It would probably be better if you where to explain your reasons for entry and what was your TP target.
It looks like to me you just entered on an ND but I could be wrong.
Looking left on the hourly I was thinking it was an accumulation phase for the last few days with a false breakout on Thurs.The highest volume of the day was looking to me like stopping volume and so I started to look for a NS.I did think it was maybe a touch aggressive but with it having ranged for so long it felt right. As it went on it did seem the bulls were coming in with High volume every time a push down was made, so that made it a bit more confident.
I might be wrong? What are you thoughts? Thanks
Btw I closed it off at 41 pips as this was much more than 1/1
Your welcome.That’s good to hear. Yes, let’s keep this thread going. I’ll reply as often as possible.
…I’m not that Pete Fader lol.
You didn’t post a 1hr chart so there is no context here. But the question your asking is basically…is this a proper way to pick the top and trade against a strong trending move? Nope. I often mention that the high probability top/bottom reversal trade show high volume at the extreme price. So in your case, high volume showing at the higher prices. Then looking for the ND is valid, considering your larger TF analysis lines up. You can see the volume at the highest prices was average.
Price can reverse anyway it chooses, but we are narrowing it down to the high probability situations.
…Wait a sec, I knew something was funny. You’re volume feed is wacky. I do have high volume on my charts at that point I’m referring to. Get a demo of IBFX and make sure it’s matching my charts. 
1hr Stopping Volume/5 min No Supply. Good, nice and simple. I can’t tell where you entered so you might want to mark it on the 5min. You can eventually work in the nuances of Automatic Rally/Auto Support, fib zone for areas of entry and targets etc.
That or we at least sit on a boat and drink beer all day
Sorry! It’s a little red tick about 32 candles from the right of the 5 min
Wow, So they are… Alpari is normally ok but I’ll watch out for that one. Thanks for pointing that out.
ALPARI
IBFX
oh I see it now. That’s a valid entry. From what you’ve said and shown so far you are getting it right.
Nice avatar Tave, the phrase “positive mental attitude” comes to mind lol.
Cheers Pete.
It’s feeling like the missing jigsaw piece for me.
lol thanks Pete, gotta keep positive in this game :). If you ever played Fallout 3 its the "Pip"boy, I’ve been using it as my gaming avatar for years but thought i’d bring it to babypips hehe.
Pip boy, I see what you did there lol. Call Of Duty, Halo and 2K Basketball is about all I play.
Im a BF3 & Tribes Ascend man myself I had COD on my xbox but my brother lost the disc on me just gave me back the case lol. Will be getting Starcraft’s addon next month though.
Fallouts cool if you dont mind in depth single player games.
Hi guys
I put this trade on earlier.Although not typical VSA ,there does seem to be some stopping volume and most of the volume seems to be bullish. Draghi speaks later so maybe SM will use that.This could be re-distribution rather than accumulation and it is a bit rangy but I’ve a feeling about it so I’ve traded it at half risk.
Cheers
I hope you don’t mind Pete I might post a few trades up from time to time if you have time to give me some feedback winners and losers.
Ok so I took a nice trade tonight, On USDCAD my target was the formation of a Double Top or the previous days high. I got in at the end of the asian session with a bunch of ND signals coming in. Price was getting rejected any time it tried to make new lows and with the ND I felt confident it would keep trending up. Also on the 1 hour there was higher volume but not huge at the bottom of the previous trend which I felt added to confluence. My only problem was that it was pushing through the 61.8 Fib from the previous days high and low but having ND signals made me feel more confident.
Would this be classed as a risky move Pete? I felt it may have been. Would you wait for the double top to form or aim for the double top? I guess just thought i’d ask how you would approach this one to minimize risk in the future.
Cheers,
Tave
There’s your E/U drop. I forecasted when and where on Sunday’s video. You’re welcome lol.
I’ll catch up on your posts asap.
Hi guys,
Just wanted to share with you a quick thought which may be useful to your trading.
As we all know we have a news filled week or two ahead of us; looking at the charts you can see the volatility effect it has on the market.
It has been mentioned many times by various people, [I]depending on the trading strategy you use[/I], to stay out of the market during said times. Sometimes less experienced traders find that advice difficult to follow; they are curious and get drawn in by the huge amount of pips they [I]could[/I] have banked. As a developing trader I did that many times and kicked myself afterwards for knowing going in was wrong yet still doing it. What I found helpful was understanding the why factor - why trading during news events was not a sustainable practice.
It has to do with the strategy you use, which is your edge. For VSA traders, this involves stalking regions where supply or demand is expected to show up; when it does show up, we search for VSA setups which make use of price action and Volume. Volume information is where VSA fails during news events (mind you sometimes ahead of news events stellar VSA setups can materialize).
During news events, tick volume (what we see in forex volume, also known as price updates) is not an accurate proxy for real volume. Think of the mechanics behind it - the system is attempting to match buyers to sellers, which can be scarce or priced far apart during a news event. The nearest buyer might be 20, 50, xx number of pips away from the closest seller. This shows up as fast, large moving bars. a 5 Minute bar may have a range 10-20 times its normal range. This of course can bring with it large tick volume, which would be unreliable as a means to determine whether accumulation or distribution occurred. [I]Price bounces up and down due to a lack of liquidity, as the system attempts to match the nearest buyer/seller.[/I]
This in essence is the weakness of VSA - during fundamental releases, the VSA situation can be unclear for sometime, leading an inexperienced trader to wrongfully conclude VSA analysis is not profitable. Used in the right environment, VSA is a stellar trading system. The market always returns to a “Normal” or VSA friendly or whatever you want to call it period.
Think of it this way; would you trade a breakout system during ranging price action? Or would you trade a range trading system during a strong trend? Both methods are in fact profitable, but during the right [I]trading environment[/I].
News events maybe can be traded using news trading strategies, but I am not familiar with them so I cannot attest to their effectiveness. However news cannot be effectively and consistently be traded using VSA. Don’t try to make a system work when its not supposed to - if you want to gamble your money away, just drive to the nearest casino, you will be happier and less frustrated.
Wait for a news free, calmer market and then using VSA, consistently deposit pips upon pips into your account.
Happy trading.
Keeping what I said in the post above in mind, it does look like EU is setting up for a move up.
Weekly we see that EU went above previous major resistance and retracing down to that level - resistance turns into support
On the daily we see a strong, sustained trend
On the 1 hr we see the highest volume of the week on a doji like candle, at 50-61.8 retrace from the range low, also
co-inciding with yesterdays high.
On the 5 Min we see high volume candles, no further down movement
Only thing I do not particularly like is today’s high during LO which led to the retrace; it did look like a proper VSA setup.