DislikedOr... you could have done the right thing and posted here...Ignored
I'm posting here as requested. Originally from my thread earlier today:
Funny, I was just thinking I should find a double bottom with volume confiming to post in here..easy, high probability setup. Got it today, along with the setup I've shown so far. So, at least two setups here to get in long E/U.
First, don't forget background. We had that oddly timed drop on the dollar pairs before London open, but the 5 min showed clearly that the move was "bought into" by smart money.
Simply put, the highest volume points on the 5 min were large down bars on high volume, that halted the down move (demand overcomes supply, hidden to non-VSAers). The 1 hr came around and showed the same thing. I bet most were looking to short going into London session.
We all know double bottoms but looking for the "U" shaped volume below it makes for a high probability setup. It's starts with:
1. Stopping volume on the first bottom
2. A significant decrease in volume as price attempts to move up after stopping volume.
3. Another test of the bottom on increasing volume, with no candle close below the first bottom.
The aggressive entry would be the long on the first or second bullish close as I highlighted. You could also wait for a no supply, but that should be once price starts marking up. At/near the bottom, volume must stay high.
Stop loss goes 5-10 pips below the bottom.
So am I picking a bottom? Heck yeah..take it or leave it lol.
The R:R is great and it has a high probability.
...and then there's the push/test entry I've been showing.
Update: The double bottom entry caught the whole move today..up 100 pips now. Trading with the 1 hr background with simple, finely tuned 5 min entries.