DislikedThe trade I posted in #148 was a completed trade for 30 pips profit, based on the new indicator and my reading of candlesticks. The trade was managed by an EA that hides the sl & tp, also written by FOREXflash.
I am not in a trade now, but my comments regarding 61.8 fibo was an afterthought to posting the chart. It just show how uncanny the fib level indicate support & resistance.
Attached is FOREXflash's hidden SL & TP EAIgnored
Learn to Trade using VSA (Volume Spread Analysis)
- #166
- Feb 25, 2009 6:49pm Feb 25, 2009 6:49pm
Would you explain the signal you used from the bottom window to determine your entry?
I bought on the yellow line as per the indicator and I was using an hour chart, the pair shot right up and i made 38 pips on that move.
- #169
- Feb 25, 2009 7:11pm Feb 25, 2009 7:11pm
you get a blue line, which will extend from either a high or low bar to the point of entry. Giving you a signal to enter long or short.
I'm still testing it, we have to make a few updates to it, tommorow, but test it out and give us some feedback..
- #171
- Feb 25, 2009 8:03pm Feb 25, 2009 8:03pm
Thank you open this thread nyse1982
For a market to move up you need buying, which is generally seen on an up-bar (i.e. the present bar closes higher than the previous bar). The amount of volume attached to the up-bar should be increasing in volume. However, this increase in volume should not be excessive, as this is indicative of supply in the background that is swamping the demand. If you observe that the volume is low as the market moves up, you know this has to be a false picture. This low volume is caused by the professional money refusing to participate in the up-move, usually because they know the market is weak. The market may be moving up, but it does not have the participation of the traders that matter. Unless the ‘smart money’ is interested in the move, it is certainly not going to rise veryfar.During a bear market, you will frequently see temporary up-moves on low volume. The reason for the upmove is of no concern to us, but we see a market that is bearish going up on low volume. This can only happen because the professional money is not interested in higher prices and is not participating, hence thelow volume. The professionals are bearish and have no intention of buying into a weak market just becauseit happens to be going up. If this action is seen with a trading range to the left, at the same price level, this becomes a very strong indication of lower prices to follow.The opposite is also true for down-moves. So, for a legitimate down-move you would need to witness evidence of selling, which would reveal itself as increased volume on down-bars (i.e. the present bar closes lower than the previous bar). If you see an increase in volume that is excessive, then you should be wary, as this may indicate that demand is in the background.If you begin to notice the volume drying up on down-bars, this is evidence that the amount of selling pressure is reducing. The market may continue to fall, but be aware that it could quickly turn and rise momentarily, due to the lack of supply. A decreasing amount of volume on any down-bar indicates that there is no professional interest to the downside.
- #172
- Feb 25, 2009 8:06pm Feb 25, 2009 8:06pm
Thank you open this thread nyse1982
It is not holy grail ,but it indeed can reduce some trading risk and give me more chance to win the trade.
- #175
- Feb 25, 2009 8:23pm Feb 25, 2009 8:23pm
Trying to attach this EA to my charts but not working... any suggestions??
- #177
- Feb 25, 2009 8:39pm Feb 25, 2009 8:39pm
I'm stepping out for a couple of hours, if you have any questions just read previous threads, I'm sure we've answered alot of questions and of course you can download the beta version of the VSA on the previous thread.Thanks
Or of course PM me
Or of course PM me
Save it to your desktop and go to your start menu and find which ever broker/meta your using, go into the folder journals under indicators and paste it in your indicators folder. Go back to your Meta trader open it and go to indicators at the top and select cutom indicators and attach it to your chart!! should work then