Had a losing trade today. I sold just below the low of the first ND annotated on my chart. It has an even close to the previous bar and could also be construed as a failed test as someone pointed out to me. Either way, I was brought into the trade as the low of this was broken. It went well to begin with before stopping and reversing at the low of highest volume 15min bar from today. It reversed and this is where I thought I saw signs of further no demand so I decided to leave the trade running. Once it pushed up I made the decision to close the trade in the green circled area. The higher volume area at A turned out to be buying as it pushed up this morning and further buying came in as this area was revisited.
EUR/USD 5min
Took this screenshot during the day and didn't see any further opportunities throughout the rest of the session.
That's all for today,
Cheers,
Liam
just found your blog - good luck in 2012!
ReplyDeletequick question - what does ND stand for on your charts?
Hi, thanks for commenting!
ReplyDeleteI keep forgetting i'm not just talking to myself on here!
ND - No demand. It's a VSA (Volume Spread Analysis) term. Generally it's a narrow spread up bar with volume less than the previous two intervals. Up bar meaning it's close is higher than the previous bars close
Ah, got it. I don't know much about VSA obviously. I see you're in Ireland. Love the time I visited there! Have a pint of Guinness for me!
ReplyDelete