IyaJenkei, How do you like using Oanda? I know they aren’t ecn, has this affected your trading at all?
Thanks guys for the heads up I might look into ibfx for demo. Does anyone know if it is unlimited demo and offers what ict teaches as far as indexes? I was not asking who was the best broker just more what what his thoughts on broker feeds (which I see now kinda goes hand in hand my bad). I will try to go a little deeper as I dont think I got my question across correctly (alhough thanks for the heads up anyway).
My question is I sort of trust forexltd’s volume more than my live broker fxsolutions (as my live broker is small in comparision to some of the others out there) but here is my issue. Looking at a daily chart the volume feed does not tell much IMO as far as trade setup. Here is a chart of a trade setup I am looking for this week (posted on my thread) all I did was toss in a volume indi from forexltd
I see once late july early aug where volume would have been handy. Ok fine I like to find my setup looking at higher timeframe (mainly daily) then find an entry on smaller timeframes.
Ok well the lower time frames seem to offer a lot more insight as far a volume feeds (based on my equipment). This I feel is what I am looking for with volume. I didnt quite understand your last thread and I am not quite sure what I did not understand just something was missing. This thread is more my style as I trade price action with confluence. A lot of ICT’s concepts along with Nikitas thread on price action (and a lot of my own I picked up but that all goes with confluence). Now what I am seeing is alot of times I see after seeing a setup and droping to let say 15min for an entry if I wait for volume for confirmation a tend to get in late. Yes I am a tad greedy and if price moves in my favor before I enter I tend to no longer be interested. I like to cherry pick my tops. Now on this chart I am going to show it is the same chart as the daily just a 15min. On the volume feed I added a line as pretty much your average top on volume (for lack of a better term). Anyone can see that this volume feed works well on a 15 minute chart (better than the daily anyway)
My question is since I already have my levels picked out to watch (more on that on my thread). Do you think it would be wise to wait till volume broke that line on the volume feed for extra confirmation that there is stopping power there. You have lots more experence here than me and since I like to use price action to cherry pick my enteries do you think after volume broke that red line it would be considered stopping power? Or do you think I need to wait for a little higher.
Hey Bob, first thing. FXSol is probably the worst volume feed I’ve ever seen lol. I have mentioned this before. I watched it on my live account years ago and saw that the price ticks, which create the volume level, were acting smoothed. There was less overall activity and sorta lagged behind other platforms just slightly. I don’t know if it’s still the case. Regardless of broker size though, we want a broker whos price ticks most accurately reflect the market as a whole. I suppose common sense says that a large broker would need more sources of liquidity, so prices would more accurately represent the whole market…i dunno, I’m no expert on that. I use an IBFX/USA demo I’ve had since 2007 lol. I compared a bunch of brokers and liked it. I’ve come to trust it. It’s actually pretty common among VSAers.
Sorry, I’m not clear on that last question. But right, Volume on the daily chart in spot FX can be odd. I’d say those sudden sustained shifts in activity have something to do with the workings how they offer their prices, rather than actual market activity shifts. The 1hr is my home base, and the 5/15min is my detailed view and usually entry setup.
For anyone just starting to get the hang of these setups, take a look at E/U on Monday and tell me what you see. 1hr and 5 min. Don’t forget simple 1hr s/r. Text book trade.
Right, and it’s an upthrust/fake break of that resistance making it even better probability. Also, there was a no demand for precise entry on the 5 min…not sure why the indie didn’t pick up that first one 6 candles from the top.
The funny thing is that the USD was supposed to get destroyed this week due to QE3…ahh now that would be too obvious lol. I think they did a round of “easing” BEFORE they announced it. :29:
That’s thinking one step ahead. Not everyone thinks that way though. Probably some traders were more likely to bet against the USD last 2 days than usual. …that would be the herd, and you’re referring to Smart Money.
This is true but I personally can only trust the charts. So I don’t worry about the “why”, just the what (buying/selling) where (what price) and how much (volume). It can be is something to consider though for traders to work in as a point of confluence.
Where can u read the reports?
Wow I didn’t kno this stuff existed thanks. Bank of England for the pound?
Yeah sorry I am bad at trying to get my point across so I will try again. I knew something was not quite right with fxsol volume feeds but I tend to use forex.com’s mt4 for charting anyway. I just use fxsol’s accucharts for manageing my trades now. Forex.com seem decent enough for me to use to trade with.
Here is a live trade I took today on the AU. My entry was based mostly on your concepts with some other tossed in but this is a thread on confluence and it might show what I was talking about (I hope in my question). This trade was based of the AU dropping breaking support and retesting it. We reached a mid figure (1.045) and tested it a few times. We also almost hit a mid pivot. Ok fine and great but what I was looking at was volume to confirm there was indeed stopping power at this level. I have noticed a lot of time watching volume feeds as it ticks higher price has already moved to far for me to want to enter if I wait for the candle to close (I like to cherry pick my tops). So what I did was I put a red line across your average high volume close bars for an entry level if price breaks it (resistance level for lack of a better word). So when I am at a level and volume has exceeded that red line then I know we are reaching extreme volume now and if price seem to be getting stopped on the chart would you consider that valid as high volume and enter before the candle actually closes (and the volume bar). I am just for your opinion is it something to playwith or am I playing with fire in your opinion.
The reason I ask is it seems to be decent if mixed with other confluences and using volume for confirmation for stopping power. As this trade below (hope you understand it) with what I stated I was just able to get in with (after 4 pip spread) a 10m pip stop. Price imediately dropped now sitting at 25+ pips with stop at be. I know the 10 pip stop is playing with fire but I tend to be quite good at it. I find when I use bigger stops I tend to use the cushion and I think volume is my ticket for helping in finding my presise entries. I know nothing is perfect just looking for opinions and I will keep playing with it and posting here if you dont mind. I would really like to learn volume for my tool box and your the best I know on this that I can bug the hell out of 
[QUOTE=petefader;398408]Right, and it’s an upthrust/fake break of that resistance making it even better probability. Also, there was a no demand for precise entry on the 5 min…not sure why the indie didn’t pick up that first one 6 candles from the top.[/QUOTE]
I totally missed this short set-up. I was looking for opportunities to go long.
And I found it in today’s Asian Session.
Let me share the charts…
anyone see all those */JPY trades 
Was all about the usd pairs for me this week. Care to show us a chart?
Hey Pete, just took an almost identical trade to your AU trade in the traderoom yesterday but this time on EU. Can’t thank you enough for putting out the nugget of information which was the second touch of a high volume rejection zone.
I took a very aggressive entry at the small arrow if you can see it and closed out for 65 pips. May well go higher but that will do for me, especially on a Friday. I marked out the first rejection area with the white box within the blue fib box.
Hope you enjoy the chart - PS Pete, I tried for ages to get a small picture of R2D2 to tag the R2 line but couldn’t do it!
sorry, a little late but just a small addon:
yes, a nice doji, but always wait(ing) for confirmation before taking action. no point in jumping in front of a gun, especially if bigger players hold the gun.