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Good one UpcomerFX, took about the same one, out already with good profit on the wide spread up bar.
Going to be prudent now. I see Eur is starting to become nervous as it approaches the possible turning point between 1.33 and 1.34. That’s when supply overcame demand last time, and looks like today some supply is starting to get in the picture.
On top of this, I’m going to the countryside for 5 weeks this Saturday. No internet there, so won’t trade. I will have a lot of time to read/post from my mobile devices though, while on the train to reach my office (no, it’s not a vacation for me, just for my family).
I moved my stop to break even before I left luckily, price hit the monthly pivot and reversed. I was telling myself to place my TP at the pivot but decided not too. Wish I could place different exit orders on the same trade in MT4.
Hi. Thanks peterfader for working with everyone here. Nice to see how supportive and patient you are answering questions.
I’ve watched maybe 10-12 of your videos. Still reading the thread but I have a question about reading material. What should I read?
I got Tradeguider VSA Trade Setup Sequences. Anything else?
Yeah I’ve been anxious to find all I can on VSA as well, not a lot of reliable sources out there. Just those live charts waiting to be analyzed and traded.
The Tradeguider VSA Trade Setup Sequences is actually pretty thorough. Describes dozens of significant VSA bar/volume relationships, including combinations of several of these bars, the rationale behind the signal, what the underlying volume relationship is. Not many screen shots but the student (me in this case) would do we to look at charts to find the examples.
Useful reading material would be Master the Markets - however, I assume you possibly have that since you have the other Tradeguider book.
Another must read is from this link hankpruden.com
It is a heavy read, but very relevant.
I’d also recommend something like Mark Douglas’ Trading in the Zone or one of Alexander Elders books such as Trading for a Living and Come into my trading Room. They are more for your psychological trading edge.
Apart from that and Pete’s youtube vids and lessons within his threads here, you just need time, discipline and patience 
[QUOTE=“Tassiefx;514018”]Useful reading material would be Master the Markets - however, I assume you possibly have that since you have the other Tradeguider book.
Another must read is from this link http://www.hankpruden.com/MTWyckoffSchematics.pdf
It is a heavy read, but very relevant.
I’d also recommend something like Mark Douglas’ Trading in the Zone or one of Alexander Elders books such as Trading for a Living and Come into my trading Room. They are more for your psychological trading edge.
Apart from that and Pete’s youtube vids and lessons within his threads here, you just need time, discipline and patience :)[/QUOTE]
Thanks for this. I’ve read a lot of mark Douglas. Heavy but relevant is perfect. I’ve been using the probability of hitting the daily pivot point (65-80% depending on the currency) as a daily bias but am trying to better anticipate proper entry location and likelihood of pivot run using VSA. Thanks again for the help.
What a coincidence, I recently stumbled upon that article today. Taking notes as we speak.
Does it seem that SmartMoney is accumulating longs at this point? The Cable broke lower this morning before the Fiber so I shorted the euro for about 30 pips or so. But it seems like on the five minute chart I keep seeing the long wide range bars with stopping volume as we descend. It makes me think that perhaps the smart money wants to get long this week.
On my phone so I can’t post a pic.
For an excellent introduction to the subject of Wyckoff Schematics see “The
Anatomy of a Trading Range” by Jim Forte CMT, Market Technicians’Association
Journal, Issue, 19 1994).
PDF]
Forte - Anatomy of a Trading Range.pdf - InformedTrades
Just got the enormous volume on a five minute pin bar. I think we’ve just formed the bottom wick on an up weekly candle.
I use supply and demand in my trading, which Eur pair are you talking about. I would also check hourly and daily.
[QUOTE=“Pingback;514345”] I use supply and demand in my trading, which Eur pair are you talking about. I would also check hourly and daily.[/QUOTE]
Fiber. On my swissquote chart the vol is huge but the Alpari chart isn’t as conclusive. The 1hr shows a pin with high vol but a green candle with higher vol. Were at the weekly pivot and this is a great place to launch from. Not ironclad but enough to give me a long bias this week.
What do you guys think of this chart analysis of EJ?
From the weekly, it appears to me to be accumulation. We had a massive markup that hit a support but was eventually broken. It acted as resistance soon after forming Pete’s break/test setup. Price began to fall again as it hit new resistance, breaking the old support but reversing on huge amounts of volume, forming a potential “Wyckoff Spring.” As price moved higher again, volume decreased noticeably indicating there has to be more demand than volume as of right now.
From the daily, however, I see something slightly different. According to Wyckoff’s methods, time plays factor in analyzing accumulation vs. distribution. It seems that the down moves have been rapid while the up moves have been more nonchalant. Doesn’t that mean smart money is dumping the shorts at a faster rate? If they were positioning long, shouldn’t the Up moves be more rapid?
I know the Yen has a lot of heavy fundamental information surrounding it. I was just hoping to begin to wrap my head around analyzing charts for accum. vs. distrib.
I’m just starting to jump into VSA and PA, so I still have a lot to learn, but have been working my way through these threads and am finding them very helpful. I’m also watching Pete’s videos, so thanks Pete, they have been a huge help so far.
I’m trying to look at some charts to try and practice what I’ve learned so far. What do you guys think, could this be the beginning of distribution on EURAUD?
As I got this post put together, I now see that there is a potential markup occurring, so I’ll have to watch to see if it fails, could be whatever the opposite of springboard is (I forget the name Pete called it).
Any thoughts are much appreciated.
[QUOTE=“UpcomerFX;514788”]What do you guys think of this chart analysis of EJ?
From the weekly, it appears to me to be accumulation. We had a massive markup that hit a support but was eventually broken. It acted as resistance soon after forming Pete’s break/test setup. Price began to fall again as it hit new resistance, breaking the old support but reversing on huge amounts of volume, forming a potential “Wyckoff Spring.” As price moved higher again, volume decreased noticeably indicating there has to be more demand than volume as of right now.
<img src=“301 Moved Permanently”/>
From the daily, however, I see something slightly different. According to Wyckoff’s methods, time plays factor in analyzing accumulation vs. distribution. It seems that the down moves have been rapid while the up moves have been more nonchalant. Doesn’t that mean smart money is dumping the shorts at a faster rate? If they were positioning long, shouldn’t the Up moves be more rapid?
<img src=“301 Moved Permanently”/>
I know the Yen has a lot of heavy fundamental information surrounding it. I was just hoping to begin to wrap my head around analyzing charts for accum. vs. distrib.[/QUOTE]
The usdjpy has hit a major support. I’m also seeing repeated high stopping vol. This AM shows a big spike up. Commercial bankers will buy many times on the way down to eat up supply and then turn the market at a key s/r, taking profits along the way. I’m not an expert at VSA but I see signs of strength.
Is Peter looking for intraday 30 pip moves or for larger 2-3 day moves as in trying get the weeks range? It seems I’ve only seen him do the smaller trades intraday.
Also, about how many trades are signaled this way? 1 or 2 per session? Less?
Looks as though the markup was just confirmed, so it was re-accumulation and not distribution.
An easy way to look at it irvinfitness is to look at the highs and lows of an area that you think is distributing/accumulating. Where is the volume? High volume at the lows and low volume at the highs indicate accumulation. High volume at the highs and low volume at the lows indicates distribution.
The graph you showed above did not really look like either to me. Simple way to look at it (I like simple and not over-analysing too much) is that is was still experiencing higher highs and higher lows with each pullback, so it was still marking up. A distribution/accumulation will trade generally in much more of a horizontal channel. Not always, but ideally, it will trade sideways.
Have a look at hankpruden.com It will be a great help for you