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vsa with Malcolm

  • #15,441
  • Mar 9, 2011 4:05am Mar 9, 2011 4:05am
Quoting Tea_trader
(sorry quoted the wrong person thats why i edited it)

Hey Steve,

Have you looked at a 15 min chart, there a some large signs on strength on the euro.
Yes, but look at the volume on the move back up towards 1.3900. I'm not seeing enough enthusiasm for the upside just yet.

Still want to see a clear effort through 1.3900 and testing before being comfortable with longs.
Attached Image (click to enlarge)
Click to Enlarge Name: 6e 15m 8th mar v2.jpg Size: 237 KB
Blogging daily now at www.volume.zone
  • #15,442
  • Mar 9, 2011 4:07am Mar 9, 2011 4:07am
already took profit at 35 pips when i saw stopping vol and break back above yesterdays low. wasnt going to hold it if yesterdays low didnt hold, to hold for longer really wanted break of 3850 and successful test.

highlighted bars to see if i was reading it right, not looking for trades. the trade was after the nd, about 10 mins after london open not before, the nd was right before.

flat now, gu is one spike after another, eu may be a long, 15min kinda bowl shaped on increasing volume, maybe some accumulation, although last couple of bars vol has dropped off now. i want break above all that crap up to 3920 and test 3920 really for best long i think. risky until then. trend is down anyway so best look for shorts i guess.

Quoting Steve Gill
I think you got in at a great point but it was risky just before London open. Not sure why you highlighted the No supply bar though as you were looking for shorts and ultimately took a short trade?

I haven't looked further back than today because there are others here that are miles better than me looking back like that. When it comes to longer term background (more than a few hours) I personally find it easier to look at higher timeframes.

If it were me I'd probably set the trade to break even though now.
  • #15,443
  • Mar 9, 2011 4:13am Mar 9, 2011 4:13am
Quoting 1pipperhour
It is IBFX. I have it but not sure about its daily volume as well. I don't have problems in other timeframes. It's just the daily.

I just read it couple of days ago again when I posted the same page No in here for someone. So I know what testing is. As I said it was the daily volume which confused me.
That's why I put the in after

I appreciate you know what a testing bar looks like but if you are convinced that SM can 'test' by marking the price up (loads of buying as you put it to make the herd rush in and buy as well) then I think you're mistaken, which is why I said re-read what Tom Williams said about it.

It's a shame about your daily volume - have you tried the 1439 minute trick to confirm it is definitely (relatively) the same?
Blogging daily now at www.volume.zone
  • #15,444
  • Mar 9, 2011 4:15am Mar 9, 2011 4:15am
Quoting Steve Gill
Yes, but look at the volume on the move back up towards 1.3900. I'm not seeing enough enthusiasm for the upside just yet.

Still want to see a clear effort through 1.3900 and testing before being comfortable with longs.
ahh, yes but when i posted we didnt have the last 3 15 minute bars!
  • #15,445
  • Mar 9, 2011 4:15am Mar 9, 2011 4:15am
It's quite interesting. On 15 min we see 3 dojis. Like malcolm use to say. It's too obvious to go short. Which is too obvious could be tricky. Let's watch.
  • #15,446
  • Mar 9, 2011 4:17am Mar 9, 2011 4:17am
Quoting Steve Gill
That's why I put the in after


It's a shame about your daily volume - have you tried the 1439 minute trick to confirm it is definitely (relatively) the same?
40 min is the best it can do.
  • #15,447
  • Mar 9, 2011 4:17am Mar 9, 2011 4:17am
Quoting ewokuk
already took profit at 35 pips when i saw stopping vol and break back above yesterdays low....
I like and agree with your thinking
Blogging daily now at www.volume.zone
  • #15,448
  • Mar 9, 2011 4:20am Mar 9, 2011 4:20am
Quoting Tea_trader
ahh, yes but when i posted we didnt have the last 3 15 minute bars!
Very fair point (I'm running slowly this morning, no coffee consumed yet)

In which case I would have answered I agree, but the SOS are on volume far less than yesterdays SOS during the US session. I would have then said that I want to watch the volume on the up move back towards 1.3900, which if no demands/upthrusts would have me entering a short. (Edit: entering on the low of the bar)
Blogging daily now at www.volume.zone
  • #15,449
  • Mar 9, 2011 4:24am Mar 9, 2011 4:24am
ive shorted as well on the low of that 3rd 15min pin bar. that bar was kinda upthrusty, broke the high of previous 2 pins.
  • #15,450
  • Mar 9, 2011 4:25am Mar 9, 2011 4:25am
Quoting 1pipperhour
40 min is the best it can do.
That's not so good.

