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Auslanco - GBP/JPY and GBP/USD (newstrade)

  • #152,381
  • Jan 12, 2009 10:49am Jan 12, 2009 10:49am
Quoting malcolmb14
Nice trade

eu explained


closed on 1,3300


no ' indicators ' required , just price action and volume

Attachment [/quote]

Hi malcomb14 found this chart very interesting and would like to know if you get a doji with high volume what would this indicate, or where i can go to get more info a the vsa as i'm quite new to this

Regards
Gary
  • #152,382
  • Jan 12, 2009 11:03am Jan 12, 2009 11:03am
OK, not in any way fully ofait with VSA, but I can see the following:

Last hour volume in Geppy spot slightly less than previous 3.
RSI oversold on 4hr, 1hr, 15m, 5m and 1m Geppy spot.
Strong support level at 131.50 ish.
GBP and JPY futures volume lower in last hour.

Would this be the basis for thinking that the selling 'may' be slowing?

Like I say, I'm no expert so please go easy on me.
  • #152,383
  • Jan 12, 2009 11:08am Jan 12, 2009 11:08am
Quoting Scrat
huge hidden bullish divergence on h4 (histo macd, cci) + 78.6 fibo. i'm flat at this moment, because this setup means UP, at least for a retracement if not for another high above 141.60.
however i won't go long without a confirmation, let's see how big guys wanna play this.

p.s. there's a similar setup on g-u/h4.
This would be good, have been setting up long positions sub-134 all afternoon
Money & Pain Respect the market, protect your capital, be patient
  • #152,384
  • Jan 12, 2009 11:27am Jan 12, 2009 11:27am
Quoting grashid
I put my order to long @ 132.73 TP=134.37 (S3) 61%....what do you think rgitt?

If i threw 100 knives in the air .,... would you try and catch them ???

why even try to guess the bottom ... instread ride the wave down .... moving a stop with it .

when 15 minute signals a reversal then go long . otherwise ... why try to guess where the bottom is ?
Blogging daily now at www.volume.zone
  • #152,385
  • Jan 12, 2009 11:45am Jan 12, 2009 11:45am
Quoting malcolmb14
If i threw 100 knives in the air .,... would you try and catch them ???

why even try to guess the bottom ... instread ride the wave down .... moving a stop with it .

when 15 minute signals a reversal then go long . otherwise ... why try to guess where the bottom is ?
He he...I like to buy as bottom as possible and sell it off as top as possible...maximise my profit lol.....Anyway start long since 131.83 ( still stuborn wanna buy----sorry rgitt) since I just look at $$......in +47 pips right now...Thanks mal for ur nice advice
  • #152,386
  • Jan 12, 2009 11:46am Jan 12, 2009 11:46am
Quoting ukdaytrader
OK, not in any way fully ofait with VSA, but I can see the following:

Last hour volume in Geppy spot slightly less than previous 3.
RSI oversold on 4hr, 1hr, 15m, 5m and 1m Geppy spot.
Strong support level at 131.50 ish.
GBP and JPY futures volume lower in last hour.

Would this be the basis for thinking that the selling 'may' be slowing?

Like I say, I'm no expert so please go easy on me.

alot of volume stuff is just simple logic

do you think pros are selling at 133 or 136 ?

what happens is that as a move / trend starts the pros will be selling heavy at the beginning of the trend. Once the trend is underway it is the herd that drives the balance of the down moves. . those that say .. shall i enter .. by the time they do the trend is liekly 1/2 over .. and of course there are always the ones that buy on bottoms ( aka me when I sarted trading ...lol) .. that is why you often see decreasing volume on down moves .. markets can drop on decreasing volume with ease.

now what we look for is a low volume down bar / doji type thing .. that indicates that the pros tested the markets to see if there were any more sellers ..... if a doji happens then this is indicative of buyers entering the market.

another thing to look for is a high volume low spread bar .... this could be a selling climax.

I look for volume stuff on 15 minutes. ... then take entries on 5 min using 30 pip lines off daily pivot and price action around those lines

from a 5 min long entry at 132.10 ( price went down to break 132.1 30 pip line and then buyers stepped in also sma of rsx is above rsx = longs only)

scalp for 30 - 50 pips a time on right entries in this market can also give 300 plus pips a day every day

Attached Image (click to enlarge)
Click to Enlarge Name: ym51.png Size: 119 KB
Attached Image (click to enlarge)
Click to Enlarge Name: ym52.png Size: 101 KB
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  • #152,387
  • Jan 12, 2009 11:59am Jan 12, 2009 11:59am
Hi grashid,

malcomb is right to not predict the bottom, but I mostly target the fibs...If the lower TF shows a reversal than set a SL at the low and set TP on the fibs





Quoting grashid
He he...I like to buy as bottom as possible and sell it off as top as possible...maximise my profit lol.....Anyway start long since 131.83 ( still stuborn wanna buy----sorry rgitt) since I just look at $$......in +47 pips right now...Thanks mal for ur nice advice
[
  • #152,388
  • Jan 12, 2009 12:02pm Jan 12, 2009 12:02pm
i think it already hit bottom below 132 and now it is going up I think we can see it going as high as 165 depending on BoJ's action.
  • #152,389
  • Jan 12, 2009 12:09pm Jan 12, 2009 12:09pm
UJ and GU looks bearish on the higher TF... I would be careful without charts to guess the bottom..Fundamentals are bearish...

Good Luck..



