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I've heard that these VSA folks maintain that you can adjudge the analysis on the spot instruments (as well as futures which utilize volume) regardsless of the time of day. Well, I'll tell you now, that's horse shit. And I'll stand face to face with the best of these guys & tell em so. |
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Hi millard
It seems, that you don't read all posts in this thread. Go back to 1075 and you will see, that at least some people have an other opignion of volume outside of the main session.
I'm not really familiar with FX, so I'm feel not predestinated to make some comments about this chart, but since you intervend, I will try to give you an idea, what I see on it. First, I have seen a GBPUSD-chart (thanks gassa) in the Wyckoff thread, which goes back to 4/8. From there I know, that an upmove is in front of Sledges chart. I see then bars with lower shadows and volume diminishes to the end of the downmove. It looks more like a retracement and a chance for another upmove, but it's easy to say in hindsight. The next important bar was the fisrst up bar, which colsed above the night range followed by an test bar, thats all we needed for this up move.
A downtrendline was broken to the upside and (not visible on this chart), a trading range 1.965-1.985. In my opinion we have now strenght in the background. In those circumstances, I would now looking for a long trade. The upthurst has the high not in new high ground and the next bar is balancing the strenghts.
VSA is not a system with fix rules and as you see, there is room for different interpretations.