I notice since the beginning of the week that on the 5 min. time frames the volume would increase but only on up bars. Does that mean the pros are still long? I know this might sound confusing because I'm still learning vsa.
Auslanco - GBP/JPY and GBP/USD (newstrade)
- #188,682
- Aug 12, 2009 10:05am Aug 12, 2009 10:05am
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Before Forex I was tall, and clean shaven. Now I am an Ewok.
- #188,683
- Aug 12, 2009 10:07am Aug 12, 2009 10:07am
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- #188,684
- Aug 12, 2009 10:13am Aug 12, 2009 10:13am
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my short entry target is 159.54, Is 50% retrace of the move down and a strong resistance area from before.
completely missed the move up... went out for ice cream! lol
- #188,686
- Aug 12, 2009 10:15am Aug 12, 2009 10:15am
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- #188,687
- Edited 10:28am Aug 12, 2009 10:17am | Edited 10:28am
- Joined Dec 2008 | Status: Resident Psychiatrist!!! | 2,600 Posts
it went up
ooh no it just came back down
hold might be an opp. to get in and scalp--
who knows what these guys are trying to do--they might be accu.
so they can take profits with the FOMC reports
or they just might buy more with it
there's a no demand bar at 2009.08.11 00:00--they're trying to get by
if they don't--will see if they go into long term accu.
- #188,690
- Aug 12, 2009 10:25am Aug 12, 2009 10:25am
- Joined Apr 2009 | Status: Know Your Wave | 2,640 Posts
- #188,691
- Aug 12, 2009 10:34am Aug 12, 2009 10:34am
mate thanks for the advice but there's a reason i have 10 vouches. not just because my mates voted for me but they notice most of my calls turn out.
and i'll show you the final result. my trade was placed on a longer term set up and it was because of the volatility of the event i got smashed. but guess what it still turned out so don't worry about me pal. i was not worried one bit. and look green pips. my goal was reached and all trades are closed. it's bedtime. cheers.
10 lots in green pips.. check your screen..
My post was to help to distinguish between a retrace and a reversal. It's quite a reliable technique. The chart shows how the 1 hour down cycle completed at 156 after the 5 had come back to the 14...I actually expected a bounce at 156.50 ish ...With the strong daily down trend I was expecting a retrace and not the reversal we got ...lol...but it became indicated as a strong hourly upmove cycle by the fact that the 5 and 14 stochastic were climbing together.
Just now we have the 1 hour at the top and the 4 hour still climbing although the 5 is opening up from the 14 which means there may not be a lot of up move left..... Best to watch lower time frames and S&P for indications of a reversal.
I originally got this idea a coupleof years ago from one of the Spudfyre MTF Stochastics threads...
Good luck
- #188,692
- Aug 12, 2009 10:37am Aug 12, 2009 10:37am
- Joined Apr 2009 | Status: Know Your Wave | 2,640 Posts
You missed the down move too
I used to end up giving pips back jumping in too fast after a decent trade. so I set hard rules to keep from shooting myself in the foot.
- #188,693
- Aug 12, 2009 10:41am Aug 12, 2009 10:41am
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- #188,694
- Aug 12, 2009 10:50am Aug 12, 2009 10:50am
- Joined Oct 2008 | Status: aka Neal Vanderstelt | 2,902 Posts
Pleased it worked out OK in the end.
My post was to help to distinguish between a retrace and a reversal. It's quite a reliable technique. The chart shows how the 1 hour down cycle completed at 156 after the 5 had come back to the 14...I actually expected a bounce at 156.50 ish ...With the strong daily down trend I was expecting a retrace and not the reversal we got ...lol...but it became indicated as a strong hourly upmove cycle by the fact that the 5 and 14 stochastic were climbing together.
Just now we have the 1 hour at the top and the 4...
i'll check it out later when i have time but most often i find if i mess with my own system too much it comes back to haunt me so i just do what has been working for me.. most of my errors are from not following my own rules.
Before Forex I was tall, and clean shaven. Now I am an Ewok.
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- Aug 12, 2009 10:52am Aug 12, 2009 10:52am
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- #188,696
- Aug 12, 2009 11:00am Aug 12, 2009 11:00am
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- #188,698
- Aug 12, 2009 11:10am Aug 12, 2009 11:10am
Agree, stick with what works for you.
btw the 15 m. looks like it may do another run up and the S&P is still rising so not short yet. Most time frame cycles are near the top so wouldn't be surprised by a down move before long....but I've learned to wait for confirmation. Ideally the 5 and 14 stochastic heading down parallel on 15m or above.
Cheers
- #188,699
- Aug 12, 2009 11:12am Aug 12, 2009 11:12am
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- #188,700
- Aug 12, 2009 11:15am Aug 12, 2009 11:15am
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