Quoting MrCampbell
i think it already hit bottom below 132 and now it is going up I think we can see it going as high as 165 depending on BoJ's action.
[
  • #152,390
  • Jan 12, 2009 12:10pm Jan 12, 2009 12:10pm
Great analysis...






Quoting malcolmb14
alot of volume stuff is just simple logic

do you think pros are selling at 133 or 136 ?

what happens is that as a move / trend starts the pros will be selling heavy at the beginning of the trend. Once the trend is underway it is the herd that drives the balance of the down moves. . those that say .. shall i enter .. by the time they do the trend is liekly 1/2 over .. and of course there are always the ones that buy on bottoms ( aka me when I sarted trading ...lol) .. that is why you often see decreasing volume on down moves .. markets can...
[
  • #152,391
  • Jan 12, 2009 12:13pm Jan 12, 2009 12:13pm
Malcomb,
When the pros begin the trend, isn't it usually marked by a fast drop/rise based on the volume they are doing?? Todays drop to me just looks like steady constant selling, slowly creeping downwards.

I'm a noob and dont' have the volume indicators of course, so that just my opinion, and I dont think this is the bottom just yet.


Cheers
  • #152,392
  • Jan 12, 2009 12:14pm Jan 12, 2009 12:14pm
Quoting rgitt05
Hi grashid,

malcomb is right to not predict the bottom, but I mostly target the fibs...If the lower TF shows a reversal than set a SL at the low and set TP on the fibs




Both of you such a great trader which able to coach, help and guide newbies like me....Really appreciate that...Will learn this rule from Mal....in my next trade...use M15 for confirmation..anyway i just let this entry float with TP @ 137.76 daily pivot and will adjust it accordingly till ECB news...Thanks again ya
  • #152,393
  • Jan 12, 2009 12:23pm Jan 12, 2009 12:23pm
Lockin profit as you get in profits over 40 pips to prevent a losing trade...


Quoting grashid
Both of you such a great trader which able to coach, help and guide newbies like me....Really appreciate that...Will learn this rule from Mal....in my next trade...use M15 for confirmation..anyway i just let this entry float with TP @ 137.76 daily pivot and will adjust it accordingly till ECB news...Thanks again ya
[
  • #152,394
  • Jan 12, 2009 12:40pm Jan 12, 2009 12:40pm
Quoting rgitt05
Lockin profit as you get in profits over 40 pips to prevent a losing trade...

Ya thanks bro..I think that it for today...am gonna to sleep..wont be greedy anymore....See u tomorrow rgitt..nice trade with u lol...
  • #152,395
  • Jan 12, 2009 12:49pm Jan 12, 2009 12:49pm
looks like we may be carving out a nice bottom here in GJ - price needs to get above 132.50 for the upside to start/continue. . . Price looks way OS at this point.

Long at 131.82 and will continue to build on the way up. . .
  • #152,396
  • Jan 12, 2009 12:59pm Jan 12, 2009 12:59pm
Long at the moment only for a short term trade.

I'm hoping for more upmovement so I can add more shorts. Hoping for 135s but doubt we'll go above 134.x

B
  • #152,397
  • Jan 12, 2009 1:18pm Jan 12, 2009 1:18pm
Quoting malcolmb14
alot of volume stuff is just simple logic

do you think pros are selling at 133 or 136 ?

what happens is that as a move / trend starts the pros will be selling heavy at the beginning of the trend. Once the trend is underway it is the herd that drives the balance of the down moves. . those that say .. shall i enter .. by the time they do the trend is liekly 1/2 over .. and of course there are always the ones that buy on bottoms ( aka me when I sarted trading ...lol) .. that is why you often see decreasing volume on down moves .. markets can drop...
Thank you for this excellent analysis. You're very generous and it's greatly appreciated.
  • #152,398
  • Jan 12, 2009 1:20pm Jan 12, 2009 1:20pm
Quoting malcolmb14
If i threw 100 knives in the air .,... would you try and catch them ???

why even try to guess the bottom ... instread ride the wave down .... moving a stop with it .

when 15 minute signals a reversal then go long . otherwise ... why try to guess where the bottom is ?
Hi Malcolmb,
may I ask which kind of signals r u using on 15min chart? VSA too? I started to read the book, seems very interesting. Do I have to buy thier software & subscribe to any datafeed to be able to use VSA?

thanks,
  • #152,399
  • Jan 12, 2009 1:39pm Jan 12, 2009 1:39pm
Quoting pepsi
Hi Malcolmb,
may I ask which kind of signals r u using on 15min chart? VSA too? I started to read the book, seems very interesting. Do I have to buy thier software & subscribe to any datafeed to be able to use VSA?

thanks,

I use volume and price action and also RSX indicator ( for divergences mostly). if you understand simple candle patterns like inside bars , engulfing candles , dojis , evening star and morning star it also helps , a few basic patterns is all you need

no you can use esignal ... some platforms provide it for free if you have a ceetain size account and do so many trade per month . I ge it for free with 10 million traded per month in high vol account thru FXCM (100 lots)
Blogging daily now at www.volume.zone
  • #152,400
  • Jan 12, 2009 1:49pm Jan 12, 2009 1:49pm
Quoting malcolmb14
I use volume and price action and also RSX indicator ( for divergences mostly). if you understand simple candle patterns like inside bars , engulfing candles , dojis , evening star and morning star it also helps , a few basic patterns is all you need

no you can use esignal ... some platforms provide it for free if you have a ceetain size account and do so many trade per month . I ge it for free with 10 million traded per month in high vol account thru FXCM (100 lots)

here is 15 min chart eu for 15 min candles showing possible reversals and what to look for ... simple candle patterns

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