Listening to the markets - futures io
futures io



Listening to the markets


Discussion in Trading Journals

Updated
      Top Posters
    1. looks_one metobi1 with 23 posts (17 thanks)
    2. looks_two supermht with 3 posts (2 thanks)
    3. looks_3 Quick Summary with 1 posts (0 thanks)
    4. looks_4 kickmic with 1 posts (0 thanks)
    1. trending_up 2,981 views
    2. thumb_up 20 thanks given
    3. group 9 followers
    1. forum 28 posts
    2. attach_file 48 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 125,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

(If you already have an account, login at the top of the page)

 
Search this Thread
 

Listening to the markets

(login for full post details)
  #1 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

I have been trading now for 4 years. But don't let that fool you, I haven't been actively trading for those 4 years. Actively I'll say about 1 and a half years. The other times in-between has been more of learning.

I want to start actively trading from Jan 2014, so I decided this is going to be part of my preparatory process, as I have seen the positive effect starting a journal has had for lots of futures.io (formerly BMT) members.

My trading style/attempt/method, came from my earlier encounter with VSA, David weis, Wychoff and Finally Gary Fulliet (whose free webinars I still find invaluable). So you might be hearing lots of 'Smart money' , Demand, Supply, Support, Resistance (Jumping over creek, and the opposite, breaking of the ice- don't really think in these words though)etc.

Like many journals before me, Ill attempt to gradually describe what determines my trades etc.

Basically I try to observe the three things that wychoff teaches to look out for.

1. Demand and Supply

2. Effort and Result

3. Cause and Effect.

As these concepts are vast and take time to explain especially in writing, I will direct any readers attention to helpful books and resources.

1. The Richard D. Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique
This was the most difficult book to read for me, even though I had a little idea of some concepts since I had read the books by Tom williams and Gavin holmes of VSA. But it forms the bedrock of most of what I know about wychoff trading concepts.
To sum it up, A huddle to go through but thoroughly rewarding once the concepts start to sink in.

2. Trades about to happen. Ill say this is a must read after you have gotten some basic understanding from the first book as it expantiates some concepts not clearly explained in wychoffs book. After reading this The first book becomes easier.
So Number 1 is a good foundation, while number 2 is an aid to understanding number 1.

3. The website of Gary fulliet, LTG trading, you can google it. His webinnars were most helpful in getting an in-dept/practical understanding of wychoff concepts.

4. Teach Teach Teach. This is perhaps the greatest resource for me. I can't tell you how many times I learnt something new, or that an understanding that failed to register rightly, clicked into place, just as I was teaching or trying to explain a chart or describe some wychoff concepts.

Finally this method of analyses really takes time to master, even if it is as an analyzer of charts (and this is the easiest) and not a real time trader. It could take years, but the best period as a wychoff trader or wychoffian as my friends call me is when you start to develop intuition (Wychoff mentions this in book 1).

I am years away from all that, so I hope with this journal and possibly lots of contributions from the great traders on futures.io (formerly BMT) I achieve that status.

Reply With Quote
The following 7 users say Thank You to metobi1 for this post:

Can you help answer these questions
from other members on futures io?
How do you put a consolidation into EL?
EasyLanguage Programming
Anybody uses Bookmap with Tradestation?
TradeStation
Simple "runner" code
EasyLanguage Programming
1-min Intrabar indicator
MultiCharts
AMP discontinuing its co-location server? Which futures …
Brokers
 
Best Threads (Most Thanked)
in the last 7 days on futures io
How much do you know about Bitcoin?
129 thanks
I finally blew up an account
42 thanks
The Crude Dude Oil Trading System
33 thanks
Big Mike in Ecuador
30 thanks
Spoo-nalysis ES e-mini futures S&P 500
27 thanks
 
(login for full post details)
  #3 (permalink)
LogicalTrader
Houston, TX
 
 
Posts: 294 since Aug 2013
Thanks: 1,420 given, 757 received



metobi1 View Post
4. Teach Teach Teach. This is perhaps the greatest resource for me. I can't tell you how many times I learnt something new, or that an understanding that failed to register rightly, clicked into place, just as I was teaching or trying to explain a chart or describe some wychoff concepts.

I agree with this 100%. Knowledge only increases by sharing. Good luck going forward. This is definitely a step in the right direction.

