Oh yes, a good way to get in on the shorts still, is to draw some channel lines and enter on the ND confirmations near the top channel lines. Should hopefully provide some good entries until charts confirm a reversal.
I agree with you Tassie. If Iâm not mistaken you are with Go Markets. They are now offering auto chartist which I will begin using at market open tonight. It works independantly of your computer and doesnât use resources. Basically it can search for chart patterns in the pairs you choose in different time frames. This is just an added â edge â I hope to get in the markets. Cheers,
Mike
Hey Mikey. That is correct. I am using GoMarkets, and chart on IBFX for more reliable volume activity - and to be in synch with others I trade with.
Am actually thinking about going to the GoMarkets Pro Account now. Spread of 1 pip on average, with a $3.50 commission per $100k. As the account builds, the extra to my account will grow, especially with that extra pips saving each time as well.
Iâv seen that Pro Account they offer, but havenât talked to them about it. Have you spoken to them about it or tried the auto chartist they offer. If you want we can switch to the chat room, much better I think.
EU moved up more than 50 pips on no volume since trade opened after weekend
what fueled that move ?
- no floating supply left ?
- major sellers are having day off for Memorial day ?
what are mechanics behind that ? could we apply VSA method to trade that ?
does it somehow confirm that up move is due soon ?
My platform hasnât started yet ( market not open ). I think it starts 6 pm est ( 1 hour from now ). Are you refering to now and if so which broker are you using.
I use Oanda (they offer both MT4 and Java platforms)
I use this web service to check Forex sessions shown in my local time, and it says that
The Forex market is open
even though it shows that all main markets are still closedâŠ
Howâs that even possible ? Who moves prices then ? Who processes orders ?
Not all the banks close over the weekend which is what can cause gaps in the market when it opens at 6 est. Quite often, but not always these gaps close quickly. Did you say it ( EU ) went up 50 pips ( please let me know ). This might be an opportunity to short at my open, but you must confirm that it starts moving that way. Itâs risky but could pay off.
I did attach chart with that move (more than 50 pips), im not sure about shorting that though
I suspect there is big move is due and its up⊠i believe most supply have been already bought âŠ
But then again, im not an expert in charts reading - i will just wait and see
here are two 5M charts for you to compare
Oanda
IBFX
Isnât a gap up a sign of weekness? Not usually strengthâŠwait for stopping volume down and confirmation of an up move. If low volume is moving prices up that usually is SM not interested in higher prices. Be patient always wait for confirmation of no supply or no demand. But I could be wrong!
If SM are still expecting to accumulate more and arenât in the market yet (because itâs early hours) then if most supply have been already removed by their buy orders⊠does it mean that any demand (some companies are buying EU for business purposes or some âearly-bird-SMâ) could cause relatively big move on relatively small volume ?
If I were to guess I think they gapped it up over the weekend knowing almost everyone holding orders over the weekend were short and grabbed a lot of stops. I am short because that is the trend and gaps usually close. This is not a vsa trade and very risky.
so they (market makers) received new bunch of sale orders and they just moved price to SLosses level of those whos been short (causing liquidations, which in this case are buy) in order to meet prices together ?
by the way EU is still moving up to the next supply level
Most retail traders went who had trades open going into the weekend were short. Most had stops. When the market opened up 50 pips higher, the stops were taken out putting money in the SM pockets. So far this short is going against me, but hanging in as they may be trying to grab a few more stops before going down, I hope.
My charting package shows resistence at 1.2580 . If that holds this will turn out well, if it doesnât I new it was a high risk trade from the begining.
⊠if not - the ânext stopâ will be somewhere at ± 1.2660
which might give us potentially 30 - 40 pips trade (if âpush troughâ will go smoothly)
but based on vol - seems like nobody interested to move it up
i wonder - if we place our buy orders alltogether right now - will it move damn market to the up ride ? does anybody here has extra zillion to play that trick ?
Ranging for now, canât tell what there doing as the volume isnât giving any clues. The Greece thing got a bit better today and that caused the upmove in the EU. My charting package is showing the next resistence at 1.2619 . Long past my stop mind you.
Well that was like watching paint dry. Ended up taking six pips profit. Not getting rich on that one, but still up a few pips.
Price is entering previous supply zone and i dont see any resistance there
Somebody is pushing it through on low vol - if it goes above 1.2600 then im in if i see NS bar
although i dont sure if its good idea at all - to trade on such low volumes