Hey guys, I hope you are all ready for the new week!
Pete, I have a question for you. In one of your videos you were talking about setting TP to fill your R:R. Did I get it right? I know you close trades once you see some high volume reaction to fib zone and you like to close half and cancel out your risk. But what about your R:R? Is it some kind of rigid number? Like 2:1?
Thanks for any answer. I appreciate that.
Iād like to know what you all think about the last two bars with ultra high volume:
Is this sign of strength or weakness?
h!!p://img269.imageshack.us/img269/7935/candidatexx.png
Such high volume out of the ordinary indicates strength i.e. bullish (as opposed to strength in the down move), but you need to wait for a bullish setup to go long.
Right Ok, I want to double check Iāve got this NS bar thing 100% clear now, and the graphic (if correct) will serve as a handy checklist for newbies.
Purplepatch, the NS bar should close near the high, therefore it can have a little pin on the bottom. It doesnt have to have both pins. Otherwise it is correct but dont forget to note that if any bar closes BELOW the low of the NS the NS is canceled and canāt be used as a confirmation for an entry.
ND is the exact opposite.
Looking for longs
Confirmed by the 5 min, looks like the beginning of Accumulation phase.
But if the NS bar must be bearish, and it closes nearer the high, doesnāt that dictate that it canāt have a little pin, i.e. the lower pin must be longer than the top pin?
Like this:-??
Thanks SagicZ
Looking at DannyKās chart, the 3rd candle from the end would be an NS if it had a wick at the top?
Iād be wary about looking for longs when EZ markets are down -2% to -2.5%, US Futures are off -1.5%, oil is down 2% and risk is generally off. Might work out but youāre setting yourself up to go in a direction thatās facing a lot of headwinds currently. There is some demand showing up here but fading a pop to 1.35 would probably be a less risky trade. Youād almost certainly get the kind of ND short entry at 1.35 that youād be looking for given the current market conditions.
Here goes, looked at the videos again (for the nth time), you just keep picking up something new, or more likely remembering stuff you forget!
But I think Iām concluded now?
Looking at it now, I see it weak on 1hr, there may well be too little volume for it to be stopping volume, wait and see, itāll probably consolidate within quite a small range for another hour or 2.
Weāll see how this works out. If I find a good entry Iāll probably take it, depending on the market conditions at that point.
Idk purple, I believe the video Pete made is pretty clear but you keep missing something? The candle on Dannyās chart you talked about wouldnāt be a NS in my game because the wick is just too big. Do you know what I mean? I would call it a low volume test or something like that. I donāt want to continue discussing this topic because I am afraid it would clutter the thread too much. Maybe we could wait for Pete to decide :). I would still recommend the newbies to watch Peteās videos. They are golden.
Well by looking at the reaction at the bigger 50 fib, there wasnāt much reaction. When price started to fall you see very high volume at the 61.8 fib, price did continue to drop but volume picked up at support where price has been ranging. That way I canāt see myself looking for a short. But if you can enlighten me with something I might not see, please do so 
hey people i have a question , can a doji candle be considered as a NS/ND candle?
yes , if volume is lower tyhan previoce two.
Nice. Iām just getting on now. Maybe Iāll get an entry before itās gets late.
lol, perfect NS right before it took off. Like I said in the video, you can wait for the close to confirm or have price pass the NS highā¦means the difference in this case between catching the trade or not. Iāll post a chart unless someone beats me to it. Gotta love it. 
I was gonna wait for the close but price skyrocketed so no entry for me. Did you enter on the break of NS high?
The NS was thereā¦ the background was thereā¦ But I didnāt catch this one :(. It wasnāt after a reaction in the fib zone or any other of my entry strategies. So idkā¦ Iām really sad I didnāt catch it. I knew the market was strong today butā¦ umgā¦
Could anyone provide some reasoning behind taking this trade? Why didnāt you enter on those other NSās earlier today?