Reply With Quote
 
(login for full post details)
  #4 (permalink)
 supermht 
Naperville IL
 
Experience: Intermediate
Platform: ninjatrader
Broker: NT broker
Trading: NQ ES 6E GC CL
 
Posts: 958 since Feb 2010
Thanks: 1,189 given, 659 received


metobi1 View Post
I have been trading now for 4 years. But don't let that fool you, I haven't been actively trading for those 4 years. Actively I'll say about 1 and a half years. The other times in-between has been more of learning.

I want to start actively trading from Jan 2014, so I decided this is going to be part of my preparatory process, as I have seen the positive effect starting a journal has had for lots of futures.io (formerly BMT) members.

My trading style/attempt/method, came from my earlier encounter with VSA, David weis, Wychoff and Finally Gary Fulliet (whose free webinars I still find invaluable). So you might be hearing lots of 'Smart money' , Demand, Supply, Support, Resistance (Jumping over creek, and the opposite, breaking of the ice- don't really think in these words though)etc.

Like many journals before me, Ill attempt to gradually describe what determines my trades etc.

Basically I try to observe the three things that wychoff teaches to look out for.

1. Demand and Supply

2. Effort and Result

3. Cause and Effect.

As these concepts are vast and take time to explain especially in writing, I will direct any readers attention to helpful books and resources.

1. The Richard D. Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique
This was the most difficult book to read for me, even though I had a little idea of some concepts since I had read the books by Tom williams and Gavin holmes of VSA. But it forms the bedrock of most of what I know about wychoff trading concepts.
To sum it up, A huddle to go through but thoroughly rewarding once the concepts start to sink in.

2. Trades about to happen. Ill say this is a must read after you have gotten some basic understanding from the first book as it expantiates some concepts not clearly explained in wychoffs book. After reading this The first book becomes easier.
So Number 1 is a good foundation, while number 2 is an aid to understanding number 1.

3. The website of Gary fulliet, LTG trading, you can google it. His webinnars were most helpful in getting an in-dept/practical understanding of wychoff concepts.

4. Teach Teach Teach. This is perhaps the greatest resource for me. I can't tell you how many times I learnt something new, or that an understanding that failed to register rightly, clicked into place, just as I was teaching or trying to explain a chart or describe some wychoff concepts.

Finally this method of analyses really takes time to master, even if it is as an analyzer of charts (and this is the easiest) and not a real time trader. It could take years, but the best period as a wychoff trader or wychoffian as my friends call me is when you start to develop intuition (Wychoff mentions this in book 1).

I am years away from all that, so I hope with this journal and possibly lots of contributions from the great traders on futures.io (formerly BMT) I achieve that status.

Hi, Metobi, I appreciate your sharing wyckoff experiences to us, from your chart analysis in other thread, I believe you have thorough understanding of wyckoff trading methods. I am looking forward to your post. thanks

Reply With Quote
The following user says Thank You to supermht for this post:
 
(login for full post details)
  #5 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Here is a detailed look at EURUSD - forex.

Attached Thumbnails
Click image for larger version

Name:	EURUSD Overview.png
Views:	120
Size:	146.9 KB
ID:	131713   Click image for larger version

Name:	EURUSD Expected outlook.png
Views:	119
Size:	149.0 KB
ID:	131714   Click image for larger version

Name:	A view wychoff principles guiding my thoughts.png
Views:	87
Size:	160.8 KB
ID:	131715  
Reply With Quote
The following 2 users say Thank You to metobi1 for this post:
 
(login for full post details)
  #6 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

One of the concepts from wychoff that I plan to you as a trading edge is "comparative strength and weakness", it can give a very powerful insight to what security to short or buy, if these differences are available and one is aware. The concept is used when you are trading securities in the same general market, for example all currencies trading against the dollar are in the same general market and they form the dollar index.

I have attached a chart and I will make a short comparison between EURUSD and GBPUSD.

In the attached chart is is clearly evident that EURUSD had been in a range while GBPUSD had been trending down. But if you take a look at GBP from Dec10-03:00 and compare with EUR10-04:00, one can see that while EUR continued to make new highs at 16:00 and Dec11-18:00, GBP's last high was at Dec10-03:00, at 16:00 it closed near the low of the range, and at Dec 11-18:00, it already broke support and was down.

