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vsa with Malcolm

  • #4,561
  • Sep 23, 2010 10:05am Sep 23, 2010 10:05am
Quoting malcolmb14
did you get eu sell 1.3770 that we were chatting about on skype ?
nope, was fighting with my broker on the phone about the fill i got on GU this morning.

Nice entry, Hourly looks weak.
  • #4,562
  • Sep 23, 2010 10:12am Sep 23, 2010 10:12am
Quoting A-speculator
I think i know the reason for your short, and I think it's fair for me to say that you pick the right price. The problem is, it is too soon. Imagine the PA as a moving train, it cannot be stop like a car, it has to slow down first and this is where we see the consolidation period/phase. The price usually will consolidate before it turn to the opposite direction and usually I will place my pending order at about the top/bottom of the range, I seldom enter the market using the market order and I admit there are times that the price miss my PO by 2-3...
I understand what you mean... but we can't say the price movement at that time was a "moving train" needing time to stop, as it was moving sideways for the last 7 or 8 M5 bars (35~40 min).

I never place pending orders, I always use market orders.
Of course, sometimes I get requotes, or some slippage, but I can deal with that when entering - it's when I want to get out that those events bother me the most.
But I don't over think it like you describe (placing order above or below the range, etc)... sometimes it's just about getting in the trend, other is playing a range or channel, other is reversals (temporary tops or bottoms).
I just read the charts, and if I see a vsa setup that I trust, I get in - sometimes it's good for a lot of pips, but more often than not it's good for only 20 or so. Of course, there's the wrong calls, too.
My weakness is frequently not being able to let them run longer, and closing profit too soon - something I have to learn, patience.

Now that I have more time, here's the chart for that particular entry, where you can see why I entered:
Attached Image (click to enlarge)
Click to Enlarge Name: gu5.gif Size: 34 KB
  • #4,563
  • Sep 23, 2010 10:13am Sep 23, 2010 10:13am
Quoting Sonofsin5
nope, was fighting with my broker on the phone about the fill i got on GU this morning.

Nice entry, Hourly looks weak.
And I was focused on possible GU top, so I missed it too.
  • #4,564
  • Sep 23, 2010 10:21am Sep 23, 2010 10:21am
I am going to be watching UJ very carefully in asia tonight.....

china on vacation still ... what a great day for Great Uncle to intervene

Attached Image (click to enlarge)
Click to Enlarge Name: gu.jpg Size: 167 KB
Blogging daily now at www.volume.zone
  • #4,565
  • Sep 23, 2010 10:33am Sep 23, 2010 10:33am
es all I got to say is GOOOOOO PPT ...lol

1130 i thought would gap fill and we would see sellers , brief 3 point drop but now they are testing 1130 again
Blogging daily now at www.volume.zone
  • #4,566
  • Sep 23, 2010 10:41am Sep 23, 2010 10:41am
Quoting malcolmb14
es all I got to say is GOOOOOO PPT ...lol

1130 i thought would gap fill and we would see sellers , brief 3 point drop but now they are testing 1130 again
What broker do you recommend for the broke college trader who wants to trade ES using volume?
  • #4,567
  • Sep 23, 2010 10:44am Sep 23, 2010 10:44am
Quoting tonirai
I understand what you mean... but we can't say the price movement at that time was a "moving train" needing time to stop, as it was moving sideways for the last 7 or 8 M5 bars (35~40 min).

I never place pending orders, I always use market orders.
Of course, sometimes I get requotes, or some slippage, but I can deal with that when entering - it's when I want to get out that those events bother me the most.
But I don't over think it like you describe (placing order above or below the range, etc)... sometimes it's just about getting in the trend,...
Ermm.. I think that is because you are using the m5 chart. I really can't comment on how to trade from the shorter TF, due to the noise in the background and for that I think you will need another set of skill on how to trade the trend and the noise. I trade by using the h4 TF only and I think it's suits my lifestyle in the sense that I do not have to look at my charts every 5 mins. The right person you should ask if you still intend on trading the shorter TF will be our beloved Malcomb.

Another thing is, ermm.. i don't know if this will be the right advise to you but to me the 2nd most important thing to me in trading is the candlestick formations itself (valid s&r, master the candle formation in series and single candle, etc). I treat indicators only as my confirmations (mostly to gauge the market and I don't rely heavily on indicators).

TA is not hard to master, the hardest part to master in trading is to overcome your greed and fear and I'm sure you already know this.

Examples on how I take my trade is the GBPCHF pair I said in my earlier post. You can see there are already 2 dojis in weekly which means that there are no more steam to go further down and might be a good spot to long base on the high risk reward ratio. Another reason to long there is the current price now is at about the lowest price recorded on nov 2008 - there's a cluster support there.

Now look at the daily, the problem is there's still nowhere to see consolodation phaze or any reversal candle, but in 4h TF there are already several dojis in line. Now, if I were to take the trade, it means that this might be a range bound trade because there still no reversal candle in daily so it will be a hit and run trade. Now depending of your trading mode, you can take this trade or wait for the daily reversal candle then take the trade.

