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MT4: how to change "EURUSD" to "#EURUSD"? 3 replies

Re: EurUsd short term 15 replies

did oanda just drop its spread for eurusd to 1 pip? 11 replies

EA for multiple lot limit order for EURUSD 0 replies

NFP nice bump up on EURUSD 2 replies

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EURUSD

Quoting here2there
For the sake of those who might not know how useful Volume can be for trading in the Forex market, I have put together a few images to demonstrate its usefulness. I am certain some will disagree, but I think the images speak for themselves. And by the way, studies have shown that Tick Volume is not that far off from Real Volume. Tick Volume is what Volume Price Analysts use in the Forex market, because Real Volume is not supplied by Forex brokers. Now, let's...
Thank you for sharing charts. Now we are talking trading. Now that you have posted volumes, the problem with that as same with all the other indicators is, it shows the action after the fact. That is why i personally use charts and watch for supply/demand zones. It proved to be the best tool there is so far. Real volume is not supplied by brokers I agree, that is why for us retail traders is impossible to read volume in forex, it is impossible for anyone to read volume in forex. That is why we are going back to this fact:

"Forex trading is decentralized, OTC trading. There is no single place to look at to see the actual volume of a currency pair. That's why it's often said that the volume provided by your broker is useless. Institutional Forex trading volume, the volume that matters and moves the markets. We retail traders can't see institutional volumes. All we can rely on is supply/demand levels, and price action on the charts, with of course commitment of traders report numbers. That's it. Of course pay attention to the news, but do not try to predict the news. It would be like gambling.

The Forex market is a decentralized market, which means that there is no formula for volume or method of keeping track of the number of contract and contract sizes, such as in the stock market. The Forex market measures volume by counting the tick movements."

But if you think that is helping you in your trading style, if you are comfortable with it, that is your decision.

The market gets the 'data' from the charts, not the other way around. When you look at the charts, and you strictly trade on the charts, you eventually realize that it is successful, because you know what to look for and you know when to buy/sell or sometimes not trade at all. With all the indicators, it all looks good when you are looking at the history, but when you're actually into trading, the signal/move shows on the indicator after the move happens on the charts. After that it is already too late to enter. Either way appreciate you sharing the charts. Much easier to talk and debate while you have charts posted. Like I said, if that is what you are comfortable with trading that is great.

You see the chart i attached. EURUSD 15 min. Take a look at first big white circle to the left, if you read the candlestick charts, you would know that is the pattern to enter buy position, accumulating to go bullish. Take a look at the volumes it does show action, but that shows after that move up happens. Take a look to the right of the chart, if you read the patterns on candlestick, you already know you can enter sell position. The volume shows, but that is after the move happens.
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About 10 percent liitle players were murdered today. Also big players incresed shorts about 5 percent. Looking for blood bath
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Quoting Techanalyst
{quote} Thank you for sharing charts. Now we are talking trading.
Even though you still disagree with me, I appreciate you responding politely. In fact, it was one of the reasons why I took you off my ignore list. I was hoping that we could learn to get along.

I recognize that you have experience. And I value that. Especially the experience you have using the COT report, which is something I have recently become aware of and am doing research on because I see it as valuable information.

But just as you have issues with people using volume in the Forex market, people also have issues with the COT report, arguing that it is lagging information. Of course, this argument has already been debunked. And I feel the same way about volume. I think the argument that it is useless in the Forex market simply isn't true. I know your reasons for saying that, but from my own experience, I can see the value in having it in my trader's toolbox, so to speak.

Another useful way to use volume in the Forex market is to locate strong support and resistance areas that have high probability for reversals.

Please keep in mind that I don't use volume as a 'go place a trade signal,' but rather more of a 'heads up' signal to forewarn me of what might happen shortly after. It's not perfect. But it is useful. And sometimes, like supply and demand areas, it doesn't hold water.