At Dec12-08:00 when EUR was retesting its old highs GBP was testing its broken support. This with other bar and volume considerations could have been a sweet place to place a sell trade with stops above the bar that broke support.

This observation would have learnt further assurance to that sell trade because from the actions of both charts GBP had shown itself weaker than EUR in the USD market. It is good to note though that all other normal demand/supply observations were in place for the trade. I have marked the more recent actions so that any person new to this concept can try it.

Attached Thumbnails
Click image for larger version

Name:	Comparative Strenght and Weakness.png
Views:	80
Size:	226.7 KB
ID:	131726  
Reply With Quote
 
(login for full post details)
  #7 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Here is another look at comparative strength and weakness. This is really the best method for me of using this concept

Attached Thumbnails
Click image for larger version

Name:	Comparative Strenght and Weakness on many pairs.png
Views:	71
Size:	183.5 KB
ID:	131759  
Reply With Quote
 
(login for full post details)
  #8 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Sometimes you look at the market in the morning and you just can't make head or tails of it, not because it is choppy or anything like that, but you can't put together the necessary thought process, needed to analyze. This is how my morning had been.
Call it the result of 3 hours less sleep than I am used to and a thousand and one excuses, but I honestly just think some days are like that. So I have to decide on my best course of action. That means one or two things for me.

1. Perform some good old physical activity. Less energy on my limbs etc less focus on whatever else is taking stealing my understanding.
2. Getting back to the basics.

Or I can just do the two if circumstances allows it.

Attached is me getting back to my basic chart analysis

Attached Thumbnails
Click image for larger version

Name:	Gold Basics.png
Views:	93
Size:	140.4 KB
ID:	132008  
Reply With Quote
 
(login for full post details)
  #9 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

More of the same. Chart strength and weakness comparisons. Of the four pairs only gold is showing a willingness to react and continue on its path. The only doubt/drawback is the volume that lifted it to its current resistance area.

Gold should be ripe for a sell. Best scenario here for less aggresive people would be 2-3 bars back up, shrinking in range and volume.

Attached Thumbnails
Click image for larger version

Name:	Comparative Strenght and Weakness on many pairs.png
Views:	82
Size:	174.5 KB
ID:	132009  
Reply With Quote
 
(login for full post details)
  #10 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received


Two reasons to scalp AUDUSD right now. The first is comparative strength and weakness. The second is the fact that AUDUSD going down has died out and it has the possibility then to retrace to the upthrust that first made it go down.

But if I take this trade what will weigh in heavily on my mind is the comparative strength it is showing.

This trade may not be the best to take considering its risk to reward possibility, and the fact that it also easily went down in comparison.

Attached Thumbnails
Click image for larger version

Name:	Comparative Strenght and Weakness on many pairs.png
Views:	64
Size:	185.3 KB
ID:	132058   Click image for larger version

Name:	AUDUSD.png
Views:	74
Size:	133.5 KB
ID:	132059  
Reply With Quote
 
(login for full post details)
  #11 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Here we go again, with my lazy approach.

From being the strongest pair to buy to the best to sell while others are strong.

Note 2 things here.
- By the time all the other pairs in comparison were at their highest(at about the same time), AUDUSD was already heading down, as can be seen on the attachment.
- The other pairs made higher highs with the drive up, while AUDUSD made a lower high and at the peak of the others was already on its way down.

Wychoff wrote in his book -The Richard D. Wyckoff Method of Trading and Investing in Stocks: A Course of Instruction in Stock Market Science and Technique, that one of the great traders of his time(forgotten who) said that, when you see one security in a market category very weak while all others are strong, sell it without hesitation.

As long as that security is liquid, i.e not just stagnant in either direction, Ill say this can be a profitable concept when it occurs.

Attached Thumbnails
Click image for larger version

Name:	Comparative Strenght and Weakness on many pairs.png
Views:	75
Size:	166.6 KB
ID:	132305  
Reply With Quote
 
(login for full post details)
  #12 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

2014!!!!!!!!!!!!!!!!!!!!!!!!. Sweet.

My year of becoming a man (I get married in less than 2 weeks!!!).

With so much activities and lots on my mind its not been easy focusing/updating my journal, besides am yet to start trading, till my day has come and gone (OUR DAY- am no longer just me LOL).

