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vsa with Malcolm

  • #13,701
  • Edited 6:48am Feb 22, 2011 6:13am | Edited 6:48am
Trade Against The Retail Herd 22nd Feb

http://www.barchart.com/headlines/story.php?id=979530

Seeking Setup for Cable long.
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My B4 work 6E demo account short due to 2515 tick bar failed test for dearth of supply made a few ticks for the fantasy account.
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  • #13,702
  • Feb 22, 2011 6:15am Feb 22, 2011 6:15am
at 3680 key again. once broken this opens door to the upside.

i took profit and looking to buy again above 3690/3700 or on dip at 3645/35 once tested.
  • #13,703
  • Feb 22, 2011 6:20am Feb 22, 2011 6:20am
I was actually quite confused today as I see a few possible outcomes for EU. Either the break above was genuine or possibly a test of a possible upper trendline. Closed out a long today a bit early because of this. 1.368 is possibly the strongest resistance for me today. Looking for a break above.
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  • #13,704
  • Feb 22, 2011 6:23am Feb 22, 2011 6:23am
Quoting Beljevina
Damn this VSA don't workie - I'll be taking my TP1 @ around here for a 100 pipper; 1.364ish is resistance, 76.4% workback of the Asia fall, and 38.2% below Friday's high. (I know, I know ... too many lines on the chart! )

TBH, I didn't think we'd work our way back this fast ... now, how's that H4 lookin' ...
Good entry.
  • #13,705
  • Feb 22, 2011 6:26am Feb 22, 2011 6:26am
Quoting Mtm
thanks for the reply.
(side track a bit)

I had tried to look into pnf to 'calculate' the accumulation/distribution area to see how far it will move the price.. also to see if it can work with vsa.. but im still not quite understanding how to come up with the pnf chart :S

btw, i also just noticed that price went up to the same area as on Feb 9th, before it fell to the same area as Feb 7, before it bounced off that level... almost like a mirror image.. maybe this like what they described as a "inverted head and shoulder" formation.
"Point and Figure" charts may give you an easier look at Support and Resistance.
It is similar to "Range Bars" and "Renko" where you have to allocate a fixed amount of pips.
Either you need a MT4 indicator that will produce the pnf chart, or your broker may have the pnf chart on their platform.
The MT4 indicator might be more CPU/RAM hungry.

I don't usually find it easy to see those common type chart patterns like "head and shoulder".
More important was when you said you noticed price came to SAME AREA as 9-Feb and 7-Feb.
These notice of price reactions, and what the volume is like at those price reaction on different time frames, is a better guide than just reading a pattern like "head and shoulder".

Today's my Long entry in EUR/USD 1.3589 was too early in Asian session, and I mentioned there may be a ShakeOut in London and ShakeOut did happened, so my VSA reading is not on the spot.
I definitely did not get it right for this Long entry according to VSA.

But look at the few posts earlier than here by Dr. G, VSA expert, showing you how he waited till London, saw price bounced off somewhere, and then enter around 1.3560 according to VSA.
And it moved fast straight after his entry.
You need to learn from Dr. G for his reasonings on these types of VSA entries.
Also you will notice his charts has more complex trendlines, RSI, 200 SMA for him to read with VSA.
Everyone use a bit of this and that.
Basically test whatever tools you want, feel comfortable and confident with them, and incorporate them with VSA understanding.
Then show us your charts how you incorporate it with "pnf and VSA".

If you look at my previous posts from last week till now on EUR/USD charts, you will see what I use as some simple support and resistance lines.
And that today's test low of around 1.3535 is the SAME AREA at the Low of 2nd Box. Surprise, Surprise!!
So price did respect those same price reactions a few days ago.
If I could have waited or around the PC at that time, this would be a better entry than the Asian session.
I will show these 1.3535 chart reactions within next few days.
  • #13,706
  • Feb 22, 2011 6:27am Feb 22, 2011 6:27am
im in junior for forex, please help me

1.what is signals and how to understanding the Signal ?
2. how to beside the sell or buy when watching Chart ?
  • #13,707
  • Feb 22, 2011 6:29am Feb 22, 2011 6:29am
This is the problem with focusing on bars/candles. It does make for easier recognition, but it also means relying on that specific bar forming. It might be a good idea to watch faster timeframes and learn to visualise that action as whatever patterns you use (e.g. add three faster bars to form a test on a slower timeframe).

