Great minds think a like but even great minds have a not so great day. I did the same thing and got the same results. Good news having a stop loss; no stop loss and say bye bye to your account :17:
I appreciate your testing our new Real Volume and Transactions indicators, but I think your GBP/USD chart is still displaying tick volume. :33:
How I can tell is that it says “GBP/USD - Volume” instead of saying “Real Volume”. After you install the real volume indicators, you will see them in the Add Indicators window labeled as REAL VOLUME and TRANSACTIONS.
As you can see from a 1-minute chart below of the recent ECB announcement there’s definitely a correlation between Real Volume (top), Tick Volume (middle) and Transactions Volume (bottom).
However, there is a notable difference when there is a large spike in real trading volume. This reveals a limitation with tick volume in that it has no way of showing when a large amount of volume trades at a single price, since that would only be counted as a single tick. Real Volume and Transactions indicators can thus provide new perspectives on what traders are doing during major news events, especially since they work even on 1-minute charts.
To summarize:
[ul]
[li]Real Volume shows you how many currency units traded
[/li][li]Transactions shows you how many client orders executed
[/li][li]Tick Volume shows you how many times the price updated
[/li][/ul]
Each of them is valuable in its own way, and when used in combination they can be even more powerful. For example, this article by David Rodriguez shows how divergence between Real Volume and Transactions can be used to get trading signals: Why does Forex Volume Data Change Everything?
I mended my mistake! Below is the same chart for GBP/USD that I posted yesterday, this time showing the tick volume (as before) and, below it, the REAL VOLUME: noticeable is the difference between the volume bars in the highlighted
areas (yellow boxes in the tick volume chart and red boxes in the real volume chart)…
Agreed Pip. I would have been short as well on that trade, I decided to wait for a 1.7000 tail off so gave me enough time to see what was going on but I was never sure, was so suspicious of the all the media hype.
I guess this time the market makers want more blood for now to keep the momentum.
You are right there is always more opportunity, after days of watching paint dry… I feel like the England team right now.
See FXCM has finally sorted the volume indicator. Hope it can talk to you as well Pip.
I looking at a long on USDJPY today. Pair is starting to distribute on lower time frames. Waiting for a little markdown when it retraces to entry area I’ll get in and hopefully have a decent markup
Sticking with GBP/USD that is in congestion zone at present waiting for a break above 7062 or a retrace of that 7011/17 area. 55EMA is on that level too and it is mighty close to the 100 Fib level. Will keep an eye on the volume in that area. Support is also at 7032 so might yield a few pips back to 7060 but it could also be a complex correction and continue downwards (won’t risk trading in the congestion).
Yes, whenever you download an FXCM App, you will receive email notification, if a new version becomes available at FXCMapps.com
From the image you posted, it looks like you’ve tried loading the Real Volume indicator on a 10-minute (m10) chart. While that particular timeframe is not an option, the Real Volume and Transactions indicators work on the following timeframes: m1, m5, m15, m30, H1, H2, H3, H4, H6, H8, D1, W1 and M1.
How did your USD/JPY trade go? All I manged was to get filled at my second level 1.7006 and loose a few pips on my first 1.7017 fill as price continued and cost me 10 pips stop out. The volume was low so I was sure it was profit taking momentum from that 1.7062 correction. There was an opportunity to go short at 1.7032 break but I have noted that level and tend to take profit at that level as resistance.
My buy at 1.7006 TP’d at resistance 1.7032. The level is broken which exposes 1.7062 the next sell opportunity but it looks like a classical elliot ABC correction so a close below 1.7032 with serious volume will mean a short for that 1.7005 area again. The pair is fundamentally bullish but the US numbers this week will really the market makers intention. Happy trading!!
Oh! I should add that the price appears to be marked up low volume from 1.7011 so could be bracing for a bigger fall suggesting market maker may already be planning to hype those US figures.
Well it is after 11am as promised I took the short on the 1.7032 ahead of the US data. It broke the support on strong volume and closed around 26 I was in 30 secs before so got filled at 1.7028. Closed out near that 1.7014 low that won’t break and I had my target at 1.7013.
Still consider the trade a loss as I made a little shy of my initial risk but it is money in the bank so can’t complain. Had to close as weakness was developing near that support area and this is a C correction so it may be complex in which case price may head lower or it might be the end in which case price gets marked up and we are back in congestion. This is FX (blue moon volatility).
Good news is the corrective moves indicate another break out is ahead. Next opp is a break below 1.7011 on good volume or above 1.7062 but the topside is choppy a lot of risks on trying to trade the upside above 1.7049 with that 1.7062 resistance in place. GBP/USD is grounded for now.
Good Opp in the Aussie if we see a strong close above 0.9461 where price seems to be steaming ahead of 0.9437, I am too late in any case to go long but looks interesting…
Anyway I am studying for my IFA exam next month plus I have a lot of work to get through so I will be keeping an eye on the charts and shadowing the forum. So happy trading!!!
Thanks GP. There was nothing in it but every little helps. It was a 1 to 1 win/loss. That’s what it is like trading congestion, breakouts are rear and fast these days and congestion never ends.
Something is definitely cooking, call me a conspiracy theorist but the markets have peaked in both equities and currencies and locked into a congestion. Despite the obvious bankrupt governments bond yields are still incredibly low.
I think WW3 is on the horizon. Iraq and Ukraine simultaneously in a battle that is now fought in a media blackout, this has seen the markets freeze with Oil at $106 a barrel. If you were a serious investor you would be preparing to move to cash and Real assets as well as Gold but judging by the falling Gold prices I can assume that people I buying physical as it falls. I personally will be putting some cash into physical bullion. The markets are not acting normal.