Another example is GJ. Recently, there is a significant movement to the upside,weekly has seen a doji, daily has seen 3 dojis and the last move formed a new high which means that further upside is expected thus, the bias is bullish. My PO then is base on a valid fibo level and from the retest of the resistance turn support at about 131.85 - 132.25 level.

Hope that helps. I'm not that good in english and I hope you can understand my writing. Cheers.
  • #4,568
  • Sep 23, 2010 10:46am Sep 23, 2010 10:46am
Quoting frankkn
What broker do you recommend for the broke college trader who wants to trade ES using volume?
I just switched to interactive brokers... I love it !!!

I can trade many things in 80 countries world wide .... now all I got to do is work out how to intergrate it with esignal
Blogging daily now at www.volume.zone
  • #4,569
  • Sep 23, 2010 10:48am Sep 23, 2010 10:48am
1) First off if you are no good in English then english must be my second language as your post was awesome.
2) I gave up trading 5 min charts .. nothing less than 15 for me these days and often I can still get in on trades with less than 20 pip dd

Quoting A-speculator
Ermm.. I think that is because you are using the m5 chart. I really can't comment on how to trade from the shorter TF, due to the noise in the background and for that I think you will need another set of skill on how to trade the trend and the noise. I trade by using the h4 TF only and I think it's suits my lifestyle in the sense that I do not have to look at my charts every 5 mins. The right person you should ask if you still intend on trading the shorter TF will be our beloved Malcomb.

Another thing is, ermm.. i don't know if this will be the...
Blogging daily now at www.volume.zone
  • #4,570
  • Sep 23, 2010 10:59am Sep 23, 2010 10:59am
Quoting malcolmb14
1) First off if you are no good in English then english must be my second language as your post was awesome.
2) I gave up trading 5 min charts .. nothing less than 15 for me these days and often I can still get in on trades with less than 20 pip dd
yeah, yeah... LOL.
  • #4,571
  • Sep 23, 2010 11:27am Sep 23, 2010 11:27am
I know you follow AJ like I do. Just in case you havent looked at it, It looks like it may be doing a 1 hr 61.8% Turn at the moment.

Just FYI

Jim
  • #4,572
  • Sep 23, 2010 11:31am Sep 23, 2010 11:31am
Quoting A-speculator
Ermm.. I think that is because you are using the m5 chart. I really can't comment on how to trade from the shorter TF, due to the noise in the background and for that I think you will need another set of skill on how to trade the trend and the noise. I trade by using the h4 TF only and I think it's suits my lifestyle in the sense that I do not have to look at my charts every 5 mins. The right person you should ask if you still intend on trading the shorter TF will be our beloved Malcomb.
Don't misunderstand me, I don't actually "trade the M5 chart"... I rely on initial signals from M15, and then go lower into the M5 to complete the signal and to choose an entry - I posted the M5 as it was where it was more visible why, and from where my final decision was taken.

I trade M15+M5, but I only go for 10 to 40 pips, generally... I suppose that if you trade H4, you go for much higher profits, and possibly much higher drawdowns than me.
Curiously, don't know if you are aware, but H4 is without doubt the TF people in this thread use the less... probably don't use at all, at least for trading decisions and signals;
We rely on volumes, and H4 volumes are hard to understand, because of the spikes too close from each other, due to the different trading sessions.

Quoting A-speculator
Another thing is, ermm.. i don't know if this will be the right advise to you but to me the 2nd most important thing to me in trading is the candlestick formations itself (valid s&r, master the candle formation in series and single candle, etc). I treat indicators only as my confirmations (mostly to gauge the market and I don't rely heavily on indicators).
Well, like I said before, I'm not really into candlestick formation trading, except of course those that may have a meaning to vsa traders (like upthrust, shake-outs, etc);
But I do pay attention to s&r, those areas are very important to me or to vsa traders in general, cause those are areas where we normally see some of the best setups.
Indicators... none, zero, nothing. I gave up on them a long time ago.
Only price action and volumes... s&r in mind or drawn in chart... and I have daily pivots, but I don't pay much attention to them - it's more because I can't have a real market profile based on volume in MT4, so I keep pivots for a reference.

Quoting A-speculator
Hope that helps. I'm not that good in english and I hope you can understand my writing. Cheers.
What are you talking about? Your English is great!
Wish all non English native people could express themselves like you!
  • #4,573
  • Sep 23, 2010 11:58am Sep 23, 2010 11:58am
His English is better than both mine and Intels.

Lol I have no excuse mine should be better ... but Intel is Welsch so has loads of excuses. I mean they have a railway station called :
Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch,

lol... anyone that can even pronounce that other than Intel wins $10 ...lol

enough messing around for now ..... back to business.

