🤔 How to save the settings for the drawing object?
✅ For not to configure a drawing object each subsequent time when logon platform by colors and characteristics that is drawn on a particular area of the chart (for example, "Market Profile") , you need to click "By default" in the object settings to save these settings for all subsequent drawing objects (right-click on the drawing object).
📊 In and of itself, the vertical volume does not carry enough information for making trading decisions. Vertical volume is analyzed only in conjunction with the price behavior.
🔹 Rule 1. 🔸 Volume growth at the beginning of price growth predicts even higher prices. Accordingly, volume growth during a price reduction predicts even lower prices.
🔹 Rule 2. 🔸 Huge volume, more than twice the normal one, warns of a possible stopping of the price movement.
🔹 Rule 3. 🔸 A rising price with a volume less than at the previous peak predicts the end of the current growth. Accordingly, a falling price with a volume less than at the previous hollow predicts the end of the current decline.
📝 The head of Coinbase called the 3 main problems of cryptocurrencies that impede their global usage
👉 According to Brian Armstrong, the general director of Coinbase cryptoexchange, the massive use of cryptocurrencies depends largely on scalability, volatility and convenience.
👉 Just solving of three main problems is enough for global adoption of virtual currencies, said the head of the trading platform, answering a question about the future prospects.
🔹 According to Armstrong, sharp fluctuations on the crypto market make it difficult to attract traditional investors. Therefore, this industry needs more stable rates.
🔹 He also added that at the moment about 10 groups are developing virtual currency scalability technologies, such as Lightning Network and Sharding, to increase the speed of payment processing. By integrating these solutions, cryptocurrencies will be able to process 500-5000 transactions per second. This will allow them to compete with Visa and MasterCard.
🔹 In addition, Brian Armstrong noted that users now need to perform too many operations in order to start working with digital assets.
🔹 However, he does not just talk about global acceptance, but actively contributes to this process. Coinbase recently announced, that as part of a program to promote cryptocurrencies, company will distribute 1 billion XLM to users, who will learn the features of the Stellar protocol.
✅ Systematization of trading. Before your trading is not systematized - it is a gambling, and this is not good.
✅ Improving of trading system. You are the most unbiased, when you have confidence in your trading settings and a well-thought-out methodology. By taking notes and writing down the conditions associated with your trades, you will see that your trading improves as time goes by.
✅ Increasing of discipline. Your diary is an indispensable assistant, which is created to remove confusion and spontaneity. When do you enter the trade? How do you respond to the price movement in your direction and opposite? Why did you decide to quit? When did you do it, etc. After analyzing the answers, you can identify good habits and rid the mind of bad ones
🤔 What trading instruments and functionality can be used to analyze currency pairs in the Forex market?
👉 Many popular trading methods use the analysis of trading volume and open interest. Unlike forex, where contracts are traded via currency brokers, currency futures are traded on exchanges that provide regulation in terms of centralized pricing and clearing. In the Forex market there is no central exchange and therefore no official volume data. For that reason many forex traders use CME market data in their analysis.
📝 Please see below the correspondence list between CME currency futures and major forex currency pairs:
6E = EUR/USD Euro 6B = GBP/USD British pound 6J = USD/JPY Japanese Yen 6A = AUD/USD Australian Dollar 6С = USD/CAD Canadian Dollar
📊 It is important to note, if you are analyzing indirect quotes (USD / CAD, USD / JPY), you need to consider that they are inversely proportional to the corresponding futures (6C, 6J).
📈 In simple language, if the price of an indirect currency increases, then the price for the corresponding futures goes down and vice versa.
🔹 If you are analyzing forex cross pairs (for example, GBP / JPY, GBP / NZD, etc.) you can use the Spread Chart module to build synthetic instruments that match the currency pairs you are interested in.
🔹 Spring – is an unsuccessful attempt to break through the support level, followed by the up price reversal. Spring is failed downside breakout (false). Spring can be confirmed by a large volume, but it is not obligatory. Springs appear on any time periods.
🔹 Upthrust - is an unsuccessful attempt to break through the resistance level, followed by a downward price reversal. Upthrust is also called a false breakout.
👉 The main idea of springs and upthrusts: 🔸 involvement in the unprofitable positions of traders, trading breakouts; 🔸 activation of too close stop losses.
👉 In this example, a large player search technique is considered. The RangeUS chart has Trend - 75, Reversal - 50 parameters, the Open Interest and Delta indicators are added, the period considered is January 22-25, 2019.
🔹 At site 1, the activity of large market participants is noticed. 🔹 In the bar “A”, the delta has a strong negative value with a value of -14,730 contracts, which points us to the initiative seller. 🔹Open interest increased by 53,600. We can assume that almost the entire volume of the seller is aimed at opening a short position. 🔹 In the bar “B”, the gain of a large position continued. The delta of this bar was +36000 contracts, which tells us about the beginning of the activity of the buyer, open interest increased by 66,000, and the total volume amounted to 266,000 contracts. 🔹 As you can see from the RangeUS chart, none of the participants moved the price, we have two aggressive sides that opposed each other. 🔹 The stronger side showed itself by pushing the price down from the range. From what we conclude that in this case seller controls the market. 🔹 For the next trading session, the price lost about 500 points, and the gain of the short position of the major player continued, which is indicated by the section with the number “2”.
👉 This example clearly demonstrates that the additional use of indicators of delta and open interest, allows you to identify important areas on the RangeUS chart.
✅ The symbols mean UpTick and DownTick, respectively. They are determined in relation to the prices of previous trades (other than the last trade). Pluses and minuses are used to indicate the number of Upticks and Downticks that come in succession.
👉 For example, the price was 100. Then, there was a print at 101: this is an UpTick, and we will see “+”. Then, there was another print at 101. The “+” will remain. If the next print is priced at 102, we will see “++”. For example, the print after that will be priced at 101. Now, we will see “-”.