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Petefaders Journal & Open Discussions

  • #361
  • Feb 15, 2009 6:58pm Feb 15, 2009 6:58pm
Quoting Petefaders
short e/u 1.2776
Looks like sellers control (volume) atm, and a H&S on 1min breaking down.
out +16
  • #362
  • Feb 15, 2009 7:01pm Feb 15, 2009 7:01pm
That was a perfect vlme/pattern setup for me = no drawdown, Quick Pips.
  • #363
  • Feb 15, 2009 7:15pm Feb 15, 2009 7:15pm
e/u: Volume is extremly weak on this move up, so I doubt it can sustain this price much longer...will look to short.
  • #364
  • Feb 15, 2009 7:32pm Feb 15, 2009 7:32pm
short 1.2783, 2 positions.

SL 1.2801
  • #365
  • Feb 15, 2009 7:40pm Feb 15, 2009 7:40pm
I may close a position early if it starts to go against me...
  • #366
  • Feb 15, 2009 7:53pm Feb 15, 2009 7:53pm
Quoting Petefaders
short 1.2783, 2 positions.
SL 1.2803
  • #367
  • Feb 15, 2009 7:58pm Feb 15, 2009 7:58pm
Quoting Petefaders
short 1.2783, 2 positions.

SL 1.2801
closed one position at -6, holding 2nd.
  • #368
  • Feb 15, 2009 8:05pm Feb 15, 2009 8:05pm
Quoting Petefaders
closed one position at -6, holding 2nd.
added 1 short, 1.2776
  • #369
  • Feb 15, 2009 8:07pm Feb 15, 2009 8:07pm
out +11, +6
  • #370
  • Feb 15, 2009 8:21pm Feb 15, 2009 8:21pm
I'd be a bit more comfortable if the lurkers posted..ask a question, tell a joke, ..whatever.
  • #371
  • Feb 15, 2009 8:25pm Feb 15, 2009 8:25pm
long e/u, 1.2769, SL = 11
  • #372
  • Feb 15, 2009 8:27pm Feb 15, 2009 8:27pm
Sl = 13
  • #373
  • Feb 15, 2009 8:36pm Feb 15, 2009 8:36pm
sl = 4, will look to maybe trade g/j after this..too slow.
  • #374
  • Feb 15, 2009 8:43pm Feb 15, 2009 8:43pm
out +2, too slow..will wait for things to pick up.

daily pips: +29
  • #375
  • Feb 15, 2009 8:47pm Feb 15, 2009 8:47pm
Hi Pete,

appreciate you setting up this journal.

I am tying to incorporate volume in my trading and have been using it as added confirmation for a breakout.

Correct if I am wrong. You are using volume primarily to determine if a trend will continue or whether a reversal is likely. For example, if price is on an uptrend but volume is drying up, then we may be looking for a reversal.

Appreciate if you can share on how exactly you use volume in your trades.

Thanks!!
  • #376
  • Feb 15, 2009 8:58pm Feb 15, 2009 8:58pm
Quoting Sabre33
Hi Pete,

appreciate you setting up this journal.

I am tying to incorporate volume in my trading and have been using it as added confirmation for a breakout.

Correct if I am wrong. You are using volume primarily to determine if a trend will continue or whether a reversal is likely. For example, if price is on an uptrend but volume is drying up, then we may be looking for a reversal.

Appreciate if you can share on how exactly you use volume in your trades.

Thanks!!
Hi, Sabre. You are welcome anytime.

Yes, you are correct in your example. Two, 1min red candles with healthy, or higher than recent average vlme is my official signal for reversal, but I bend the rules sometimes..it takes time to read correctly into vlme..screen time is crucial to really understand.

Another example would be chop, with a few volume spikes on healthy green candles. I would trust a break out long much more after seeing that..

remeber that buyers can come in on wicks as well, on a red candle..so watching it play out is crucial to under standing wicks, or pin bars, or dojis, lol..whatever you want to call them.
  • #377
  • Feb 15, 2009 9:03pm Feb 15, 2009 9:03pm
Here is an example of red candle "wick" buying today..which is also why I took that last long:

Look at the 1 min, candle 02:22..(about 40 mins ago)
thats buyers coming in on a forimng red candle, pushing it up and creating a wick..sorry no chart atm.
  • #378
  • Feb 15, 2009 9:04pm Feb 15, 2009 9:04pm
Quoting Petefaders
Hi, Sabre. You are welcome anytime.

Yes, you are correct in your example. Two, 1min red candles with healthy, or higher than recent average vlme is my official signal for reversal, but I bend the rules sometimes..it takes time to read correctly into vlme..screen time is crucial to really understand.

Another example would be chop, with a few volume spikes on healthy green candles. I would trust a break out long much more after seeing that..

remeber that buyers can come in on wicks as well, on a red candle..so watching it play out is crucial...
Thanks Pete,

makes sense, but who do u determine the 'recent average vlme'? Is it by eye-balling? How many candles do you go back?

Sorry I am asking about the details. I know that it takes much screen time to figure it out but at least I know what to look out for...

Cheers
Alex
  • #379
  • Feb 15, 2009 9:13pm Feb 15, 2009 9:13pm
Quoting Sabre33
Thanks Pete,

makes sense, but who do u determine the 'recent average vlme'? Is it by eye-balling? How many candles do you go back?

Sorry I am asking about the details. I know that it takes much screen time to figure it out but at least I know what to look out for...

Cheers
Alex
Don't worry about the questions, it's fine..

In an up move:

I would define my reversal signal as, equal or higher volume on red candles, compared to the recent volume of green candles in the up move, say 5 to 10 candles back. (on 1min)
remeber if candle is more than 20% wick, I would be cautious.
  • #380
  • Feb 16, 2009 12:25am Feb 16, 2009 12:25am
short e/u 1.2743, aiming for fibb extension 1.2705
atm my sl is -16
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