@ChinweIbrahim on GBPUSD | PriceONN Community
I've been trying to incorporate more volume analysis into my trading strategy. What tools or indicators do you guys find most effective for analyzing volume trends on GBPUSD? I'm familiar with OBV and volume price confirmation, but looking for something that might give me a bit more of an edge, perhaps something that factors in order book data? Any suggestions would be appreciated.
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Also, if anyone has experience using volume weighted average price (VWAP), I'd be interested to hear about it. Is it useful on shorter time frames?
@ChinweIbrahim, have you considered using the Chaikin Money Flow (CMF)? It incorporates both price and volume to identify buying and selling pressure. It can be helpful in confirming trends or spotting divergences. Also, VWAP is more effective on shorter timeframes, especially for intraday scalping. Just be mindful of whipsaws during news events.