As for supply and demand, I have spent a lot of time studying that. I never really found it to be helpful, however. It's something that just didn't stick with me. But I do see the value in using supply and demand areas as a strategy for trading. The thing that frustrated me with supply and demand trading was that the levels didn't always hold up. And you usually have to have limit orders set to make the best of such areas, which could be risky.
You don't know because you don't ask.
Quoting here2there
For the sake of those who might not know how useful Volume can be for trading in the Forex market, I have put together a few images to demonstrate its usefulness. I am certain some will disagree, but I think the images speak for themselves. And by the way, studies have shown that Tick Volume is not that far off from Real Volume. Tick Volume is what Volume Price Analysts use in the Forex market, because Real Volume is not supplied by Forex brokers. Now, let's...
I just have a question and some clarification. Regarding the chart posted and explanations, I found it misleading. Or perhaps i just misunderstood it. Before anything else, i want you to know, I am a learner who is just curious. I am not trying to debate with you. You said Volume serves as a warning or heads up. How can it be when it clearly just follows the price action range. In your chart, you said to notice the volume bar B is shorter than A even though that the B closed higher than A. Of course, volume measure from lows to high, not from close to open right? And becouse it only follows the actual price action, no one knows how big or small it is gonna be until it is actual doing it and done. So how it will help traders? In the bottom of the chart, you said that being "stopped out could be avoided if one knows to read volumes". How will you know if it is after the fact? I understand you said it doesn't give us signals or direction but I don't understand how it can warn us or give us a heads up. I hope you can explain further... -just confuse-
You will be what you will to be
Quoting MrBullBear
{quote} I just have a question and some clarification. Regarding the chart posted and explanations, I found it misleading. Or perhaps i just misunderstood it. Before anything else, i want you to know, I am a learner who is just curious. I am not trying to debate with you. You said Volume serves as a warning or heads up. How can it be when it clearly just follows the price action range. In your chart, you said to notice the volume bar B is shorter than A even though that the B closed higher than A. Of course, volume measure from lows to high, not...
The bullish candle was already closed. I hid the other candles for the sake of making the point that just because the candles appeared to be giving a bullish go signal, it didn't mean it was wise to go long.

The volume said something different. The volume suggested it really wasn't a bullish signal but rather a bearish one. Hence, a warning not to take the trade.

If that bullish candle really was of greater volume than the bearish candle before it, then it should have had more volume, and thus the size of the volume bar would have been larger. But that wasn't the case, which is why it is considered an anomaly. The candle closed higher, appearing to show strength, while the volume displayed weakness.

It's kind of like divergence. Price action moving higher and higher on the chart appears to show strength, while RSI displays the momentum of the move as becoming weaker and weaker. A trader can use divergence on RSI as a means to prepare to exit a trade that could potentially be turning against him or her or to use the same information to look for a trade entry opportunity.

Volume gives better signals than RSI, in my opinion.
You don't know because you don't ask.
Quoting MrBullBear
{quote} Or perhaps i just misunderstood it.
Here's another example.

Notice how candle ‘B’ closes lower than candle ‘A,’ but the volume (2) for candle ‘B’ is greater than the volume (1) for candle ‘A.’ Moreover, the spread for candle ‘B’ is lesser than the spread for candle ‘A.’

This is an anomaly.

And what it is suggesting is a pullback is coming. And that is precisely what happened. In other words, it was a heads up to the trader to either exit his position (depending on his strategy) or to prepare to add more to the trade at the optimal trade entry of the pullback using a limit order.

It can be estimated that the pullback can be anywhere from 20% to 50% of the candle’s range with the lesser volume.

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I realize this is all in hindsight, and that may be frustrating to some people. I don't know how else to explain it. I am by no means a perfect trader. I wish I were. I'm just trying to do the best I can with the tools I've got in my trader's toolbox.

Please keep in mind that I use volume as a warning signal of what could potentially happen next or in the near future. I don't use it as a 'place a market order' signal.

By the way, in case you or anyone else wants to know what volume indicator I am using, it can be found on MQL5. It's called
TrueVolumeSurrogate (I would post a link to it, but I don't know if that is allowed, as it is an indicator requiring a purchase).
You don't know because you don't ask.
I threw a towel on to 0816. Woke up to find it dried. We now return you to your normal Bear programming.... with so much red news today, if we get a return to 0820, we can towel it dry
performance is everything, nothing else matters
PMI numbers today is all that I am interested in today, health of economy
performance is everything, nothing else matters
Volume can also be used to find key areas of support and resistance. When you see an abnormally large volume bar, you might consider drawing lines at the opening and closing price of its corresponding candle.

Look at the image below and see how price reacted to the area drawn from the volume in this way.

And as an aside, look at the yellow lines with the very outspoken wicks. When you see wicks like that, draw lines, because there is a high probability price will react very strongly to those lines, as can be seen on the chart.

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Note: I prefer using higher time frames, such as the 4HR, Daily, and Weekly charts.

