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Personally I have 2758 - 2815ish as my area where 6e will consolidate, as well as the 2750/60's as an area of confluence.
The 20-40 level was much weaker, it was only a consolidation area once, and the other time held up on weak, overnight volume. I don't think you are incorrect to look for a bounce on technicals, I just think your area was too early/weak.
My Target was Missed by 35 Ticks, Euro Found Support at 1.2665 and Never made it to my 1.2630 Target.
I do not think i will ever be a Great Forecaster of Exact Target Prices...
here is what happened after finding Support at 1.2665.
Not sure if this is the right thread for my questions, but i'll try.
I've recently been looking into market/volume profile and it looks very good and logical, but "can" it work on spot forex? I could use market/volume profile on the 6E or maybe the DX? And then try to trade the spot from the information/levels i get from those? Or will it be "skewed"?
All of my Euro charts are based on 6E futures, which obviously include volume info. I use this for profile.
Some of my trades however are placed on spot forex, using a forex broker.
So yes, it can be done. If you are scalping then I wouldn't recommend it, because you have to do a conversion of the spot price to futures price on each trade, since the spot OTC price won't match futures price to the ticket, there is usually a few tick difference.
Thanks for your answer. Do you trade based on volume profile? "Trading the edges" and fading into value area and such? That's why i'm a bit unsure, since the volume is spread out on spot and futures it might be "skewed"?
I tinkered around with some charts and wanted to post these. SOME charting programs allow users to use changes in the bid as a proxy for volume. The first chart is the 6E and the second is the cash/spot Euro/USD. I'm not a spot trader but I do chart this data and trust it, I feel it give me a pretty good IDEA of the GREAT UNKNOWN.
Am new to 6E but have been doing the spot for bout 2yrs or so.
I understand that there is L2 / market depth / queue levels on the 6E
1) Would like to ask if there is a specified number of contracts released into the market for 6E during each new
quarter - after expiry date (eg; 1million contracts of 6E released for sept-dec 2012)
Cant phrase it properly, but an analogy would be something like when a stock is being listed on NYSE, it has a fixed certain number of shares in the market.
