Trading Volume-Window to The Soul of Markets
Traders often over look trading volume, they pay it lip service, but they do not grasp the effect it can have on their trading system. When I was first told this by a friend who was trying to help get out of a slump, it didn't sink in right away. I thought that the volume was interesting, but I did not see any great need to use it. It didn't seem to me that it would change my trading. Then, he asked me if I would be a better trader if I could read minds. I immediately said, of course anybody would! He then told me that in effect that volume indicators were reading the mind of the entire market at once. I became interested in what he was saying, as he explained volume I realized he was right. Explaining volume can be a lengthy process, so as not to bore anyone, I will cut to the chase. When reading volume, you should pair it with a Japanese candlestick chart. Essentially, what you are looking for is unusual volume spikes along with price movements. If the price climbs higher on a 10 minute candle and during that 10 minute candle the volume spiked up, you may have a trade to watch. On the next candle if a continued move to higher prices, along with strong volume occurs then you probably have a stable trend toward higher prices. I generally like to see at least one more indicator. Such as a moving average crossover.
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