I remembered an important aspect of wychoffs analysing strengths and weaknesses in a security. The idea is simple really, it is that, it often occurs that when a security is about to go up/already going up, its retracement length/distance can help tell if it has a better tendency to go up and breakout/continue up after the retracement or range/go in the opposite direction.

A move of strength should go up and retrace at most 50%/half of the up move, If it retraces more than it, weakness is possibly already in, and if it retraces less than it, the tendency is that that security is still very strong.

From personal observation, the termination of the move(the 2nd point), should be the point that has a visible pause/pronounced attempt at stopping the move(you'll get my idea from my attachment).

It takes a lot of discretion borne from experience to be able to draw the counter move to be observed with this idea. A counter usually starts around the support/resistance of the former move. This means if it was formerly an uptrend being evaluated, the analysis of a down trend will usually start from/near the area of support turned resistance.

And for a trend that continues, the move with least resistance nearest to support may occur more.

As with everything wychoff, a lot of observation/experience is required to successfully implement this idea without making it mechanical and relatively useless. I have attached a USDCHF chart with progressive examples.

Note, the arrows on the chart, signify the moves and the retracements, red arrows for down moves and green arrows for up moves. The letters are used to easily identify the moves in consideration.

Attached Thumbnails
Click image for larger version

Name:	Zoomed in look at the moves with retracements.png
Views:	50
Size:	140.1 KB
ID:	132760   Click image for larger version

Name:	Trend continuation.png
Views:	48
Size:	143.8 KB
ID:	132761   Click image for larger version

Name:	Posible confusing scenario.png
Views:	64
Size:	132.7 KB
ID:	132762   Click image for larger version

Name:	USDCHF Strength and weaknesses for retracements.png
Views:	50
Size:	180.6 KB
ID:	132763  
Reply With Quote
 
(login for full post details)
  #13 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Been a long time since I was here.

The fun life of a married man, been toooooo busy. But hopefully I am better adjusted to my new life and I can finally have time for other things.

So a couple of charts I've been observing, first EURUSD, all analysis on the chart.



Next GBPUSD



Next AUDUSD



Next CHFUSD, yep you saw it right, I have inverted USDCHF



CADUSD, you get the gist



An update on AUDUSD - Note ABS Means the Absorbtion/ attempt at it of a direction/move


Reply With Quote
The following user says Thank You to metobi1 for this post:
 
(login for full post details)
  #14 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Updates:

EURUSD



GBPUSD


Reply With Quote
The following user says Thank You to metobi1 for this post:
 
(login for full post details)
  #15 (permalink)
 supermht 
Naperville IL
 
Experience: Intermediate
Platform: ninjatrader
Broker: NT broker
Trading: NQ ES 6E GC CL
 
Posts: 958 since Feb 2010
Thanks: 1,189 given, 659 received

welcome back, looking forward to reading more

Reply With Quote
 
(login for full post details)
  #16 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received


supermht View Post
welcome back, looking forward to reading more

Thanks its good to be back. I have to pick up where I left off, a little rusty

Reply With Quote
 
(login for full post details)
  #17 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

CHFUSD


Reply With Quote
The following user says Thank You to metobi1 for this post:
 
(login for full post details)
  #18 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

A market update






Reply With Quote
 
(login for full post details)
  #19 (permalink)
 supermht 
Naperville IL
 
Experience: Intermediate
Platform: ninjatrader
Broker: NT broker
Trading: NQ ES 6E GC CL
 
Posts: 958 since Feb 2010
Thanks: 1,189 given, 659 received

some of my NQ play this week


Reply With Quote
The following user says Thank You to supermht for this post:
 
(login for full post details)
  #20 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received


supermht View Post
some of my NQ play this week


This chart is one of the reasons why I so much prefare stocks and a host of other markets to forex. In this chart it was clearly visible when absorption was taking place at the 3460 price level because the bars widened at resistance, basically taking that resistance line with 3 comparably wide bars and a final one closing at the top, at the same time rising to a new price area showing that all the resistance had been taken out, again at the second range etc, for this instrument price seems to go up in narrow ranges until resistance appears and buyers are taking the sellers out. Very lovely chart i'll definitely keep this instrument as my future to trade.

