better volume indicator
I just opened a short on the kiwi. Price action on h4 shows that it went past resistance levels, but closed back within. Bbs are expanded. IME, this tells me that the bulls are probably exhausted. Zoom in to m5, price just gave me a doji with long legs both sides. I forgot what it's called. It also failed off the r1 level of the h4 pivot. I opened a short off that pattern with stop set above r1 off the high of that doji long legs.
Target? I'm not sure yet. I will look to s1, but I will wait to see how volume works out around those levels. If this trends towards the downside, I will keep the short, then start zooming out time frames.
I think buyers just came into the market. Is this better volume indicator reliable at all? We will see. In the meantime, I will see how this will fare during the week. It's a new tool. It takes getting used to.
This tool helps me see more depth to price action. It tells me how much uptick or downtick there was. That is a magenta bar on the volume. That is an alert bar. What is it telling me? My risk is low as I have stops above that doji. If I am wrong, then I close the position. If I am right, then it is better for me.
The tick chart isn't moving. I think the better volume indicator for forex is based on that tick chart. There is no central clearing for the forex market. You really can't tell how many trades there are for each side. The only way you can tell is from the ticks. If there be more upticks, then that's buying volume. Of course if price equilibrium was there you will not have upticks or downticks. Price will only trade on that level. Why is the candle not moving?
That's good. At least it is staying on that level. Is this institutions selling into the market? I think so. I hope so. Why is my chart not updating? I don't know, but at this time, I like what I am seeing. This is the first trade for the day, first trade for the week.
I am not going to let these trades affect me. Poker is easier. You play as many hands as you can and that's where the edge is. That is, assuming you are playing well. If you are not playing well, then it is going to work against you. But how do you do this in trading? Trade only when the odds are in your favor?
It's that trade with the wall behind you. Tick chart is flat. What's happening? Is this accumulation? That's a harami pattern that just formed there. That's good news. And it failed off resistance level. That means this is support level? I have the order window open and I can't see the volume indicator. So be it. At this time, I don't need it. I am about to close a position and this is more important for me.
At least price is steady at these levels. I am trading like wholesale now. How is that different? I behave like someone trading from divisoria. A rice trader.
Price is moving down. Bears are back? We will see. It has to move past the h4 pivot. Then we will see price action on support levels. At the moment, volume has dried up in the last two candles. We are not out of the woods yet. The bulls are still there. That's not what you want.
I got stopped out. I am leaving it off at that. I see price testing supply area again. I am redefining these levels into zones. Supply and demand zone. These used to be support and resistance levels. They are not levels but zones where buy and sell orders are placed. Redefining them this way gives me a better perspective on price action. How to trade this then?
That magenta was an alert. It was followed by a buy candle. It wasn't a downtrend but the buy candle appeared after that magenta. That was buyers there. How to trade that then?
Price went back down. I think my stops should be moved someplace else. Like where? I don't know yet. Maybe the five minute chart is too choppy? Not really. I did not have confirmation there that price has indeed gone down. Upticks are still common. This means that they are buying up. Buyers are hitting the offer price that's why there is an uptick. How to trade this? Do I go long? It's right in the middle of trouble. Do nothing for now. Look for something else to trade.
Usually, r1 or s1 is a weak-ish level to trade. Price can easily break through that. Unless of course there is a volume behind it. There was volume behind that stop that I made. I think it was a good stop. Do something else now. Look to buy on support. See price action on those levels.
Right now, do nothing. I think I can do this while blogging so I can see how price is doing. Or maybe I can run a video of all this while I an trading. It is the first few minutes of a trade that I want to record. After things have moved in my favor, I can update them later using screen capture. There is screencastomatic. I can use that to record three candles worth of trades.