I was talking to another friend and we came across some volume differences in our charts, both of us are using Sierra. This isn't the first time this has happened. I refreshed my charts to see if it would remedy it. Sierra gets it's feed from FXCM so you'd think they'd be the same, right? Two charts below showing before and after on Sierra followed by FXCM paid and eSignal. I changed from eSignal for an affordable software that had volume almost identical. This is absolutely ridiculous. How am I supposed to trade this? Not fucking happy. 

Sierra before

Sierra after

FXCM Paid

eSignal

Two charts to post from yesterday, firstly a 15min Eddie chart. 

EUR/USD 15min

We had a slow grind down at the start of the day with lowering volume and we got a huge shakeout on the highest volume bar. I'm not sure what news report was tied to this and to be honest I don't really care as it gave me my starting point. On first glance it's a widespread up bar closing in the middle to low and on huge volume - weakness. The next two bars were up, maybe not weakness. The third bar was an upthrust / trap up move type bar which brought us back below the 50%. We then printed the No Demand which would serve as the entry. 

I decided not to take it based on a couple of factors, 1. I thought we were too close to the low, 2. We had the low of the high volume zone below which could provided support and a further bounce if we got there and 3. I was going out for the evening so wouldn't be able to monitor it too well. It turns out if I had set the order, it wouldn't have triggered within two periods, so it would've been a no trade for me and the order would've been cancelled. With all this in mind, it still went down, so my overall "weak" analysis was correct. High volume zones still working nicely!

The second chart I have is for Oil 5min.

Oil 5min

To be honest this is pretty much a carbon copy of the Euro set up above, just on a 5min chart, this time the No Demand is confirmed and we would have been taken into the trade for a very nice ride down. I don't have a lot more to add for this chart. Any questions, just fire away.

Cheers,

Liam

As I mentioned in my previous post today, I took a short position on Eddie this morning. With my flat week last week it was good to take a trade and make sure I didn't freak out and kept my nerve. So in reading the last sentence, some of you might be thinking "wow, nice move on EU today, he must've made a killing." Well, not exactly.

First we have the 15min chart, I could have a lot more fibs on this chart, but i've kept it simple and relevant to the ones I was watching during the trade. The green oval shows some more high volume bars that could've been fibbed - i'll definitely be using these tomorrow. 

EUR/USD 15min

So I have four orange fibs on the chart, from left to right;

• Friday's highest volume
• Monday's highest volume
• Monday's second highest volume, important as it's a wide range bar
• This morning's highest volume - the highest of today when I took the trade

Just before this morning's high volume we pushed up into the low/high combination of yesterday's two high volume areas. There was bound to be some reaction here. We got it in the form of a widespread down, rejecting this area. It's important to note that it's high volume on a down bar so it is potential buying, stress on the potential part. This buying wasn't confirmed with the next three bars down. It was in here that I took my 5min short entry from the low of this morning's fib. 

EUR/USD 5min

This chart is a little messier, well, to the untrained eye anyway! I entered on the tiny spread / really low volume ND bar into the low of this morning's 15min area. I got whipped around a little but no where near my stop which was above the high point on the chart. The two thick white lines represent my entry price (2550) and the target for 1:1 on the first half (2524). 2524 also doubles as a really stubborn support area that price bounced along three or four times throughout the day. The two penetrations stopping on another fib area - the 50% from last Friday.

Anyway, It hit 1:1 on the first half of the trade and as per my strategy, moved the second half of the trade to BE+1, this unfortunately got hit before the big drive down in the evening. I don't really see any other entry that I would have taken to get in again. So it's just one of those things unfortunately. A little bitter sweet, knowing I made profit is great, knowing it could've been more irks me a little. But then again if I could make 1% every day I wouldn't be complaining!

I mentioned above that I got whipped around a little after my entry. I have a notebook that I started in the middle of March for writing in my emotions and feelings whilst in a trade. Here's something I scribbled down while I was feeling a little nervy during that phase of the trade;

Not a whole lot to report from yesterday, I was around for the London session but didn't see any set ups. I then took the afternoon off with the US bank holiday and despite a 35 pip drop not long after US open, i'm glad I did. Pretty slow grind that would have only been frustrating had I tried to trade!


I was meant to be going on holiday this week, but that didn't happen unfortunately, rescheduled until the end of August so you'll all be glad to know that i'll be around and posting for a few more months yet!


That's about it really, have a short on EU at the moment which i'll blog about either later tonight or tomorrow morning.


Cheers,


Liam

Always a plus to have some great music playing when you're waiting for something to happen. Two songs i'm really into at the moment;

Ben Howard - The Wolves

John Butler Trio - Better Than