2 nice setups in a nice trending market today, short at 1.3760 and then at 1.3718.
great upthrust maneuver by smart money, great opportunity to go short.
great stuff you got in on a great entry point my friend…
Can you please go away and stop destroying the VSA threads, I can’t be bothered with silly little games.
Here we go, I didn’t spot the first trade till after, but I was in the second, mind you it was a bit dodgy early on.
Hi PPF,
I was hoping that you could fill out a bit more about your session volume indicator. You mentioned earlier that the black session is not to be traded, but what about the others? As they don’t match up the four main world session times could you fill out when and why they indicate a change for the other colors?
Partly the reason for this is to set the indy correctly for different broker platforms that have different GMT times and to take into account when major zones go in and out of daylight savings time.
Tks
You can set them to the way you want to highlight your sessions, but my setting are Green - from midnight GMT to 7am, the 7am - 10am, 10am - 1pm - 1pm to 5pm.
I have used those times from observation of volumes, it tends to group together at those times.
Hey PP, great thread, I’ve been trying to get into VSA for a while, and this really helps to boil it down.
I do have a question regarding the Session Volume Indicator, my real account w/ IBFX and my demo w/ VantageFX both use GMT time, but my bars don’t seem to starting at the time you stated above. Does the indicator pull the time from the broker or from my PC (I’m GMT-6). Thanks!
Yes, I always look out for the low3est volume of the day, actually with general VSA, look out for the lowest and the highest, it’s those that really tell the story.
The time on the indi is taken from the broker time, you can change the hours in it to suit whatever you want.
Actually, what I discovered was that w/ IBFX and VantageFX the times line up, but w/ OANDA they have an offset which makes the bars shifted.
It must be my man-vision acting up (where you can’t see something, even if it’s right in front of you, a term my wife uses when I can’t find something) because when I check the settings for the indicator I didn’t see any mention of start/stop times or GMT offsets. Can you tell/show me exactly where the time settings are located? Thanks.
I’d also like to point out that you are correct about the reliability of the volume indicators themselves, there is a noticeable difference between IBFX and Vantage, and OANDAs seems to have even more discrepancies. My next step will be do dload MBTrader’s MT4; do you know if there is a difference between their demo account volume and their real account volume?
The settings for the hours are in the indicator properties.
I don’t use MT4 now, I use MT5!
Good info and nice thread PPF. I don’t use VSA but it’s something that has always intrigued me. If we are with different brokers, we’ll have different volume data, so
- which broker do you use to determine your volume?
- have you tried aggregating volume from the big players (eg Dukascopy, FXCM etc) and using that?
- Would you say your strategy should work in theory with any broker?
Thanks
- I use MT5 - Download the MetaTrader 5 Forex Trading Software
2 & 3) It’s comparative volume that’s important, VSA will work with any broker, but some are easier to read than others, Oanda is not recommended, MT5 is, Deltastock is fine, and so is IBFX.
Hey PP, I must be misunderstanding something here, as I’ve gone through all the tabs in the indicator and I don’t see any mention to times.
I’m using the SessionVolume.ex4 (and I dloaded the SessionVolumeGMTplus2.ex4 indicator). When I check the Inputs tab I see:
Show.Legend
NumberOfBars
Alerts
myCorner
x.offset
y.offset
low_volume_alert
pro_rata
myFont
myFontSize
Session1Color
Session2Color
Session3Color
Session4Color
Session5Color
Session6Color
Session7Color
predictColor
myBarWidth
As far as I can tell, the SessionVolumeGMTplus2.ex4 has the exact same settings, are the times hardcoded into the mq4?
Thanks for your patience…
Oh I see, you’re getting it off my website, I remember now, I removed them for consistency, the GMT+2 is specifically for Delta Stock Timezone, and MBtrading with the other.
These are the best to use for volume for this strategy, the Low Volumes are easy to spot
I was thinking about the indicator that’s on this forum.
I thought when I clicked the dload link earlier in this thread it took me directly to your site, which is where they were downloaded from.
I guess for me what’s important is that the ‘Black’ volume bars occur during the NY session, at least that’s what they are showing now (it’s 1:21pm/13:21 in NY).
The green bars start for me @ 19:00 (7:00pm) using the MBTrading ex4 (SessionVolume.ex4), which is 01:00 GMT, is that the correct start time, or should they start @ 00:00 GMT (18:00 Central)?
NY Open is red.
PP, do you have your Red bars start with the opening of London?
According to my indicator, the Red bars started @ 08:00 GMT (02:00 Central, 03:00 Eastern). From what I understand, NY opens @ 13:00 GMT, (07:00 Central, 08:00 Eastern). This means that my Red bars started w/ the London open. The ‘No Trade’ bars (Black) started @ 14:00 GMT (09:00 Central, 10:00 Eastern).
Unless I’m mistaken, there doesn’t appear to be a way to change the offset in the compiled indicator, as none of the Inputs in the properties box allow a shift in the time.
Sorry to keep coming back to this, just trying to make sure I’m on the same page as you. Thanks.
Thanks. Have you tried it on other pairs and also higher time frames with an increased TP?
Green finishes and Magenta starts @ 1hr before London open 7am GMT, start from there, if you download the MBtrading demo and the indicator from the link underneath it should be the same.