i think this was a reversal signal and not a continuation pattern…purplepatchforex pls trow more ligth on this chart?
The main thing I look for is the lowest Volume, that is key, it’s a pre-requisite of the trade, in this case the entry is at the Lower High, indicating as you indeed say a reversal, so now we have a trend going the other way which is where the entry is, so it’s a continuation on the reversing trend.
love ur explaination man…thumbs up:D
Saw this possible trade the other day and went short for 30 Pips. It kept going but I was happy with TP
That’s exactly the idea, your session volume isn’t at the same timings as the ones I use, but yes, it does what it says on the tin!
Great system PPF. Will give it a try this week.
I would have already Taken Profit when demand starting coming in. Remember what PP said 30 TF, 17 Stop Loss
Regards
Stephen
Yes, as a general rule of thumb on the whole it just works, sometimes if the market is trending nicely, try take some more, but the whole essence of the strategy is to keep it as simple as possible, i.e. don’t deviate, keep to the lowest volume of the day for instance instead of just using comparatively low volumes, they may or may not work, but the game in forex is always to get the highest probability setups, and the lowest volume of the day will always be a higher probability than just a comparatively low volume.
Anyone know if the Tick Volume available in FCXM Marketscope is reliable to use for this?
I’m sorry but questions like this really get my goat, you will never succeed in Forex unless you are prepared to put in some donkey work and find this stuff out for yourself, and at least read threads from the start!
I started using FXCM Marketscope but found the Volume very unreliable in general. I use IBFX, Go markets is also very good. If you look in this thread you will see that PP has his own suggestions as well.
Looks perfect to me!
I would suggest leaving your goat alone. It aint his fault!
Nice approachable educating attitude you got there. That is why you are here right? To educate?
Anyhow I have read the thread multiple times before posting the question. I had already checked your downloadable indicators in this post 301 Moved Permanently.
My point was that some have suggested (in other threads) the volume indicators in Marketscope are not as reliable and I was keen to see if anyone else had been able to confirm that while testing your strategy. Not a hard question especially seeing as your downloads are not for Marketscope.
So my questions stands. Has anyone tried your system in Marketscope from FXCM and have they found it’s volume indicator reliable for this or not?
Since this is my first post please do not take this as the misdirected ideals of a newbie wanting to make monstrous fx returns. Even though I am in the learning process.
PP do you trade for a living or just as extra income? I like your approach of keeping it simple and like the VSA approach in general; it just feels intuitive.
This strategy does not really lend itself to living off the returns unless you have substantial capital right? seeing as the average is say 75pips a week with 3-4 trades? Is this just your style of wanting to be in and out of the market and not worrying about trying to scalp a bunch of trades?
Undoubtedly overtime this can create wealth just focusing on the ‘base hits’, and even though my ideal would be to trade full-time, if this systems ends up being my style because i cannot handle multiple trades and looking for setups 8hrs a day I thank you, and petes 1500pips thread for inspiring you, for sharing
i think you are wrong…dats not enough low vol.
Yes, you want clearer setups, more definitive, otherwise in the long run you’ll be taking too many low probability trades, but that’s the right idea.