It was the use of the “projected” word which confused me. I inferred a predictive element from that.
I assume the bars on the first chart relate to “current open interest” ? thus are a reflection of opinion as it is now ?
I wonder if there is any way of abstracting that information to form a historical “Point and figure chart” as Wyckoff suggested ? - No I don’t suppose that is relevant. Accumulation / distribution would be reflected in that “current open interest” and “previous intentions” would not really be hugely relevant except possible from a psychlogical persective of potential bias.
Thanks for popping this thread up again, I’ll take a look !
[Edit - thinking about this and Wyckoff’s point and figure charts - I suppose we could view that Open interest as a proxy for his “count” across, except that his “count” included “blanks” whereas “open interest” would not. - Hmmm. ]
@frandlost Yes… and if I had time I would do a manual backtest of this over hundreds of candles to see how currency futures reacted to volume at core levels…
Hey guys! Let’s not forget that while VAP is okay, you can create your own VAP by drawing lines on the highs and lows of the highest volume candles, you will soon see what is demand and what is supply. This is very useful for judging if the asset is being accumulated quietly or noisily with heavy climaxes dominating.
There will always be hunting of stops under those key points as the market gets shaken out. Same on all assets.
thanks Pip. Haven’t been on here in a while…Hope you are doing fine? It’s funny years have passed and times have changed. New blood no doubt around here.
Yes,I am still at it… Spent 2016 going long GBP (horror!), then 2017 trading exotics,2018 going long TRY and now I am perfecting TRY trading with a carry trade.
I use MSCI ETF for Turkey to see volume for TRY trading… and some basic charting over on FXCM. It is all on the USD/TRY thread here…