thanks Mr J - great point and interestingly i have tried this eg watching a 5M chart and visualising the 15M forming etc; as one gains more confidence with the vsa principles and reading the background; the more discretionary intuitive side of trading develops - as you say waiting on a specific bar forming can be limiting at times and one can miss opportunities being too focused on specific candle/bar shapes; when trading at the live right edge part of the skill is discerment of the relative emerging patterns as they will not and cannot always be textbook
  • #13,708
  • Feb 22, 2011 6:35am Feb 22, 2011 6:35am
Took a long off a 30 min chart this AM (something a little different for me)... Took 2 lots, lot 1 closed at daily open, lot 2 moved to BE.
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Today's zone = Tomorrow's opportunity!
  • #13,709
  • Feb 22, 2011 6:37am Feb 22, 2011 6:37am
seems not much selling at 3800 at the moment
  • #13,710
  • Feb 22, 2011 6:39am Feb 22, 2011 6:39am
Quoting soulfx
Well done - with your posts i have started to look more at the 20min time frame for signals/tests etc and in quite a few instances it is clearer than the 15M and 30M - so thank you for sharing your context and analysis structure - interesting at times how often when the test or vsa principle is not clear on one time frame it truly pays to zoom up or down a time frame and often one gains more clarity - of course the background must always be borne in mind and not lead to habit of saying that looks like a test etc when in reality the market is in...
Glad i could help Looks like there was another test/no supply type bar on the 20min and I could've got another entry on that or just stayed in from my original long. Either way, happy with this mornings trade
  • #13,711
  • Feb 22, 2011 6:43am Feb 22, 2011 6:43am
there is much wood.
3684 is fridays close and in this area we have thursdays & fridays vah and fridays poc.

due to the current pa a retrace into the 3655/45 area looks reasonable.

Quoting mrWolf
seems not much selling at 3800 at the moment
  • #13,712
  • Feb 22, 2011 6:52am Feb 22, 2011 6:52am
whats up with gu today a bit slow compared to eu,seems like accumulation
  • #13,713
  • Feb 22, 2011 6:57am Feb 22, 2011 6:57am
Quoting foxybunny
"Point and Figure" charts may give you an easier look at Support and Resistance...
Thanks FB for your reply.


Quoting KinsaleForex
Went long off the 20min chart at 1.3577, just closed @ 1.3632. Thank you very much!
Quoting soulfx
Well done - with your posts i have started to look more at the 20min time frame for signals/tests etc and in quite a few instances it is clearer than the 15M and 30M - so thank you for sharing your context and analysis structure - interesting at times how often when the test or vsa principle is not clear on one time frame it truly pays to zoom up or down a time frame and often one gains more clarity - of course the background must always be borne in mind and not lead to habit of saying that looks like a test etc when in reality the market is in...
Hi KinsaleForex / soulfx,
can i know how do you get M20 to appear on the mt4 chart? i am using ibfx btw. Thanks
  • #13,714
  • Feb 22, 2011 6:59am Feb 22, 2011 6:59am
Hi Guys,

I was waiting for eurusd to make test to join bull move but wanted it to go much lower than 1.3630. I didn't trust those two beautiful NS candles and it turned out that I should. Well it shows how strong are bulls for now.

BTW Thank you Dr. Geppynius, Malcom, Hidden Gap and all of you guys, who gratuitously share knowledge and experience.

Cheers,

Chris
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Trade what you see, not what you expect. BE LIKE WATER MY FRIEND.
  • #13,715
  • Feb 22, 2011 7:03am Feb 22, 2011 7:03am
Here we Go again ...Snap out of it, EU !!
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  • #13,716
  • Feb 22, 2011 7:04am Feb 22, 2011 7:04am
Large Euro movements may be done for today, no? Seems like a 260 pip round trip might be it for today as SM may want to do a nice retracement in low volume conditions, i.e. late US / early Asia
  • #13,717
  • Feb 22, 2011 7:06am Feb 22, 2011 7:06am
Ways to go but so far today appears to be shaping up like a shake out or test bar...
Today's zone = Tomorrow's opportunity!
  • #13,718
  • Feb 22, 2011 7:14am Feb 22, 2011 7:14am
Well we didnt get quite to 3480, but it was close enough. Nice retest of DTL.

Mike

Quoting Maxpip22
If this is going to retrace, it will be to the 3480 area. But me, LOL, I am with Malc and i am seeing 3730-3750 area before we get a noticable retrace, but only to pick up my Buy limit.....LOL

Mike
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  • #13,719
  • Feb 22, 2011 7:21am Feb 22, 2011 7:21am
Quoting Mtm
Thanks FB for your reply.





Hi KinsaleForex / soulfx,
can i know how do you get M20 to appear on the mt4 chart? i am using ibfx btw. Thanks
I use TradeGuider so dunno how to do it in MT4
  • #13,720
  • Feb 22, 2011 7:23am Feb 22, 2011 7:23am
Hate school. Always miss the big move around LD. Common NY Bulls!!!
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