Hi everyone I’m in need of anyone’s help…
Regards to pullback entries using the volume indicator…I look at the trend on a timeframe like 1H the drill down to 15min/5min to monitor the pullback when is it coming to an end so I can resume with the trend…I trade the currency markets… I’ve tried the candle stick patterns but the not consistent
Can anyone help me how can I use price action with the volume i…ndicator to help me determine the end of a pullback…
Thanx
What candlestick patterns are you looking for to enter on a pullback?
Hi I’m not looking for Candlestick patterns cause today they work and tomorrow they don’t…
But even if I was also for Candlestick patterns I would still want to see confirmation from the volume indicator supporting that particular pattern…
So my aim is to learn how to know that the pullback phase has come to an end…like if my 1H timeframe is in a down trend I’d go to a lower timeframe and try fade the pullback.
So using volume would help my results drastic
Here’s an example of how to trade a pullback…
In the image below, you don’t know if that recent high is the peak of the pullback. So one approach is to look at a lower timeframe and look for a break of structure.
In this case, you can see a lower high was made, which signals weakening buying pressure. You can wait for the recent low to be broken (blue dashed line) and go short there with a stop above the more recent high.
The recent low being taken out is the break of structure because, for this uptrend to hold, price should’ve made a higher low or at least equal low but it didn’t so this uptrend structure has been “broken”.
In terms of volume, you’d want to see falling volume as price moves up and rising volume as price moves down.
Regarding candlestick patterns, on the lower timeframe, if you see shooting stars formed on any of the peaks with high volume, this shows a strong rejection of higher price levels and signals potential turning points.