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vsa with Malcolm

  • #14,961
  • Mar 4, 2011 9:45am Mar 4, 2011 9:45am
Quoting Sonofsin5
I get really picky with entries on Friday, essp after NFP. Here is what I want on a 15 m chart for a short. EUr looks to be hit with decent supply here, any move up now will have to be substantial and quick to get past the new top we have made today.
Why that area exactly?
  • #14,962
  • Edited 10:53am Mar 4, 2011 9:58am | Edited 10:53am
Quoting KinsaleForex
Why that area exactly?
looks like a resistance area , i think...
  • #14,963
  • Mar 4, 2011 10:15am Mar 4, 2011 10:15am
Quoting KinsaleForex
Why that area exactly?
Kick down to a 5 min chart, see the small congestion are at 82.60 then the selling. Im not talking 82.63 exactly where I had my line on the chart, just the general level. There was a nd and a drop signaling that somebody (or collective) took an order there and dropped the price by 20+ pips. If price rises back there the seller has two options, protect the position or it will rise above signaling to me that they either took profit or will wait for the remaining supply to be dried up.

A lot of times in forex you will see testing of a large drop or rise on a price bar within an hour of the movement. This is a classic trading battle that happens between large players. If a big trader say a bank has a lot of selling to do on a pair they dont do it in one shot (as we know.) So when he lets that first trade go and it is enough to move the market, other traders will either jump on ship if they think the order was big enough or wait. Ive been told by a former prop trader that when I see a nd at the start of a drop the large market players are on the same page, but if you see a high volume test it the original trader protecting his position and either selling or buying heavy at the point of the entry trying to swap the suppl or demand to protect there position and have price resume the way in which they want it to go.

In a previous tradeg movie Sebastian talks about trades much like this where prices rises or drops and than soon after tests the price on high volume than resumes course. I'll post a chart for an example.
  • #14,964
  • Mar 4, 2011 10:18am Mar 4, 2011 10:18am
Quoting Sonofsin5
Kick down to a 5 min chart, see the small congestion are at 82.60 then the selling. Im not talking 82.63 exactly where I had my line on the chart, just the general level. There was a nd and a drop signaling that somebody (or collective) took an order there and dropped the price by 20+ pips. If price rises back there the seller has two options, protect the position or it will rise above signaling to me that they either took profit or will wait for the remaining supply to be dried up.

A lot of times in forex you will see testing of a large drop...
Great explanation, cheers for that
  • #14,965
  • Mar 4, 2011 10:21am Mar 4, 2011 10:21am
This was a classic could've but didn't trade...

On the move up back into 1.4 it was apparent that there was still some supply present. We retraced back into 3680 area (38.2 fib) right before Trichet speech. We had an upbar on lowering vol followed by an increased volume downbar... next bar was a nice ND right at 3990 level giving a nice low risk short trade recognizing that we still have supply above that was not going to be broken today since NFP couldn't do it, Trichet couldn't do it and London's day is drawing to a close.

Could have shorted only risking 10 or so pips and even traded it to the 3970 level (50 fib) for a nice 2:1...

1. Trichet speech
2. upbar, lowering vol
3. dowbar
4. NS with entry on next bar
Attached Image
Today's zone = Tomorrow's opportunity!
  • #14,966
  • Mar 4, 2011 10:23am Mar 4, 2011 10:23am
Quoting KinsaleForex
Great explanation, cheers for that
This is an example of what I'm talking about. there are better ones out there but this is the closest one I could find quickly.

When the markets get dull or I want to be extremely picky I wait for these to show up. There is a reason Seb has never lost on these types of trades.
Attached Image (click to enlarge)
Click to Enlarge Name: example.jpg Size: 81 KB
  • #14,967
  • Mar 4, 2011 10:25am Mar 4, 2011 10:25am
Quoting Sonofsin5
This is an example of what I'm talking about. there are better ones out there but this is the closest one I could find quickly.

When the markets get dull or I want to be extremely picky I wait for these to show up. There is a reason Seb has never lost on these types of trades.
Nice example and very clear.
Today's zone = Tomorrow's opportunity!
  • #14,968
  • Mar 4, 2011 10:36am Mar 4, 2011 10:36am
Quoting Sonofsin5
This is an example of what I'm talking about. there are better ones out there but this is the closest one I could find quickly.

When the markets get dull or I want to be extremely picky I wait for these to show up. There is a reason Seb has never lost on these types of trades.
Yeah, very good, thanks for that, saved!
  • #14,969
  • Mar 4, 2011 10:42am Mar 4, 2011 10:42am
Is there such a thing as a quadruple bottom ... GU just touched the days low to the pip for the 4th time today on the 1hr charts.
Today's zone = Tomorrow's opportunity!
  • #14,970
  • Mar 4, 2011 10:45am Mar 4, 2011 10:45am
First person to post on pg1000 gets a share of Malc's account.
  • #14,971
  • Mar 4, 2011 10:48am Mar 4, 2011 10:48am
Quoting KinsaleForex
First person to post on pg1000 gets a share of Malc's account.
I would take just 1 or 2 days winnings and open a real big boys forex account and trade for a living.