Thanks a lot for sharing

Reply With Quote
The following user says Thank You to metobi1 for this post:
 
(login for full post details)
  #21 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

CADUSD 2H.

Hmmm Don't like this uptrend very much for now.

Two more weak things about this chart, the distance covered selling is more than half the move up, and compared to other charts i'll be posting later it is really weak.



3 Hours after

GBPUSD



EURUSD



AUDUSD



CHFUSD


Reply With Quote
 
(login for full post details)
  #22 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Forex Updates,

EURUSD



GBPUSD is giving mixed signals



AUDUSD went down to move up sweetly



CHFUSD



CADUSD HMMMM Bearish looking long term, but possibly bullish short term we shall see


Reply With Quote
The following user says Thank You to metobi1 for this post:
 
(login for full post details)
  #23 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

An aggressive buy here would have been awesome b'cos, the market has been up, and the down move had, was without a true cause, so it was always going to be short lived, now market stopped with good volume and buying and moved to the edge of the down trend channel.

It could have retraced and shrunk, but there was no way to know except that, the bar which broke the down trend channel showed ease of movement in its close and good volume increase.


Reply With Quote
The following 2 users say Thank You to metobi1 for this post:
 
(login for full post details)
  #24 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

Before going on about what I've seen today and my possible prospects, I'll do a quick recap of some mistakes I made yesterday that lead to (not quite horrible) a wrong expectation/misunderstanding of CADUSD.

1st mistake is below



A proper trend line should have made me realize that CADUSD was on the way down the channel and so any failed attempt of it to stop the down move and go back up would have been easier to put into perspective.

A market in a channel may hit up and go straight down or move sideways till it hits the lower end of the channel, seeing the channel is essential for a better analysis.

2nd Mistake

Not seeing the long term/overall trend made me concentrate too much at the wrong areas of the short term trend, and made me give myself too much work thinking out the why's.

Now Now, it wasn't all bad, I give myself props for seeing at least that the first spring attempt wasn't a convincing one, and the manner in which CAD sold from the highs was just too aggressive till there were better buying indications.

But this made me paranoid and totally stay out of this now awesomely flying up market. Till ........................................................................................................................................................................................................................................................... NOW, even now I am/have not been in this move going up.

So yes I am happy I am developing a sense of seeing what is and what appears to be. Meaning sensing when danger is afoot (I said that with gundolfs air of wisdom, and know all ).

So I dint take any part of the losing when many opportunities appeared to show themselves, But I dint also take part in winning .

So now to how I would have analyzed this with the added info.



AWWW would be late for work , I'll continue this in 2 hours



This presents a complete look at all the forces in action on the chart. An internal trend took price to the height of the channel before massive selling on that long bar with heavy volume drove price down on wave 1

Wave-1 stopped at former support, the volume bars showed volume gradually reduced, that would ordinarily be a great place to place a buy, with stop below the long buying bar to the left.

The problem here was the selling was fast and when you compare with other currencies, the selling had the most impact on this pair, the up-bar should have been wider and the volume better than what was visible for a convincing rebound to have occurred, this was what made me alarmed at a buying mindset.

Wave-2 consisted basically of inside bars, which was not too convincing when you look at the selling that occurred, and when you compare this instrument to others in the same market(USD pairs).

In Hindsight, The price was overcoming the demand on the trend line from the low of the trend channel.

Wave-3 started with a wide bar down that closed up as if buying was finally entering to take over, buy the next bar showed an ease of movement to the down side. A third bar was a possible absorption/buyers taking all the sellers have to offer at the support, showed by increase volume but shrunk bar.

This failed and price crashed down only to recover and close on the highs, This was another place I would ordinarily have bought with a stop as before, but for one reason or the other, I wasn't convinced (here's where the gandalf effect was at play )

What to take note of here is the visible increase in volume on wave 3, marked.

The price goes once again to the lows of wave 3 and shrinks as if confirming the stopping of the down move, especially as volume visibly drops, and we are finally at the bottom of the overall trend channel. But it was not to be as price makes a finally shoot down, taking out all that bought and put stops below the great buying bar.

