I thought I’d just post a short note to say thanks to Jalapenoninja for starting this thread - I’ve had a quick read through it but need to spend more time doing so. I definitely will though, very interested - especially as I am based in a similar timezone (GMT +7 / Bangkok).
I’m new to FX - I am also learning futures at the same time, trying to learn how to read the DOM. It’s tricky and requires alot of patience. I plan to continue that journey but I am also very interested to try using Price Action in FX, and I think this thread will help me get started.
Just wanted to say thanks and start to try and participate here instead of being a passive lurker! I have IB as a broker, use NinjaTrader for executions, and have just signed up for an FXCM free trial as it seems MT4 is the tool of choice for most so figured I’d try using this whilst learning to simplify things for me. First task for tomorrow is getting the ‘new’ volume data on my FXCM / MT4 platform, and learning how to use the platform. Brick by brick…
I missed the initial entry of the break of the opening range (London) but have just entered on the swing low of the break of a daily S/R level. I set a stop loss above the S/R and take profit at yesterdays low.
Hi TheBoy, you’re welcome and feel free to post any charts. ibFX or XM I’ve found are quite good for volume feeds, I’ve not had any experience with fxcm’s “new” real volume feed, but I’m not too sure if anyone has real volume as there’s no central feed. Anywho, best of luck and feel free to join in
After consolidating price moved into profit territory and I moved the stop loss to break even. After being 17 pips in profit price retraced and the trade was stopped out at break even, for the third time in 2 days.
better,nice analysis Daxter. Thanks for re-posting.
I’ve been closely monitoring AUD/USD today and was analyzing the setup of JN’s system.
The correct entry for this one is the yellow arrow. the retrace from the high, which broke out from the start of the trading range of the NY session. What do you think?that was also the point that the 14 ema and 50 ema crossed.
I was tempted to trade the range back and forth between the opening trading range but to better understand the system, i waited to see what the perfect setup to enter was. I think this captures it,right?
BTW, what software do you guys use to add text to the snapshots?
One of us is out on our sessions. I have my charts set so London is 6 hours behind my local time (Bangkok). Check out the start of New York on my chart. Maybe Ninja may like to put one of us right.
Your set up looks good on a break of my London opening price. I am trying to do away with the moving averages and just determine the trends by purely looking at the swing highs and lows.
Incidentally, I took another trade on the GBPAUD. The price moved 15 pips into profit before retracing to take out my stop at break even, before rebounding straight back up to 27 pips from my entry! This is why I demo trade LOL
Yeah,i think one of us is off. But we should be in the same timezone (Philippines). GMT +8.
Demo trade is okay,at least we are learning!
Interesting thing on the AUD/USD. My analysis is that it hit stopping volume and peaked at the UK high resistance,thus bringing it down again. With this system that uses 5 mins charts, i would assume its a quick in and out trading style, you just hold a winning trade till you see it reverse? what is your sell basis, daxter?
Hi Jalapenoninja!
I’m so glad that Daxter introduced me to this thread from another thread here at BP.
I glimpsed your first posts and really love your trading strategy. It has almost the same building blocks of the strategy I’m trying to put together, but you’re many miles further on the road. I’ve read Lance Begs’ books (Vols 2 & 3) and recently finished Coulling’s books on VSA. So I think I’m in tune with your strategy. I’ve had some issues grasping VSA as Coulling’s book is pretty basic and just a continuous repetition of the basic concepts but when your try to apply to live charts it’s hard to make sense of it. I plan to watch again Pete’s videos and check out his thread to gain more knowledge on this important subject. I hope I can contribute and we can share points of view based on the same concepts with all the traders.
You make a good point about the forex market not being centralized. :45:
The real volume indicators TheBoy mentioned provide data exclusively from FXCM. To give you an idea of the proportion of total retail volume that represents, below is a table comparing FXCM’s volume to that of other forex brokers. The numbers shown are in billions of dollars.
The stats above are from the Forex Magnates industry report for Q4 2011. I would post something more recent, but that’s the last report that’s available to non-subscribers. I hope the authors won’t mind me revealing that their latest industry report for Q4 2013 reaffirms FXCM’s top position.
Great to see this thread growing with more people contributing with their screenshots by the way. I haven’t been on BP all that long, but a little while, and this thread is the best I have seen (for me and my needs at least) so far.
Sorry I’m not putting up my trades and screenshots but I am not following it all very strictly. I’m reading up on VSA and most of my trading is with a smaller broker with unreliable volume feed so not really relying on that too much. I do a little on an FXCM account which does have good volume so I’m keeping an eye on volume with that but I’m not using JN’s indicators so I’d rather screenshots etc be those that follow JN’s strategy properly so as not to confuse the issue.
I’ve been happy with my trading though (a few bad mistakes to eradicate still! lol) and adding the opening ranges and marking the previous days high and low has been a great additional tool. Happy trading all!
Apologies I’ve not posted in a while, but great to see some more contributors. Yesterday’s Euro London session was a bit of a grind but suits the “fishing” analogy, as I had to wait a looong time to get a bite, then called it a night before the really big fish swam past! (Which I’m guessing was a fed announcement in the US).
On the screenshot above (I use an app called “skitch” on mac)… Price went long out of the opening range, initially we’re bullish. But then (relatively) huge volume came in, on a pin, on support & resistance, mark this as stopping volume and treat the top of the pin with caution.
Quite quickly price is back into the opening range, the London Open doesn’t have enough bulls to propel price upwards and soon price is below the opening range. Now we’re looking for a retest of the bottom of the opening range (the bottom of the gray box) and preferably a test of the 14ema (blue) and then entry following a sign of No Demand Volume (indicated with a blue arrow).
Price is held up by the Asian session Low, but soon enough we get the same setup (with trend, 14ema, no Demand Volume).
Onto the NY Open, change of trend, opening range long, test of the 14ema and No Supply Volume before price rockets. I’d have used a wide stop here but looking at the move it’s a red alert of forexfactory’s calendar, so it’s one for the brave!
P.S. One other thing I forgot to mention, that short during the London Session from the low of the opening range, we’re also at the previous day’s high (large group of sellers). So it’s almost the “bankable” trade! (if such a thing exists of course)
Daxter try taking off half of your position when you move to B/E, and don’t choke your trades. (Easier said than done of course, but try giving them a bit of room to breathe).
Any issues with timezones etc. folks I’d recommend logging into Forex Factory & checking that your local time is the same as the time shown in the top menu bar. Then on the home page scrolling to the bottom and you’ll see the schedule of session opens, best to look at it while the market is “live” & you can change Adam Jowett’s market session indi accordingly.
Hi Keen246, glad to have you onboard! I’ve studied Lance’s work a lot. He’s the real deal, having spoken to him about numerous trading problems/setups etc. I’ve had, he’s never deviated from what he spells out on his site and how he trades. Not to spruik anything, but I think everyone should study his material.
Volume and VSA can be a bit over-whelming and definitely was for me. I only really concentrate on stopping volume and no demand/no supply. Honestly, just watch PeteFader’s youtube on “No demand No supply” and a couple of his “secrets that move the market”, take notes etc. as I had to watch them a few times.
Feel free to post any charts & fire off any questions.
I am trying to do away with the moving averages and just determine the trends by purely looking at the swing highs and lows.
