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Morning doji stars are something to look for. In a down trend this would be a long down candlestick followed by a doji which would signify a reversal. This would be confirmed by an up candlestick. Presumably other reversal candlesticks like hammers work just as well. |
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VSA does not look at the open. There are two and three bar patterns like candle patterns, but not candle patterns themselves. Although they MAY be a candle pattern, they are not looked at in that light.
Since we do not technically look at the open, we do not know or care about a Doji. By definition, a Doji has an open equal to the close but we don't look at the open so we can't "see" a Doji. If you use TG software or look at their charts, you will notice that there are no open notches on the bars.
Personally, I do like to see the open on some bars. If fact, a NO DEMAND bar that closes in the middle and has an open in the middle is a powerful sign. This is a Doji, but
VSA is concerned with the range, the closing price and the volume.
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The issue which most interests me is what timeframe is ideal? I know "all timeframes" is the usual response but which timeframes are ideal? Looking at today's action the 1 minute charts would lead to false "signals" but the 5 minute charts would get you in very late. One solution may be to use the 1 minute for entries but only stay in the trade if confirmed by the 5 minute. |
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All time frames
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1 minute has a lot of noise on it. It also depends on how many time frames you want to look at. If only trading off of one chart, then a 1 minute might be too "fast". Joel trades off of a single 3 min chart. Todd likes to use multiple charts. One problem with multiple charts is it becomes harder to see the signs of Professional Demand/Support. This is where the software does have an advantage over those who choose to learn the method alone.
I am not a fan of the software and would not recommend it. But if you want to trade off a 1 minute chart, you do need to look at least one more time frame. Just realize it gets difficult to keep all the various bars with supply and demand straight.