can i ask something please? why do you always put your quote after your reply in your messages?? i find it really weird lel.
Also, i too would like to have a copy of dat dere PDF you dunn conjured up. I fear i too will be unable to PM you but i shall try.
Also, did anyone predict dat dere JPY drop lol, **** me i had it marked on my UJ chart since last night! i could see the buying in the down moves as clear as day yesterday, i made a note on my charts that i bet it was gonna go up very soon! and look what happened! sods law i decided to start trading next Monday! and not this Friday! UGGH!
Also; are we all in agreement that we are going to be using FXDD as our volume feed source? or are people going their separate ways?
Cheers chaps, in advance.
EDIT: just watched Pete’s latest vid; seems as though FXDD is playing up a bit eh? whats the consensus round here on a good feed? I’m with Alpari UK and their volume feed looks decent enough…
Hey Pipdaddy thanks for the reply. I think most of the websites for stocks would be the same, if not all of them. Considering stocks are all traded on central exchanges, all the volume data is recorded and distributed from one source. Plus stocks are a lot more regulated. Forex is just the opposite. Decentralized exchanges, true volume is almost impossible to track. With that being said, I’ve never actually taken the time to do any comparisons for stocks. There really shouldn’t be any difference. I’ve always used stockcharts.com and finviz.com. Both have worked quite well for my purposes. And finviz has a really nice screener thats also free. Hope this answers your question.
Pete uses light green and dark green bars ,the dark green bar simply means its lower volume than the preceding bar,and light green means higher than the preceding bar, hope this helps.
To your first question, technically the answer is to wait 15-ish mins after news to look to enter, and not right before. Do I always do that? No. There will be rare times that a setup looks so good, AKA High probability, that I’ll enter 15-30 mins before news…but I would keep my risk low and look to add after things settle unless something changes to worsen the setup.
As we most often see, the “Background” usually does play out for us on news, so the danger is really in that few minutes of spiking PA. It can hit your stop, then go turn etc…
So the answer is don’t do it, but if it’s a A++ setup, you might want to put a small position on rather than having nothing.
Second question. If you’re doing well on Friday’s, great. Be careful on non-farm news Friday’s and also keep in mind that there is more exiting of positions than other days, which can have patterns breakdown and create a bit of random noise.
For example, I wouldn’t go long on a down trend/climactic volume setup during Friday NY. Again, it’s more profit taking than actually looking to accumulate/markup and change phase late on a friday. I also just like mentally having only 3 days a week thinking about charts, call me spoiled LOL. I’m looking for quality over quantity anyway. Good questions. Keep up the good work young Padawan.
Well, I figured you were a troll but you asked a regular question so…
FXDD Volume looked like dog **** this past week. A past student of mine emailed me explaining that their price feed changed most likely due to changes within the company that happened over the past couple weeks. I will do more testing on others and let you guys know what I end up going with.
u wot m8? i aint no troll… well to be fair i do my fair share of trolling on the net… i guess it shows up even when im not trolling. You’ll have to bear with my style of writing unfortunately forgive me…
Alpari UK seems ok, they get the extremes; the highs and lows right, but they arent so good in ND/NS i have found, well when FXDD was good, Alpari hardly matched on the ND/NS’s. But the stopping volumes and climaxes were generally in the right place.
Dunno where to go from here, i will be trading tomorrow from the afternoon, i know you do not. Probably use a hybrid FXDD and Alpari feed to judge the volume, will see how it goes.
welp… missed a nice NS entry following sustained buying on UJ/EJ from earlier in the London session today… nothing else much seems to be going on today.
I then dropped down to the 4H and highlighted a potential fib retracement which had confluence with the Big round Number of 1.6000. I marked this area between 1.6000 and the 50 fib retracement.
Once price closed within this area on the hourly I dropped to the 5min to look for signs of weakness and as you will see from the yellow circle we had a Gap up on the highest volume of the day at that moment, followed by a strong bearish reaction which closes lower than the previous candle.
I stayed patient and waited until I got a clear ND in a good area.
Price started ranging but around 2pm GMT price pushed through the lower demand and closed below. There was a lovely ND at 2.10pm GMT with entry on the very next bar which closed below.
Demand entered the market at 3pm GMT with a spring on very high volume but the following few candles where both bearish.
Hi, this is funny because looking at the same charts i was looking to go long!
Last few trading days seems like there is some decent buying into the down moves so i was reluctant looking to go short even though we are in a downtrend. No valid Long setup came for me unfortunately.
which broker are your charts from? i have no gap up on either Alpari or FXDD, just a large bullish candle.
I would have to agree. I see potential buying into the down moves as well. I’m kinda thinking GU will head up before it heads down. Guess we will habe to wait and see
I’m on vacation at Disney with the family this week but just happened to notice a NS formed on the YM yesterday. For anyone interested in Petes method on the futures this may be another good time to look to get long. That is, once the NS is confirmed.
