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vsa with Malcolm

  • #16,081
  • Mar 14, 2011 4:04am Mar 14, 2011 4:04am
Just closed out GU for 32 pips. 2 bar reversal and test on M5

Very happy start to a Monday!

Oz
  • #16,082
  • Mar 14, 2011 4:06am Mar 14, 2011 4:06am
Here you can find financial data of all CFTC FCMs:
http://cftc.gov/MarketReports/Financ...FCMs/index.htm

Wish you all a successful trading week!
Ox
  • #16,083
  • Mar 14, 2011 4:27am Mar 14, 2011 4:27am
Hi,
I've attached a M5 numbered chart and want to give my reading on this, in hope you will correct and comment so I (and maybe others) can learn VSA better.


1. More volume than previous, price tried to go down but closed level. A slight bullish sign or at least supply has not increased.
2. Same volume price closed again level. There was supply available.
3. Is this a test of supply? We have lower volume, closing on the high.
4. Price starts to go up, directly to todays POC.

I took a long after close of 3. but as I'm new to VSA (and had some other contradicting stuff on my chart which I will remove!) I got out. My expectation was it would at least test POC!

Thank you for your comments!
Ox
Attached Image (click to enlarge)
Click to Enlarge Name: 4.jpg Size: 67 KB
  • #16,084
  • Mar 14, 2011 4:31am Mar 14, 2011 4:31am
Quoting pete148
Just watch out to not ever be to biased, have a plan yes. BUt your main job is to read the market and respond to what the market is telling you. So just remember to be felxible.

Watching 1.3900 because of poc from thusday and wednesday, and 3850.
whats poc?
  • #16,085
  • Mar 14, 2011 4:39am Mar 14, 2011 4:39am
Quoting PipPipPip
whats poc?
point of control (area most heavily traded previously)
  • #16,086
  • Mar 14, 2011 4:39am Mar 14, 2011 4:39am
Quoting PipPipPip
whats poc?
Point of Control.
Today's zone = Tomorrow's opportunity!
  • #16,087
  • Mar 14, 2011 4:49am Mar 14, 2011 4:49am
Might even be looking to short at 1.3970.
  • #16,088
  • Mar 14, 2011 4:59am Mar 14, 2011 4:59am
Quoting pete148
Might even be looking to short at 1.3970.
if I see up weakness and no demand i will, but only for a few pips, strength in the shake out bar in 1 hr.
  • #16,089
  • Mar 14, 2011 5:07am Mar 14, 2011 5:07am
Looks like a test on the 15min to me, see whether that is confirmed or not.
  • #16,090
  • Mar 14, 2011 5:13am Mar 14, 2011 5:13am
http://i865.photobucket.com/albums/a.../10nosetup.jpg

10m chart, to much strength there.
  • #16,091
  • Mar 14, 2011 5:22am Mar 14, 2011 5:22am
I'm long off that 15min test, entry @ 1.3961
  • #16,092
  • Mar 14, 2011 5:23am Mar 14, 2011 5:23am
Quoting KinsaleForex
I'm long off that 15min test, entry @ 1.3961
same mine was 13962!

That M5 bar with high volume closing on low isnt nice...!
  • #16,093
  • Mar 14, 2011 5:23am Mar 14, 2011 5:23am
Quoting KinsaleForex
I'm long off that 15min test, entry @ 1.3961
where did you put your stop and what is your target.

and Good luck man
  • #16,094
  • Mar 14, 2011 5:26am Mar 14, 2011 5:26am
EJ looks like a short could be forming...

low volume on up move...
  • #16,095
  • Mar 14, 2011 5:29am Mar 14, 2011 5:29am
Quoting pete148
where did you put your stop and what is your target.

and Good luck man
My stop is currently at 1.3901 which i know isn't the wisest thing but not too sure where else to put it, so stuck it on the low of the hourly high volume test bar.

Usually go for 1:1 which would put my target at 1.4021 but we'll see what happens when it reaches 1.40, bound to be resistance there.

Opinions welcome!
  • #16,096
  • Mar 14, 2011 5:34am Mar 14, 2011 5:34am
Quoting KinsaleForex
My stop is currently at 1.3901 which i know isn't the wisest thing but not too sure where else to put it, so stuck it on the low of the hourly high volume test bar.

Usually go for 1:1 which would put my target at 1.4021 but we'll see what happens when it reaches 1.40, bound to be resistance there.

Opinions welcome!
Hi,

I've closed out at +1.. the move (effort vs result) on the last few m5 bars have not been appealing to me. But good luck!
  • #16,097
  • Mar 14, 2011 5:35am Mar 14, 2011 5:35am
Quoting KinsaleForex
I'm long off that 15min test, entry @ 1.3961
I don't know, I would be careful. We have seen strength in the background but 5 min is forming M and volume is off so it seems that market is not ready to rise yet.

Edit: After saying that, kaboom
  • #16,098
  • Mar 14, 2011 5:38am Mar 14, 2011 5:38am
Quoting KinsaleForex
My stop is currently at 1.3901 which i know isn't the wisest thing but not too sure where else to put it, so stuck it on the low of the hourly high volume test bar.

Usually go for 1:1 which would put my target at 1.4021 but we'll see what happens when it reaches 1.40, bound to be resistance there.

Opinions welcome!
I myself personally would have put my stop at 3937. 7pips under last swing low. If you look at 10 min you will see what I mean.

Trade your plan.

Im going to take a break and wait for a breakout then test imo atm.
  • #16,099
  • Mar 14, 2011 5:40am Mar 14, 2011 5:40am
Quoting ozzieb88
Hi,

I've closed out at +1.. the move (effort vs result) on the last few m5 bars have not been appealing to me. But good luck!
Yeah i closed mine after the last two 5min bars as well. +4 pips. Doesn't look like such a great idea now though
  • #16,100
  • Mar 14, 2011 5:40am Mar 14, 2011 5:40am
Quoting KinsaleForex
My stop is currently at 1.3901 which i know isn't the wisest thing but not too sure where else to put it, so stuck it on the low of the hourly high volume test bar.

Usually go for 1:1 which would put my target at 1.4021 but we'll see what happens when it reaches 1.40, bound to be resistance there.

Opinions welcome!
I am long at 3956 off a 15min test. SL is placed at 50% of ADR at 3936 for 20 pips. TP1 is 3976 (almost there) and TP2 is open ATM.
Today's zone = Tomorrow's opportunity!
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