Yes could use that info…
Juicy bottom! :32:
Talking about EU ???
anyone ever play with those currency meters? for those that don’t know, not even sure what they are technically called but, they compare, for example, 8 specific currencies making for 28 unique pairs. by comparing ask and bid price movements it would show a display of relatively stronger and relatively weaker currencies.
I know you can just look at all 28 charts to see but if using this to sift through 28 pairs to find highly probable ones much faster. i could spend more timeusing VSA + AMT/MP and acutal trading. after all researching doesn’t put pips in the bank.
Q for pete: if we are all using volume as a gauge of institutional traders/investers/money shouldn’t we consider “market” volume not just specific pair volume? rather ,consider the sentiment of the market in reference to that specific currency than drill down to your beautiful technique on a specific highly probable pair?
if anyone is interested i could post the mt4 version of it.
Yeah, I really expected to be going short Thursday…breaking down out of the range on the daily. By the time I was trading that down move happened with stopping volume 1hr. All those high volume rejections off the lows say accumulation and the fake break is there too. NS/push through entry. Been sitting in it a while now lol, reminding myself it’s a good trade…come what may.
Interesting idea. Sure, post it and we’ll take a look.
Its looking very good now Pete!
it’s in it’s infancy. it’s an EA so it goes in the expert folder of your MT4 installation.
as of now it only monitors Ask price across 28 pairs using: USD, EUR, GBP, CHF, CAD, AUD, JPY, NZD
you don’t need to turn live trading on… unless you don’t like the frowny face.
right now I use it as a gauge judging over all buying of the respective currencies. it serves as a quick guide to find imbalances [vs looking at the 28 pairs individually] in buying. logic being: you login to MT4 take a look at this and quickly notice, for example, across all pairs the JPY is being bought at a high degree and the CHF is only being bought 20% as much you should sell CHF/JPY. open that chart and start analyzing via the peterfader method.
it would seem currencies that are being bought roughly the same across the board run flat for hours which makes perfect sense…
i would love to incorporate volume; still working on the logic though. please post results, usefulness, errors, suggestions, etc.
enjoy
Currency Scanner.zip (18.8 KB)
Joe,
I do not know if i am asking my question in a proper way or not
but the currency scanner EA , which timeframe strength does it show ( M5 or M15 or H1 or H4 or D1 etcc )
thanks for the post and indicator
hi, pete… sorry if my english so bad,
i want to ask u for the analysis of eur/usd for thursday and today… from that picture i thought it will show the accumulation with the highest stopping volume, but why after the price back for retest (the last one), it show redistribution … something wrong with my analysis ? 
thx for your concern
It’s a strong down trend, hit stopping volume and the bounce made it only to the previous support turned resistance. That was my first target due to that. Now, the new low says SM took a hit on those longs and without good stopping volume on the new low I would think bearish. They may try a run up to clear out those higher positioned longs…point is a new low without stopping vol is a bearish sign, look to sell retraces for now. Have to be flexible and read what they are doing, it’s not always trade by numbers, **** happens. Phases are a template…we need to read the variations as well.
honestly, it actively monitors ask (and eventually bid prices also volume). the timeframe doesn’t matter as it’s not an average over a period of time but an average over all the currencies. As a suggestion though i would use it to confirm intra-day movements. 1h and 5 min as per the method. as we know a “timeframe” is simply a summary of all the bid/ask prices over the course of a given period of time; so changing the timeframe should yeild no difference in visual results.
good news: trade on whatever [intraday] timeframe you prefer.
i think its nice when you are in a trade and are worried things are turning against you. it helps identify fake breakouts. 
found a video [by ICT] explaining the benefits of using a market scope when picking currency pairs to trade with. He specifically uses the dollar index which is a much more polished version of what i am/was trying to create. perhaps there is no real need for my ‘EA’ lol
here is the video: The London Close Tactic - Inner Circle Trader - YouTube
Interesting. I’ll have to do some research on this thread. Wanted to make a comment on Tom Williams. I checked out his web site and read some of his book on VSA. Trading in the Shadows of Smartmoney; It is free but hard to understand, because he is making references to his software when telling about VSA. It is more of a software sell than anything else. But I did find VSA Basics in PDF format helpful. By KARTHIK MARAR, never heard of him. But his explanations are a bit easier to understand although he still has those little arrow indicators in is VSA basic guide which is another reference to Tradeguider software, Tom Williams stuff. Not that it is bad, but they charge like 3000 bucks for the whole sha-banger. Software plus some tutoring stuff. So learning on your own about VSA might be difficult, but it will save you a bunch of doe. And if I ever get it down then maybe I can say I told you so! Maybe!
VSA is full of ridiculous terminology designed to complicate matters. Otherwise, you wouldn’t need to buy the TradeGuider software from Williams for several grand. Pete has done a good job of explaining it and keeping it as simple as possible in his videos on YouTube and throughout his threads. Unfortunately, his threads are 10 million pages long (I have read them all at least three times) but his threads have pure gold buried in them.
Get your pack mule, pick axe and shovel ready. Go prospecting in his VSA threads. Just learning ND and NS bars is well worth the time and effort. And like a bad late night infomercial, “but wait – there’s more!” I am by no means an expert on VSA by I have definitely improved my trading because of what I have learned thus far in his threads.
I got your point. I would have to reevaluate Tom Williams material. It looked like most of the information was pertaining to the software. There were some explanations, but I didn’t see anything other than how to read the software. I’ll check it again. The software would be a good deal as far as I am concerned. But would it be worth the high cost. This material may not even help out, though I am sure it can’t hurt. I am gaining some perspective of this VSA monster. But it seems to me that it does take some time understanding it fully. Only practice and job training, would tell.
Hey guys, been busy with music production. Got a short on e/u hoping this is a top. Weakness in background on 1hr is pretty clear…distribution. 5min gave all kinds of entries after also showing weakness.
Thanks Pete I love the big pins that have been forming today on the E/U its defiantly looking good for a short.
What is your thoughts on the AUDUSD? Its been trending down post Asian session I’ve been short on it tonight but will it continue…
I’ve been using the fib magic you helped me with a few weeks ago everything’s coming together now Pete thanks again…
Tave
What sort of music do you make Pete?
Forgot to mention I’ve been trying out a ECN brokers demo with market depth since I am a market depth trader outside of FX I thought it might add to give me an edge. Not sure yet will have to have a bit more of a play its quite fast but its cool to see 8 million sitting there on a pippette none the less thought you guys might like to see it if you haven’t already.
Cheers,
Tave