Quick Scalp +10p average, TVT20
PVSRA Scalping with Cigarguy
- #11,406
- Oct 3, 2017 7:01am Oct 3, 2017 7:01am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
As usual....
Keep It Simple
{quote} This piece include in to CT category ? just want make clear, bullish volume served as a confirmation ?
The confirmation came when price closed above the DO and 1/4 level. The volume I highlighted simply meant that there were a period of high activity at/around the level I had mentioned. Although, the highlighted candle was 'green' I did not enter on the next candle, because as you can see in the picture below, the candle was actually useless (in terms of a candle pattern) imo, as it had a large upper wick although it closed above the levels. I waited a few more minutes before entering when we saw a more 'solid' close above the DO.
You're better off looking at volume in terms of how notable it is and where it is notable - not focusing on the colour and interptreting it as 'bullish volume' or 'bearish volume'.
From TAH regarding the volume indicator we use:
This indicator creates PVA Volumes to be used together with the PVA Candles indicator.
Special colors are used for candles and corresponding volume bars when notable situations
occur involving price and volume, hence PVA (Price-Volume Analysis). The criteria for the
special colors used are as follows.
Situation "Climax"
Bars with volume >= 200% of the average volume of the 10 previous chart TFs, and bars
where the product of candle spread x candle volume is >= the highest for the 10 previous
chart time TFs.
Default Colors: Bull bars are green and bear bars are red.
Situation "Volume Rising Above Average"
Bars with volume >= 150% of the average volume of the 10 previous chart TFs.
Default Colors: Bull bars are blue and bear are blue-violet.
As you can see, no mention of 'bullish volume' or 'bearish volume'
Here is an example from this morning on EU, of 'notable volume' and not 'bullish volume' or 'bearish volume':
As you can see, a green candle and green volume bar bounced at the high - If this was 'bullish volume' wouldn't the market have continued higher?
A red candle and red volume bar bounced at the 1/2 level - If this was 'bearish volume' wouldn't the market have continued lower?
That chart shows us 'notable volume' at key s/r levels which is what we look for while trading pvsra. The colours dont mean anything other than how notable volume is, not if its bullish volume or bearish volume. You will get a green/blue bar if the candle closes bullish and volume is notable as per the above criteria. You will get a red/purple bar if the candle closes bearish and volume is notable as per the above criteria.
I hope this helps someone, as a few people here refer to volume as bullish or bearish.
If you hit F4 while you have your MT4 open you will go to Meta Editor. From there if you click indicators on the left in navigator you will be able to read more details written by TAH about all the pvsra indicators, what the mean and how to use them.
- #11,413
- Edited 3:48am Oct 4, 2017 3:29am | Edited 3:48am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
{quote} Yes this was a CT trade as the short term trend from NYO was bearish and I was targeting a bounce back to the dragon from the small double bottom that formed. The confirmation came when price closed above the DO and 1/4 level. The volume I highlighted simply meant that there were a period of high activity at/around the level I had mentioned. Although, the highlighted candle was 'green' I did not enter on the next candle, because as you can see in the picture below, the candle was actually useless (in terms of a candle pattern) imo, as it...
Outstanding post and explanation
.......I am grateful that you have become a shinning star as a PVSRA trader and leader of our thread..
This post should be printed and used as a reference by ALL PVSRA traders...
Regards,
Cigarguy
Keep It Simple
- #11,414
- Oct 4, 2017 3:54am Oct 4, 2017 3:54am
- Joined Mar 2016 | Status: Senior member | 1,279 Posts
USDJPY M1 +5PIPS SHORT
- Super easy trade.
- I just waited until PA broke the whole structure with a red candle and very notable volume.
- I waited for a small retrace and entered.
Got my target and exited in just 2 minutes! FIFO!
- Super easy trade.
- I just waited until PA broke the whole structure with a red candle and very notable volume.
- I waited for a small retrace and entered.
Got my target and exited in just 2 minutes! FIFO!
- #11,415
- Oct 4, 2017 3:57am Oct 4, 2017 3:57am
- Joined Mar 2016 | Status: Senior member | 1,279 Posts
Hi there, It's been a long time I didn't have time to scalp, I'm happy to see that you guys are doing wellHere is a trade I took a few min ago, explanations on chart : {image}
- #11,416
- Oct 4, 2017 4:00am Oct 4, 2017 4:00am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
USDJPY M1 +5PIPS SHORT - Super easy trade. - I just waited until PA broke the whole structure with a red candle and very notable volume. - I waited for a small retrace and entered. Got my target and exited in just 2 minutes! FIFO!
Gotta luv those VERY FIFO scalps with quick pips banked..
CG
Keep It Simple
- #11,419
- Edited 5:54am Oct 4, 2017 5:09am | Edited 5:54am
- Joined Jan 2007 | Status: Senior Member | 6,517 Posts
Once again, I wish to thank ALL of our PVSRA scalpers for giving your continuing respect and support to Vape and Rob as our thread leaders.
They have dedicated many selfless hours of posts with excellent explanations and charts sharing their PVSRA knowledge as "Traders Helping Traders"....
I must continue to take a diminished trading role to focus on my post surgery recovery.
A Greatful,
Cigarguy
They have dedicated many selfless hours of posts with excellent explanations and charts sharing their PVSRA knowledge as "Traders Helping Traders"....
I must continue to take a diminished trading role to focus on my post surgery recovery.
A Greatful,
Cigarguy
Keep It Simple
