Volume on Price Level indicator for MT4? 16 replies
Better volume low volume bar alert 3 replies
volume ask volume bid 0 replies
DislikedExcellent VPLT on EU this morning.
Entry 2 pips above candle 1 @ 1.3396, [email protected], [email protected] R:R>1:1. Trade triggered during candle 2 and quickly went to +7 and then I moved SL to BE+1. When the trade was +10 I moved SL to BE+5 which got hit. As you can see price then hit original [email protected]
At candle 5 price goes down - volume up. I was not around at the time but would have entered 2 pips below 5 and then another winning trade with huge potential.
I've take a loss on the following chart.
I have two defined levels at 3430 and 3445.
I took a long at the close of the arrow bar. SL was palced at a 1:1 RR
Any comments please? should I have taken the trade off after the two low volume up bars?
But the third up pin bar at higher volume gave me confidence and I kept the trade.
DislikedYou can't lose being in postive pips. Don't think about what you "missed", think about what you got. You've got a thousand more opportunities to make 5 pips vs 30 pips. I know, seems ridiculous at $1 a pip or less to take 5 pips....but at $10 a pip or more....it's serious money making when you do that 5-10 times a day. Put the time in and perfect the $1 pip.
Move that S/L. Take those 5 pips. There will be plenty of trades that S/L won't get hit and you'll ride a big candle. Great! But don't hunt them, just take your pips, learn to take...Ignored
thanks for posting your last screenshot. I compared it to my actual setup and i see some differences. I see we have the lower 3 PL in common at 1.3310, 1.3330 and 1.3335
But i cant follow you with the upper two PL. You set one at 1.3350 and the other at 1.3370. I set mine at 1.3360 because i see only one PL there.
Can u elaborate how you decided to set these two PL please ?
DislikedI'll show a long entry and then some variations to entry signals in upcoming posts.Ignored
DislikedVPLT Transition Trading
Now that you see how price and volume work together, we can get a little more complicated and feast a little more on pips.
Transition Trading with VPLT is identifying the start and end of long cyles. You have probably noticed with VPLT that there are many times when volume peaks are also at price peaks and wouldn't it be nice to know we are at the top or bottom of a price cycle.
Keep in mind exactly what a volume peak is. Simply, a volume peak is the price that the market is most interested in at that point in time.
DislikedHi, thank you Spud for sharing this knowledge! I've been following you since Escalator to pips.
Regarding Waez question, I guess both TF indications might be correct, but you cannot mix interests from different TF, they seem to be very confined to the TF you're analizing.
I've noticed that PL in M5 are slightly different from M15, and if I want to use a shorter TF I have to move fast and do all the analysis again for that period, usually my SL are hit more often and the profit is less.
What works for me is to stick to M15 and use a trailing stop...Ignored