Malc had a couple of average days and made 250 pips x 50 lots = way, way more than I make all year (probably in 2 or 3 years, or 4... well you get the point)
Today's zone = Tomorrow's opportunity!
  • #14,972
  • Mar 4, 2011 11:02am Mar 4, 2011 11:02am
Quoting pres78
I would take just 1 or 2 days winnings and open a real big boys forex account and trade for a living.

Malc had a couple of average days and made 250 pips x 50 lots = way, way more than I make all year (probably in 2 or 3 years, or 4... well you get the point)
Malcom trades 50 lots? Wow
Greetings, BeLikewater
  • #14,973
  • Mar 4, 2011 11:12am Mar 4, 2011 11:12am
Quoting pres78
I would take just 1 or 2 days winnings and open a real big boys forex account and trade for a living.

Malc had a couple of average days and made 250 pips x 50 lots = way, way more than I make all year (probably in 2 or 3 years, or 4... well you get the point)
You're well on your way to getting to that stage judging from your posts to date! Like myself you're still working as well right? That's the next step for me. See how this year goes, give up the day job and sign on to the social welfare whilst trading full time!
  • #14,974
  • Mar 4, 2011 11:15am Mar 4, 2011 11:15am
Quoting KinsaleForex
You're well on your way to getting to that stage judging from your posts to date! Like myself you're still working as well right? That's the next step for me. See how this year goes, give up the day job and sign on to the social welfare whilst trading full time!
Yep fulltime 40-60 hrs per week plus 1.5 hrs traval time (45 mins both ways)... keeps getting in the way of my trading.
Today's zone = Tomorrow's opportunity!
  • #14,975
  • Mar 4, 2011 11:21am Mar 4, 2011 11:21am
Quoting Sonofsin5
In a previous tradeg movie Sebastian talks about trades much like this
I found the video. I personally think this was the best series ever made by tradeguider and watching it over and over and over again is a good idea.

Anyways at the 58:50 mark Seb starts talking about this setup. He likes low volume testing in the stocks and s&p and I personally find that the high volume test in forex gives the really really good entry.

http://www.tradeguider.com/customer/..._intro/3a.aspx
  • #14,976
  • Mar 4, 2011 11:23am Mar 4, 2011 11:23am
Quoting pres78
Yep fulltime 40-60 hrs per week plus 1.5 hrs traval time (45 mins both ways)... keeps getting in the way of my trading.
I'm very grateful for the time of my life that i'm at. Young, just out of college and no permanent jobs to do with my degree (not interested anyway). Still living at home. Working part time, 22 - 30 hrs a week and i'm off from Tuesday to Thursday's. I start late on Friday's so i get in the majority of the week where I can concentrate on the trading.
  • #14,977
  • Mar 4, 2011 11:26am Mar 4, 2011 11:26am
Quoting Sonofsin5
I found the video. I personally think this was the best series ever made by tradeguider and watching it over and over and over again is a good idea.

Anyways at the 58:50 mark Seb starts talking about this setup. He likes low volume testing in the stocks and s&p and I personally find that the high volume test in forex gives the really really good entry.

http://www.tradeguider.com/customer/..._intro/3a.aspx
Nice one, i've seen and rewatched the London Symposium and Chart Reading Masterclass several times but wasn't aware of these. How many are there in this series? More to the point where can I get my mitts on them?
  • #14,978
  • Mar 4, 2011 11:27am Mar 4, 2011 11:27am
Quoting Sonofsin5
I found the video. I personally think this was the best series ever made by tradeguider and watching it over and over and over again is a good idea.

Anyways at the 58:50 mark Seb starts talking about this setup. He likes low volume testing in the stocks and s&p and I personally find that the high volume test in forex gives the really really good entry.

http://www.tradeguider.com/customer/..._intro/3a.aspx

Thanks sonofsin, bookmarked
  • #14,979
  • Mar 4, 2011 11:37am Mar 4, 2011 11:37am
Quoting KinsaleForex
Nice one, i've seen and rewatched the London Symposium and Chart Reading Masterclass several times but wasn't aware of these. How many are there in this series? More to the point where can I get my mitts on them?
Just pres the back button on that video page on the bottom right.
  • #14,980
  • Mar 4, 2011 11:38am Mar 4, 2011 11:38am
Quoting KinsaleForex
Nice one, i've seen and rewatched the London Symposium and Chart Reading Masterclass several times but wasn't aware of these. How many are there in this series? More to the point where can I get my mitts on them?
Nevermind, the back button brought me to the rest of the videos, something to watch in work on Sunday and Monday evening anyway!

Edit - Just beat me to the punch, cheers again.
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