Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Is it really the VWAP, or is it just the structure of the market? A level of resistance is now support. Trend line confluence with demand coming in right at the confluence/demand line.
There is no such thing as any one magical thing, even a widely used VWAP + std dev bands.
Someone in chat posted vah and val today. I noticed the val matched almost to the tick the 1st deviation on the vwap bands. I'm sure that also matched something else, maybe an ema 20, sma 100, or who knows what. Maybe it also coincided with a CCI cross, or a MACD cross, or a bounce off a bollinger band.
The point is, nothing is magic. I agree it's a confluence of events.
I had removed VWAP for a while because it wasn't real useful without the bands, and there was no MultiCharts VWAP with bands that worked reliably. There is now.
When I started using Sierra Chart more, I added VWAP and began being more interested in multi-session VWAP's after the last couple webinars from Peter. I've always liked the VWAP and have a thread on VWAP trading here.
I've also continued to evolve my trading strategy for bigger targets and less scalping, so the longer time frames or bigger trades benefit more from VWAP+bands in my opinion.
I agree with you 100%. There is no one magical thing, but do you think that if a moving average, floor pivot, or whatever, appears to act as some significant level that there is usually an area on the chart (left) that is the significant level?
I'm not challenging you and I sure as hell don't know. I'm still trying to figure it all out. I ask myself every day how should I go about doing this thing called trading.
They are significant levels for price, but it can't be tied directly to any one single 'thing' like a vwap.
I think everyone should be careful on "bounced off the <xyz>" type remarks. I am guilty of this too, but the fact is -- whether it is a vwap, an r1 pivot, an ema 20, value area high, point of control, or whatever --- there are probably 5 more things, maybe 50 more things, that could account for this "bounce". This of course becomes much (MUCH!) more so when you talk about esoteric indicators.
I think the closer you stick to session indicators the better, simply because they are more widely used.
We need a general thread to discuss the Euro, EUR/USD, 6E.
Just a collection of thoughts, trades, ideas, etc.
Mike
BEST OF TRADING 2011 AWARD
This thread was nominated for the Best Thread Of The Year for 2011, and won 2nd place (Silver).
, it is the exploration and the sharing of thoughts that bring sometimes the best ideas (especially if documented). Do not copy anyone's trading style, make it yours.
I'm not sure why you say it is a contradiction. It's just a discussion. I agree and have always said you can't expect success by trying to copy someone else. If you want to copy someone else, just hire a fund manager and write a check.
