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USD/JPY Discussion

  • #17,481
  • Aug 8, 2010 12:26pm Aug 8, 2010 12:26pm
Hello Malcolmb,

Your volume indi, does it show the volume of the whole forex market?
I dont think so. How can u be sure the volume is the same for all brokers around the world?

Can you explain please...

Quoting malcolmb14
agree on indies being 90% useless to pick tops and bottom BUT everything has its place in life and they can be used to trade the higher time frame trend on a lower time frame.

as you know I am a volume trader .. i guess you can call this an indie.

In addition to this I think that the saying trend is your friend is very valid . i think where indies can be useful is if you are trading a 60 min or lower time frame in the direction of the daily trend ,

uj chart below for example. I had some service emailing me long uj at 87....lol I told them...
  • #17,482
  • Aug 8, 2010 12:37pm Aug 8, 2010 12:37pm
Quoting Ghadeer
Hello Malcolmb,

Your volume indi, does it show the volume of the whole forex market?
I dont think so. How can u be sure the volume is the same for all brokers around the world?

Can you explain please...
vsa is complicated to begin with but once grasped is pretty cool and keeps you out of a lot of dumb trades

fx volume is not true volume , it is tick volume , but is still very representative of activity in the market

here is gu chart before nfp , showed the buying on the dip

I gave some explanations of charts on my vsa thread on the weekend

The fact that I use esignal is due to the fact that it uses data form over 200 sources for its GTIS feed

Long before nfp with a 25 pip and very happy to be so due to background using vsa.

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Blogging daily now at www.volume.zone
  • #17,483
  • Aug 8, 2010 3:40pm Aug 8, 2010 3:40pm
Quoting mfoste1
I dont use any indicators, I personally think they are 100% useless.........indicators do not drive price, price drives indicators and that is where most traders make the mistake-----"ohh the indicator was telling me that price was gonna go up, but it didnt! whats going on?"....price can disagree and be completely irrational with any indicator at any time no matter what.
What needs to be kept in the back ones mind is the meaning of the word 'indicator'. If an indicator is used as a reason on place a trade, then I would agree with you. However, indicators indicate what might be.....what a person does with that indication is up to them entirely. It's the same as the turn indicator in your car.....it is not telling anyone that you are definitely going to TURN NOW.....it is an indication of your intention to turn.....an indication, not a gaurentee!!

You're quite right that 'price can disagree and be completely irrational with any indicator', so the trend can also disagree with what's about to happen, so can candles etc etc etc. There is no way, no matter what anyone says or thinks, that anything you see on your chart....ANYTHING that you see on your chart, can be taken as a guarentee of what is about to happen....end of story! However, when there is confluence of a couple of well chosen and well practiced indicators in use, they may indicate what may happen next.

It's an interesting discussion....but I would say that properly chosen, practiced and used indicators and a good tool to have at your disposal.

5c
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,484
  • Aug 8, 2010 11:37pm Aug 8, 2010 11:37pm
it warms the heart to see so many Heavyweights contributing quality thoughts in here !

thank you , gentlemen !
  • #17,485
  • Aug 8, 2010 11:41pm Aug 8, 2010 11:41pm
Petar_Serbia

mfoste1

no indis here . which direction ?
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  • #17,486
  • Aug 8, 2010 11:48pm Aug 8, 2010 11:48pm
Dear malcolmb14 ,

I always wanted to get to the bottom of the volume concept in Forex Trading.

Like, Ghadeer , I was put off by the 'broker-specific' volume against 'universal volume' .

Will appreciate if u could direct me to this volume concept from scratch .

Thank you .

  • #17,487
  • Aug 9, 2010 12:04am Aug 9, 2010 12:04am
Quoting TheArcher
Dear malcolmb14 ,

I always wanted to get to the bottom of the volume concept in Forex Trading.

Like, Ghadeer , I was put off by the 'broker-specific' volume against 'universal volume' .

Will appreciate if u could direct me to this volume concept from scratch .

