Just saw your video. You pretty much have it, you even tried to take into account volume seems like CAD was at resistance for a pull back but without a valid pivot hard to say but great video. All this sharing really helpful.
In any case just posted one of my other techniques for scalping, 36 mins but I figured it should put some meat on scalping with volume that can appear noisy but when overlapped with price at a level rather than just price action the picture is clearer.
I’ll put it up once it has rendered… Now I am off to barbecue and enjoy the rare sunshine will be on later.
Don’t be concerned about long winded. A lot of good info comes from long winded. A lot of times it’s unintentional. Great video, from one Italian to another.
Gp
Hello and thank you, emeraldorc! Well, thirty-six minutes will indeed give you time to put ‘meat’ to some bones!!
How was your barbeque? We had some nice weather, but I did well to cycle for an hour because later this afternoon it started raining! Unpredictable, just like the markets…
PS - Yes, length is never an issue if it is justified… As a composer I tend to now use a ten-minute time frame because I think that if I can say everything I need to say (musically) within ten minutes then I can have the listener’s best focus without them falling asleep… But that is because I write very drone-like music… Still, in the classroom, I do not talk too long because I know that my students will lose attention… Ten-fifteen minutes is the limit… Then it is their turn to get busy
Thanks for the positive comments… I await your videos (should you want to make any)!
I concur with everything you say. What is interesting is that in one of the video links posted, the commentators opinion was that volume is unreliable in time frames lower than 1 hour due to “noise”. However, I take the opposite view and believe that volume is best seen in the lower time frames. The views expressed by Emeraldoc to observe volume live would be practically impossible in the higher time frames without doing serious damage to your eyes and mind! At the moment, I am basing my entries and exits on price action at the lower time frames (1 hour and below) based on S/R drawn from the Daily, 4 and 1 hour charts.
Keep up the good work PipMeHappy, I am sure we will get this in the end.
Oh and I liked your video, nice to see how others analyse the market.
I did say it is a bit noisy but if you have been doing it for a few years you can filter the noise but if you are a beginner the overlapping spikes are confusing and yes, it is impossible to observe on a daily chart, the hour sessions are the best gauge if your reaction time to analysis is slow.
In any case like a microscope it is more visible than say daily. So quite right Daxter.
Hi PipMeHappy.
Thanks for your feedback on the book. I’ve spent the last 4 days reading it (I’m on page 110 now). I totally agree with your point on this being extremely long-winded. The main ideas could be summarized on just a few pages, as she repeats many basic concepts over and over again. I hope the last part provides more juice. However I do think the concepts are helpful to complement one’s strategy. For instance this morning I spent a couple of hours analyzing candle by candle a pair, and many things made sense. When something didn’t quite fit, I moved to the lower time frame I saw the logic of the movement. It was nice to see the usefulness of VPA in action. I’ll practice a little more analyzing on hindsight and may attempt to do it a demo live char and see how it goes.
Well, let’s keep on learning. I feel this will help us on our trading, and maybe some day we’ll be as proficient on it as Emeraldorc:24:(dreaming).
Here is a trade I’m in using VSA NZDUSD Long 60 minutes past NY open. It’s been shown on the 5 minute easier to see, I did it on the 15 minute
I will take profit at 1st profit and see what happens. I confirmed this trade with a 30 minute fib retracement tool as well
Guess it would be better if I showed the trade ( old age)
Thanks for posting the chart shots GP. Nice touch, I will start posting my trades here. It has been a thin week, pairs have been crazy so I have had to scalp pips but here we go.
Thanks Pip. We all have our strengths and you certainly are quite proficient in your style. Acquiring more tools for your tool box are always more complicated.
I will be posting some of my trades on here to keep the thread going both loosing and winning this may also show the importance of risk management not over trading. Technique is just half the story. Sometimes I trade divergence (I missed a divergence trade today on EUR/USD would have made my week, decided to walk my 19 month old son so it passed me…), volume and fib confluence and other times just follow volume against S and R so it depends on the market I am trading. Take today, the USD feel against the NOK my guess is the NOK will be pretty valuable as Iraq has kicked off and oil prices are going to go up so CAD and NOK will be moving up (fundamentals also matter in my trades so I know when to set limit orders with low risk as now the direction is obvious).
So it is about loving the markets as a whole and letting it speak to you many languages.
Have a great weekend guys. I am going to watch Brazil Kick Ass now.
For sure not much fun if you trade longer term trader. That’s one reason why you want to trade opportunity instead of a single focus, but on the other hand if you don’t do this for a living, then concentrate on one well defined strategy. I have a friend and that’s all he does: trending markets, fib retracement strategy; if he can’t find a pair that fits into his strategy he doesn’t trade. He says he still does better investing this way rather than giving his money to a stock broker or mutual fund dealer. But to each his own.
Yeah GP it is the best way to trade, pick a strategy and follkw it the problem is markets are not really trending, I started out as a trend trader (easier entries) but make much more as a swing trader, I still trade trends but these days even institutions are taking profits out and risk managing, this is what Paul Tudor Jones highlighted in Market Wizards. He has a low risk tolerance so prefers tighter stops, so it is picking tops and bottoms.
I still trade the longer time frames but now the moves are lasting 3 days give or take with many more ABC type correction moves, 5 wave moves on longer time frames are gone. So I work on volume and Fib levels for retrace and exit. I am having a low risk tolerance these days my stops are 10 pips tight on all trades ensuring I actually profit all the time and I can whether a few losing trades. I capitalise faster and can draw income as well.
On one hand I pay the commissions on the other I actually bank the dollars everyone wins.
old age)
