I’d say we’re rather have removing floating supply from these levels, it’s tricky, not easily to spot, i bet we’ll have another monthly test, so looks like SM on april 3th already knew it…
Well it quite obviously is for some of you yeah.
Petefader asked for opinions. I gave mine.
The fact you or any other of his followers don’t agree is irrelevant.
If all he receives is brown nosing then it’s pointless asking in the first place isn’t it.
Fact remains, if newcomers to trading and/or volume witness conflicting & confusing views from supposedly experienced practitioners they’ll steer away from the material & won’t be inclined to contribute.
Bang on there Mike I reckon, I’m long now at 1.3207, and it’s looking quite bullish, read the chart, pick good entry points, if it’s not going right then come out, but most of all when you see wide spread bars followed by wide spread bars with no wicks, just hang on in there, I worry less about entries than I used to, since I just stay in trades that go far.
EDIT: Well maybe I concentrate more on the actual entry, but think less about what the potential of the trade is, and get my exits right when in winning trades, it’s always a compromise and a balance, but I find that the less you think about what is going to happen and concentrate more on what is happening, the more profit I make.
LOL, I can’t control what others say, but I am 100 percent consistent. The point I made is consistent with the method I teach. If you are looking to learn it, I would listen to me, the guy to put it together. (no offence PPFX lol) If others want to share an opinion, that’s fine though. It can be a good discussion.
Also, as opposed to indicators, we are talking about actually reading the real time supply and demand fluctuations. Actually reading the market itself. Sometimes there is a lack of consensus in the market, and in turn in our analysis…but we both may be representing the actions of smart money in our views. Again though, in the end I think I’m very clear cut about the method of analysis and entry.
[QUOTE=stop runner;344427]Well it quite obviously is for some of you yeah.
Petefader asked for opinions. I gave mine.
The fact you or any other of his followers don’t agree is irrelevant.
If all he receives is brown nosing then it’s pointless asking in the first place isn’t it.
I do respect your view. I have taken a lot of training through trade guider and other programs as well. I am profitable with this method of trading. Like anything there is always going to be some difference of opinions. If you have traded for any lengh of time you would know that trading is anything but clear cut. It’s the job of the newbies to study the way the people on this thread trade and see if it’s for them. All the best,
Mike
It’s important to understand why I put the view across, trading will always have elements of subjectivity, the important thing is to understand why someone is holding that view, be it correct or not.
Hey Stoprunner,
I think it is also important to realise that even though people follow the same principals and methodology, our own personal instinct etc does create times where one person would trade and another wouldn’t. Even when you are fully conversant with Pete’s methodology, you will end up with your own slant to it at some point.
Pete trades naked charts with volume only.
I use Pete’s methodology (which I am still learning every day) along with PPF’s NS/ND indicator
PPF has moved a little aside as well with his own research and aims
Everyone will end up being a bit different. Being different will also mean that some will trade where others don’t
Mikeytrader also had a good point. You could be looking for a short term scalp using VSA, or looking for longer term trades.
Who was wrong between PPF and Petefader? neither really. PPF got a nice scalp trade, where Petefafer was looking longer term and saw that there was still buying in there.
Both guys were right in the end, both happy trading the way they trade, both profitable, and both good people to talk with.
Tassie
And if anyone’s is looking for certainty, Forex is not the place to go!
I still don’t see the long possibility in the 1hr, I keep seeing a short opportunity… can someone clarify what to look for in today’s EU chart?
Since we do not see climactic high volume at the highest prices on the 1hr and/or 5min we should expect the up move to continue. A text book entry for me is to have a pullback (down move) that hit’s stopping volume/demand. I have not seen that yet. From there I would use my usual entry method.
Me too! But it looks like the most eventful thing that’s happened in Forex today, is the discussion on this thread, well I’m off to do some pottering, Short at 216 B.E. , leave that to do what it will do.
Just dropped about 20 pips, might look for a reaction to go long.
I’m sorry but I don’t see it that way at all. You all have talked about high probability trading on here more than once.
I was under the assumption that the object was to trade with the stronger background & take your trades in that direction.
I saw Purplepatchforex reading the background incorrectly & shorting a rally when he really ought to have been considering the higher probability option of going long dips, as Petefader correctly identified.
That’s not taking an alternative view in my book, that’s a flawed technical background interpretation & trading a low probability option.
Since Monday afternoon has the eur/usd been making higher highs & higher lows on the 1 hour chart, or has it been making lower highs & lower lows? and over the past 2 weeks has it been trading off higher lows or lower highs?
Because if it’s the former, then leading into today’s price action alone, why would he be looking to trade short?
Yes, I see what you guys mean. I got confounded with the low-vol upthrust that pierced through last week’s high, seemed like a well orchestrated false break…
Thats an interesting volume indicator you have, could you share it. Also are you on the 5 minute time frame, Pete sugests the 15 minute for the hull MA. Cheers,
Mike
That’s exactly what I saw too.
This is very basic technical positioning. It’s the first thing you should be considering when looking to identify high probability bets.
Monday’s drop reacted off Friday’s lows & failed to close below.
Every close since then has been higher than the prior day’s.
The current low is [B]today’s London open[/B] @ 1.3184.
In order to even begin thinking about a very short term bearish view surely price has to trade through that level.
It’s trading into the London fix, a notoriously volatile window of the trading day.
And most of the corresponding posts this afternoon (or morning dependant on where you’re sat) clearly emphasize why this thread would appear confusing & contradictory to a newcomer considering further study into VSA.
This thread shows much about sheepish mentality sometimes, there where a host of short calls, as soon as pete said he was looking long, everyone agreed and started looking for longs lol. In that time you missed your short… anyways have your own mind people, trust yourself.
There you go again promoting your silly-ass simplistic common-sense approach to trading, shame on you! :58:
It is still classic VSA expecting the current EU price to get to 1.31700-1.31541 area. That is the 50-61.8 fib level from mondays low to todays high. You can use that to your advantage and take the short down to that fib, given the right entries etc. I believe that is what PPF is looking at. Half an hour scalp is different to taking a longer term trade (hours). Also, we just created a new low. I think PPF has done well and he may take his profits to the fib level, where I am sure Pete is also happy to see the reaction at that fib level and get a nice long maybe from there.
Remember, as he said a few posts ago. Pete has been consistent in his method etc right through. It is anybody’s perogitive to make changes to suit themselves. Hard to say PPF is wrong when pips in the bank say otherwise. He has been at it long enough for it not to be a fluke or once off. More than one way to skin the cat.