I also prefer to trade in the direction of the main trend. But sometimes I digress.
You don't know because you don't ask.
Continued from Previous Comment

If you have a large volume spike and a small spread, then it is OK to draw the lines on the high and the low of the large volume bar's corresponding candle, rather than drawing them on the opening and closing price.

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You don't know because you don't ask.
this indicator on chart finds the bar with the highest volume in 14 periods

then returns high and low price of that bar

to all volume traders ; go buy this low volume bars now

daily
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weekly
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performance is everything, nothing else matters
Quoting PatienceFx
this indicator on chart finds the bar with the highest volume in 14 periods then returns high and low price of that bar to all volume traders ; go buy this low volume bars now daily {image} weekly {image}
I prefer to draw my own, because there are variables such indicators do not put into perspective due to limitations.
You don't know because you don't ask.
Quoting PatienceFx
this indicator on chart finds the bar with the highest volume in 14 periods then returns high and low price of that bar to all volume traders ; go buy this low volume bars now daily {image} weekly {image}
going by that concepot, h4 range is defined , we now see which side we get the breakout

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Attachment 3559645
performance is everything, nothing else matters
Unless circumstances dramatically change for the EURO, I believe price will eventually make its way down to the green line. How long it will take to get there? I don't know. But I do expect to see a correction before it reaches that point.

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You don't know because you don't ask.
I need to figure out how to make my images smaller!
You don't know because you don't ask.
Quoting Js3mwtRc
I wait it to turn lower (near 1.0775 ) so I can buy some today I think it is going to give us a retrace and Friday many will want to take profits, maybe I am lucky.
It was a good move from down there, but it didn't broke too much to the upside and still in a range, now closed to break even, because of EU PMI's, lets see how the price will react.
Feels right this time!
Quoting here2there
{quote} The bullish candle was already closed. I hid the other candles for the sake of making the point that just because the candles appeared to be giving a bullish go signal, it didn't mean it was wise to go long. The volume said something different. The volume suggested it really wasn't a bullish signal but rather a bearish one. Hence, a warning not to take the trade. If that bullish candle really was of greater volume than the bearish candle before it, then it should have had more volume, and thus the size of the volume bar would have been larger....
Thank you for explaining it further. Now I understand the use of it. It is clear to me now why you have disagreement with techanalyst. I don't want to offend you but it seems you are mature enough and can take correction.

Base on your explanation and examples, i can tell that you misunderstood it and you are using it wrongly, the reason why you don't get what techanalyst trying to explain.

Volume is simply a measurement of ongoing transactions. It is in no way telling us strength or weaknesses of a bullish or bearish candle. No way it gives as a clue of what will be the next color of the candle. It cannot warn us of a possible reversal or signal a pullback as you thought. And in no way it gives a warning signal or heads up of what could potentially happen next or future as you said. I am really intrigued of the author of that book that you read. Is he/she a Forex Trader? A winner? Does he/she really understand the Market and its behavior? Well, if he does, he wouldn't write that book and make delusional examples and false claims of its functions coz he knows it will backfire. Volume is just a Volume.. a measurement of the current size of ongoing market related transactions worlwide. Nothing more...

So, the use of it is for reference if we are curious knowing the size of transactions or number of ticks of the candle that already formed. Other than that will be scary....

I hope you don't get mad. We can talk more on any other topic and exchange opinion... that's how we learn. That's how we improve our Trading skills, correcting false belief, knowing others opinion, understanding our wrongs, refining our perspective towards market. That's how we become better.
You will be what you will to be
Quoting MrBullBear
{quote} Thank you for explaining it further. Now I understand the use of it. It is clear to me now why you have disagreement with techanalyst. I don't want to offend you but it seems you are mature enough and can take correction. Base on your explanation and examples, i can tell that you misunderstood it and you are using it wrongly, the reason why you don't get what techanalyst trying to explain...
Thanks for sharing your opinion. My experience does not agree with you. And I think the images I shared here speak for themselves.

As for the author of the book, I believe she has been trading since the late 90s. Yes, she trades the Forex market among other things.
You don't know because you don't ask.
Quoting Js3mwtRc
{quote} It was a good move from down there, but it didn't broke too much to the upside and still in a range, now closed to break even, because of EU PMI's, lets see how the price will react.
EU did it again today, lets see, if this correction holds now.
Feels right this time!
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