Intraday FX Player
- Thread starter CFerret
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maybe I am too quick on this, but it test 23000, broke it a little bit, can couldn't chew through the orders on late 990s, worry that it will bounce up for another peak (and construct a slower sloping channel), covered at at 010 wtih some negative slippage.
the failures looks like a fail 3rd tests (Hog's looking at levels, which is just Cup and handle type PA, this time a inverted one) to my eyes.
Man, I misses that guy, shame that he is not going in chat no more..
on more thing, reason for entry, it's a resistance on TL (TL from low of 6/10 and hig of 6/12) on the hourly, divengence on 1min and 5min; also this is an extra bust of the morning up trends, which ended with a double divengences on my indicators, and result in a small retracement channel (YH's ABC, da B part)
the failures looks like a fail 3rd tests (Hog's looking at levels, which is just Cup and handle type PA, this time a inverted one) to my eyes.
Man, I misses that guy, shame that he is not going in chat no more..
on more thing, reason for entry, it's a resistance on TL (TL from low of 6/10 and hig of 6/12) on the hourly, divengence on 1min and 5min; also this is an extra bust of the morning up trends, which ended with a double divengences on my indicators, and result in a small retracement channel (YH's ABC, da B part)
THOUGHT FOR THE DAY: VOLUME AS A LEAD INDICATOR
We know that PTV are all present for the trade ticket and we saw something of how each component contains crucial information that assists in seeing future Action Points.
I have been light on the subject of volume partly because I have my own techniques for reading it and partly because you had enough to be getting on with. Anyway, I think enough time has lapsed for me to give some more food for thought.
One of the ways I like to use Volume as a future indicator is to see where precisely the action was taking place and project the most active levels to give Future S&R... but this is a different reading than standard S&R because I don't know how volume reacted in the past just looking at standard S&R, but if I add volume I can see the significance of a reversal or breakthru.
Market Profile attempts this but I think it's too obtrusive and doesn't give the kind of precise results I love to trade. In this e.g. I'm using a Volume Rainbow - you'll find all kinds of ways to use volume heatmaps. I like this type for 2 reasons - the projection of future S&R and also, as the current bar is developing a volume flare may start to show and thus I know this is where we are filling up with gas for a good move.
The longer the flare or the redder in colour the greater the significance.
P & T are components I can be very specific on but when It comes to Volume I prefer to let you go on your own journey. As you can see you can trade very successfully without it but for your on going study I'd encourage you to investigate how Volume can assist your trading.
Remember, everything works, indicators lead and the trader who understands how to use the tools is king!
We know that PTV are all present for the trade ticket and we saw something of how each component contains crucial information that assists in seeing future Action Points.
I have been light on the subject of volume partly because I have my own techniques for reading it and partly because you had enough to be getting on with. Anyway, I think enough time has lapsed for me to give some more food for thought.
One of the ways I like to use Volume as a future indicator is to see where precisely the action was taking place and project the most active levels to give Future S&R... but this is a different reading than standard S&R because I don't know how volume reacted in the past just looking at standard S&R, but if I add volume I can see the significance of a reversal or breakthru.
Market Profile attempts this but I think it's too obtrusive and doesn't give the kind of precise results I love to trade. In this e.g. I'm using a Volume Rainbow - you'll find all kinds of ways to use volume heatmaps. I like this type for 2 reasons - the projection of future S&R and also, as the current bar is developing a volume flare may start to show and thus I know this is where we are filling up with gas for a good move.
The longer the flare or the redder in colour the greater the significance.
P & T are components I can be very specific on but when It comes to Volume I prefer to let you go on your own journey. As you can see you can trade very successfully without it but for your on going study I'd encourage you to investigate how Volume can assist your trading.
Remember, everything works, indicators lead and the trader who understands how to use the tools is king!
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