guys, do you think this is a big dog sweep or reaction to PP? Big gravestone doji GU 5min.
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Could be stop hunting, reaction to eur news, or guys that got in yesterday buying 6440 (London session low) and exiting losing trades. The follow through will tell more.
Sorry, first trade of day from Pre Frankies hour. On 1hr I had the last 2 candles where gu had turned, in addition to the resis levels shown this was a classic psych level 'Islander' trade.
Trade 1. From 5 min chart we had high vol push up, then vol fell off 3 small shooting stars, took trade from 1 min chart shown.
Trade 2 was also nice, got in at 6395 when there was a push up after the 1st shooting star to 6400 which failed..
Trade 3 out BE.
Trade 4 small win.
Methinks shooting stars are nice!!
Didn't trade the massive shooting star...
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Great trading. I wasnt up online for 1st one - it was already moving. 2nd one I was uncertain because of proximity to an M2 & y low. Reacted too slow.
Big sh star was weird as it followed 2 hanging men. This uncertainty set me off away from desk. 3 was a bit close to S2 & 4 looks a good 15 pipper to S2, but I wasnt at desk! Another grrrr moment.
Could be stop hunting, reaction to eur news, or guys that got in yesterday buying 6440 (London session low) and exiting losing trades. The follow through will tell more.
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good point. The vol indi shows that 6410 was the highpoint of yesterdays trading. It does help reverting back to H1 charts!
2nd one I was uncertain because of proximity to an M2 & y low. Reacted too slow.
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What I didn't say in first analysis post.
Trade 2 was close to y's low and W M2. This area had already been broken in the move down to 6375. The push up from 6375 was on better vol and 6400 was rejected. The 2 candles that pushed back up from 6385 to 6400 were both on low vol which did not indicate buying interest, so when the shooting star came (trade 2 on previous 5 min chart) we were happy to enter. Remember also the prev closed 1 hr candle was also very negative.
good point. The vol indi shows that 6410 was the highpoint of yesterdays trading. It does help reverting back to H1 charts!
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And for what its worth the hour or so between the US 8.30 - 10 am news for me is more often that not pretty ugly and choppy (unless you're a news trader) but once the news is out of the way that couple of hours before London closes can be very nice. So I'm out of market for a few more mins yet.
Trade 2 was close to y's low and W M2. This area had already been broken in the move down to 6375. The push up from 6375 was on better vol and 6400 was rejected. The 2 candles that pushed back up from 6385 to 6400 were both on low vol which did not indicate buying interest, so when the shooting star came (trade 2 on previous 5 min chart) we were happy to enter. Remember also the prev closed 1 hr candle was also very negative.
And for what its worth the hour or so between the US 8.30 - 10 am news for me is more often that not pretty ugly and choppy (unless you're a news trader) but once the news is out of the way that couple of hours before London closes can be very nice. So I'm out of market for a few more mins yet.
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I have to say, my observations since I started on this thread are along these lines for this type of trading at the mo.
GU flirting with the lows over the last month or so, current weeks W S1 there. Good place for a bounce but if it fails next target M S1.
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Ive just had a bloody windows update so couldnt reply sooner.
Good point. However, on the way up there has been some huge selling. I have some software on another computer that shows that 6.40 bar was massive selling vol (different to MT4), & the hammer after it also contained lots of selling. May be due a big reversal from MS1
For what its worth RSI was also at 100 so totally overbought.
coincidentally the VSA thread is currently discussing the variations in vol across different platforms, and broker manipulation of pricing!
My MT4 is Alpari. My other computer with the added software is running IQFeed, which is not a broker & isnt free but has been very reliable, but to which I cant add the indicators I want.
ps a hyperlink has appeared in my text. I dont know why, so pls ignore it.
GU flirting with the lows over the last month or so, current weeks W S1 there. Good place for a bounce but if it fails next target M S1.
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V what does this mean. My platform shows M1 Mr & hovering over it is described as bios. Also adjacent is <3:52. It doesnt concur with time remaining, so any ideas?
V what does this mean. My platform shows M1 Mr & hovering over it is described as bios. Also adjacent is <3:52. It doesnt concur with time remaining, so any ideas?
V what does this mean. My platform shows M1 Mr & hovering over it is described as bios. Also adjacent is <3:52. It doesnt concur with time remaining, so any ideas?
Psych Levels, Pivots, and Trendlines - Resurrected
