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For example, on a 5min chart, if price retraces to a 20 periods moving average, what would you look for in terms of volume to open a trade on the ES ? A delta > 1000 or 2000, anything else ?
Can you help answer these questions from other members on NexusFi?
We get lots of volume bars that are > than prev bars. How much more do you need to take it seriously ? A delta > 1000 or > 2000 ? Can you define "delta with the sign of volume" ?
Here is how i understand volume analysis using a very particular day, ie, today on the ES :
In short:
1) I wait for price to retrace to a plausible area of supply in the case of a downtrend or an area of demand in the case of an uptrend (in my case, i use three moving averages (21, 55, 89) as a likely area where price can retrace to and resume the trend.
2) Once the area is hit i wait for outside volume opposite to the trend to appear
3) i wait for a bar where outside volume is not present to open a trade
Do not know actually the delta value for ES, but u can confirm the reversal bars (or may we can call them the trend continuation bars) volume with up delta if trend is up or vise versa for down trend.
atacche is an example of 6E today, don not have delta now but u can see clear the bars with the volume that confirm the trend after a pulback.
Trendisyourfriend, I know your post was since last year but may I ask what volume indicator were you using on the 2nd panel? Thank you in advance.
jabeztrading
Revised May 25 2011: This is an updated G40 version. The installation package includes the GomRecorder and related files from latest Gom Package version 2.3b.
Revised at 4:50 PM ET on May 27: Added user selectable values for the fast and slow smoothing …
Updated version V3 as of 8:14 AM PT June 3, 2011.
This is a simple application of the GomRecorder framework that gets the exact size reported for every trade, then sorts the trades into two types, (at or above the ask and at or below the bid). Then …