So what made me think the move down was finally over-

1. Price had been running down with little or no cause built.
2. This was the widest bar since after wave 1 started and the close/ volume indicated buying from the lows (here is where tape readers may see more).
3. The subsequent push back down showed a drying up of volume (big deal - this had happened before).
4. What had not happened before was the wide up bar with visibly increased volume, which was the widest up bar since the bar leading to the top of the overall channel. Also this bar took us out of the selling trend channel and it occurred in an oversold area.
5. As usual comparing to others showed that the buying was actually better than most on that bar.

This was actually the logical place to buy as this finally showed a change in behavior, from consistent pressing down to ability to rally

Reply With Quote
The following user says Thank You to metobi1 for this post:
 
(login for full post details)
  #25 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

And then a look at the markets today.

GBPUSD.



EURUSD


Reply With Quote
 
(login for full post details)
  #26 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

GBPUSD updated



EURUSD.

Wow what a sudden move down. It wasn't totally out of place though, there were subtle signs the market would retrace, I pointed them out in my last EURUSD update, I just didnt think anything of the move since I wasn't sure it would amount to anything (plenty pips in profit) Ah well you can never win them all, just enough to get you rich, So What has/is happening now. Lets see



AUDUSD.

This one beats me for now, no logical buy or sell apparent to me, so Ill just fold mine arms and watch, But its interesting to see wychoff principles at play again and again. That man really understood the markets.

Here we have a market follower, others starting with the leader we have CAD then CHF, EUR and now AUD then NZD, in that order. That is how this aspect of the general uptrend has had the participants retrace. (Read you a wychoff -- now thats my gandalf voice )



CADUSD.

Here is where I envy Gary D's nerve of steel he has developed while trading. I hope to get there someday soon


Reply With Quote
 
(login for full post details)
  #27 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received

The super GBP

Still very strong looking, am on a strong watch-out for this one, I will see you when you show you want to go down. he he ha haw haw (my evil bone chilling laugh - picture mortal combat), still buy-able though at logical points only and stops tightened at earliest opportunities.


Reply With Quote
 
(login for full post details)
  #28 (permalink)
 kickmic 
Melbourne, Victoria, Australia
 
Experience: Advanced
Platform: NinjaTrader + Gomicators
Broker: InteractiveBrokers, CQG
Trading: 6A
 
kickmic's Avatar
 
Posts: 281 since May 2011
Thanks: 51 given, 343 received

Hi

I notice volume study is a significant component of your analysis and trading plan.
The volume you are measuring doesn't tell the whole story because the cash market is an interbank market traded off exchange. Therefore the volume recorded by your provider will be very different from each and all the other FX market makers.
It would serve you better to monitor the FX futures as they all trade on one centralised exchange. By all means trade a cash market to reduce position size, but trade off the futures market data.

Follow me on Twitter Reply With Quote
 
(login for full post details)
  #29 (permalink)
metobi1
Lagos, Ikeja. Nigeria
 
 
Posts: 55 since Apr 2012
Thanks: 13 given, 62 received


kickmic View Post
Hi

I notice volume study is a significant component of your analysis and trading plan.
The volume you are measuring doesn't tell the whole story because the cash market is an interbank market traded off exchange. Therefore the volume recorded by your provider will be very different from each and all the other FX market makers.
It would serve you better to monitor the FX futures as they all trade on one centralised exchange. By all means trade a cash market to reduce position size, but trade off the futures market data.

I appreciate your input, but what the true volume figure (could be awesome) isn't the basis for my analysis, its more of how much or less volume comes in at certain areas, after certain price action.

The questions I need answered are like, is volume stopping this movement, does it shrink/or improve, what is the nature of volume on a bar that closed half of the bar etc

So except the volume is deliberately made smaller on some bars and bigger on others(direct bar and volume manipulation on the chart), it is still fairly ok.

I did notice that using the same data feed IB on the java platform netdania gives a clearer view of volume differences. But unfortunately it doesn't have a wave volume measurement that I can combine like on mt4

Reply With Quote


futures io Trading Community Trading Journals > Listening to the markets


Last Updated on February 14, 2014


Upcoming Webinars and Events
 

NinjaTrader Indicator Challenge!

Ongoing

NEW BlackBird Features + FOREX Support w/Jeremy Tang @ SharkIndicators

Elite only
 

Our 12-year anniversary w/ $$,$$$ prizes (check soon)

June
     



Copyright © 2021 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada), info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts