Sledge

Ok, after further reading (and yes this is my 5th trip through MTM) I found the answer to my own question. Hoping the post will help others if they may have not known or may have forgotten as I did! PG 114 of Master the Markets (Checklist for Going Short) "Is the market falling on NO SUPPORT. The low of each day (or bar) should be lower than the previous day (or bar.) This is a sign of weakness (the market is NOT being supported because there is no professional interest in the upside)" So to summarize Support: Upward Trend- Professional $ IS Supporting the move. Downward Trend- Professional $ IS NOT Supporting the price. Sledge

I generally trade 2.00 lots, but the 2.00 lots are purchased at the same time under one order. Hopefully, that makes sense. So in your scenario say I saw a long opportunity at 1.9700, in order to "take 1/2 of my position off the table" I would have to have the foresight to place 2 seperate orders at 1.00 lot X 2 = 2.00 lots at 1.9700, when I was happy with my profit, I could close one out and let the other "ride"- I'm pretty sure I'd wuss out though and still move my stop up on the 1.00 remaining lot

Question on "Taking 1/2 off" I have heard lots of folks say that they close out of half of their position. I have never been able to do this (at least on my platform.) Or is this something along the lines of- when you see an entry opportunity you place 2 seperate orders, closing one when you see fit and letting the other ride? OR Is this moving your S/L to half of your gain and letting it ride- knowing full well it may continue upward or downward depending on your order type? Moving my S/L up is the only way I have been able to accomplish this task unless I bought two seperate lots at the same entry. Sledge

I feel like here I am supposed to say: Godspeed! :o

Nicely done JJ! Thanks for posting the chart and analysis!

Thank you!

Heh, yes I have been told on many occasions that brevity is not my strong suit. Maybe I need to work on articulating my thoughts better as well. :o Your statement above wraps the box up nice and snug! Thank you! Sledge

Torero- So very true. Even with say a $6 in + $6 out commission plus 1 pip ($10) = $22 vs my current bid/ask of 3 pips ($30) saves me $8 on each trade. Figure 30 trades a month is $240+ a month. Money Saved = Money Earned! Yes sir- it sounds as if you graduated! I am in my last semester here at "Broker College" and plan to get my degree, just as you did! I just passed on a broker who sent me a slick e-flyer while I was demoing their platform- it proudly states that they are now doing their forex clearing through "FXC*M" I uninstalled the demo and thanked them for their time. Much thanks. I have spoken with another trader whose judgement I trust very much and he also uses Ninja to integrate his datafeed with his charting software. Much Thanks! Sledge

Professional Support Question: We know that higher highs, as well as, the lows do not dip below the low of the previous bars- on an upward trending market means that the Professionals are Supporting the move. Is their such a thing as Professional Support on a DOWN move? Most logical thing I can think is lower lows and the Tops of the bars do not exceed the highs of the previous bars. Re-reading "MTM" section on Professional Support (PG 94) and am unclear if their is such a thing as Professional Support on a Downward move? Usually markets fall because of LACK of support (on an upward move.) Anyone know?

Their is one and only one video on YouTube of Tom Williams speaking at some type of seminar or meeting (doesn't give the location) I think it is somewhere between 3 and 5 minutes. It will give you his thoughts on this topic. Go there and search "Tom Williams Market Manipulation" He also is very blunt about the fact in almost any of the speeches, lectures or seminars he speaks on regarding this. I believe that in one webinar or speech he states that it is naive to believe that the market makers are unaware of the reports prior to release. He stated somewhere else that when Greenspan was the chair of the Fed Reserve and he gave a speech- some of those "market makers" more often than not wrote the speech for him. This world- is far greater and far "bigger" than any of us. Our job is to know what is the truth and what is bulls**t and do our best to be on the right side of the trade. If you want further proof- test this theory. It will be hard because you will so desperately want to trade the move because you see activity, but I assure you- if you keep your finger off the mouse- and just watch this happen- you will learn one of the greatest lessons in trading: 1. Look for a very high volitility news event that tends to move markets (Like the NFP!) 2. An Hour before the news release- start watching a one hour bar, watch how it moves, watch it bounce up and tick back down. 3. Watch how 5 minutes BEFORE the actual release- you'll get a SURGE and I mean a tidal wave of that bar bouncing up, down, up, down. This is where transferring to the herd really takes shape and is a thing of beauty to watch. Most average joe traders think "Holy crap, they know something- I better get in there!" The Market Makers KNOW THIS- They know the mentality of the herd! It is their JOB to know the psychology of other traders! 4. News time: Market surges in one direction- and it surges hard. The herd rushes in. Professional money is dumping at a fire sale pace. You see it heading north like a banshee. 5. After thousands and thousands of people are locked in- the roof falls in, the market is in freefall- people who were just up 15 or 20 pips suddenly see their positive trade balance spiraling out of control, -$100, -$300, -$500, -$700, -$1000, -$1500, -$2,000 in a matter of SECONDS. 6. Because of human nature- most don't sell, they hang on, they pray for a rebound. They DO NOT like to be wrong! 7. But as Tom Explains- they will never get out- they WILL take a loss- it is now just a matter of how much of one! When will the pain be to great? The market makers ASSURE that if this is a bear move- it will not rise to let you out! Try this on a live news release. And unplug your mouse- so you don't get tempted to get in, just focus on 1-7 above and you'll be amazed! Sledge

