Targets are roughly 1.2780 and 1.2850. Now that it’s getting in to the 5min fib zone of the last down move I’ll look to lock BE at signs of supply…and just try to let it ride. If I don’t see increased supply coming in at higher prices, I won’t lock BE to soon, just try to stay in it. The first reaccumulation entry during markup is normally a large size trade…no scalp here. The size of the initial move up often repeats starting from the low of the reaccumulation.
Watch out for the fib zone marked on the chart which Pete posted.
UPDATE:
I usually don’t hold any trades after 5PM - GMT, but since the price was supported at pravious H1 fib (1.2727) I may let this one open over night. Right now I’m losing 4 pips on this deal. :13:
low volume testing I think
Hi Fella’s
I’ve been thinking ,well actually my wife has been doing the thinking for me, it seems that staying up late and watching the markets isn’t good for my well being.So I need to follow a currency pair which fits within my commitments.Would I be right in thinking that day trading the aus/jpy during the Asian session would be my best bet? If it is, would I have to make any changes to the principals of VSA as taught here ? I know that this thread is mainly for eur/usd but would it be alright if I posted charts of aus/jpy to help with my development as a fx trader?
That’s the pair I would chose if I only traded Aisa and was looking for quick pips. If you are trading based on the 1hr, you can trade other pairs in anticipation of a move once in the London/US kicks in.
Of course the same setups apply, but some adaptation is needed and lots of patience lol. Many days it’s simply a flat session. Definitely, post your analysis and we’ll take a look.
…and yes, I’m still holding this trade.
…
Only first target but I couldn’t resist lol.
Hi Pete,
This is the first time that I have put my anaylst up for general scrutinizing,a bit scary .
I think that we currently are looking at an retacement in a uptrend(on the 1hr AUD/JPY chart.)We had a break of the up trend channel which lead to a higher high,then we seen a buying climax on increased volume with bearish confirmation(sm selling)and then a pullback to the 50% line of the trend channel, which has just been broken as I type this (probably reaccumulation). Waiting to see if it pulls back as far as the 50 fib / lower trend channel line .Looking for an increase in volume(stopping volume)with bullish confirmation to resume the up trend,will look for N.S if this happens
Does this make sense?
Pete, I’m interested in following up on your reply, re "trading based on the 1hr "could you elaborate please.
Yes, your analysis makes sense as I read it but the volume doesn’t support it. You are saying this is reaccumulation at fib, but that must start with stopping volume. The volume reaction at fib is not high. Compare it to the the buy climax amount. Now comparing those two, where do you think SM is positioned? Short. The overall picture may be an up trend as you say, friday did show a ton of buying to support it, but as of now supply has reversed it and demand hasn’t shown up yet.
You are close, just remember the importance of stopping/climax volume to guide you.
Hi pete,
Thanks for your reply,just a couple of questions
1/Does stopping volume has to be about the same size as buying climax volume no matter which session your looking at (Asian,London,NY)?
2/Would you start looking for ND’s on the 5min chart as soon as you had a bearish confirmation to the buying climax on the 1hr chart?
what phase are we on now? mark up?
Ranging !
Noticed demand coming in on the 1hr T/F EUR/USD. Waited for No Supply on the 5 Min and went long.
In and out for a few pips.
The first chart is 5 minute and didn’t seem to give clear entry or exits. The second chart is 15 minutes and entries and exits were more obvious. I guess I need to run more then one chart. What do you think.
This is the 15 minute chart, will post the 5 minute.
tnks man purplepatchforex.
Hey Fabulono1,
I believe we are still in a markup phase. Have a look at your 1hr chart.
Zoomed out a bit, we can see the high on 3rd Jan. I drew a fib chart and marked the 50-61.8 Fib.
13th Jan saw the climactic volume stopping the markdown, and since, we have been on a steady markup.
We have not seen climactic volume again, so I’d consider markup still. I am guessing that the price will hit the 50-61.8 Fib level and possibly retrace. I placed a trade about an hour ago after a mini climax on the 5 min and reversal back to the prevailing trend. Got a NS and confirmation and no drawdown since.
Here is the 1hr since Jan 3
And a closer look at the 1hr
And the 5 minute entry
[QUOTE=steveleg;313386]Noticed demand coming in on the 1hr T/F EUR/USD. Waited for No Supply on the 5 Min and went long.
In and out for a few pips.
I took the exact same one Steve. Still in though. Currently 38 pips up 
Going to wait and see the reaction at 1.28016.
Oh, just go there. Better concentrate on that now
Closed out on the high volume @ 30 pips. Lost 8 from before, but 30 is good for me News of highest unemployment since '96 in the UK. I’ll wait for it to settle and reassess.
Hapy to get a good trade though