In the London forex session, I start by focusing on the volume point of control and how to use it to help in your analysis of where the price action is heading next. The VPOC indicator combines volume and price with time moving it to the price axis of the chart where it presents the volume profile at the various price levels along with the heaviest concentration of volume at the VPOC which is the fulcrum of the market. At high volume and low volume nodes, we can expect to see the price action move swiftly through these levels, whereas when approaching the VPOC or high volume regions we can expect it to pause. In other words we are using volume to highlight support and resistance areas in the same way as we do with price.
Then we move to the NinjaTrader platform and follow the British pound. Check out the Venus fly trap move at the open and preparing for a big reversal on cable using the multiple currency strength indicators, whilst the DXY and US dollar delivered an excellent trend on the renko on TradingView.
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