vsa with Malcolm

Just tried a volume chart - erm, perception currently experiencing an apoplexy.

Need to master volume and print profiles to earn the next stripe.

I guess with the nature of this game, I should have stated pip, and not stripe, but I feel that my opinions would not be conducive to the mess dinner, and so would rather dine with those that put in the groundwork.

GU: on M15 there are several No Demand bars...maybe because of Friday...we will see...

actually, rate news donot affect prices as before, but i d like to post here very important data dates here for GU ( usd-pound)

august 3 : Pending Home Sales m/m------usd
august 4 : ADP Non-Farm Employment Change----usd
august 5: Asset Purchase Facility----gbp
MPC Rate Statement---gbp
Official Bank Rate----gbp
Minimum Bid Rate---eur
ECB Press Conference---eur
Unemployment Claims ----usd
august 6 : Non-Farm Employment Change----usd
Unemployment Rate-----usd

and after this week, we have also very important datas as well, as follows;

Federal Funds Rate
BOE Gov King Speaks
BOE Inflation Report
Trade Balance
Unemployment Claims

i dont know why i ve looked at these data's dates.. and i dont know how can be helpful if so...

maybe, these can be some kind of constructive with comleting puzzle... for near future.. i dont know...

but for me, we have very important news in 1st and 2nd week of august, and the probability of any harsh move is more proabable in these week..

i'd be so appreciated if you have any comments on these..

cheers...

Hey Mal
How r u?
Do u like to know my view

i am not malc, but i want to know

GU M15

Failed to pass the area of resistance (note the lowish volume). SM tested the market only to find too much supply.

I would expect to see a drop in price till we get a successful retest then another attempt to push through resistance area.

It may bounce off again before absorbing enough supply to get through.

intel there is the testing you were looking for ...

down move met with heavy buying off 1.5450

now looking to see if we break out for move to 1.5560 , which is days range upper limit. May not be till us session .

As promised I have coded up a VSA signals indicator. It marks candles with what I believe are generally correct VSA bar definitions. (others may disagree - I'm not a VSA expert). If you hover over the symbol, it will provide a text description of the bar.

I have provided the code in the spirit of open source, and with the hope that it will be refined by better VSA traders than I. (HG, Intel et al if you want to have a go at refining this, PM me).

While I retain copyright for this indicator, I will not be selling it, now or in the future. I am retaining copyright to prevent anyone from attempting to commercialize this code. If you want to modify or develop this code, you must distribute it using the creative commons license - copyleft.

Signals symbols can be set from the wingdings character set. Colours can be set for weakness and strength. I have chosen red for weakness and blue for strength. If a signal is displayed in GREY, the indie has determined that the signal is incorrect for the current background. (i.e. looking for no demand when there is strength). You can set this to NONE to stop displaying these bar signals.

You can set it to use session averages in determine VSA bar, or standard moving average of volume. If you use session averages (which improves the reading of low volume bars), you will need to set the session start and end times as per your brokers local server time.

You can set the indicator in a test mode and by specifying the specific bar you which to examine (in the function DetermineVSASignal()) it will comment the bar characteristics to the screen so you can check if the signal is correct according to the codes criteria.

It gets some bars WRONG. It gets most of the impotant bars right most of the time. (Coding criteria to satisfy the VSA bar criteria is actually quite difficult). I have had significant reservations about posting this indicator to any forums on the grounds that it could be confusing to new traders, and that some people will try use this a shortcut to real learning.

At some stage, I may revise the algorithm for determining background to take better account of the principles of effort vs result. And it should be possible for anyone with a bit of interest and MT4 coding talent to display a background meter ala tradeguider based of the internals of the code.

WARNING to NOVICE TRADERS - THIS IS NOT A SUBSTITUTE FOR LEARNING TO READ VOLUME SPREAD ANALYSIS! IT IS POSSIBLE TO TAKE SUCCESSFUL TRADES USING THIS INDIE, BUT ONLY IF YOU ALREADY KNOW WHAT YOU ARE DOING, and WHAT VSA PATTERNS TO LOOK FOR!

It SHOULD be used as an aid to assist in identifying VSA bars and VSA patterns.

DISCLAIMER - I AM NOT RESPONSIBLE FOR YOUR USE OF THIS INDICATOR. YOUR TRADES ARE TAKEN AT YOUR OWN RISK.

cheers
f451

Hey man...just now checking this out, but wow, you've done a really nice job with this. I appreciate you taking the time to code and share it

am i right to say we are seeing some weakness of the GU on 5, 15 minutes?

Sorry been away all day.

Yeah she's a bute.

Could be in for another forming right now. A shake out/ reversal of some description.

Yes there was some weakness but, I think SM may be eliminating supply in order to get clear of that resistance area.

not sure about this but i do know this should be clearer once the US Home Sales is out.

You're right to be cautious. Always trade what the market gives, not what you think it should give.

that's the best advice to all traders.

The pound looks like it was just bought on the 15 min timeframe at the 1.5450 level. Could act as a reversal point for a 1.5525 test again. Whats the threads thoughts?

i think it's too confusing. just get a break.

PA seems unsure.

Keep an eye on the volume as it approaches the resistance area.

Thanks for your effort.

I think for someone who could read mt4 codes, can learn a lot about VSA criteria and patterns from your indicator. So, I am a lucky guy.

And it looks like thats what we will get.