Thank you .

come over to the vsa thread that I started

and get your hands on the book master the markets by tom williams.

fx volume is tick volume , amount of contracts or trades going thru in a period of time

if price moves up into new high but the amount of tick is 1/3 of other candles around the new high this tells us buyers are exhausted and losing interest , could even mark a top

things to remember in fx
pros buy on weakness sell on strength

if you do not understand what I mean by this ... here is an example

es ( emini s and p futures) ... nfp drove it down ... initial knee jerk reaction but look how the volume on the wide down bar into 1105 was one of the highest of the week followed by an up bar . That is called stopping volume ... look at the result of that .Pros bought the weakness.

alot of people are skeptical about using fx in volume but nearly all the traders on my forum use mt4 , interbank feed and they seem to do ok using it

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  • #17,488
  • Aug 9, 2010 12:11am Aug 9, 2010 12:11am
Quoting malcolmb14
come over to the vsa thread that I started

and get your hands on the book master the markets by tom williams.
Thank you so much Master !

yours humbly.

  • #17,489
  • Aug 9, 2010 12:18am Aug 9, 2010 12:18am
"About 95 percent of Japan’s debt is held domestically, which sovereign-debt agencies have said supports the country’s creditworthiness even as borrowings approach 200 percent of gross domestic product. "

source

I would humbly suggest that Japan's reilance on the domestic market to buy debt undermines it's creditworthiness, rather than supporting it. Debt is debt...pure and simple. Just because they have sold 95% of debt domesically, doesn't hide the fact that they have monumental debt...200% of gdp.....and that debt figure alone should be of huge concern regarding their creditworthiness, not supportive of it.
Doing what you like is Freedom. Liking what you do is Happiness.
  • #17,490
  • Aug 9, 2010 2:02am Aug 9, 2010 2:02am
Quoting Ghadeer
Hello WGann,

The order you placed on your journal, did u mean long @ 85.46 or u will wait tell 86.46?
Wait for 86.46. However if today ends with a bullish bar, cancel the order and just buy at market.
  • #17,491
  • Aug 9, 2010 2:06am Aug 9, 2010 2:06am
Thanks WGann. I will be watching it closely.

Quoting WGann
Wait for 86.46. However if today ends with a bullish bar, cancel the order and just buy at market.
  • #17,492
  • Aug 9, 2010 2:59am Aug 9, 2010 2:59am
Quoting TheArcher
Thank you so much Master !

yours humbly.

you have found the right guy for VSA Archer..check out Mals thread
  • #17,493
  • Aug 9, 2010 4:01am Aug 9, 2010 4:01am
Quoting uraceulose
you have found the right guy for VSA Archer..check out Mals thread
  • #17,494
  • Aug 9, 2010 4:57am Aug 9, 2010 4:57am
With 86% of traders long I expect some stop hunting.

Short @ 85.60
SL @ 85.80
Target open

H1:
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Don't be a hero. Don't have an ego. Always question yourself
  • #17,495
  • Aug 9, 2010 5:00am Aug 9, 2010 5:00am
Quoting Petar_Serbia

Look what i think,its very simple

I didnt tell you cant be succesufull with indis but point is you dont need indi...

Dont change your way of trading,keep your trading and just have patiance...


Quoting Patience

There are a lot of things out there that I think are rubbish but I don't go around saying they are because I obviously haven't found a way to make it work for me.

If what I consider to be rubbish makes that person money, then all power to them.

Just find what suits you and what you feel comfortable with whether it be charts with indicators or naked PA.

It will probably take you time but it's worth it in the end.
  • #17,496
  • Aug 9, 2010 5:10am Aug 9, 2010 5:10am
uptrend within channel ?
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  • #17,497
  • Aug 9, 2010 5:28am Aug 9, 2010 5:28am
added resistance and middle line (not pitch-fork? )
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  • #17,498
  • Aug 9, 2010 5:29am Aug 9, 2010 5:29am
Quoting TheArcher
uptrend within channel ?
and bear flag
Don't be a hero. Don't have an ego. Always question yourself
  • #17,499
  • Aug 9, 2010 5:38am Aug 9, 2010 5:38am
Quoting USD-Bear
and bear flag
where ?
  • #17,500
  • Aug 9, 2010 5:43am Aug 9, 2010 5:43am
this was my original thinking , but it broke off ...
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