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vsa with Malcolm

  • #5,561
  • Oct 21, 2010 3:48am Oct 21, 2010 3:48am
Gonna do a EU analysis on different TFs. People often forget to get a bigger picture of what's going on. Made new charts just for this as mine are way too messy.

First two are 4 hour and 1 hour charts. They pretty much both show the same thing. But sometimes you might see something on one chart that you don't see on another.

And also the interpretation of the market is an individual thing. Never blindly follow one person or be influenced by others. It's OK to browse through someone else's chart and see what you might have missed, but the final interpretation should be yours alone. If you agree with somebody's view, then it's OK, but if you agree because someone claims to be good or whatever, then that's bad. That doesn't let you grow as a trader.
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  • #5,562
  • Oct 21, 2010 3:58am Oct 21, 2010 3:58am
Ah, sorry for the .jpg format on this one. My bad.

Anyway, the 5 minute chart. I think it's a good TF to see every little detail of what's going on. I like it a bit more than 15 minutes because it lets me see more of the price action. It's just a matter of preference.

I think US session will decide today which way EU is going short term. But let's not forget that the trend is UP and not down until proven otherwise. Yes, there is a descending channel on monthly, but that still gives room until 1.43-45 or so. Daily is all up up up!
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  • #5,563
  • Oct 21, 2010 4:29am Oct 21, 2010 4:29am
Quoting lascavel
Gooday Indiana & DMA,

I know is kind of late now but this is the test you guys should be looking for as EU was clearly re accumulating after we have witness that climax & the 1st test.

In fact Indiana's last bar on his chart was the test bar, Here we look for the test of previous supply or resistance area to ascertain its potential...

Right now GU is being tested as we spoke!

FYI:
Attachment
hi lascavel, can you post your HLC bar indicator ? been looking for a stable one for mt4 platform--

or was there a way you got rid of the open price on the bar ?;;

thanks...
  • #5,564
  • Oct 21, 2010 5:55am Oct 21, 2010 5:55am
Stopping volume at last week's open/close
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  • #5,565
  • Oct 21, 2010 6:07am Oct 21, 2010 6:07am
Quoting frankkn
Stopping volume at last week's open/close
Good spot frank. Look for a good long seup at this support area. If it's going long you should get a good SO.
  • #5,566
  • Oct 21, 2010 6:12am Oct 21, 2010 6:12am
Quoting Intel
Good spot frank. Look for a good long seup at this support area.
Hey thanks Intel. Had to leave this glorious thread for a bit to focus on my own style.

I have grabbed a small long already off of the 5m. I plan on adding more small positions. I love to do this because I can have my stop far away, and as I see more bullish PA I'll add.

Anyone else using weekly OHLC as SR?
  • #5,567
  • Oct 21, 2010 6:21am Oct 21, 2010 6:21am
Quoting frankkn
Stopping volume at last week's open/close
Looks like it wants to go lower... but news are coming in 40 min.

Last night in asia, I placed a short before going to sleep, with 100 pips TP... went to +80 and retraced to my SL (which at least, was already at BE);

Now in a short from almost the top, and trying to keep it 'till the news... got a TP at 1.3935.

Having a crappy week (lots of stopped at BE, and some losses), would like this one to work out and make the week less painful.
  • #5,568
  • Oct 21, 2010 6:27am Oct 21, 2010 6:27am
Quoting tonirai
Looks like it wants to go lower...
1st pic: 5m EU. This level is a confluence of lots of SR including weekly pivot level as well as last week's close/open. The circled area shows what happened last time price was at this area; buyers>sellers

Now we have a 15m showing buying coming in at this level, then a shake out, then a possible engulfing.

Wary of news at 10 tho
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  • #5,569
  • Oct 21, 2010 6:35am Oct 21, 2010 6:35am
Quoting frankkn
long already

+20 on one position, SL to BE on 2 others as we bump into 1.4000
  • #5,570
  • Oct 21, 2010 6:40am Oct 21, 2010 6:40am
Quoting frankkn
1st pic: 5m EU. This level is a confluence of lots of SR including weekly pivot level as well as last week's close/open. The circled area shows what happened last time price was at this area; buyers>sellers

Now we have a 15m showing buying coming in at this level, then a shake out, then a possible engulfing.

Wary of news at 10 tho
Nothing to say against that, I agree... the level where it's standing is between today's open and yesterday's high - enough for it to stall, anyway.

But since I'm already in from higher above, will try to hang to it through the news and see what happens then. Just trying to hold for a bigger target and a higher R:R. Still +20 for now.
Once in a trade, I'm not good at closing when vsa shows opposite... I keep the initial target, always - my bad, I know! Something to work with and improve.
  • #5,571
  • Oct 21, 2010 6:46am Oct 21, 2010 6:46am
eu sells beware check your 30 min charts
Blogging daily now at www.volume.zone
  • #5,572
  • Oct 21, 2010 6:47am Oct 21, 2010 6:47am
Quoting frankkn
+20 on one position, SL to BE on 2 others as we bump into 1.4000
2nd larger position closed at +29 pips
  • #5,573
  • Oct 21, 2010 6:53am Oct 21, 2010 6:53am
Quoting tonirai
Nothing to say against that, I agree... the level where it's standing is between today's open and yesterday's high - enough for it to stall, anyway.

But since I'm already in from higher above, will try to hang to it through the news and see what happens then. Just trying to hold for a bigger target and a higher R:R. Still +20 for now.
Once in a trade, I'm not good at closing when vsa shows opposite... I keep the initial target, always - my bad, I know! Something to work with and improve.
That's something I've been experimenting with too, but every time I try to stick to my TP price just gives me the bird and reverses a few pips shy. That's why I like to take 3-5 smaller positions and hit and run a couple, and also see if I can catch some runners with the others if they are with a larger trend.

Malcolm you mention selling on the 30m are you referring to the BC at 8am EST?
  • #5,574
  • Oct 21, 2010 6:56am Oct 21, 2010 6:56am
Quoting frankkn
Malcolm you mention selling on the 30m are you referring to the BC at 8am EST?
I've been looking for sellers to come in at 1.4070
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  • #5,575
  • Oct 21, 2010 6:59am Oct 21, 2010 6:59am
Quoting frankkn
I've been looking for sellers to come in at 1.4070
I think he was saying to beware if you're selling.
  • #5,576
  • Oct 21, 2010 7:01am Oct 21, 2010 7:01am
Quoting Intel
I think he was saying to beware if you're selling.
Thanks dog
  • #5,577
  • Oct 21, 2010 7:03am Oct 21, 2010 7:03am
Quoting frankkn
2nd larger position closed at +29 pips
3rd stopped at BE
  • #5,578
  • Oct 21, 2010 7:06am Oct 21, 2010 7:06am
We have lower lows and lower highs in M15.
  • #5,579
  • Oct 21, 2010 7:07am Oct 21, 2010 7:07am
Quoting juhanimi
We have lower lows and lower highs in M15.
Don't get twitchy just yet.
  • #5,580
  • Oct 21, 2010 7:08am Oct 21, 2010 7:08am
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