Could be a good old fashioned double top and short?
That was my guess in the morning, saw some setups but didnāt take it due to the lack of upward volume. Hating myself now. Only made like 20 pips after I shorted the first upthrust. But didnāt trust a short.
The sentiment is bullishā¦ I think the SM used this news to get better prices for longs. Thatās what Pete said I guessā¦
I didnāt see any reason to short today. From my viewā¦things were slow, then Bernake testified and eu drops but was bought into. SM gearing up for more up movesā¦Iām looking for that opportunity very soon to buy and hold. Maybe Aisa, Maybe tomorrow etc.
Read through this thread twice, first time posting. Donāt trade solely VSA but attempting to add it to my bag of tricks.
Thanks Petefader and PurplePatch for all the effort in this thread and the previous one.
Iām currently eyeing climactic stopping volume on the USD/CAD 1 hour.
nice no demand, looking rather to buy on dips, for 1.38 target
I wouldnāt be confident going for longs just yet.
im just curious whether they manage to make a weekly test, if not, i see next week sub 1.32, then, reaction
Just to follow upā¦I did enter long on A/U at 00:55 GMT, NS. Took some profit and locked BE. Letting 2/3 run.
I got a morning long run for 30 pips in GU
A/U long running nicely. Took off a bit more profit here at the 1hr fib zone, 40 pips, and holding the rest at BE for a run up to the 1.0840 area (draw the grey box on 1hr to see why.) Iāve been lazy with posting chartsā¦will next week.
Pete: Could you talk a bit about how you decide how much to take off at key areas? i.e. what makes you take off 1/3rd instead of half or close out the whole lot? Thanks a lot.
Have you got your entries sorted first of all? you really need to focus on getting your entries right first, itās very important with forex to try and concentrate on getting one aspect sorted first before moving onto the next, and also exits and profit taking comes quite easy once youāve got your entries bang on.
I have my entries down, but Iām curious as to how you decide whether to take half off or 1/3rd off (or some other variation) when you reach target areas and see supply appearing. When I start to see potential supply coming in, I just take half off, then if I see confirmation on the following bar(s) I take the rest off, else leave it to run higher, then take half off again at next sign of supply and look again for confirmation to take the rest off or let it run.
There is no stopping volume for me. What I see from this chart, the first arrow shows a strong bearish dowm move with high volume and BEARISH continuation. The second is a pin bar but the volume is lower than the previous one. After these, there is no stopping volume. I would like to see a volume at least 70% of that bearish volume marked with the first arrow to go longs. This is my view, keen to hear new ideas.
Cheers
we have close below test bar, on daily its rather bearish, still waiting 4 stopping vol, may see 1.29 area
I do not understand this chart analysis. Could you explain in more detail please?
Cheers
True Pandras82,
The thread deals mostly with finding what stage we are in with the 1hr chart and making our vsa entries with the 5min. I am not sure of the relevance of a daily chart as far as this thread goes???
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Yes, but the 5min did show demand today. I see the highest volume resulting in up moves. I wouldnāt mind a test of the high area showing supply coming in on both TFsā¦maybe a short then.