My current sim trading on the ES would suggest that I am likely to be wrong.
I am v interested in VSA. Are there any good readable/practical books or home study courses available that people are aware of?
cheers
I will have a go..... it is a low volume test of a support level (previous resistance level)...I expect it to fail ie go up. Or alternatively, it is a low volume retracement again, likely to reverse. My current sim trading on the ES would suggest that I am likely to be wrong.
I am v interested in VSA. Are there any good readable/practical books or home study courses available that people are aware of?
cheers
I would prefer to be short this set up but not from the entry on the next bar.
how would you ever trade a breakout then.Though this is completely irrelevent to scalping. Many times, I would just take a few ticks WITHIN the box, scalping the range, if it breaks out, then more luck to me
how would you ever trade a breakout then.
To make a profit within the box youd be buying or selling the high or low not holding it for a breakout!
Sounds good in theory but in practice--it aint as it seems!
how would you ever trade a breakout then.
To make a profit within the box youd be buying or selling the high or low not holding it for a breakout!
Sounds good in theory but in practice--it aint as it seems!
It's hard to explain, completely depends on the price action within those candles. Which you cannot see from that static chart.
Yeah but that's not what I'm talking about. Things like the SPI are full of games. Arbs, option bots, Crosses all kind of crap that aren't directional trades. The HSI is even worst.T/H Ive watched plenty of live Vids on Futures trading using VSA by people much more advanced than I.
Watched a live trade over a couple of Hrs by Sebastian Manby trading the UK pound a few eeks ago.In that time he picked up 400 pips.
Still be getting short. But have the flip hot key armedAnyway some more on this chart.
What would we be looking for to confirm that the Breakout (Which ever way it goes) would be likely to continue rather than reverse?
MRC
That where I think VSA can help.
Regardless of timeframe (to say 3 min in VERY liquid markets). Illiquid markets cannot be read with any accuracy.{Mind you a bar which is an outlier trading Millions of stock not normally seen can be read in lower timeframes.}
I see it all the time in many many patterns and in the lower time frames you do see a great deal of Box type support/resistance type patterns.
There are very often tell tale signs which will place you on the right side of a trade.During and even after your set in a position.
The key is in.
Where the consolidation is within the timeframe traded relative to trend.
The really high volume bars
The really low volume bars
The testing of highs and lows in the range.
The range of the bars
The position of the close.
The Key to continuation is
Where the breakout is within the timeframe traded relative to trend.
The Range of the bar
The volume of the next few bars
The way price/volume reacts to highs and any lows on pull backs in the next few bars.
As an example and NOT a trick or cocky question interested in your comments and others on this chart.
Click on chart to expand.
Id use an intraday example but the R/T software is at the office ---can do so on Monday.
Cartman
No its not a pointless exercise to give you the chart would then make it pointless.
With practice you can read EVERY bar in conjunction with the last 3 bars.Sure initially more chart would be nice but clearly its not currently in a down trend!
HI Tech, I would have said a sell on your first chart, closing on the lows and volume increasing but now , with the couple of other bars added it looks like a buy
"Remember WEAKNESS is found in VERY HIGH VOLUME up bars and STRENGTH in VERY HIGH VOLUME down bars
More tomorrow.
If you want to read more bars."
weakness/strength..what kind? do you mean buyer/demand strength? This is an idea I struggle with...will read that book...cheers
What would we be looking for to confirm that the Breakout (Which ever way it goes) would be likely to continue rather than reverse?
Tech/A,Before I go out.
The two bars clearly are buyers absorbing supply the bars are being capped at the low end with buying.We have strong buying back in the chart (Very strong in march) very low volume early in the consolidation and the increase in volume in the last 4 bars with no movement in the pattern.
So we see buyers gap past the high of the pattern successfully stopping further supply as they will now hold.
Obviously a testing of the high would be the next stop---or is it?
What tells us this is likely/unlikely? From the last 2 bars.
So would we be looking at a test of the high OR a reversal--why?
T/H you may well be able to be correct with DOM I don't know--have never looked.Just know like you feel comfortable with DOM trading I am comfortable with VSA its now like second nature.Not 100% accurate but much better than 50/50
Cartman
No its not a pointless exercise to give you the chart would then make it pointless.
With practice you can read EVERY bar in conjunction with the last 3 bars.Sure initially more chart would be nice but clearly its not currently in a down trend!
The question is how is it going to react out of the congestion zone surely we don't need 6 months of price action to answer that question?
I'm happy to continue further with comments if thought practical.
Remember WEAKNESS is found in VERY HIGH VOLUME up bars and STRENGTH in VERY HIGH VOLUME down bars
More tomorrow.
If you want to read more bars.
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