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vsa with Malcolm

  • #17,101
  • Mar 23, 2011 9:41am Mar 23, 2011 9:41am
Quoting forexcompoun
Time to buy GBPCHF enter at 1.4652 TP1 1.4810 TP2 1.4920 SL 1.4588
Reason for entry:
Climax selling on 30mins tf
high volume churn bar and
the last 30min candle (strong down bar) doesn't seem to be birthing a "like" candle. So I conclude that the SM is buying at the support.
Find chart attached.
Happy trading!
Meshach.
Okay,
for those that wanna take an inter-mezzo u can bag 50 easy pips at this level then re-enter at 1.4655.
Happy trading!
Meshach
  • #17,102
  • Mar 23, 2011 9:42am Mar 23, 2011 9:42am
Guys, I just couldn't see the entry for the turn to the bear run. Can some one walk me through it please. I saw the diminishing volume over about 6 bars, and what looked like a ND, but that was not clear to me as I could not find any other clues to weakness..

Using the 5 min chart
  • #17,103
  • Mar 23, 2011 9:42am Mar 23, 2011 9:42am
Quoting KinsaleForex
So is this a valid sell?
Sell would've worked out nicely.
Today's zone = Tomorrow's opportunity!
  • #17,104
  • Mar 23, 2011 9:46am Mar 23, 2011 9:46am
Good ol' upthrust into 50% of the down move (a pretty reliable move on it's own), met with sellers ... let's see how long it goes. (Nice pin bar formed on M15)
Attached Image (click to enlarge)
Click to Enlarge Name: 2011-03-23_104221.png Size: 34 KB
  • #17,105
  • Mar 23, 2011 9:46am Mar 23, 2011 9:46am
Hmmm, 5 and 15 min Eur looks like sellers have just stepped in, however strong demand below 4130, have a little battle raging.
  • #17,106
  • Mar 23, 2011 9:47am Mar 23, 2011 9:47am
Quoting pres78
Yes it is a trigger and we got a test of it also... I got in long at 6243, SL at 6218 and TP was at 6268. I only traded 1 lot and got in and out. SOS are not great enough yet for me to comformatbel take and hold a second position...
I don't see a test. I see a candle which closed in the middle.
  • #17,107
  • Mar 23, 2011 9:50am Mar 23, 2011 9:50am
Quoting 1pipperhour
I don't see a test. I see a candle which closed in the middle.
Red line 1 trigger bar
Red line 2 we moved above and then had a lower volume (than trigger bar) and previous upbar test of the trigger closing on the trigger level.
Attached Image
Today's zone = Tomorrow's opportunity!
  • #17,108
  • Mar 23, 2011 9:58am Mar 23, 2011 9:58am
Quoting pres78
Sell would've worked out nicely.
Yes it would, ah well, took a quick 15pips off the no supply type bar at 14:15 (GMT)
  • #17,109
  • Mar 23, 2011 9:59am Mar 23, 2011 9:59am
Quoting pres78
Red line 1 trigger bar
Red line 2 we moved above and then had a lower volume (than trigger bar) and previous upbar test of the trigger closing on the trigger level.
OK. I didn't know that this is a valid test also. I thought that test bar should close on its highs.
  • #17,110
  • Mar 23, 2011 9:59am Mar 23, 2011 9:59am
I think Eur just scared off all the shorts.
  • #17,111
  • Mar 23, 2011 9:59am Mar 23, 2011 9:59am
Dont really know whats going on today.

But looking at the daily. It broke thru 4040 on a wide spread bar. It got hit with no demand this week.

In theory we should head back to the breakout level being 4040 and test that before going up.
  • #17,112
  • Mar 23, 2011 10:09am Mar 23, 2011 10:09am
Quoting Sonofsin5
I think Eur just scared off all the shorts.
Loads of EUR news tomorrow and Friday, could get ugly.

I would like today's EU close today to be lower than 1.414 for more bearishness. So far not too bad a reaction at 1.415 but no lower low or lower close. Need more results from bears to feel comfortable.
  • #17,113
  • Mar 23, 2011 10:16am Mar 23, 2011 10:16am
Quoting KinsaleForex
I've been biased long all day so missed the shorting opportunities, sitting on my hands now to see what happens.
This having a bias whether long or short is doing my head in while I'm missing nice quick 10-15 scalps most times.

Think I need to just start trade what I see, and not what I'm hoping for.
  • #17,114
  • Mar 23, 2011 10:17am Mar 23, 2011 10:17am
Quoting 1pipperhour
OK. I didn't know that this is a valid test also. I thought that test bar should close on its highs.
A ND, NS or test type bar closing right on the trigger is a real nice sign for me... again there are many types of tests and yes the basic test I believe is supposed to close more on it's high and have a NS type volume.

I prefer to compare the volume of the test bar to the trigger bar and watch the reaction.

The bar I marked "tested" below the trigger and was only able to close on it, not below and the high was immediately take out on the next bar.
Today's zone = Tomorrow's opportunity!
  • #17,115
  • Mar 23, 2011 10:17am Mar 23, 2011 10:17am
Quoting Yaad
This having a bias whether long or short is doing my head in while I'm missing nice quick 10-15 scalps most times.

Think I need to just start trade what I see, and not what I'm hoping for.
Biases kill trading accounts.
  • #17,116
  • Mar 23, 2011 10:19am Mar 23, 2011 10:19am
Quoting Sonofsin5
Hmmm, 5 and 15 min Eur looks like sellers have just stepped in, however strong demand below 4130, have a little battle raging.

They stepped in right at todays DPOC, a couple of pips above the 50% retrace of todays action......
Attached Image (click to enlarge)
Click to Enlarge Name: mar 23 eu 5m amt 1515 gmt.gif Size: 23 KB
Trading Levels with WRBs
  • #17,117
  • Mar 23, 2011 10:21am Mar 23, 2011 10:21am
Quoting Yaad
This having a bias whether long or short is doing my head in while I'm missing nice quick 10-15 scalps most times.

Think I need to just start trade what I see, and not what I'm hoping for.

Which time frame are you trading? We have been in a down trend for past 2 days, so if you are trading 5 or 15 min charts like me, bias is down. Although i did take a long before, but that was me being undisciplined.
  • #17,118
  • Mar 23, 2011 10:22am Mar 23, 2011 10:22am
Quoting Sonofsin5
Biases kill trading accounts.
You got that right!
  • #17,119
  • Mar 23, 2011 10:25am Mar 23, 2011 10:25am
Quoting Sonofsin5
I think Eur just scared off all the shorts.
The discussion and following voting that will lead to the Portuguese government stepping down has just started... think it will last some hours, but I'm curious to see Euro's reaction to it.

I still hold a short EU from this morning, waiting for it to test recent lows above 1.41, or for a possible break, before closing.
  • #17,120
  • Mar 23, 2011 10:25am Mar 23, 2011 10:25am
Quoting NaughtyPip
Which time frame are you trading? We have been in a down trend for past 2 days, so if you are trading 5 or 15 min charts like me, bias is down. Although i did take a long before, but that was me being undisciplined.
That's the other thing I'm finding, watching multiple timeframes only make the charts more confusing for me. Some nice easy shorts today, but I stayed out due to watching PA on larger timeframes, when the 5min was saying "trade me please."
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