You are kidding right?

Milliard- Oh you won't offend me. Basically, with the members of this thread who study VSA have listened and learned (or are learning) the teachings of Tom Williams (Richard Wyckoff based) who as far as I have seen is the most non-BS, straight-shooter on the plant when it comes to telling it like it is. He is a former syndicate trader who has kindy decided to teach his students about how to read charts using volume and the spread of the bar. Professional money is sometimes called "the smart $" folks who know both sides of the market and can see the order flow- something a retail trader like myself- cannot. Their are many camps of how people trade, some rely on MACD or Stoch. Some live breathe and die by trendlines or pivot points, some folks read charts by chart patterns etc etc. This method literally changed the way I traded. By what I posted on the chart and my analysis. This was a textbook markup to entice the "herd" as Tom Williams calls them to go long. The herd he states is made up of: 1. Joe Average Traders 2. Mutual fund managers 3. And others It is pretty in-depth to try and explain all in one post. But if you are inclined to learn more, I'd suggest getting ahold of a copy of the e-book (somewhere ou can get it for free) of Master the Markets by Tom. It will be an eye opener for sure. Sledge

Anna- Hmm.. a new twist on the plot. Can you tell me more? If not publicly, PM me and we'll talk out of public viewing. I can give you details of my trading amounts and lot sizes.. something I would rather discuss offline. I actually have not contacted them yet, I was able to do some digging on them on the net today though. That is always where I start. Presently, I am interviewing two brokers right now and running their demos, I like to speak with the broker themselves, as well as, get my hands dirty with the platform. 9 times out of 10 the scenario goes something like this: 1. Have a referral to a broker. 2. I contact them or as referred they contact me. 3. We have some discussions about my style, interests and what I am looking for in a platform. 4. They send me links to DL the platform. 5. I thank them and tell them I'll evaluate it and get back with them, or ask questions along the way. 6. I take my notes on broker, platform etc. and add it to the "yes or no" pile. And I look at it all. The brokers response to me initially and throughout the process, the platform of how friendly it is to use, how it "flows" on its charts if it has any, my fills, my exits etc. I punch it through the wall when I test drive. Some places it is easy- I open the door, the door sounds cheap, I take off and the car sputters, I get to the stop sign realize this is going no where, take it around the block, pull back in, thank the salesman for his time and move along. :-) I'd like to speak with you if you are able to do so. Thanks Sledge

Torero- It isn't about the 10, 50 or 100 for me personally. It is about getting a more level playing field at an ECN and getting out of the bucketshops. They (bucketshops) are great to learn or have all the bucketshop tricks played on you when you were new and didn't know better. When you really get to know how dirty that world is- and you have NOT been burned YET, you ahem... close out the trade, bank your $ and walk I heard about the buyout- wondering if with the buyout the company will become more MBT or EFX? The demo I did with EFX 6 months ago was good- I just had a hard time alt+tabbing from a charting package to an order entry platform. Probably more of a personal comfort zone issue than an issue with the platform or spreads (which were pretty decent 1 and 2 pips) I know in my head I was saying "uhh this is new, its uncomfortable.. ahh screw it, back to MT4 we go." My ultimate goal is to completely upgrade my PC and get a dual monitor system- then I won't care if I have two "platforms" running, I can look left and trade right. CW- Yup, this is the knowledge I seek. The answer to my question may be- "I have used "XYZ's ECN platform- no charting package but I use "ABC" for my charting and datafeed" or as you stated that "XYZ broker has charting software- but it sucks" Very helpful gentlemen. Thank you! Sledge

