Hey guys,
Looking for some feedback regarding the following long I have just taken.
My overall view for the currency is to move lower. However, this setup for a long seems valid and may catch wave 3 of the corrective move back up to the grey zone i have highlighted. This zone is the confluence of a 38.2% retracement, yesterdays low, S1, and yesterdays high volume pivot (which is made obvious when the market profile indicator is applied, i take it off cos it annoys me).
Anyway... as far as VSA goes, the down bars happened over low volume (no suproses there given the time it happened) and we got a reverse upthrust/pin shaped bar on significant increase in volume. For me, I would say there is some buying interest coming in. Maybe not strong demand, but profit taking off the back of hte big move we have seen over the last 48 hours or so.
Let me know what else i should be considering as far as VSA is concerned.
Thanks.
PS - i take these trades all day long - but looking to refine my understanding of VSA setups and entries.
MM.
UPDATE: 1/2 off @ 8240 and the other half @ 8260
Looking for some feedback regarding the following long I have just taken.
My overall view for the currency is to move lower. However, this setup for a long seems valid and may catch wave 3 of the corrective move back up to the grey zone i have highlighted. This zone is the confluence of a 38.2% retracement, yesterdays low, S1, and yesterdays high volume pivot (which is made obvious when the market profile indicator is applied, i take it off cos it annoys me).
Anyway... as far as VSA goes, the down bars happened over low volume (no suproses there given the time it happened) and we got a reverse upthrust/pin shaped bar on significant increase in volume. For me, I would say there is some buying interest coming in. Maybe not strong demand, but profit taking off the back of hte big move we have seen over the last 48 hours or so.
Let me know what else i should be considering as far as VSA is concerned.
Thanks.
PS - i take these trades all day long - but looking to refine my understanding of VSA setups and entries.
MM.
UPDATE: 1/2 off @ 8240 and the other half @ 8260
"If it bleeds ... we can kill it"