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Hey, Newbie got some questions 12 replies
Hey all 1 reply
Hey! yellow news...??? 3 replies
hey all 11 replies
DislikedThis is a brilliant thread. I have heard of a couple of companies that will supply volume data not tick. It feeds into the MT4Ignored
Disliked{quote} You will never get real volume for FX (Don't get scammed)Ignored
Disliked{quote} Could you explain why? I understand that there is a high correlation between the two in any event https://www.google.co.uk/amp/s/www.f...t-201703091034Ignored
DislikedSo in order to notice a huge candle compared to others, people need a volume indicator ?Ignored
Disliked{quote} The reason why is there is no central exchange...no single repository for the data. The FX market is DEcentalized...so the only volume that is even reported is transactions or "ticks". So the"real" info we're after, like how much is exchanged at what price, doesn't exist...it can only be extrapolated...and can never be more than a certain percentage of accuracy. Whereas the futures (or any other market for that matter) has to report each transaction in terms of size, price and direction.Ignored
Disliked{quote} I'll love to learn this orderflow and volume. Can you point me to the right direction? RegardsIgnored
Your judgment will have to be your guide on this. My personal view is to determine the tendency of the larger order flow, and try to join that when it pauses or pulls back. Thus the dilemma that started my search into order flow and volume...How does one know when the pull back is over? Fibonacci levels, support/resistance, gann lines...all useless because they don't look at the structure of the market. The better question is when will the order flow change? it seems foolish to me to place an order out in space and hope that the market will come back to it, and worse yet that it will 'magically' turn just as soon as it hits my order.
It seems more intelligent to "read" the order flow learn the signs the market shows you as to when it has had enough of one direction and will soon turn, then place my order and see if I can get filled. So now we know that if we look for the three phases, Climax, exhaustion, and absorption, even on a largely inaccurate scale such as tick volume...we have a higher probability of success, and can keep risk tighter than it otherwise would be on these larger time frames.
It seems a simple thing to me to be patient and simply check daily charts at the NY close to evaluate each daily candle after it has finished. As well, to only trade in the direction of the last monthly inflection point. This should provide multiple opportunities through out the year to make 20-50% on any account. For me, that means only having 3-5 successful trades every year. That would be NET successful trades that make at least 2.8xR. I think this goal is realistic and achievable. I have already proven it so, in a previous thread. Now I believe that combining the concepts, of "price, structure, order flow AND volume" will make this a reality. Frankly the Volume piece was the last piece I was always looking for.
Disliked... So it also depends on how serious about volume in your trading.Ignored