It was a wicked ride today on the GBP. Posting a 1 hr Chart. Last night London Marked the Market up as a primer to the forthcoming pathetic NFP #'s (est -50K, actual -80K) 1. You can see on the chart volume that EOD Thursday into Thursday evening we had a rash of "No Demand" bars noted by the "X's" 2. You see that in the opening hours of London the professional $ Marked the market up significantly to "set the trap" on the would be bulls. Note the trendline drawn on the chart- this is drawn on a DAILY timeframe and was drawn 3 days ago. Look where the upthrust/hidden potential selling bar (no such thing- but hey.. it is what it is) reaches. Beautiful! Once again proving the VSA theory that with the bad news for the USD looming- if the supply and demand are in the right position- they will use it to their advantage and make the "herd" pay dearly! Sledge

All- I am following up on some very good advice from Anna-Marie and Milliard for new potential brokers. Here is my situation. I currently trade with a "Retail" Spot FX broker or known more commonly as a Market Maker (MM.) I am looking to upgrade from a "Market Maker" Broker to an "ECN." My difficulty lies in the fact that other than downloading 4 different demo platforms all at once to see I'd like to know if anyone knows if ANY ECN offers charting on any of their platforms? (MT4 if possible- but I'd take any ECN with Charting) Hoping someone here knows the answer to the 3 following brokers if they offer any charting in their platforms? Here is my very short list of ECN Brokers that I am considering. 1. MB Trading (Last I knew- No charting- I did a demo about 6 months ago) 2. HotspotFX -I have read out on the net that they support MetaTrader4 platform (which I currently use and have a good "feel" for) but when you head on over to the site- I see NO mention of MT4. 3. London Capital I have even headed to the MetaTrader website forum and it appears they are pretty hush hush about if you can get an ECN with MT4. Sort of some runaround about how it is in process or yes we do but we don't tell you who our clients are. As with most human beings I don't like an abundance of change. If I could find an ECN who utilizes the MT4 platform I would be very happy. My alternative is: If NOT, I need some techie help as to what the best charting/data feed combo works as I would have to have a charting screen up and an Order Platform. Thanks in advance for replies! Sledge

Anna- Do you know if London Capital is an ECN or a MM? Sledge

Dan- Heh, it appears you had it cleared up and I threw more miscommunication in the mix. :doh: Sledge

Eiger- Chart on Post #812 Ok are you talking about the 10th bar in from right? If that is the bar I think is "M" I see a TEST that closes in the middle of the bar- which IS an indication of higher prices to come, and yes I would have gone long as well. Sledge

Dan- Actually a No Demand bar as defined by VSA is an UP bar with less volume than either of the previous two bars. It MUST be an up bar. Sledge

CW- It does. Thank you! Sledge

I would like to ask a WSB question to those who are more educated on them. 1. Say you see a large WSB DOWN on ultra high volume. 2. You then see a large WSB UP bar right next to it Very High Vol. 3. You then see another WSB DOWN bar on less volume than 1 and 2. Would you draw a conclusion that Bar #1 A. Knocked out stops (and flooded market with supply on bar #2) B. Profit taking took place (Bar 2 was absorbtion of supply) C. Or Both? I may have asked this prior- if I did, I don't remember getting an answer. Sledge

I took a bit off it, but as it is panning out- it is not as strong of a drop as it should be- so it is very dangerous ground right now. Their is a major trendline right in about a 40 pip distance from the neckline and obviously as it rides up and down that trend line gets closer to the neckline. It appears the trendline is holding- Everytime it breaks the trendline, it quickly retreats back into the trendline. So this may have a few downward gasps- but it is far from the monster drop H&S formations tend to bring. I actually took a long this AM. Long at 1.9859 T/P Target 1.9884 It hit about 30 min ago or so. Sledge

Beautiful "Head and Shoulders" pattern formed on the GBP/USD this AM. As it should the "Left Shoulder" volume is higher than the right. After a wild night in the London session we are having some slight pullback occouring as NY opens with London taking profits, and some sideways consolidation. My position: Pending order placed at 1.9896. This would be about 30 pips below the "Neckline" and would be a safe entry with plenty of room to run if triggered. I doubt it will go today, but it is in, just in case- while I am away from my trading platform, the pullback retreats enough and downward we go! Sledge head_shoulders.bmp

Try $150K! I saw one a few weeks ago at the BMW dealer here in Indy, the parents let their 17 year old drive it, he popped that badboy into a concrete median, wrecked both drivers side rims and broke the back axle. UNBELIVABLY he did NO Body damage to it. They are a badass ride though. Put in drive, brake to the floor- goose the throttle and the tires will spin with a feathers touch.. YEOW!