. I Banked about half my position and locked in 15 pips, will let it run. I think it has good potential as my plan goes for this week.
This last trade highlights exactly why I do not set Stop Loss to Break Even. Its almost as if the market feels that a bunch of traders just did that, then immediately moves within a few pips of the Break Even point, just before moving in the original direction.
Realistically, it’s much more likely that the original traders (Smart Money) who got in with me saw price going against them, and let loose a big short to protect their position.
My big fat 400 pip short is still there, it’s the larger “scalp” trade that had it’s “TP Taken” 