I know esignal can be seriously expensive, but I made the decision early on that I believed in VSA - it made sense and was logical to me. I realised quickly that if I'm looking at the same bars as Malc for example, but on different volume - I'm going to come to different conclusion and I knew that it would get very demoralising and ultimately probably make me want to give up - saying that VSA doesn't work.

That's why I bit the bullet and paid for the esignal subscription.

I had to give up all my lads mags on monthly subscription to pay for it though
Blogging daily now at www.volume.zone
  • #15,451
  • Mar 9, 2011 4:26am Mar 9, 2011 4:26am
Quoting Steve Gill
Very fair point (I'm running slowly this morning, no coffee consumed yet)

In which case I would have answered I agree, but the SOS are on volume far less than yesterdays SOS during the US session. I would have then said that I want to watch the volume on the up move back towards 1.3900, which if no demands/upthrusts would have me entering a short. (Edit: entering on the low of the bar)
Totally agree, i have weekly resistance right where yestoday hit! then as we came down today we hit it again (where buying looks like its taken place)! and if the're drying up supply then it would be logical that it was slightly lower volume than yestodays low.

I also see buying before the supply at 6:15 (GMT) and after what appeared to be buying at weekly again, i though they may have used the downmove as a shakeout, as we did test it on a low vol downbar (15 mins)!

I think todays VWAP and POC has definatly kept it down! it just couldnt break it!
  • #15,452
  • Mar 9, 2011 4:26am Mar 9, 2011 4:26am
Quoting Steve Gill
Very fair point (I'm running slowly this morning, no coffee consumed yet)

In which case I would have answered I agree, but the SOS are on volume far less than yesterdays SOS during the US session. I would have then said that I want to watch the volume on the up move back towards 1.3900, which if no demands/upthrusts would have me entering a short. (Edit: entering on the low of the bar)
Also, the lowest volumes this week at this time of the day, as I've posted elsewhere....
Attached Image (click to enlarge)
Click to Enlarge Name: mar 9 eu 60m 1025 gmt.gif Size: 45 KB
Trading Levels with WRBs
  • #15,453
  • Mar 9, 2011 4:28am Mar 9, 2011 4:28am
Quoting Steve Gill
Yes, but look at the volume on the move back up towards 1.3900. I'm not seeing enough enthusiasm for the upside just yet.

Still want to see a clear effort through 1.3900 and testing before being comfortable with longs.
Great work man, i think your are on the right side. I was once again too impatient.
A typical newbie mistake, i´ve a lot to learn.
Trade well and many pips to all. Martin
  • #15,454
  • Mar 9, 2011 4:28am Mar 9, 2011 4:28am
UHV on 5 min. Something boiling...
  • #15,455
  • Mar 9, 2011 4:31am Mar 9, 2011 4:31am
Quoting amletit
UHV on 5 min. Something boiling...
Which pair?
  • #15,456
  • Mar 9, 2011 4:31am Mar 9, 2011 4:31am
Quoting amletit
UHV on 5 min. Something boiling...
Not seeing that myself..
  • #15,457
  • Mar 9, 2011 4:31am Mar 9, 2011 4:31am
Quoting ewokuk
ive shorted as well on the low of that 3rd 15min pin bar. that bar was kinda upthrusty, broke the high of previous 2 pins.
You're good for a short hairy bloke who's best friends with Chewbacca

It won't even break through todays POC, not a great SOS.

However volume is still low for the time of day so far, so this *could* be a continuation of the test from yesterday. I'm still bullish, just maybe not today.
Blogging daily now at www.volume.zone
  • #15,458
  • Mar 9, 2011 4:33am Mar 9, 2011 4:33am
Quoting KinsaleForex
Not seeing that myself..
here

eu 5 min
Attached Image (click to enlarge)
Click to Enlarge Name: Chart_EUR_USD_5 Mins_snapshot.png Size: 31 KB
  • #15,459
  • Mar 9, 2011 4:34am Mar 9, 2011 4:34am
sorry wrong chart
  • #15,460
  • Mar 9, 2011 4:34am Mar 9, 2011 4:34am
Quoting amletit
here

eu 5 min
Oh right, I thought you meant it had just printed


Quoting amletit
sorry wrong chart

Oh.
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