I am so used to buying mainly breakouts. So that is often clear when to enter and often there is no overhead resistance to worry about.
When I look to enter on a down wave on, say a minor selling climax with positive volume indications, what are the best signs for me to look for to determine if price will THEN be able to push through the resistance to the left?
I guess I am so used to entering above resistance that I haven't thought to much about it before. Any time I'd approach new resistance previously, I would just tighten my stop. But in terms of pushing up through resistance I'm not so sure.
One thing I can think of is that pushing through the resistance is more likely if the stock shows little effort on the decline (no supply).
Post your charts here for VSA discussion and try your analysis here.
We can watch the following days and see how it pans out!
Would you be able to share a link to the AFL code, I have been to his website but it has been dead for sometime, and I could not find links to the code, seems like they were taken down.I found this action via an AFL code that the name 'Karthik' created.
Would you be able to share a link to the AFL code, I have been to his website but it has been dead for sometime, and I could not find links to the code, seems like they were taken down.
Thanks
There's copies of Karthik's code
http://finance.groups.yahoo.com/group/Amibroker-VSA/
WEC had 5000 units available at $1.865 so hypothetically hold them.Not a real money expense with WEC so I will give it a go. From what I can gather the bar today is suggesting there is support for WEC around the $1.80 mark. The previous bar opened high and closed on its low but todays bar opened higher than yesterdays low and closed on its high today.
For a real time experiment I will buy on tomorrows open with a stop loss at $1.67 and a take profit on further VSA developments or if resistance is significant.
p.s. the secret formula for peeps & whisperers.
Just a word of warning on outside code.
This code popped up very quickly on Indian sites.
The code is flawed in much of its design.
Unfortunately these guys didnt and still dont understand that much of the signals are developed over a number of bars not just a single bar which will give you very false signals as well as the odd correct signal.
If you use this code you will find yourself struggling to make sence of signals and price action.
I cant see the point in trying to understand a trading method using incorrect/code and information.
To show the Tradeguider Chart on WEC youll notice NO SIGNAL Where Wysiwyg has one.
Unfortunately these guys didnt and still dont understand that much of the signals are developed over a number of bars not just a single bar which will give you very false signals as well as the odd correct signal.
So how do you do that when you have no idea if a signal is a correct one or not?
Its code from another user its not endorsed by Amibroker.
A user who is not versed in VSA---Thinks he is.
Sure, but it's publically available code to be used as a starting point for anyone interested in learning about VSA, as is the Amibroker VSA yahoo group. Anyone interested in learning and applying VSA techniques is free to use it and adjust it as they need, like I've done.
Does anyone know the exact VSA definitions for the bars? I notice stopping volume and up thrust is about right in the code but the others are a bit loose in their interpretation.A quick comment about Karthik's VSA or VPA as it's called. It's not designed to replicate the Tradeguider software, that would be silly and in his notes Karthik specifically states this.
Personally I'd start with the Real deal.
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