Quoting tonirai
Don't misunderstand me, I don't actually "trade the M5 chart"... I rely on initial signals from M15, and then go lower into the M5 to complete the signal and to choose an entry - I posted the M5 as it was where it was more visible why, and from where my final decision was taken.

I trade M15+M5, but I only go for 10 to 40 pips, generally... I suppose that if you trade H4, you go for much higher profits, and possibly much higher drawdowns than me.
Curiously, don't know if you are aware, but H4 is without doubt the TF people in this thread use...
Blogging daily now at www.volume.zone
  • #4,574
  • Sep 23, 2010 12:05pm Sep 23, 2010 12:05pm
Quoting malcolmb14
His English is better than both mine and Intels.

Lol I have no excuse mine should be better ... but Intel is Welsch so has loads of excuses. I mean they have a railway station called :
Llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch,

lol... anyone that can even pronounce that other than Intel wins $10 ...lol
Lol, you could bid that higher... he must record himself pronouncing that and put it here for us to listing

Quoting malcolmb14
enough messing around for now ..... back to business.
Hummm... don't like to trade past Europe's close so much... but OK, will be looking for something - maybe a small short
  • #4,575
  • Sep 23, 2010 12:07pm Sep 23, 2010 12:07pm
Quoting tonirai
Don't misunderstand me, I don't actually "trade the M5 chart"... I rely on initial signals from M15, and then go lower into the M5 to complete the signal and to choose an entry - I posted the M5 as it was where it was more visible why, and from where my final decision was taken.

I trade M15+M5, but I only go for 10 to 40 pips, generally... I suppose that if you trade H4, you go for much higher profits, and possibly much higher drawdowns than me.
Curiously, don't know if you are aware, but H4 is without doubt the TF people in this thread use the...
woo.. don't get me wrong mate. I didn't mean that trading the 5m chart is not profitable, it's just that I don't know how to trade with the TF. But if that your style, and you like it that way, then carry on..

I'm not an indicators expert, I must say, but I know a little bit of VSA, Bill Williams, Gann, Elder-Ray, Bollinger, etc.. i don't mean that we don't need indicators, we need them but not as our primary trading opinion. Imagine yourself flying in the sky and your task is to manage the air traffic, how can you know the speed of the aircraft, the degree of acceleration/deceleration, at what angles did the aircraft fly, etc.. thats where the indicators come into play, which is to gauge the market, to know the acceleration of price, the acceleration, momentum, etc. But if you can see an aircraft burning with fire, you know that particular airplane will crash, that is the important in knowing the CS pattern, or you see the F-22 raptor which is different then the commercial planes, from far away can tell that it will fly fast and high.

Now, trading h4 doesn't mean that you have to sustain a sizeable dd. It depends on where you position your entry. By practise, you can tune up your entry position thus minimize your dd. I won't go on about this, but I am here just to voice out my opinion on the longer trend and I like how malc entertain his followers.

I know a lot of traders here can't be bothered with h4, but I think it's alright to have a different or a mix opinion on the trading decision cause I also start as a scalper but as time goes by, I got fed up stuck in front of my computer all day long doing just trading. Maybe I can be a little help to anyone who want to change their trading style.

Cheers bro and happy pippin'
  • #4,576
  • Sep 23, 2010 12:09pm Sep 23, 2010 12:09pm
could have held on for a little while longer because it turned at 50 but still it was more than 300 pips.

long now and in the green.

65 to 80 is a strong supply area. we are now attempting a break. hopefully it will

next supply area is above 1.34. let's see how it goes. sowing today longs to crop tomorrow



Quoting tonirai
Go banking, my friend, and then have a nice cold Super Bock
dreams do come true.
  • #4,577
  • Sep 23, 2010 12:12pm Sep 23, 2010 12:12pm
Quoting A-speculator
(...)Maybe I can be a little help to anyone who want to change their trading style.
Any help and different views are always welcome, that's how all can learn something
  • #4,578
  • Sep 23, 2010 12:23pm Sep 23, 2010 12:23pm
Quoting tonirai
Any help and different views are always welcome, that's how all can learn something
I would love everyones views on UJ ... something is brewing . I see strong buying off a double bottom... major support area on weekly also

Any comments ?

Great Uncle Kan please can you comment
Blogging daily now at www.volume.zone
  • #4,579
  • Sep 23, 2010 12:24pm Sep 23, 2010 12:24pm
it sounds to me that your strategy would fit perfect with focusing on the 60 min volume
  • #4,580
  • Sep 23, 2010 12:31pm Sep 23, 2010 12:31pm
Quoting malcolmb14
I am going to be watching UJ very carefully in asia tonight.....

china on vacation still ... what a great day for Great Uncle to intervene

Attachment
Spot on. Massive divergence on RSI with the double bottom.
I have 84.7 level to brake for further upside continuation.
Attached Image (click to enlarge)
Click to Enlarge Name: 11.gif Size: 59 KB
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