Looking at my charts between TSII and MT4, both through FXCM, and the volume is considerably different between the two. Both shots taken on EURUSD 1h, current price back to 18 January. What am I to make of this? Screenshots below
I took one look at FXCM MT4 around when it first came out, and I saw the volume bars REPAINTING! I donât know if that still goes on but itâs no good. Iâve never seen that anywhere else.
Fx4mt, if I understand your issue correctly, you are having trouble adjusting to using MT4 and so you are trying to âmake dueâ with your current trading platform. I believe the best way in the long run is to stop spending your time trying to investigate why different FXCM platforms provide different volume data - instead just start using MT4 charting with IBFX - execute on whichever platform you choose.
Firstly it is time better used learning the VSA method by going through this thread.
Secondly when you begin reviewing historical examples provided on this thread you will get further confused trying to match an uploaded pic of a setup on an MT4 platform to your own platform - you might not see the same thing.
Finally MT4 is simply a better charting platform and IBFX volume data has proven to be reliable.
Just nudging you in the right direction where your resources are better used; donât forget all great traders started as some point!
- As a side note to your original question as to why different FXCM platforms have different volume data, FXCM employs two execution models simultaneously, namely STP and Order desk. The two models generate different tick data.
When you sign up with FXCM you can opt to go through the order desk which theoretically gives you better prices, but is not suited for scalping strategies. If the system detects you are generating many trade orders it automatically routes your orders to STP, which can handle large trade order loads. Naturally the two systems generate different tick volume data. This is probably why you see a difference in tick volume from the same data provider.
As you are probably aware by now we had huge volume hit the market today at approximately 1330 GMT; particularly affected were the Yen pairs.
As you can see we have huge volatility, unclear VSA picture and of course large spreads. In times like this were you are not sure what is going on, there is nothing wrong with refraining from trading and maintaining your equity for when the markets return to more trade friendly state.
I also forgot to mention FOMC today and NFP Friday. If you see weird or uncharacteristic behavior in the market for the rest of the week, now you have a reason.
Trade carefully, cut position sizes, widen stops or just donât trade!
So far no trade for me today. Looks like the best setup was the G/U long around London open (I wasnât around). 1hr stopping vol, 5 min stopping vol, NS. Text book. :22:
I looked at this, the G/U setups. One thing I noticed, is the low volume. Thereâs a high chance for a text book setup not to work. The G/U is much more manipulatable than the the E/U b/c of the low volume. I dont trust the G/U.
I am not sure I follow what you are saying. The setup Pete noted is certainly solid from a VSA point of view, and with the benefit of hindsight we see it played out well. Hence it is indeed a âtextbookâ setup. A textbook setup as Pete is referring to it is one with a high probability of a successful outcome.
It is possible that either I misunderstand what you are saying, you misunderstood what Pete meant, you looked at the wrong day or your analysis is simply wrong.
Iâm simply refering to the low volume of G/U as a whole, and because of the low volume I wouldnt feel comfortable placing a trade
Generally speaking I only trade EU during the LO or the NYO; however here is an interesting VSA setup with confluence:
4 Hr Chart: 50% Fib retracement, which coincides with both a previous resistance level (now turned support) and a Big-Fig, being 1.3500.
5 Min Chart:
Large volume for the time of day coming in as 1.3500 is tested, followed by a bullish reaction. A retest of the 1.3500 is met with high volume again, beyond what is usual for this TOD.
Your entry method can be a zone 1 ( before push) ND, push through AR, or zone 2 ( after push and AR test) ND; of course with an appropriate S/L. Targets could be determined using measured move (Iâll let you do that) or fib. extensions.
Still waiting for the push at the upper highlighted area. At this point we see price drop through the 1.3500 area but on high volume - meaning setup is still worth continued monitoring.
4th of Feb, GU
- SOW, stopping vol
- Price moves to resistance level on increased vol and pushes through.
The following low vol test of this level from below - is an entry point (ND is marked with red down-arrows on 5 Min TF) - First target - next significant demand zone (resistant level), if PA wonât show ultra high vol in this area - then
- Next target is at resistant level which was set earlier on 28th of Jan and later held on the Jan 31st
Distance between 2 and 4 is 51 demo-pips
p.s. pink and blue zones indicate London and NY Sessions, numbers next to these zones - size of PA in pips
please critique
mmmahdi,
Keep up the work. Your posts are not going unnoticed and are appreciated.
Can I ask what that green line (looks like an MA) is in your volume indicator?
The setup I posted above did not materialize while I was watching the charts - the push I was anticipating did not occur. However looking at the pic attached below, you can see 5 min down candles bringing in heavy volume, resulting in a bullish reaction. This is a clue that the down move is being heavily bought into. This continued until early LO when the setup finally materialized - I was asleep by then.
Fortunately their will always be another day, another setup and another chance 
Thank you erinsunc - I try to pass on no BS insight and information. I remember how difficult it was sometimes as a new trader to separate the âWheat from the chaffâ sort to speak.
The indicator you are asking about is a MA of the actual volume at [I]that particular time of day[/I], for the [I]past x number of days[/I]. It is mostly useful on the lower TFâs. I find it helpful at times, though I certainly do not depend on it for my trading decisions.
If youâd like I can share the ex4 file, though I am not sure if BP allows sharing of skype, email, etc. info for me to send it to you.
Using simple tools to anticipate possible setups time & price - in this case during tomorrowâs NYO at price levels specified, is where I will search for a setup on the loonie.
For some reason my last post is showing up blank, I donât see the video. Could be due to any number of reasons. Hereâs the link to the video in case itâs not showing up for you either. Trade Diary 13 - YouTube
âŚit must be the 13 :16:
Thanks Pete, I enjoyed the video. The original post did actually work for me.
Tave